June 17, 2011
While many Americans appear to be favoring the concept of "do-it-yourself," SmartMoney reports it may not be the wisest choice to apply that line of thinking to home buying . According to SmartMoney, the increased presence of online real estate listings and the rapid-fire way consumers can obtain and consume information lead some to believe they can buy a home, on their own. However, those home buyers may be denying themselves significant advantages by not using a real estate agent.
It helps to have an ally
By hiring a buyers agent, a home buyer can align themselves with a partner who can negotiate on their behalf, find a home that suits them best and walk them through the process from start to finish, according to SmartMoney.
A real estate agent can make informed suggestions
Home buyers may think they have a good grasp of the local market, but any number of factors can make one property a better choice than another. A buyer's real estate agent - particularly one that has a deep knowledge of the local market - can point home buyers in the right direction, providing them with an idea of how much they can expect to spend and finding them a property that suits their budget and desires,
reports SmartMoney. A home buyer's agent can also recommend a home inspector, help lay out certain concessions to ask of the home seller and arrange a written offer that suits the home buyer, according to Investopedia.
Most times, an agent's fees are folded into the sales price
According to SmartMoney, a home buyer may think they are saving money by not using a buyer's real estate agent. In reality, the seller most often pays for a real estate agent's services, and the buyer's real estate agent generally splits the commission with the seller's agent, SmartMoney reports. A buyer's real estate agent has the knowledge and expertise to benefit the home buyer at the negotiating table, which could make it a smart move to hire one.
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