Hi there, everyone. I wanted to spend some time today sharing how vital it is to have a buyer’s agent working for you in our current KC Metro market.
Maybe you’ve heard, but we are in a seller’s market with not nearly as many homes on the market as we have buyers. It shows no sign of changing anytime soon. Buyer’s venturing out into this market will need professional, experienced buyer’s agents to assist them in their journey and ultimate purchase. With the market tilted as it is, buyers are frustrated and exhausted when trying to get under contract. In an article in the Kansas Star last year, they referred to our area as “inventory starved” the likes that we have not seen in years.
I’ve put together some of the many reasons you will want to have a Realtor by your side.
#1 — They have the experience to know if the home(s) you are looking for are a good fit for the loan you have your preapproval on. This will save you needless expenses.
FHA loans (non-rennovation) will have appraisal issues regarding condition if the home is in poor condition. (ex. peeling paint, electrical wiring missing, etc.). Homes in this condition are oftentimes sold in their present condition and, if the buyer won’t repair prior to closing, the loan won’t go through.
#2 — Your agent can preview a home for you freeing up your time.
This is so helpful as they know what your search criteria is and can check it out as the home comes on the market. This frees up your time plus allows you to only see homes that you know will be meeting your list of wants.
#3 — Your agent can get some info on the seller’s motivation helping you craft an offer.
Do the sellers require a long escrow? Need additional time to move? Your agent can get the backstory on that for you allowing for you to (1) present yourself as willing to work to the needs of the seller and (2) craft that into your offer making you a more competitive candidate.
#4 — Coach a first-time buyer as to pace and offer requirements.
Just because a relative told you that they offered 10% less on a home back in the day to leave room for negotiations does not make it a good idea in today’s market. Your agent will share sales comparisons in the area and the speed of sales in same area. He or she will guide you on making an offer in this buyer’s competitive arena.
#5 — They will walk you through the timeline and costs associated with the purchase.
Your buyer’s agent will provide you with an estimated costs sheet so that you will have a good idea of what you will need to be bringing to the transaction.
Some first-time buyers are unaware that they will have costs beyond a down payment and the agent will provide that estimate for them. This is critical for the buyer as they need to know what their obligations will be at the closing table and if they can meet them. In a more balanced market, sellers might entertain helping the buyer out with their closing costs as part of the negotiation, but they are getting offers where that is not necessary. With that, a buyer might not be ready to enter this market until they have those funds themselves.
Your buyer’s agent is a critical member of your team as you venture into this market. They are your experienced professional, your coach, your support system. They represent you and have a fiduciary duty to look out for your best interest.
If you are interested in buying or selling this summer, we would love to be one of the agents on your interview list. We look forward to sharing our background, experience and client testimonials.
Our seller clients enjoy our sensible pricing of $3950 for the listing side plus 3% for the buyer’s agent. Check out our website to learn more.
Terry Jackson | Managing Broker | www.DomicileOne.com | 913-488-5623