If you're planning to shop for a new home soon, consider hiring a buyer's real estate agent to guide you through the process. Unlike a seller's agent, who works for the home seller, a buyer's agent works for a home buyer. Keep reading to discover five major benefits of hiring a buyer's agent when purchasing a new home.
(1) They Work for You
A buyer's agent works specifically for you as a home buyer and has your best interest in mind. They can help you not only locate a house that suits your needs, budget, and wants, but also assist you through the entire home-buying process. Hiring a buyer's agent provides you with a sense of security in knowing that you have a licensed realtor to work on your behalf.
(2) No Additional Expense
One of the great perks of hiring a buyer's real estate agent is that it probably won't cost you a penny for their services. This is because the commission for a buyer's agent and a seller's agent is typically paid for by the home seller and is split evenly between the two parties. For example, on the sale of a $300,000 home with a 6 percent commission, the buyer's agent would receive 3 percent, or $9000, and the seller's agent would receive the same amount.
(3) Assist with Negotiations
Because a buyer's agent is a licensed, professional realtor, they are extremely familiar with real estate negotiations. Their bargaining expertise can be invaluable to you as a buyer. For instance, a buyer's agent can assist and guide you with negotiations involving home inspection repair requests and the selling price of a home. They can also help you negotiate additional items to remain in a home, such as existing furniture or major appliances.
(4) Communication Liaison with Seller's Agent
When you have a buyer's agent working for you, it relieves you of the responsibility of communicating directly to the seller's agent. They work for you as a liaison between you and the seller's realtor. A buyer's agent communicates with a seller's realtor about items such as, houses that you would like to tour, home negotiations that you initiate, updates on your home loan status, and other relevant information in your home purchasing process.
(5) Resource of Valuable Information
Hiring a buyer's agent to work on your behalf automatically provides you with access to a professional resource of valuable home-related information. For example, they can serve as a resource for names of local home inspectors, mortgage lending institutions, and moving companies. A buyer's agent can also provide you with information about specific neighborhoods and homeowner's associations, the current market value of recently sold homes, and current real estate trends.
It makes a lot of sense to hire a buyer's agent to represent you and work for your best interest when purchasing a home. Not only can they help you search for a new home, but they can also assist you with home-buying legalities, negotiations, questions, and communications with a seller's agent. Also, as you just read, the commission for a buyer's agent is typically paid by the home seller. It's good to know that a licensed real estate expert is working on your behalf when you hire a buyer's agent.
Janis Peterson, Realtor®, GRI, ABR, SRES, CSP, is an Accredited Buyer Representative (ABR); she specializes in homes and real estate in Montgomery, Delaware, and Chester County, PA, Pennsylvania, and has been offering exceptional service helping Main Line Buyers and Sellers since 1994.
Janis Peterson, REALTOR®, GRI, ABR, SRES, CSP
Long and Foster Real Estate, Inc.
355 Lancaster Ave. Suite 100
Haverford, PA 19041