Chris Turley's Video eNewsletter Sign Up

Sign up to Get FREE
Centre County Real Estate Video Updates 2x's a Month

Enter Your Email Address to Get Instant Updates...No Spam. Ever

Monday, April 30, 2012

How to Tell the Difference Between a Buyer’s Real Estate Agent Versus a Seller’s Agent



Watch on your mobile device >>

When a buyer stumbles upon a home they might be interested in, they also stumble upon an agent when they call the one listed on the “for sale” sign.  In some cases that buyer ends up using the same listing agent for their purchase.  Little do they know that there is a clear distinction between the skills set of each real estate transaction’s side.  While there are double agents that are equipped to handle both sides of the fence, many Realtors deal primarily with either buying or selling transactions.

What is the difference between the two and how can you protect your interests so that you end up getting the best terms and the most optimal outcome?  Here is some information to help discern the two plus some tips to follow when looking for the perfect agent for you.

Though Realtors go through the same licensing process regardless of whether they opt for a dual-transaction role or choose only one side, there are some distinct differences in the handling of each type of transaction.

Buyer’s Real Estate Agent

In most cases, the process of buying a home is a pleasant one.  There is usually no negative stigma attached as there might be for someone selling against their wishes in case of job loss, relocation or financial struggle.  Buyers are in the process of seeking a new home, they enjoy looking at potential properties and their active involvement keeps things interesting.  Working with their agent, they strive to find a home that meets or exceeds all their expectations and see far ahead into the future with the prospective properties as they consider the years of enjoyment the new home will bring to their lives.  The primary role of a Realtor for buyers is to assist in locating the perfect home and to negotiate the best price possible on the home.

TIP:  Depending on whether the agent is associated with a brokerage with added incentives to sell an in-house property, you may or may not get enough visibility of outside properties.  When hiring an agent, be sure to make clear that you expect to see a wide range and variety of homes, including but not limited to the ones listed by the same brokerage.

Seller’s Real Estate Agent

Unlike the buying process, a seller’s agent must assist homeowners with finding solutions and getting their home sold.  This can often begin with a walk-through of the home that ends up in suggestions given to the homeowners about how to improve the property and prepare it for sale.  Sellers usually do not have the same level of enjoyment as buyers do unless there is a situation of buying up into a better home.  Even then the process the selling can be quite harrowing considering the number of prospective buyers that will visit the property.  Compounding the stress is when fewer than expected buyers appear interested in the home.  Another aspect of a seller agent’s dealing with clients that differs from a buying agent is the difficult process of helping sellers stay realistic when pricing their home – often leading to disappointment and frustration.

TIP:  When signing a contract with your Realtor, it is important to clearly express that you would like to see each offer that comes through.  Some less than scrupulous agents might hold back low offers to avoid lower commissions.
~
When hiring an agent that is right for you it is important to interview at least three agents.  Request a list of references with clients from the last three transactions as opposed to the agent’s standard list of references.  Prior to your meeting, assemble a list of important questions such as “how much time do you devote to your real estate career?” “How accessible are you?” and “what is your marketing strategy?”

When you do find the right one – things should “click”.  They should have energy and enthusiasm. They should be assertive but also willing to listen intently to your needs.  Your agent should be ready and available and reasonably accessible for your convenience.  And at the end of the day, they should work for you to help you achieve the best possible outcome.

Thursday, April 19, 2012

First Quarter Real Estate Update



Watch on your mobile device >>

For anyone who's been in the real estate business for the last several years, it's almost impossible to get through a week without having someone ask you how the markets doing.  This is because over the last five years, the news really hasn't been all that reassuring.  Many people have had the equity in their home hurt or devastated by a recession that's worse than anything we have seen since the 1930s.

Here in the center region, we've enjoyed some insulation from the foreclosures, short sales and underwater situations that have dominated so many other areas of the country.  In this article, we're going to look at the first quarter of 2012 in comparison to the first quarter of 2011 to see how the real estate market is doing these days.

First of all, our average price of $212,000 is about 5% higher than it was this time in 2011.  Our average days on market have actually dropped from 134 days to 117 days.  Also, home sellers have received about 96% of their original asking price as opposed to 92% last year.

Of course, interest rates are still amazingly low and prices are attractive.  This means that buyers are taking advantage of low prices and the low cost of money to get into the market place.  In short, buyers just aren't as concerned about the real estate market as they used to be.

At the same time, home sellers have been concerned about the real estate market.  Worried that they might lose money, many sellers kept their homes off the market.  This is giving buyers less homes to choose from which means that sellers are getting more of their asking price.

Add to that the fact that most of the United States seems to have skipped winter altogether and moved straight to spring, the message to home sellers is that it's time to get back into the real estate market.  If you think that you've waited long enough and you still want to sell your home, now's a great time to do so.  Buyers are looking for great homes and they are willing to make an offer on yours.

For home buyers out there, conditions are great.  The extended spring has given you more time to look, and money is cheap right now.  Interest rates are great.  Money is available and waiting for you, so if you're interested in purchasing a home, it is a great time to do so.

As always, give me a call or drop me an email with your real estate questions or concerns.  If you want to know if now is the right time to list your property for sale, I'll be glad to do it through market analysis for you.  And if you're a buyer looking for a home, we can help you find the perfect one for you.