Navigating the Real Estate Market – Pre-Pandemic Market Buyers
When it comes to purchasing and selling residential real estate, there aren’t just sellers who can sell their properties themselves and without the services of an attorney or broker. Also, New England Home Buyers buy houses themselves without the representation of an attorney or broker. A whole industry has developed purchasing residential properties directly from sellers unassisted by any real estate agent or broker. This practice is referred to as “for sale by owner” or” FSBO.”
The advantages for the seller include a few, primarily the savings in time and expense. Since there is no need to pay a broker or agent fees, sellers save the money. Time is also saved because there is no need to hire a realtor and do all the work. It is typically the home buyers themselves who do all of the initial research and work upfront when it comes time to list the property. They pay the listing commission and use their knowledge and experience to market their home.
The primary disadvantages for sellers are apparent; a loss of potential revenue. When buyers buy houses, they pay cash and carry the financing, not the seller. Most buyers are wary of paying cash for houses; therefore, they won’t be present when the deal closes. Also, if a seller fails to complete a place on time, the buyer can be forced to move out. These risks push sellers to seek the help of a realtor to handle the home buying process for them.
While the practice of selling FSBO has become more common among buyers and sellers alike, not everyone is comfortable with the idea. Many people believe that selling one’s own home without the assistance of an agent makes the transaction harder. Others think that selling without the help of an agent reduces the likelihood of getting top dollar for the property. FSBO sellers and buyers have a valid point. The rules and regulations regarding selling FSBO homes are very different from those regarding selling traditional homes.
An excellent way to make the process easier for both parties is to enlist the help of professional real estate agents. Many sellers find the idea of working with real estate agents a daunting task. However, the majority of sellers and home buyers agree that real estate agents can greatly increase their chances of selling their property.
As previously mentioned, there are differences between a first-time buyer and a recent home buyer. The difference can be a significant one when it comes to using the services of an agent. While many first-time buyers think they can handle the task alone, recent home buyers typically find it much easier to work with someone who has experience in this area.
Some new home buyers think it would be a waste of money to list their FSBO property for sale at the current market value. These buyers would be wrong, as listing your property at the current value may actually cause it to sell for less. While most real estate agents agree that it is better to sell your home for more than the listing price, they do not all agree on the exact amount. In some cases, listing your property at the current value will cause it to sell for less than you originally planned.
It is also helpful to have a real estate agent working for you. A seasoned real estate agent can offer you valuable information about the current real estate market. An experienced agent can also show you properties that are currently for sale as well as homes that are currently for sale but have had their listing price changed. Because the real estate market is so volatile, it is always beneficial to consult with an experienced realtor who specializes in distressed sales. A good realtor will be able to tell you what homes to avoid, what to look for when inspecting a potential property, and will have invaluable information regarding the pre-pandemic market. With a little help from a professional, you will be able to find a great home at a great price.