The Importance of a Buyer’s
Agent in a Buyer’s Market
If you are ready to house hunt, I’m sure you know it can get pretty complicated out there. And when you’re working in a buyer’s market, having an agent working for you can be the difference between winning or losing a property and getting it for the right price! When the average New York City home currently spends 87 days on the market — much longer for luxury properties — it’s time to cut deals. But you’ll need a buyer’s agent to help educate you on the correct pricing for your purchase. Not only will you need to navigate the usual offer forms, financial sheets, pre-approval letters, and (possibly) best and finals, you’ll also need guidance from your buyer’s agent on getting your purchase for the right price!
The process can be stressful and surprisingly complex, which is why you’ll need to assemble a pro team to stand at your side throughout the journey. It can literally make the difference between losing out or winding up on top!
A buyer’s agent is just that — YOUR agent dedicated to representing YOUR interests during every step of the purchasing process — and that’s very important in a buyers market. Not only do they get you into properties fast, they also let you know when those homes are on the market before anyone else (including your competition). And, in a fierce market like ours, they are key to helping you find the home of your dreams.
Despite the fact that we are in what some have deemed a “buyer’s market” — where buyers hold a competitive edge over sellers — a buyer’s agent is still crucial to your home search. Here are the top 5 reason to use a buyer’s agent in a buyer’s market:
It’s free! Sellers rely on the agents (seller’s and buyer’s agents) to bring the best buyers into their property, and to do that, they pay.
Your buyer’s agent will find you the right property. Property search is a full-time job. Having your agent scour listings for the neighborhood, properties, and amenities that fit your needs — and setting up tours and appointments — will be your buyer’s agent’s No. 1 priority.
At Compass, we believe your time should be sent enjoying the perfect home, not searching for it. With so many listings out there and a multitude of ways to communicate, it’s not easy to stay on the same page. By creating a Compass.com account, we can use Collections together to: 1. Keep track of homes you like in one place. 2. Invite anyone - your friend, spouse, parents - to help with your search. 3. Share comments about the homes so all communication is organized. 4. Receive automated updates about the homes in real time
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Making the offer. After you find the perfect home, placing the offer is the most important and strategic step. Your agent will help you research past sales in the building and in the neighborhood in order to bring a competitive and educated offer to the seller’s agent. Having an expert negotiate the deal can save you a ton of money and help you avoid the many potential pitfalls along with way.
Recommending the right professionals. Getting you to the right real estate attorney or inspector is part of your agent's duty to recognize your needs and protect your rights.
Help overcome setbacks. There will be hiccups along the away, and your agent will be there to work through them. With their abundant experience, they’ll know what to look for to keep your deal on track and get you to the closing table!