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FIRST-TIME HOME BUYER DEBATES-SEVEN OF THE MOST COMMON

11/9/2018

Buying your first place in Oakland County Michigan can be an exciting but often overwhelming experience. From finding “the one” to figuring out how you’ll pay for it, you’ll face many choices along the road to home ownership.
Before you box up your belongings and prepare to put your new welcome mat in place, you’ll have to do some serious soul searching. Let’s explore the most common seven first-time home buyer debates that they must face.

HERE ARE THE 7 FIRST-TIME HOME BUYER DEBATES TO CONSIDER

 

1. LOCATION VS. SQUARE FOOTAGE?

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When it comes to real estate, the first thought that flashes through most minds is the old “Location, location, location!” But if you want a home in a coveted spot, you may have to make certain sacrifices in order to afford it.
For example, if you’re seeking waterfront property, a swanky pad in the city, or a colonial in a top school district, you’ll quickly realize that you’ll get a lot less room than you would in an area that’s off the beaten path. It’s a tough decision to make, so put together a list of priorities and choose accordingly.

2. TURN-KEY VS. FIXER-UPPER FOR FIRST TIME HOME BUYER?

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Buying a place that needs a little TLC can save you a bundle — if you’re handy and capable of working a little DIY magic, that is. Taking care of renovations yourself also gives you a chance to redecorate to your own specifications and taste.
On the flip side, if you select a home that’s in turn-key condition, all you have to do is put your feet up and enjoy. Of course, you’ll probably pay more for that, but you can entertain right away rather than waiting for the paint to dry and the new carpeting to arrive. Both sides have their pros and cons.

3. BIG LOAN VS. BIG DOWN PAYMENT?

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In the First-Time Home Buyer Debates that arise is the thought of having a nest egg and what to do with it. Having a nest egg saved for a down payment is a blessing, but figuring out how to divvy it up can feel like a curse. While putting 20 percent down typically saves you from springing for mortgage insurance, it can feel like a heavy hit. Throwing as much toward a mortgage as possible also means you’ll pay less interest over the life of your loan, but it leaves you with less in your pockets to put toward any emergencies that may pop up. Still, deciding how to spend your money is never a bad problem to have.

4. STARTER HOME VS. FOREVER HOME?

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Moving typically ranks high up there among the most stressful life changes a person can experience, so it makes sense that someone might not want to do it more than once.
Choosing between a starter home and forever home can be a real conundrum for first-time home buyers. If you’re hoping to live out the rest of your days in the same space, chances are you may have to save up a little (or a lot) longer to afford it, delaying your purchase by a few months or years. Once you’ve got that down payment ready, you’ll probably put a lot more time into your search. Starter homes can offer an affordable way to stop paying rent, just be sure to choose one you won’t outgrow too soon.

5. CONDO VS. FREE-STANDING HOME?

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If you love the idea of owning a home but dread the thought of doing all the not-so-little things that go with it, such as landscaping, snow removal, and other routine headaches, er, maintenance, you may be better off in a condo or townhome where, for a fee, those issues are handled for you when buying a home for the first time .
Of course, there are times when you may see -— and hear — your neighbors more than you’d wish, making you feel like you’re back in your college dorm.
Also, if you want to make significant changes to your place, you’ll probably have to run everything past a condo association board first.

6. SINGLE FAMILY VS. DUPLEX?

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Do you treasure your privacy or would you rather play the role of landlord to defray the cost of your mortgage? This is a tough choice and a major factor in many First-Time Home Buyer Debates . Rents go up over time while your mortgage stays the same, making the thought of buying a duplex an attractive one.
But remember, if you live right next door and anything goes wrong, your tenant knows exactly where to find you the split second there’s an issue. But, there is good news for owner-occupants in that they often have more options when it comes to mortgage loans.

7. URBAN VS. SUBURBAN?

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Another that comes up in First-Time Home Buyer Debates is rural living or city life. If you love easy access to mass transit, cultural happenings, and a bustling world just beyond your doorstep, city living may be for you. If you prefer a quiet, residential area where you can hear crickets as opposed to blaring horns, you might want to put down roots in a suburb.
Consider how you feel about your commute and what you value most. The cost in living in a city is typically higher than it would be in a suburb because of additional amenities and a superior infrastructure. So you’ll have less space, but if you find that you’re rather be out and about exploring, that may suit you. If you’re more of a homebody who cherishes peace and quiet, a suburb could be the right move.

 

ENERGY AUDIT 4 THINGS TO CHECK FOR YOUR WINTER HOME SALE

10/25/2018

You are probably wondering why you need an energy audit for your home for sale in Farmington Hills, Michigan.            

Well, imagine getting an offer for your house with the buyer paying the exact asking price. You had a home inspection done and the report came back clean. As a good gesture, you included insurance for the appliances and agreed to pay for repairs for the next year. Fast forward two months and the house is sold. A few months later, you get a call from the owner that the HVAC system is not working properly. Upon their inspection, the new homeowner found out the duct has inadequate insulation, which is causing warm air to escape. Since you had promised them insurance for repairs, you need to get the duct work changed.

While the home inspector may be at fault here, it’s you who are supposed to pay for the repairs.

If you live in an area where snow makes it difficult for you to even back your car out from the driveway, then you need to take care of a few things before putting up the “For Sale” sign.

Following are four things you should do to make sure that your energy audit comes back at 100%:

1. CONTACT A SNOW PLOW NOW

If your driveway and the pathway of your home for sale in Farmington Hills, Michigan are covered in snow, you will find that most people keep rescheduling the tour. Before the snow buries your car and makes it impossible for you to do anything but watch from your house’s window, better call a snow plow service. Sprinkle a little salt to keep the pathway clean for a longer period.

2. SCHEDULE FURNACE SERVICE

Often companies from where you bought your HVAC system, give you free maintenance, twice a year. Schedule an annual maintenance checkup with the company and take advantage of it, as long as they are offering it free of charge. Contact your local electrician and plumber to come and have a look at the system, just to make sure that everything is working in order.

3. PLANT TREES

A little greenery always increases the value of your home for sale in Farmington Hills, Michigan. From a small garden in the front yard to a vegetable bed in the backyard or a green roof top, you will find that the flora and fauna keeps your house cool. Make sure that you plant far away from the plumbing lines to avoid any drainage problems.

4. GET A FULL HOUSE ENERGY AUDIT

From floorboards to windows and doors, get a professional audit to find out how your house can preserve more energy. Even small things such as caulking the space around baseboards will make a huge change. Tiny spaces such as these allow warm air to escape during winter, which is why you find yourself increasing the temperature.

Now you know why it is important to know whether your house falls high on the energy efficient scale or not. Highlighting green features in the contract allows you to increase the asking price of the house and justify it easily. Before putting your house on the market, why not get it ready for winter by experts. Visit Homes2MoveYou or give me a call anytime 248-790-5594.

Buyer Competition Heats Up This Spring

3/27/2018

From all accounts, this spring’s 2018 housing market is going to be a busy one. High buyer demand has carried over from last year and so have inventory concerns in many markets. In other words, anyone hoping to find and buy a house this spring should be prepared for buyer competition from other interested buyers. What does that mean? Well, in short, it means moving quickly and saving up some extra money to sweeten the pot, if necessary. In fact, according to a recent survey, home buyers say they are checking online listings every day and 40 percent say they’re planning to put more than 20 percent down, which is a great example of  in today’s market . Other strategies buyers say they’re employing this spring to beat the buyer competition include setting price alerts and offering above asking price.

Overall, home buyers are aware of current conditions and are preparing themselves for the possibility of having to win over a home seller with an offer that exceeds all others. As evidence of this, as buyer competition heats up, just six percent of survey respondents said they are doing nothing to prepare for competition from other buyers. More here.

Do you want to increase the chances that you get a good deal on a house when you buy one without buyer compitition!?

Of course you do. Who doesn’t?

But most people go about it all wrong. They think that you have to find a desperate seller, or some overlooked, underpriced home that’s a steal.

Sure, those are ways to get a good deal, but there are always buyers waiting in the wings wanting to scoop those up if and when they appear. But most aren’t ready and able to do anything about it.

Here are 6 tips to help you be able and ready to get those deals when you find one and beat the other buyer competition .

1. Be flexible with your closing date.

This sounds so easy and simple. And it is. Many buyers simply cannot be flexible with their closing date. They need to time the closing on the sale of their home, or the end of their lease, for instance.

People selling their home are no different. This is a super common issue. And finding a buyer who can be entirely flexible is a huge benefit to a homeowner. Such a huge benefit that it can help you negotiate a better price and terms than someone who can’t be flexible.

2. Have cash.

You’ve probably heard the term “cash is king”. And it’s true, to a degree. A homeowner isn’t necessarily going to give you a steal just because you have cash…but they might if they’re in a rush, or they’ve been burned by your previous buyer competition who was turned down for a mortgage.

The weight of cash will vary from seller to seller. And, obviously, having enough cash to buy a home outright isn’t something a lot of people have. But, if you have the cash, it can certainly help.

3. Be pre-approved for a mortgage.

This is also pretty much a basic in the world of real estate. Talk to any real estate agent and they’ll tell you this is a must-have.

However, you’d be surprised at how many buyers don’t have a solid pre-approval in hand when they find a great deal. So, have that figured out and ready, so that when a good deal shows up, you’re ready to roll.

4. Be ready to jump before your other buyer competition.

Oddly, a lot of buyers looking for a good deal feel like it makes sense to wait a bit once they find a good deal. Let the owner stew a little bit, and come begging for an offer.

That can work…

It can also cost you a great deal. All it takes is someone else coming across the deal and scooping it up before you even make an offer. In the least, it can create a bidding war between you and someone else…and then it might not be such a deal anymore.

Another thing many deal-seekers do is wait to see if a better deal comes around. Deals don’t necessarily come around every day…or week…or month. Maybe not even that many in a year.

So, don’t wait. Go after a deal when you see it.

5. Go after houses that have been on the market for a long time.

So many buyers ignore houses that have been sitting on the market for a long time. They often think something must be wrong with the house, or feel like the owner isn’t going to listen to lower offers…so why waste their time.

But, those are great opportunities.

Those sellers are most likely desperate for anyone to simply come see the house, let alone make an offer. Sure, they aren’t necessarily going to love you coming in with a low offer. But, since most buyers are ignoring the house, and it’s been on for quite some time, the chances of you having any competition are slim. So, you can take more time negotiating the best deal possible.

6. Don’t have multiple real estate agents looking for you.

So many buyers who are specifically looking for a great deal feel like it makes sense to have as many agents looking out for deals for them as possible.

This backfires. All it leads to is a bunch of agents who’re halfheartedly looking for you. Agents will figure out if you have other agents looking for you as well, and will likely not pay you the attention you need if you’re going to get the best deal.

Be loyal to one, rather than having a bunch of half-looking, half-caring agents. Be all in.

Your loyalty and commitment to the agent and the process of finding and buying a great deal will pay off.

In summary

The best way to find and get yourself a great real estate deal is to be ready to beat your other buyer comptition. So many people just go around saying, “Got any hot deals?” to every real estate agent they come across.

However, they aren’t actually able and ready when and if the time comes. Or they think that it’s about driving a hard bargain when negotiating, or playing some sort of game with the seller.

Nope. The best way to get a deal is to be a solid, ready, and able buyer, who can give sellers something beyond a higher price.

 

Buyers Expand The Search For Affordable Homes

3/2/2018

Frustration for today’s home buyers could not be more higher with home prices increasing and record low inventory to choose from in all of Oakland County and the metro Detroit area as a whole. The number of buyers that have expanded their search to find affordable homes outside the normal suburbs have increased substantially in the new quarter of 2018. Although the average buyer would find a new home close to work and family, this has become daunting and unattainable for many. Home buyers have had to expand the search for affordable homes to the suburbs and beyond in attempts to find an affordable home that they love and that fits within their budget.

Being a home buyer in today’s market it’s no secret that home prices have been increasing lately, and especially in the nation’s most populous metropolitan areas including Metro Detroit. So what are home buyers doing to ensure they find – not only a house they love – but one that fits well into their budget? Well one strategy is to expand the search from the priciest locations for a more affordable neighborhood in the surrounding area. In other words, home buyers are getting creative in their search for a great home at a great price. And while this usually means moving to the suburbs, in some cases potential buyers are moving even further out.

“Buyers have traditionally sought refuge in the suburbs during times of high home prices,” Javier Vivas, director of economic research for the National Association of Realtors’ consumer website. “But with today’s record highs even the suburbs have gotten pricey, which has demand flooding outward as options disappear and prices move further out of reach in top job hubs.” In short, expand your search radius which may be a good way to find a home that’s within reach of both your budget and your job. More here.

Mortgage Rates Took a Big Jump Home Buyers

2/9/2018

Are you thinking about buying a home in 2018? Are you on the fence about entering the real estate market? If so, you might want to consider buying sooner rather than later. Mortgage rates just rose again, and economists from Freddie Mac and other groups are predicting that they could rise gradually throughout 2018.

Mortgage Rates Hit Highest Level Since December 2016

During the week of February 8, 2018, the average rate for a 30-year fixed home loan rose to 4.32%. Rates haven’t been that high since December 2016. This is based on the weekly mortgage industry survey conducted by Freddie Mac. The average rates for 15-year fixed mortgages and 5/1 ARM loans rose as well. Those are the three categories tracked by this survey.

According to the Freddie Mac report:

“The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week. Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its upward march. Mortgage rates have followed. The 30-year fixed mortgage rate is up 33 basis points since the start of the year.”

This is actually the continuation of a trend that began a few weeks ago. For a while now, mortgage rates have been following a steady upward path. You can see that clearly in the chart below. During the latter half of 2017, and into the beginning of 2018, the average rate for a 30-year mortgage hovered below 4%. Then it crossed that threshold and shot up by 25 basis points (0.25%), which brings us up to the latest reading.

Chart: 30-Year Loan Rates Over the Last Year

The chart below, courtesy of Freddie Mac, shows average rates for a 30-year fixed home loan going back one year. As you can see, rates are higher now (on the right side of the chart) than they’ve been all year.
mortgagerates

 

Chart: Average mortgage rates over the last year | Source: Freddie Mac PMMS

 

This is not surprising to industry watchers and analysts. Last year, economists from the Mortgage Bankers Association and Freddie Mac were predicting that rates would rise gradually throughout 2018. Some forecasts suggested that the average rate for a 30-year mortgage would reach 5% by the end of this year. And that’s entirely plausible, given this recent uptick in lending rates.

So what’s causing this recent rise in borrowing costs? Several things. Over the last year, the Federal Reservehas been gradually increasing the short-term federal funds rate. This can have an indirect affect on consumer borrowing costs. The Fed’s policy changes, along with general economic improvements, are partly what’s driving the rise in interest rates — including those used for mortgage loans.

And some economists are predicting that we will see a continued yet gradual rise in rates throughout 2018.

All of this makes a good argument for buying a home sooner rather than later. Home buyers who postpone their purchases until later in the year could encounter higher mortgage rates. And when you consider the fact that home prices are still rising in most parts of the country, there’s even more urgency.

Granted, you should never make a home purchase until you are 100% ready to do so, financially and emotionally. It has to be the right move for you, one that will improve your qualify of life in some way. With that being said, it might make sense to buy sooner rather than later to avoid possible rate hikes and home-price increases.

Note: Mortgage rates can vary from one borrower to the next due to a number of factors, including credit history and the type of loan being used. The numbers presented above are based on averages reported by Freddie Mac.

Oakland Counties Low Inventory-Sellers Getting Top Dollar

2/4/2018

 

 

In this housing market today and Oakland Counties low inventory in places such as Farmington Hills, Novi, Northville, South Lyon to name a few home buyers are having a difficult time finding the perfect home.Usually the housing market corrects itself with supply and demand, but the prediction for 2018 is more of the same-Low Housing Inventory. Home Buyers in Oakland County Michigan shouldn’t wait or ponder on a decision once they find the perfect home with Oakland Counties low inventory and the prediction to continue for 2018. One of the biggest challenges facing buyers in today’s market is finding a home. According to Realtor.com’s recent Housing Shortage Report, the US is experiencing its most severe worst inventory shortage in twenty years. And that lack of inventory is driving up prices, making it an ideal market for sellers. In many markets across the country, homes are going for well above asking price because there simply isn’t enough supply to meet the demand.

On the Bright Side of Oakland Counties Low Inventory For Sellers

Thanks to millennials entering the home buying market for the first time, starter homes are the most in demand selling point on the market. And since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018. Boomers are keeping approximately 33 million properties off the market — a huge contributor to the historically low inventory the US is experiencing. Oakland Counties low inventory means getting top dollar for your home if your looking to sell. According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst inventory shortage in two decades. And while this presents a definite challenge for people looking to buy a home, it creates the perfect storm of opportunity for those wanting to sell.

sales to increase by 50 percent in 2018 with inventory being so low.

New Listings: 1,066

• Pending Sales: 897

• Closed sales: 1,337

• Days on Market Until Sale: 40

• Median Sales Price: $220,750

• Average Sales Price: $271,079

• Percent of list price received: 97 percent

• Inventory of Homes for Sale: 4,372

• Months Supply of Inventory: 3

Stay Ahead Of The Market With Market Updates In Your Area


http://www.theoaklandpress.com/general-news/20180116/fewer-houses-for-sale-means-oakland-county-sellers-to-keep-getting-top-dollar-in-2018

Oakland Counties Low Inventory-Sellers Getting Top Dollar

2/4/2018

In this housing market today and Oakland Counties low inventory in places such as Farmington Hills, Novi, Northville, South Lyon to name a few home buyers are having a difficult time finding the perfect home.Usually the housing market corrects itself with supply and demand, but the prediction for 2018 is more of the same-Low Housing Inventory. Home Buyers in Oakland County Michigan shouldn’t wait or ponder on a decision once they find the perfect home with Oakland Counties low inventory and the prediction to continue for 2018. One of the biggest challenges facing buyers in today’s market is finding a home. According to Realtor.com’s recent Housing Shortage Report, the US is experiencing its most severe worst inventory shortage in twenty years. And that lack of inventory is driving up prices, making it an ideal market for sellers. In many markets across the country, homes are going for well above asking price because there simply isn’t enough supply to meet the demand.

On the Bright Side of Oakland Counties Low Inventory For Sellers

Thanks to millennials entering the home buying market for the first time, starter homes are the most in demand selling point on the market. And since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018. Boomers are keeping approximately 33 million properties off the market — a huge contributor to the historically low inventory the US is experiencing. Oakland Counties low inventory means getting top dollar for your home if your looking to sell. According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst inventory shortage in two decades. And while this presents a definite challenge for people looking to buy a home, it creates the perfect storm of opportunity for those wanting to sell.

sales to increase by 50 percent in 2018 with inventory being so low.

New Listings: 1,066

• Pending Sales: 897

• Closed sales: 1,337

• Days on Market Until Sale: 40

• Median Sales Price: $220,750

• Average Sales Price: $271,079

• Percent of list price received: 97 percent

• Inventory of Homes for Sale: 4,372

• Months Supply of Inventory: 3

Stay Ahead Of The Market With Market Updates In Your Area


http://www.theoaklandpress.com/general-news/20180116/fewer-houses-for-sale-means-oakland-county-sellers-to-keep-getting-top-dollar-in-2018

Groundhog Day And Real Estate?

2/2/2018

Do you believe whether a groundhog sees its shadow or not is a true indication of when Spring will come?

A lot of people aren’t even sure, which means we’re going to have more winter.

But even if you do, it doesn’t make a whole lot of sense. If it’s sunny, and he sees his shadow, that means a longer winter. If it’s cloudy and he doesn’t see his shadow, it means Spring will come sooner. That groundhog-dayseems totally backwards.

And then there are lots of different groundhogs… which are you supposed to believe?

Groundhog Day doesn’t predict Spring

Truth is, Spring never actually comes sooner, even if every single groundhog doesn’t see his shadow. It begins on a specific calendar day.
Now the weather on the other hand, that’s a different story. The weather will be what it will be. Weather is something people make small talk about.

But a groundhog predicting it!? Meteorologists can barely do it.

So, most people don’t put a whole lot of stock in what the groundhogs “say” on Groundhog Day. However, a lot of people do put stock in the “Spring market” when it comes to real estate.

Is Spring the best time to buy and sell real estate?

So many people believe it’s the “best” time to buy or sell real estate. Not necessarily.
Sure, there is definitely a “Spring market”.

But first of all, to even say exactly what day it begins is impossible. Some real estate agents even say the Spring market begins in January. Others may say March. Or April. Maybe May.

And while there’s no definite answer as to when the Spring market actually begins, it’s even more inaccurate to say that it’s the best time for you to buy or sell a house.

It might be for some clients… but certainly not for everyone. It depends on so many variables, and upon the client’s specific scenario and needs.

Some solid advice…

Don’t put stock in the “Spring market”, no matter what you hear, or who you hear it from.
Do not base your decisions about when to buy or sell upon something people talk about as lightly as the weather… or whether the Groundhog saw its shadow or not.

There’s no one-size-fits-all answer.

But if you are thinking about buying or selling, or both, then we should chat. And strategize.

Is now a better moment for you to begin buying or selling?

Or is it better for you to wait until Spring is “officially” here?

Or perhaps Summer…

Or Fall…

Or Winter…

It depends on a whole lot of variables.

So, if you’re thinking of buying or selling, let’s just chat.

If not, just stick this in your head for future reference!

Happy Groundhog Day!

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Farmington Hills First Time Buyer Guidance

2/1/2018

Buying real estate may be somewhat scary. The Farmington Hills first time buyer guidance in this blog will clarify certain things. Homes are a big financial investment and buyers should become well educated.

The First Steps                                                                                                                                                                     Farmington Hills First Time Buyer Guidance

Find a Reputable Lender

Contact a local mortgage provider and obtain a pre-approval. Keep in mind that banks may offer varying alternatives than mortgage brokers. Review the services and applicable charges to identify the best option. Get an estimate of up-front costs and recurring expenses. This also helps identify your budget.

Hire a Real Estate Expert

Find a real estate professional to assist you through the home purchase process. Choose someone that best fits your needs. Knowledgeable Realtors will help explain the options, negotiate contracts, and facilitate a less stressful purchase. This can make a huge difference for first time buyers.

Buying Process Information

Real Estate Viewings

Only see real estate that fit your price range. This avoids the disappointment of wanting real estate that is not feasible for you to buy. Home showings are time consuming, so staying within your limits will also minimize wasting of time.

Legal Paperwork

Real estate professionals can provide tips on contracts and negotiating them, but they can not provide legal advice. If you would like a legal opinion, ask about hiring a real estate attorney to explain legal jargon and make any necessary edits to them. Do not sign any paperwork that you do not entirely understand.

Inspections

Do not use inspections to lower price or alter contract terms as they sometimes do not find any issues at all. Also avoid negotiating known problems. Such strategies often fail and lead you to lose the inspection costs. In cases where defects are found, homeowners can offer to repair defects, offer concessions towards closing expenses, or do nothing at all. Try to be fair with your negotiations and the other party will be more willing to accommodate them.

Walk-Thru Prior to Closing

Shortly before the closing, you normally have a chance to walk thru the property one final time. Try and make this after the sellers have moved out. If any issues are present at the walk-thru, you can address them before signing closing paperwork.

Real Estate Closings

All buyers signing any documents must bring legal identification. Any fees owed must be in the form of a certified check or money order. Have your checkbook ready in case there are any unpredictable corrections. Upon closing, the property is officially yours!

More Farmington Hills First Time Buyer Guidance

The property purchase process can be less intimidating if you maintain an introductory knowledge of what may take place. For more comprehensive Farmington Hills first time buyer guidance, contact Tom Gilliam at RE/MAX Classic by calling 248-790-5594 or by emailing tom@homes2moveyou.com.

Request a Buyer Guide

Just fill out below!

Hiring The Wrong Agent-Pitfalls

2/1/2018

Buying a home is the biggest investment you’ll likely ever make, and it has all sorts of implications for your personal and financial future. This is why it’s so important to work with the right agent and not the wrong agent.

Too many people don’t realize just how much can go wrong if they make the wrong hire. There are some very serious problems that can arise if you The Wrong Agentaccidentally work with the wrong person to buy or sell a home. Here are some of them:

1. The wrong agent is not listening

A professional real estate agent (or any other professional for that matter) will take the time to listen and understand their client and the client’s needs. The wrong one, however, isn’t going to listen to what you have to say, and will instead focus on what they want for themselves.

This will set the precedent for the rest of the process and make any real estate transaction a miserable experience. An agent who doesn’t take the time to know your wants and needs will cause you stress, confusion and heartache.

2. Bad advice

If there’s one thing you need a competent agent for, it’s the advice they’re able to provide. A good agent will serve as your trusted advisor, guiding you through the myriad of decisions you’ll make when buying or selling a home.

A bad agent, however, will either give you advice that’s not based on any experience or research, or is just plain self-serving. This can cost you financially or prevent you from accomplishing your goals altogether.

3. Failed negotiations

Lots of people consider themselves good negotiators, but very few actually are. While negotiating might be just one part of real estate, it’s an important one. You need someone on your side who’s working in your best interests in a competent and effective way.

A bad agent will either negotiate in such a way that attainable deals fall through, or will simply negotiate in their own best-interests rather than the interest of their clients (you).

4. Lack of responsiveness

This may or may not be one of your pet-peeves, but unresponsiveness in something as complex as a real estate transaction can be an absolute nightmare for the person whose money, home, and future are on the line.

A great agent and is available most any time you need them (within reason). The wrong one, however, will let your calls, messages, and emails go unanswered while you worry yourself sick about what’s happening (or not happening).

5. Missed opportunities

Real estate is a business that moves quickly, especially when the market is hot. Even when there’s high demand, there are still opportunities for buyers, and a good agent will know how to spot them and take advantage quickly.

The wrong agent will miss good opportunities because they’re unable to recognize them, will move too slowly and miss them, or just generally not care.

6. Legal pitfalls

Real estate is complex by nature, and legal questions arise on a frequent basis. Thankfully, good agents have the knowledge and resourcefulness to help you navigate them and can find solutions even if they’re not immediately apparent.

Hiring the wrong agent will mean that when the inevitable problems creep up during the transaction, they’ll either give you the wrong advice on what to do, or will simply look at you and shrug their shoulders.

7. The process won’t be enjoyable

There’s no rule that says a real estate transaction has to unpleasant. Yes, it’s a lengthy process that has lots of implications. But if you take a step back and think about it, buying or selling a home is usually a positive thing—whether it’s an upgrade, a money-saving downgrade, or a general lifestyle change. You should work with someone who can at least make it a pleasant experience.

And that’s the thing about hiring the wrong agent. They’re all but guaranteed to make the process one that you won’t enjoy.

So choose your next real estate agent wisely; your happiness—and the height of your high five when it’s over—will likely depend on it.

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