Realtors play important role in home buying, selling process
The Fayette Board of Realtors in Uniontown reports that a typical home sale requires as many as 20 steps to get to the closing table.
Instead of tackling those steps alone, homebuyers are reaching out to realtors, who not only lend their expertise to sellers looking to obtain a home鈥檚 full value, but can assist those looking for the perfect home through the process.
鈥淔or most homebuyers, the purchase of real estate is one of the largest financial transactions they will make,鈥� said Scott Detweiler, president of the Fayette Board of Realtors.
鈥淩ealtors can help buyers assess their needs for living space, location, and neighborhoods while taking into consideration changes in jobs and family situations, so they鈥檙e able to make an informed decision.鈥�
Detweiler noted that searching for properties online is just the beginning.
While it鈥檚 easy to find a home through a variety of online sites, a realtor can navigate the process, help position a home for sale, negotiate contract terms, manage inspections and ensure a smooth settlement.
鈥淭here are many different lending programs available to people. Finding the right program can save new homebuyers thousands of dollars,鈥� said Scott Cavinee of SWC Properties of Uniontown. 鈥淩ealtors are well versed with lending operations and the lenders who provide those programs.鈥�
According to the National Association of Realtors Profile of Home Buyers and Sellers (NAR), about 88 percent of both homebuyers and sellers used a real estate agent.
A realtor is a licensed professional that acts as a liaison between a homebuyer and seller. A real estate agent is licensed by their state to do business while a realtor has taken the additional steps to become a member of the local board of realtors and has agreed to act under and adhere to a strict Code of Ethics.
As members of a community鈥檚 real estate association, a realtor is familiar with all the local and current real estate values, taxes, costs and services that could affect a homebuyer鈥檚 purchase.
鈥淵ou have an advocate working for you,鈥� said Tom Simon, real estate broker and owner of Howard Hanna Real Estate Services in Belle Vernon.
Simon added a realtor also has a fiduciary responsibility to keep the homebuyer鈥檚 best interest in mind and, most importantly, offer them a level of confidence with the information provided.
鈥淎 realtor also works to keep things legal during the entire transaction,鈥� Cavinee said. 鈥淓very home sold in the state of Pennsylvania needs to have a seller鈥檚 disclosure and many owners selling their own homes don鈥檛 know that.鈥�
Another benefit is a realtor鈥檚 ability to post listings using the Multiple Listing Service (MLS), a nationwide data base accessible by real estate agents and the public.
An agent-assisted home sale has a 13 percent higher sales price than the typical for-sale-by-owner property, reported NAR.
The Pennsylvania Association of Realtors said a new study by Keystone Analytics aimed at homebuyers found that word of mouth and good customer service continue to be a realtor鈥檚 greatest marketing assets.
Fifty-five percent of recent home buyers in the study indicated that they hired a realtor based either on a friend or family member鈥檚 recommendation or by using one they had used in the past.
It鈥檚 also beneficial for homeowners preparing to sell their home to talk with a realtor as well, said Simon, especially for security purposes.
鈥淲hy would you allow a stranger to knock on your door and let them in?,鈥� asked Simon.
鈥淲ith a real estate agent we get the buyer pre-qualified and we have their information,鈥� he added.
According to Realtor.com, a realtor can help a buyer save money and help a seller to make the most money.
Because a realtor is subjected daily to the home buying and selling process, they can warn clients of potential dangers and looming changes.
鈥淩ealtors have expertise to help sellers price their homes to reflect the local market conditions and to sell smoothly and expeditiously,鈥� Detweiler said.
Simon said he believes that housing market conditions remain favorable, especially because of low interest rates.
Home sales are also good, said Simon, because there鈥檚 not a lot of inventory.
At Howard Hanna, Simon said buyers are offered a 100 percent money back guarantee within the first year if they are not completely satisfied.
Whether buying or selling, Detweiler and Simon both recommend consumers meet with a realtor to discuss details.
鈥淩ealtors are informed about the most recent trends in the industry,鈥� said Detweiler. 鈥淭hey can advise their clients about the mortgage lending process, what inspections are required, and what to expect during the transaction.鈥�