It can be very exciting and thrilling to buy a new home. But finding a good real estate agent is the first step in this whole process. It could be more of a struggle than expected to find the right agent. Make sure the one who knows the ins and outs of the market is chosen. Here are a few tips to help you evaluate if the correct one works for you:
It can be very exciting and thrilling to buy a new home. But finding a good real estate agent is the first step in this whole process. It could be more of a struggle than expected to find the right agent. Make sure the one who knows the ins and outs of the market is chosen. Here are a few tips to help you evaluate if the correct one works for you:
Find An Experienced Agent:
A transaction worth hundreds of thousands of dollars is your home buying process! So, you don't want an amateur to be employed. You need to check out their listings to find the right agent, to see how well they have done. The statement mostly used is "Hire an agent with the most listings," but that's not how you assess an agent. If he has a bunch of listings in your region, what priority do you think your property will have, yet another listing. You need to concentrate on a few points when analyzing data:
• Days On Market:
From the day it was listed to the day it was sold, this is the period of time that is recorded as "A property's days on the market." This is the age of listed real estate. The less the number of days, the better. Fewer days suggest strong demand for the land, that it was underpriced and of good value. More days mean that the house is highly-priced and less demanded by the homebuyers.
• Number Of Houses Sold:
Find out the number of houses sold by an agent. This is where it takes experience. You don't want to employ an agent who sold only three homes in one year. Employ a real estate agent who sells approximately 35 houses per year and has about 10 years of experience. This shows that the agent has sold houses in the best and worst of times.
• Sales Price To List Price Ratio:
It is safer if this ratio is closer to 100 percent. This ratio explains the precision of the agent's pricing; how well they market and sell homes relative to other agents. For evaluating neighborhood costs, this ratio is a useful statistic.
Chemistry Is The Key:
The home purchasing process is time-taking. You're going to have to spend a great deal of time with the agent. So, you get to pick whom you're going to get along with. A realtor is not a dealer, they're a "matchmaker." Look for someone who knows what your needs are and gives you the right choices. If an agent is not bringing you the options that suit you that means they are not looking for you, they are looking to benefit themselves. Look carefully at how much attention they pay to you. Look at the agent’s work, how they listen, their materials, website, brochures.
Get Referrals From Your Friends And Family:
The Word of Mouth is very strong and trustworthy. Ask people around you such as your friends and family who had a great experience buying or selling their house for their agent. Ask homeowners in the area you want to buy a home in, they can introduce them to you if they have a good experience with a particular agent. A referral is best. There is no better compliment for an agent than a recommendation from the preceding client.
Make Sure The Agent's License Is Up To Date:
There is one more thing you need to check before picking your agent: the agent's license. To purchase, sell, or rent real estate lawfully, getting a real estate license is important. You may type the names of the agents in the real estate department of the state to verify the validity of the licenses of the agents. You would also be able to see if there was any disciplinary action faced by the agent. When your agent's license expires, unless it's renewed, he will no longer be able to legally deal in real estate.
Nearby Homes And Property Value Relation
When you are searching for a home, one of the biggest indicators of a home’s value is neighborhood. A bad neighbor could potentially reduce a home's value up to 10% according to the appraisal institute. The effect is referred to as external obsolescence, where external factors affect a home's value.
5 Ways To Save For A Down Payment On House
Deacon Hayes, owner of financial education company Well Kept Wallet says “Renting might seem fine at first but once you have enough money to put down on a house, then it makes more sense to buy.” In order to make a down payment, people save for years but living on rent makes it impossible to invest.
Hidden mortgage costs in Real estate
Purchasing a house is the best investment you will ever make. You are excited that you found your perfect home. However, it’s just the start and it is important to be realistic about the additional expenditures. So, we have listed a few hidden costs that we think every homebuyer should be aware of.
