If you're considering buying a Waterloo Region home, you might be wondering if you need a real estate agent. There are lots of resources available to home buyers these days, ranging from online search engines to how-to manuals.
An agent, however, has something that no buyer – especially a first-time buyer – does: a wealth of knowledge and advice on the home buying process. A realtor will act as your advocate and, in most situations, will score you a better deal than you could obtain on your own. But it goes even deeper than that, as you'll discover here:
The Value of Local Market Expertise
You're probably not as aware of the real current state of the market in your area even if you have done some initial research. Is it typical for homes to sell for significantly more than their asking price right now?
Will you still have to compete with multiple offers? Do you have what it takes to outbid the competition? Or is the market at a point where buyer's now have some 'wiggle room' and more of a chance to negotiate a lower price? What should you expect to pay for a three-bedroom detached home? What's the status of the inventory?
Your local real estate agent will be able to provide you with the right information, expert advice and solid guidance on these matters and many more. Knowing the market intimately – which a local realtor does – is the best way to have an offer accepted at a price that is in your favour.
Access to Homes for Sale
Getting into a home for sale without the help of a local real estate agent will be challenging. Sellers are willing to give their lockbox code to a buyer's agent in order to show their home. We're insured and bound by a lot of legal stuff to make sure that their home is safe while we're there.
They are, however, unwilling to give an unlicensed stranger complete access to their home. Even if you are the nicest person in the world, it's just too risky.
This means you'll have to view the home when the seller or the seller's agent is available, which can be time-consuming and difficult to schedule.
As a result, most people who decide to go it alone when buying a Waterloo Region home visit the bulk of their homes during open houses, which are times when the house is open to the public without an appointment. Because you won't be the first person to visit a home, you'll be up against stiff competition (a problem in a tight market).
Furthermore, the agent holding the open house is the seller's agent. Any inquiries you have regarding the house will be answered in a way that serves the seller's interests rather than yours.
You have access and privacy when you tour a home with your agent, but you also have an advocate whose fiduciary job is to watch out for your best interests.
Amazing Advocacy
Speaking of advocacy, you'll have an experienced champion and negotiator in a real estate agent. Purchasing a home is an emotional experience. It's commonly done alongside other important life events, such as starting a family or a work relocation, and it's the largest financial transaction of many people's lives. Stress and strong emotions might impair judgment, causing you to make a mistake you'll come to regret later.
As agents, we approach a deal with a more seasoned and objective perspective. We can assist you in better understanding your alternatives and act as a check against you making a hasty decision.
We also act as your champion, particularly at the negotiation table. We'll negotiate the best deal for you without allowing emotions get in the way. And at a time when buyers want to ensure that they get the best price possible and can therefore take out a mortgage they can honestly afford, those negotiating skills are more valuable than ever.
Powerful Networking
A slew of real estate service specialists will be immediately available to you when you work with a buyer's agent. You'll almost certainly need a mortgage lender, a home inspection, and maybe even a real estate lawyer during the course of the transaction.
Clients frequently ask us for a personal suggestion for someone in these specialties - and others - they can trust. It's easy for us to identify a solid fit as agents who have worked with a variety of real estate service professionals throughout the course of our careers. Finding the right service provider, however, might be difficult without that expertise.
Buyers frequently have queries concerning home improvement, as well. Handymen, plumbers, painters, general contractors, floorers — basically, any type of service you'd need to spruce up your new house – can all be recommended by an experienced local real estate agent.
No, Going It Alone Won't Save You Money
Having a buyer's agent is completely free. People sometimes believe that by not utilizing an agent to help them buy a home, they will save money. This is incorrect. The seller almost always pays the entire commission on a house purchase to the listing agent, who then gives a portion of the money (typically half) to the buyer's agent. You personally don't pay us a thing.
Wizardry with Documents
Real estate agents will take care of the paperwork. Have you ever performed a comparative market analysis (CMA) or written a purchase contract? These are not simple skills to acquire. Creating and analyzing a CMA report, as well as writing a winning offer, is an art that requires a high level of knowledge.
Our expertise is especially useful when it comes to writing those winning offers. Sellers may be reviewing a number of offers that are all offering around the same in terms of price, so a great offer will need to stand out in other ways. On the flipside, you don't want to give up on anything if you don't have to, or pay more than the home is really worth.
Everything in the buying contract is negotiable, as we often tell our clients. This means that each and every sentence of the contract is crucial, and the offer, if accepted, will become the contract's content. Failure to recognize the significance of some line items could end up costing you a lot of money in the long run. Buyer's agents understand how to make the best possible offer to protect your interests and ensure that your offer is accepted.
Ready to start looking for that perfect for you Waterloo Region home? Let Team Pinto use their huge local real estate experience and expertise to help you. Contact the award-winning Team Pinto here, or book a free Zoom consultation to discuss your unique Waterloo Region real estate needs here.
Questions to Ask a Buyer's Agent Before You Wok With Them
Once you understand how working with a Waterloo Region buyer's agent will be helpful, you need to find the right one for you. There are a lot of them out there, and you need to find the right one for you. Interviewing agents is as important for buyers as it is for sellers. This is a person you'll be working very closely with for a while!
When interviewing agents, consider asking them all of these questions:
How long have you been an agent?
How many homes do you help buyers purchase each year?
Do you work full-time or part-time as a buyer’s agent?
How many clients do you have now?
What is the average length of time you work with buyers?
Can I see your real estate license?
Do you have any certifications or designations?
Do you have references I can contact?
How often have you helped buyers in the same areas and within my same price range?
How often can I expect to hear from you?
How do you help buyers compete in this market?
Do I need to sign a buyer broker agreement?
We also suggest paying attention to whether the prospective agent is listening more or talking more. It’s critical that you find somebody who is going to listen to your wants and needs more than just try to talk over you and just state how good they are!
Getting ready to buy a Waterloo Region home? We'd love to talk to you! You can book a free, no obligation consultation here, and we'll be happy to answer all of your questions and help you get started with your search for that perfect for you Waterloo Region home you are hoping to find.