4 Reasons to Work With a Real Estate Agent When Buying in a Competitive Market

Communities throughout the country are experiencing highly-competitive seller’s markets. Buyers are finding themselves in bidding wars more often than not, and homes are going for well over the asking price. It’s true in the heart of large cities, but it’s also true in areas like Northbrook, IL, a charming suburban neighborhood outside Chicago. As a buyer in this situation, the biggest asset you have on your side is a real estate agent.

People might think that buying a house is simple and do not see a need to employ an agent. Nothing could be further from the truth, especially in a competitive market. Anyone can photocopy paperwork for your signature, but it takes a professional to create, interpret, and correct real estate paperwork so you understand what you're signing to protect your rights and finances. Not only that, but real estate professionals stay up-to-date on the real estate laws and ever-changing legislation in the industry, whereas these areas prove difficult for the untrained. Realtors earn their commissions in spades. They also understand negotiation and have access to buyer/offer information. Therefore, they can help you get a better price on a home and successfully outbid other buyers without killing your budget. Your realtor has a fiduciary responsibility, which means he has an ethical and moral obligation to all his clients. It's similar to a physician's Hippocratic oath to "do no harm," so realtors are legally obligated to put your best interests first.

Buying a home in a neutral housing market is hard enough, but in a competitive market, you as a buyer have to be ready to pounce on that dream home among Northbrook, IL, homes for sale. Why? Because most likely, multiple people will compete for one house, and time is not on your side. You'll have to be prepared to make fast decisions, and you'll need a professional realtor on your side to help you navigate the home buying process. Do you have questions about the house and can't contact the seller? The realtor can help. What if those questions are about zoning, noise pollution, or proximity to prisons and airports? The seller might not have that information, but a realtor can find those answers for you.

 

Realtors have much broader access to the Multiple Listing Service much more access than you have when you visit the MLS website. A realtor’s online and in-person network provides up-to-the-minute data that doesn’t appear on websites immediately, and he’ll pass that information on to you. Your realtor will also have access to any offers that buyers even those using other realtors have made so you can decide whether or not you can afford the home.

Even though some buyers assume they can go it alone find a house on an online site, buy it, and move in they underestimate the amount of moving components to the home-buying process that a layperson does not have the experience to handle. If you try to DIY a home purchase, you could answer one seemingly benign question on a purchasing contract that completely changes the deal and could cost you a lot of money.

 

Unless you’re a professional realtor specializing in Northbrook homes for sale, leave the contract negotiation to your real estate professional. Let’s call the real estate agent your Hollywood movie agent. That agent represents you to the seller (i.e., the studio), negotiates your offer (i.e., the desired movie role), and finalizes the deal (i.e., processes all the legal paperwork). So all you have to do is sign the contract and move in (i.e., act the part and win an award for your hard work).

Perhaps you've heard the phrase "Two heads are better than one?" This phrase also applies to employing a real estate agent because what one agent doesn't know, one of his coworkers or colleagues will know. For example, if you’ve missed out on your dream home among Northbrook homes for sale, your realtor could reach out to his colleagues to see if they know of similar properties. A colleague could even know about a friend's parents who plan to list their home, but nothing has been finalized. Maybe it could be your next dream home.

Are you ready to start looking for your dream home in Northbrook, Highland Park, or Deerfield? If so, contact experienced local agent Ali Lerner for expert guidance and advice.