Buying a home can be confusing and exhausting if you try to do it on your own. While you may have heard that a real estate agent can help in your home search, you might have some reservations about these real estate professionals. Read on to learn three myths about hiring a real estate agent and discover the truth about these home ownership heroes!
Myth 1: Hiring a Real Estate Agent is Expensive
This myth could not be further from the truth. In fact, the services of a real estate agent come completely free of charge for home buyers! But how do they make a living if they work for free? Buyer’s agents still make a commission on the homes that they sell, but the cost of that commission comes from the seller. In general, buyer’s agents and listing agents split the commission that is paid by the seller to sell the home. That means you can have all the benefits of buying a home with the help of an experienced real estate agent without spending a dime.
Myth 2: A Buyer’s Agent and a Listing Agent are the Same Thing
While it is true that a real estate agent can act as a buyer’s agent for some clients and still act as a listing agent for others, their roles are very different. A buyer’s agent is responsible for assisting clients in finding the home that is right for them. This agent will show clients homes to match their needs, help them navigate the home buying process and even find information about HOA fees and rules, school districts and more. A buyer’s agent understands the local housing market and can help make sure the home purchase is in the buyer’s best interest.
A listing agent’s duties center around selling a home for their clients, the homeowners. This agent helps owners sell their home by providing insight on pricing and the local housing market and establishes a marketing plan for selling the home at the right time for the right price. This agent also helps sellers prepare for a home sale, including holding open houses, coordinating showings of the home with the sellers’ schedules and more.
Myth 3: All Real Estate Agents are the Same
All real estate agents must go through the licensing process; however, that does not mean all agents are the same. A good real estate agent, especially a local one, has inside knowledge of a area or even a particular price point. They usually have spent years cultivating relationships with other agents and can help you find the right house for you at the right price. Your agent is ethically bound to act in your best interest, and it works in their best interest to maintain a good working relationship with their clients. To find an agent who is the best fit for you, look for one who has a lot of experience in the area you are looking to buy in and who has experience selling homes in your price point. Interview multiple agents before you choose one—after all, they will be advising you on what is most likely the largest purchase you will ever make!
Your real estate agent is likely the first contact you make when you start your home buying journey, and he or she can help you through the maze of buying your first home. However, did you know that your real estate agent can also play a part in helping you get a mortgage that you can afford? The NC Housing Finance Agency, a self-supporting state agency, maintains a list of preferred real estate agents who have received special training in the Agency’s affordable mortgage products including the NC Home Advantage Mortgage™ with down payment assistance, the NC 1st Home Advantage Down Payment and the NC Home Advantage Tax Credit.
Find a real estate agent near you at www.nchfa.com/home-buyers/find-real-estate-agent.
