Buying a home is often one of the most important financial decisions you’ll make in a lifetime. In addition to the amount it costs to own a home, you are also faced with getting a mortgage, working through contracts, inspections and negotiations. There are so many aspects to consider and so many more things that can go wrong. Additionally, local real estate markets vary considerably. Even if you’ve bought a home in one area or state, you may not know enough to get you through another transaction. This is why most experts advise you find a real estate professional to act as your buyer’s agent. It would be madness to try to buy a home without a real estate agent. Here’s why.

True Story

We hosted an open house this weekend in Leesburg, Virginia. It was for a gorgeous upgraded townhouse. In spite of the rain, there were no less than 10 groups of people coming through. Of this group, only 3 had real estate agents. When we told them that this home already had 15 offers, we had different reactions – some were disappointed while others were shocked. These were obviously serious buyers. We let them know that the current market is one of limited inventory and more demand than their are homes. These home shoppers needed guidance from a professional who could help them through the process, start to finish.

Knowledge of the Market

Because these shoppers did not have an agent, they were at a major disadvantage of succeeding in their hopes of home ownership. They lacked knowledge of the market and their tour guide to go with them through an open house. The main reason to work with your realtor early in the process is for them to work for you. By finding out your goals, needs, and wants, they can begin to get you prepared for the home buying process. This includes walking you through the process, referring you to reputable lenders to establish your price range, and getting you familiar with contracts and agreements.

Finding a Real Estate Professional

There are many ways home buyers find their agents. According to the National Association of Realtors, “38% of buyers used an agent that was referred to them by a friend, neighbor, or relative, 12% used an agent that they had worked with in the past to buy or sell a home, and 10% found their agent when inquiring about a specific property found online.” It’s important to know that in most cases, you cannot and should not use the agent selling the home you want to buy. There is a conflict of interest. The agent selling that home represents the owner, not you. Be sure to have your own agent. If you are thinking of buying, please reach out to us. We have a large network of real estate professionals nationally and internationally that can assist you.

Unimaginable Resources

Your agent has a wealth of information you may not know about. This includes sharing public records of homes you are considering, providing comparative sales so you know how much homes are selling for; and contacting the agent selling the home to find out more about the seller and what they are looking for in a buyer.

From Start to Finish

A good agent will be with you every step of the way. They will provide tours of homes and neighborhoods, provide comparative market analysis of homes you are interested in buying, stay in constant communication with your lender so they have the information they need, work with the agent selling the home so your offer will meet the needs of the seller, assist you in preparing an offer, keep you informed at all times, assist in organizing home inspections, negotiate on your behalf, keep watch as the sale progresses, help you find resources to get settled after your home purchase, offer a list of vendors to keep your home well-maintained; and become your life-long resource for all things real estate.

Bottom Line

Do not make the big mistake of starting the home buying process without a professional. There are so many moving parts that you don’t want to be at a disadvantage in today’s market.

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