A real estate agent is going to be your biggest ally when the time to buy your first home comes. If you choose wisely, you will have someone by your side who will make sure that you end up in your dream home. We are not saying finding a real estate agent is an easy endeavor. You have a lot of interviews in front of you but once you do find the right person everything will be much easier. Hence, it is important to know the things every first-time home buyer should ask their real estate agent.
We know that this is an internet era and people think that Zillow.com can replace a realtor but that is simply not true. Zillow can’t negotiate for you, Zillow can’t find a home inspector to make sure that the home is a really good investment, and finally – there are people who don’t put their homes on Zillow. That is only a good tool but it can’t be a replacement.
Things you need to ask your real estate agent before you hire them
These are the key things every first-time home buyer should ask their real estate agent:
- Ask about their experience (how long they have been agents). An experienced agent will have strategies to handle potential issues before they arise, as well as negotiation skills they’ve honed over time. Furthermore, they will already have connections to the local real estate community. A realtor typically has eight years of experience.
- Approximately how many properties did you assist customers in purchasing this and last year? According to NAR, realtors represent 12 buyers and/or sellers annually. You should be wary if your agent is hitting far lower than that. Unless you’re looking for a house in a very tiny community. In that case – it could be less.
- Have you worked with buyers to locate properties in this price range before? Differences in asking and selling prices can have a significant impact on the marketing strategy and perception of property by real estate professionals. If you have a $300,000 budget, you probably won’t get the attention of a realtor who specializes in listings for several million dollars.
Things you shouldn’t forget to ask
May I please see your license to practice real estate? It’s crucial that you speak up now, so don’t be shy. Although it may go without saying, only ever employ a certified realtor. All throughout the world, con artists are at work.
“Do you have any references I can call?” – this is another crucial piece of information for you. It’s expected that before hiring a new employee, references will be checked. Check out your prospective realtor with the same level of scrutiny you’d give to any employee. Avoid working with them if they won’t provide references from happy customers.
Customer satisfaction ratings and comments posted online might provide additional insight into an agent’s communication and interpersonal skills. One can tell if this is a great communicator and if it will be a great fit for you by reading the reviews. You should read up on the real estate agent’s reputation so you don’t end up with a fraudulent realtor.
Questions you need to ask your realtor when you hire them
Undoubtedly, we must not forget the things every first-time home buyer should ask their real estate agent once they hire them. Thus, pay attention to the following questions.
Could you walk me through the steps involved in purchasing a property?
If this is your first time buying a property, you may find the process to be lengthy and confusing. Have your agent walk you through the entire procedure from start to finish, taking notes as you go and clarifying anything that doesn’t make sense. What occurs during a house inspection, how offers are handled, what occurs after an offer has been accepted, the closing process, the timeframe from start to finish, and everything else you can imagine are all appropriate things to discuss.
When do you have the most time during the day and the week? Check with your agent to be sure that they can accommodate your schedule for home viewings. Most open houses are held on the weekend, so if your realtor isn’t accessible then, you might want to find another.
Questions to ask your real estate agent once you find the home you like
Finally, we come to the things every first-time home buyer should ask their real estate agent when they find the home they like.
Ask your real estate agent to provide you with a comparative market analysis of this property. By analyzing the prices of similar homes in the same area, CMAs (comparative market analyses) can provide a good estimate of a home’s worth. A Comparative Market Analysis (CMA) can help you figure out if a house you’re interested in is priced fairly.
Can you see any major warning signs about this home? What exactly are your worries? It is in the best interest of the buyer to take full advantage of the agent’s experience and skills by having them point out any issues with the house. You should also consult your real estate agent for advice on finding a qualified house inspector. You can also ask your realtor about good moving companies in the area. Experts should help you when the time to relocate comes. You don’t want to DIY your move. You already have a lot on your plate.
Ask about closing costs and how much will they be. Expenses incurred at the closing table, such as those for an attorney, the lender, the title company, and others, are known collectively as “closing costs,” and they are in addition to the purchase price of the home. It’s crucial to estimate how much money you might need for closing costs so that you aren’t taken by surprise.
Don’t forget to ask about the safety
As they say: safety first. You saw the home you liked and now it’s important to investigate home security. You need to feel safe in your own home. Don’t worry if the previous owner hasn’t done much about it. You can still make the best choice for your family and add some security measures.
Final words
Hiring the appropriate agent is essential whether you are a first-time buyer or a seasoned veteran on the verge of purchasing your third or fourth home. A real estate agent’s job is to keep you safe while you search for and purchase a new house. However, it is crucial that you feel safe and have complete faith in them before entrusting them with such a substantial sum. The answers to these questions will facilitate this and ensure a smooth and fruitful home-buying experience.
Your agent has the potential to become a valuable resource if all goes as planned. As many as 91 percent of 2020 purchasers reported that they would either use their realtor again or refer them to others.