If you’re buying a new home, hiring a real estate agent is probably the first thing that comes to mind. But, you may be wondering if it is actually necessary…
The answer can be yes or no, depending on your situation. Therefore, we will be reviewing some helpful information on what you need to know before you move forward with buying or selling a home on your own without the assistance of a hired real estate agent.
Can I buy a home without a real estate agent?
You can most definitely buy a home without the help of a real estate agent. A real estate agent is in no way a prerequisite or requirement before you can buy or sell property. You can also view homes and attend open houses without the assistance of a real estate agent. Going through the process all alone can actually end up saving you a significant amount of time and money – you can even save at least 6% off the purchase price of the home you end up buying.
Additionally, there will be no middleman – all communication will go to you (or your partner) directly. You will end up having much more control of your home-buying (or selling) situation, and no one will be there pushing you to accept high-price listings in order to secure their own commissions. If you so choose, you should feel confident enough to do everything by yourself because the information you need to buy a new house can always be found online. The internet can provide you access to a database of properties for sale in a matter of seconds and an abundance of other helpful articles to walk you through the process. Don’t be afraid to get your hands dirty with some research!
What should I be looking for in the housing market?
The housing market can always sway a great deal over the course of even a few months. Therefore, you need to be completely on top of everything going on in the real estate market to maintain a solid understanding of where home prices are at and what you need to do in order to secure a home when you’re in the market for one. Buying in a buyer’s market and selling in a seller’s market is a huge advantage for you that you can take into consideration.
On the other hand, one HUGE disadvantage of not having real estate by your side is having to do the paperwork and the negotiations all on your own, which takes a lot of time and effort and can cause a lot of stress if you are not fully prepared and informed when decisions are made. If you make a mistake, you may regret doing it all on your own and not hiring a real estate agent who is a professional in handling home buying and selling. Furthermore, a realtor can handle all the paperwork for you and make sure that everything is done by the book and is accurate to the T.
Point of contact with buyers and sellers
Additionally, doing everything on your own as the seller will require a lot more contact with potential buyers. Regardless of how fluent you are with the market, your potential buyers will try their best to peg down your listed home price and bring down your property’s value for their own convenience. Without abundant knowledge, preparation, and research, you may struggle to keep the price of your home where it should be to start. Hiring a real estate agent could be helpful in a situation like this.
Furthermore, there will be the point of the buyer getting to know your situation. It may seem as though it’s just casual dialogue initially, but this is how they can get an advantage over you in the negotiation phase. If the buyer knows you are aiming to sell your home by the end of the month, you can lose a ton of leverage over negotiations. Since there will most likely be a timeline that you will be trying to hit, they’ll know that you are willing to move down to hit that goal.
The same goes for buyers. If you are trying to buy a home, you’ll have a tougher time working with the price completely on your own. An agent on your side will shift the tides with leverage far more easily and take a lot of the stress out of the process for you.
If you are able to take anything away from this article, it should be to ensure that you do plenty of research and still consider hiring a well-reviewed real estate agent before you begin the process of buying or selling a home. Also, it is important to take strong precautions when checking the paperwork and to hire a trustworthy home inspector to assess an entire property before you buy or sell it. Hiring a real estate agent can save you time and unforeseen headaches with all of these processes.