Do your homework! In the previous real estate boom, people were buying real estate like candy. It was being talked about on the news, advertised on public transportation, and discussed during dinner conversations everywhere. Buying a house was the “cool” thing to do and people were more concerned about jumping on the bandwagon than the investment they were making
Everyone was under the assumption that real estate could never go down in value, only up in value. Yeah right! When you take time to study the real estate market, its evident that it repeats itself in 10-year cycles, which dates back to the great depression. It’s based on supply and demand and is really much easier to predict than many other investments. However, you need to make sure you have the right representation in your corner. Hiring the right real estate agent will make this seamless. It’s good to ask lots of questions and look for things like resale value and under market value properties. Sometimes it will take a long time to find the perfect property, but it will be worth it.
1. Hire a Real Estate Agent! Whenever you buy any type of real estate you should always consult a licensed real estate professional. When you buy a house, the buyer agent’s commission is paid by the seller the vast majority of the time. It does not cost you any money out of pocket to use a real estate agent when buying real estate. A real estate agent has a fiduciary duty to you to act in your best interest. Even though this sounds like legal jargon it simply means that the agent is obligated to act in the best interests of his or her client.
Their business is based on referrals so it is their duty to properly represent you and have your best interests in mind. When representing a buyer, a real estate agent’s job is to analyze and research the investment aspect of the buying process for the buyer. They will be able to help you lay out all of the facts so that you can make an educated decision on the purchase price of the property you are buying. It’s a fact that 5-10% of the real estate agents in any given market do 90% of the business. Make sure you find an agent with experience you can trust. Hiring the right agent will be the difference between getting a house and getting an awesome deal!
2. Agents do all the work! A real estate agent will do all of the work for you. They will set up and schedule properties for you to view, run a Comparative Market Analysis, and will educate you on the overall buying process from start to finish. Helping others buy real estate is a full time job. Your agent should be able to assist you in everything from A to Z. They will handle all the small things for you as such as paperwork, scheduling home inspections, and scheduling properties to see. Make sure you are very vocal in what it is you are seeking. They can also help you in determining a purchase price that you are comfortable with
3. Hire the right agent not company! My last point is to make sure you use an experienced agent if you decide to buy a house. There are good and bad agents out there. One of the best ways you can gauge an agent’s level of experience is by their opening statement to you. If they start talking about how big their company is then they are most likely using it to leverage their inexperience. An agent who does not have to talk about their company at all is likely more experienced. The ones with a lot of experience are the ones who will do the best by you. They know their product and it will show in the end. You must know that agents are independent contractors and essentially work for themselves. The level of service you will get very rarely depends on the brokerage in which they reside and much more on the individual. Hiring a real estate agent will help you save lots of time and if you hire the correct real estate agent, lots of money!
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