An Agent is There to Help You Get the Best Deal
Homebuyers are increasingly working with a real estate agent. According to Realtytimes.com, 88% of buyers bought their home through a real estate agent or broker, which is up from 69% in 2001, stated in a new report from the National Association of REALTORS®.
During 2014, buyers used many resources to search for a home, 92% used the Internet and 87% used real estate agents. 90% of homebuyers who searched for homes online ended up buying their home through an agent. Buyers who used the Internet were more likely to purchase their home through an agent than those who didn't. When buyers were asked where they first learned about the home they purchased, 43% said the Internet. Which is up from 36% in 2009. 33% of people learned about their home from a real estate agent.
So, with all of the homebuying apps available, what is the reason so many are still using agents? Some reasons are the banking/ housing crisis made buyers more cautious. But, then the housing market rebounded, many buyers were unprepared for bidding wars, investors, and a stricter mortgage market.
There is no reason to not to use all the help available to you. Licensing laws allow agents to work with both buyers and sellers as both fiduciaries and non-fiduciaries, which is dependent on certain state disclosure requirements. When an agent agrees sell a person's home, the agent contracts commission fees with the seller to cover the costs of the buyer's agent. Buyers may not understand that most agents are paid at the closing, and that they won't be out money to hire their own agent.
Having an agent immensely increases the buyer's chances of finding the right home at the best price. The buyer's agent networks with other agents to help find the right home and they find out which homes are coming onto the market before the public. Many homes are bought and sold without ever having a sign in the yard.
But, if a buyer goes to open houses, or builder model homes without registering their buyer's agent's name, or calls on a listing without mentioning their agent, the listing or builder's agent has the right to presume the buyer is unrepresented. They may refuse to pay the buyer's agent commission. Today's agents are much like today's buyers and sellers. They are more proficient with technology and willing to work hard to make their buyers very happy. They know that buyers eventually become sellers, and sellers become buyers. Good agents build their businesses, through repeat business and referrals.
If you are in the market for a new house and would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you.