Details for Homewise 12/5/18

HOMEWISE

Real Estate Tips and Advice

© ADOBE STOCK

W

Should I Hire an Agent?

e’ve all seen “For Sale
By Owner” signs in
front of houses, and with
houses for sale on sites all
over the Internet, it’s easy to
think you can buy or sell a
house by yourself and save
yourself the cost of a real
estate agent’s commission.
You can, but for most people,
having an agent to do the
paperwork, negotiation and
making sure all the
necessary boxes are checked
will make the process
quicker and far less stressful.

looking for repairs you’ll need to make
and intrusive traffic sounds.
According to Time Magazine, having
a real estate agent is critical throughout the negotiating process — helping
you make the right offer and responding to any counteroffer, but also
BUYERS
throughout the inspection period.
Agents can walk you through the dif- They work with the seller’s agent and
ferent types of home loans, break
the title company to set up inspections
down the market so you have an idea
and appraisals.
of how much house you can buy, and
This person will be working for you,
tell you what issues you’ll face in difso talk to friends for recommendaferent neighborhoods throughout your tions, do interviews, check online
city.
reviews and do whatever research you
Agents know what to look for. They
need to find the best agent for you.
see warning signs where a less pracThe buyer’s agent is paid through
ticed eye wouldn’t. An agent also
the sale of the home, not out of pocket
knows which questions to ask the sell- by the buyer.
er or the seller’s agent that a buyer may
SELLERS
not think to ask. While buyers are lookAccording to Time, about 90 percent
ing at the size and layout of the house
of sellers use an agent, and it’s for a
and imagining their furniture, their
few simple reasons: you need somefamily, their life in a house, agents are

Plus, it’s good to have an expert who
can answer your questions.
Particularly for people who are unfamiliar with the buying and selling process, having an agent can make a
world of difference.

one who understands the market and
the appraisal process and you want a
seasoned negotiator representing you
as you’re going back and forth on the
details of the contract. A good agent
will help you set the right price for the
house based on its condition and what
comparable houses are going for, will
market your house effectively, including helping you to make sure your
home looks good in person and on the
Internet, as well as setting up meetings
with potential buyers so you don’t
need to.
Once you have a buyer, your agent
will handle all of the negotiations and
communications with the seller, keep
tabs on the paperwork and answer
your questions and otherwise be supportive throughout the process.
You can sign a short-term contract
with the agent, so you’ll have a chance
to evaluate and make sure they’re a
good match with your needs.

REAL ESTATE 101

Agents vs. Broker
There are many professionals in the real estate field. Distinguishing between them simply requires doing a little bit of homework. If you’ve seen a professional advertise himself as a broker, what does that mean? Here are the facts, according to the Bureau of
Labor Statistics. “Real estate brokers and sales agents help clients buy, sell, and rent
properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.”
HOMEWISE GLOSSARY
Variable rate: an interest rate that changes periodically in relation to an index, such as the prime rate. Payments may increase or decrease accordingly.
SOURCE: Federal Reserve

Categories

You may be interested in