The real estate market has been on fire creating one of the largest supply and demand shortages we have seen in recent history. Most homes that are listed for sale on the market are receiving offers well above the list price in a record short time. The combination of pent up housing demand, low interest rates, investors buying short term rental portfolios, and more millennials entering the market has left demand exceeding supply. Homeowners have been reluctant to sell because of the ongoing pandemic and the risk of not finding anywhere to live themselves.
With all the factors that go into buying a home in this current market, it is more important than ever to hire a real estate professional to navigate you successfully through the process. In this article, we outline the most important reasons to hire an agent in a competitive market.
Put Your Best Foot Forward
After perusing Zillow for what seems like an eternity and touring the home of your dreams, it’s finally time to put in an offer. While the seller’s agent cannot legally disclose the details of submitted offers, your agent can speak with the seller’s agent and find out what the seller’s motivations for moving are. They may have a job transfer, want more space, or simply want to cash out. When you hire your agent, they are working in your best interest and any seasoned agent knows to ask the listing agent exactly what the seller wants. The highest offer does not always win. They might want a lease back for a few months until they find a new home or they may want to close as quickly as possible. These are all factors that will “sweeten the deal” in your offer. Chances are the listing agent and your agent have worked together in the past and may already have a relationship with open communication.
Be In the Know
Real estate agents are a tight knit community. Most of us have been around the area for many years volunteering, attending events, networking, and running into each other in the lift line. Because of this, we are aware of what buyers are looking for in the market. A lot of properties, especially in a competitive seller’s market do not even go live on MLS. These are known as “pocket listings.” When working with an agent, we put feelers out to other agents ahead of time and if something that fits your perfect scenario is about to come on the market, you may have an opportunity to submit an offer before others get a chance. If you’re navigating the process alone, you will miss out on the chance to get a pocket listing.
All That Boring Legal Stuff
A very important step in the process is the paperwork that goes into buying and selling a home. Reading a listing agreement can put accountants to sleep. The legal mumble jumble real estate language is not something we expect buyers to pick up on their own, putting buyers flying solo at risk of signing something they don’t fully understand. When hiring an agent, you can rest assured that the agent is fully knowledgeable about what goes in the contract and where to protect you legally. This saves you from accidentally signing something such as completely waving the inspection even though there is visible mold present in the bathroom. Let the agent worry about the contracts so you can worry about more important things such as what to do with that 70’s shag carpet in the living room.
Peace of Mind
Photo credit: Yampa Valley Community Foundation
The final and the arguably most important piece is having the peace of mind that you are doing everything in your power to be the most prepared to put your best foot forward and have a smooth transaction. By hiring an agent, deciding ahead of time through a Buyer’s Exclusivity Agreement what the contract entails, and having the agent work solely in your best interest is the topping on the cake. Agents do not get paid a dime unless they get you into a house. You bet they will do everything in their power to get you into the home of your dreams and use their experience and expertise to put in the winning offer and see it through beginning to end.
In a market like this, your offer will need to stand out from the rest. The most important aspect is to have an excellent agent by your side. I have done exceptionally well navigating my clients through this dynamic market by securing multiple buyers the home of their dreams, even when the odds may be against them in this market. My strategies of putting in the strongest offer for my buyers have won countless times. If you’re in the market to buy or sell, reach out today. I am here for you and will work hard to make sure you have a good experience.