Make it a smoother experience by working with a Realtor®
Buying or selling real estate is often the most expensive transaction many Americans will make in their lifetime. There are significant financial and emotional implications involved, and having a pro to help you navigate the process is crucial. So where do you start?
You will be faced with numerous options when you decide to enter the housing market, but the best way to start is by getting a Realtor®. For those who don’t know, the term Realtor® is a registered trademark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. When you work with a Realtor®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for Realtors® to take Code of Ethics training, and they are also required to complete a refresher course regularly.
Navigating Changing Laws and a Sea of Forms
In addition to gaining the peace of mind that comes with working with a professional who has taken the extra step of committing to a higher standard, Realtors® are also well versed in the terminology of the market and know the latest changes that could affect your search. Even if you’ve bought and sold property before, laws and regulations change. But Realtors® handle hundreds of real estate transactions over the course of their career and will be current on any changes to the industry.
Also, a Realtor® will be your objective guide, someone who can help you identify your wants and needs and keep you on track when the going gets tough. Also, they’ve done this a lot and know the intricacies of the process well. In fact, buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
Getting the Best Value When Buying a Home
A Realtor® can provide objective information and opinions as well as useful insights like local community information on utilities, zoning, schools and more. They’ll be able to share objective information about each property and help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
A Realtor® is also a powerful tool when it comes to negotiations. Many people shy away from such discussions, but that could cost you money and time. However, a Realtor® is your advocate in the process and will make your needs a priority. There are many negotiating factors, such as price, financing, terms, date of possession and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your Realtor® can advise you as to which investigations and inspections are recommended or required.
Selling with Confidence
A real estate sale takes much more than posting an ad online or sticking a sign in the yard. In fact, when it comes to selling, a large share of real estate sales comes as the result of the Realtor®’s contacts through previous clients, referrals, friends and family. When a property is marketed with the help of a Realtor®, you do not have to allow strangers into your home. Your Realtor® will generally prescreen and accompany qualified prospects through your property.
And remember – buying and selling is emotional. A home often symbolizes family, rest and security – it’s not just four walls and a roof. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
Finding a Realtor®
Now that you know why a Realtor® is your best tool when it comes to buying and selling, it’s time to find one. You can search for both a Realtor® and a property on SABOR.com. Not all real estate websites are created equal, and it can be a challenge to wade through all of the information available online and determine which sources are credible. However, SABOR.com is maintained by the San Antonio Board of Realtors®.
In addition to providing the most accurate San Antonio area property search, SABOR.com offers frequently updated helpful information including market news and an easy way to search for and get in touch with San Antonio area Realtors®. The site also has an “Advice for Home Buyers and Sellers” section to help you get on your feet. Or, if you want to know more about the schools and quality of life in a particular area, search the “City and Neighborhood Information” section.
For a Texas home search outside of the San Antonio area, visit TexasRealEstate.com, which has more information statewide and is maintained by the Texas Association of Realtors®.
People get “house fever” when they are excited to buy a home and since it is likely the largest single purchase you’ll ever make, it’s extremely important to be wise about it. The most important thing it to look past the home purchase and look toward the day you would actually pay it off. There are a few prerequisites to buying a home: out of debt, have a full 3-6 month emergency fund, have 20% down payment, and then only shop for what is 25% of your take-home pay. Usually equates to about 2 times your annual household income.
Highly recommend reading Tom Stanley’s books Millionaire Mind, Millionaire Next Door, and Stop Acting Rich prior to buying a home.
Also, Dave Ramsey is a good resource:
https://www.daveramsey.com/get-started/home-buying
Here is a true story that highlights the incredible danger in buying a home the wrong way. Our neighbor’s house is for sale. Built in 2006, valued at $372k in 2008 and then the bottom dropped out. Trying to sell today for $359k. Can you imagine buying a house, paying mortgage, interest, taxes, and insurance for 11 years, and finally selling it for less than you paid for it?
They’ve spent a total of $375,000 in mort/ins/taxes/interest and only going to re-coup about $100,000…
Don’t let yourself buy a house the wrong way…it can cripple your financial future.
It might be more important to engage a realtor in a busy market than in an average or slow one. With homes selling very quickly in many areas of the country, it could be tempting to go the FSBO route, but without access to local market insights and experience, it would be easy to underprice a home, or worse, to set a price that might deter solid prospective buyers. Your local realtor is more likely to bring bona fide buyers your way than “tire kickers,” so you might also save a lot of time.