Buyer’s Agents are Worth Every Penny Now

In most parts of the country, established homes (not new construction) are selling in less than a week.

Imagine being a real estate agent trying to help his or her client find a home in these conditions!

In hot markets like today, Buyer’s Agents must help you determine quickly and with certainty these four things:

  • What you want
  • Where you want it
  • How much you can afford
  • How you plan on financing it

Then they have to find a house that fits all this criteria and somehow get it under contract.

I know of agents/brokers who have written ten contracts on different properties for the same client and still haven’t had one accepted. Showing properties and writing contracts takes a lot of time and research. In addition to that, many agents drive the properties before they even decide to show them to you, to make sure they fit your criteria.

A good Buyer’s Agent is worth every penny they make.

Fortunately for buyers, the Buyer’s Agent is usually paid by the party selling the property – it is part of the seller’s commissions paid.

If you are one of the frustrated buyers who can’t seem to get a contract accepted, you should consider the following:

  • Has the market passed you by?

Example: I have a friend who has been representing the same family for over two years (while the market has been recovering).

The wife was determined to live in a particular part of town. The house had to have a full basement and at least four bedrooms and two bathrooms. Three years ago, the house they wanted was available in their price range but they weren’t ready to buy. One year ago the kind of house they wanted was available close to where they wanted to live but not exactly where the wife wanted to be. Now there is nothing even close in their price range.

  • Be more flexible.

The above example shows how being open to other options would have helped the family buy a house. Now they must continue to rent – in a market where rents are also increasing.

  • Be more aggressive with your offers.

There are clauses that can be added to contracts that automatically raise the offer price of the contract to above the highest offer. Remember to put a cap on the amount so you don’t get in over your head.

  • Save your money and wait for the next down market.

Markets always go up and down. There will be a stabilization and possibly another crash. Save your money for when interest rates go up and there are fewer qualified buyers (and work on improving your own credit score in the mean time, to make sure you get the best possible rates!).

All of these are things that you may have already heard from your Buyer’s Agent. If so, they are doing the best they can and you should stick with them.

If they haven’t told you this, at least you heard it here!

Still looking for the right agent?

Get other valuable information about selling your home, or buying one, in our book “The 3 Words Real Estate Agents Won’t Tell You” – just request it on the top, right of this page!

It’s FREE for a limited time.

To learn more about factors that affect the value of homes and impact the home-buying process, check-out REOT’s eBook “Buying The Recession-Proof House.”

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