If you’re buying a home, you may have thought about getting a real estate agent to represent you and help you find the place of your dreams. While the majority of people use a real estate agent, many people decide to go through the process alone, relying instead on self-education and legwork. So do you really need a real estate agent for buying a home? Here are just a few of the things you’ll want to consider:
- You’ll have to pay either way. Sure, many homes offer paying for the buyer’s agent as a perk to entice you to buy. However, because they’re taking into account the real estate agent commission of 2 – 4% when they’re pricing the home, you wind up paying for it in an increased price. You also have to consider the economics of the situation – although they’re on “your side” in the deal, the more you pay for the home, the greater your agent’s commission.
- You can do online research. The world of the Internet opens up a lot of doors that were previously guarded by real estate agents. Buying a home has been demystified by the many websites, blogs and forums dedicated to discussing the topic. From finding great neighborhoods to looking up great prices on foreclosures, it seems the Internet has changed the world of buying a home forever. However, online research can be lacking or misleading.
- First-time home buyers. Is this your first time buying a home? If so, you’ll want to consider whether you have the expertise you’ll need to locate, tour and purchase a home. Real estate agents have training and knowledge that helps them find you that dream home you’ve always wanted. Without a real estate agent, you may find yourself trapped into a bad deal.
- It’s the seller’s choice. Ultimately, the seller is the one who decides whether or not there will be a real estate agent involved. If the seller has an agent, then somebody will be getting a commission, which means the price will be higher. If the seller is choosing to sell without an agent (a “for sale by owner” home, for example), then you’ll both have to pick up increased costs of paperwork and legal advice to close the home.
A good real estate agent can be worth their weight in cash, helping you get a better home for less money. Although it may seem easy to purchase a property on your own, they have the expert skills and knowledge needed to help you through the process of buying a home.
