Do I Really Need a Buyer’s Agent in a Seller’s Market? Becoming a homeowner is a great accomplishment, but the process of securing a desired home in the perfect neighborhood may be quite difficult. As a buyer, you may not have an adequate understanding of the real estate market so as to know when, where and at what price to buy, but an agent does.
Buying a property in the seller’s market is quite delicate as this period is characterized by scarcity of properties listed for sale, compared to the excess demand. As a result, the balance of pricing power shifts to the seller and the prices of properties rise significantly. There is usually a bidding war for the few available properties. As a buyer, you are likely to find this competition extremely difficult to handle. But you do not want to lose out, right? Especially when it is your dream property in question. Then, hiring a buyer’s agent is the next best step.
Traditionally, in a sellers’ market, the prices of property are usually higher because of the excessive demand. As a buyer the, hike in the price of the property may be totally different from your initial assumption and may be discouraging. Moreover, you may not even know how much properties cost in the neighborhood where you wish to secure a home. However, a buyer’s agent can help you secure the property for the fairest price. Buyers’ agents understand the complexities of the real estate market better. They also have a vast knowledge of the neighborhood where you wish to purchase a property.
Properties listed for sale may be very few especially if you are looking to buy one in a popular neighborhood. An exclusive buyer agent can help you find a good property that best fits your budget. They connect easily with listing agents and home sellers in the neighborhood. They can also help you expand your search to a nearby neighborhood where you can get beautiful properties at an affordable price. This is because they have access to the hottest properties in town. Buyers’ agents like to show homes. With their effort, you may find a better home than have focused on.
Securing a property amid the bidding war in a seller’s market requires certain techniques that only a buyer’s agent possesses. As a buyer, you may think all you need is to make a higher offer and the property is yours, but it is not that simple. There are a number of people also making juicy offers. Meeting the seller’s need is one important requirement to win the pricing competition. The seller may prefer an all-cash transaction, or a little rent after-sale to allow him to move out of the property.
Even when it’s solely about a higher offer, the pressure of having to complete a sales transaction quickly might lead you to overprice an undervalued property resulting in a loss for you. Hiring a buyer’s agent can help you scale the bidding war in a sellers’ market. A buyer’s agent possesses the negotiation skill to make a competitive offer that is not only higher but meets the seller’s needs. He is also able to review the property to determine its value in the event of a resale, making sure you don’t record a loss.
A buyer’s agent can also connect you to other real estate professionals like attorneys, mortgage brokers, architects etc. Rather than go through the stress of the buying process, why not let an exclusive buyer agent handle them for you. It’s his job! To get the best benefit, hire a buyer’s agent with a great track record and review.
PMD Realty Group has been providing professional home buyer and seller real estate representation since 2013. Our company values are service, honesty, integrity and work ethic. We always strive to exceed our client’s expectations. give us a call at 602.399.9233 if we can be of service in Goodyear, Litchfield Park, Buckeye, Avondale, Sun City, Surprise, Peoria and Glendale in the Phoenix West Valley.
We list and sell homes, property and real estate throughout the Phoenix Valley including Phoenix, Scottsdale, Palm Valley, Pebble Creek, Wigwam, Verrado, Estrella Mountain Ranch, Tempe, Mesa, Cave Creek, Carefree, Chandler, Apache Junction, Gold Canyon, Maricopa, Gilbert & Maricopa County.