Complex housing market increases Realtors’ worth
Jan Stapleton - 2023 NETAR President
Skyrocketing mortgage rates crimped affordability, and inflation have taken much of the shine off this year’s buying and selling season. But, it hasn’t totally stifled consumer demand even when combined with the super-low inventory and rising prices.
There’s a reason for that. Buyers are still buying, and sellers are still selling mostly with the help of professionals.
Study after study shows sellers who use a professional consistently net a better price than those who go it alone. Buyers also reap rewards. That may seem like a contradiction in an era when technology offers advanced communication and marketing abilities to do-it-yourselfers. But it’s not.
Consumers have the ability to be better informed, active participants in the process of marketing and selling a home, and they’re doing it. They use it to buy houses unseen in places they haven’t visited, and Realtors® are a critical part of that process. At the same time, the processes have become more complex and specialized.
It’s also easy to get overwhelmed by all of totally’ market advice because some of it is just wrong or not applicable to the local market. That’s why finding and partnering with the right Realtor® is critical. So, the National Association of Realtors® (NAR) and the Northeast Tennessee Association of Realtors® (NETAR) have increased efforts to point out the worth of using a Realtor®.
When you’re buying a home, here’s what an agent who’s a Realtor® can do for you, according to NAR’s expert advice.
“Act as an expert guide.
Buying a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. A knowledgeable real estate agent will know what’s required in your market, helping you avoid delays and costly mistakes. Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.
Offer objective information and opinions.
A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget. Agents are also a great source when you have questions about local amenities, utilities, zoning rules, contractors, and more.
Give you expanded search power.
You want access to the full range of opportunities. Using a cooperative system called the multiple listing service, your agent can help you evaluate all active listings that meet your criteria, alert you to listings soon to come on the market, and provide data on recent sales. Your agent can also save you time by helping you winnow away properties that are still appearing on public sites but are no longer on the market.
Stand in your corner during negotiations.
There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs and allows you to do due diligence before you’re bound to the purchase.
Ensure an up-to-date experience.
Most people buy only a few homes in a lifetime, usually with quite a few years between purchases. Even if you’ve bought a home before, laws and regulations change. Real estate practitioners may handle hundreds or thousands of transactions over the course of their career.
Be your rock during emotional moments.
A home is so much over four walls and a roof. And for most buyers, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you when emotions threaten to sink an otherwise sound transaction.
Provide fair and ethical treatment.
When you’re interviewing agents, ask if they’re a Realtor®, a member of the National Association of Realtors®. Every member must adhere to the Realtor® Code of Ethics, which is based on professionalism, serving the interests of clients, and protecting the public.”
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,800+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us