On May 25, I wrote an article about the importance of picking the right real estate to suit your needs, who will represent your best interests. Since posting this information, I have been asked by friends and family just how important it is for a buyer to use a real estate agent since the internet provides so much information that buyers can use when shopping for a home.
According to a November 2011 report by the National Association of Realtors, just 60% of buyers used an agent for their representation, . That's down from 62% in 2009 and 64% in 2006, before the housing bust. While these numbers indicate that many buyers feel confident about purchasing a home without representation, many people feel this is a bad move. Without proper representation, Buyers may not have access to specific data that an agent might, which could help them develop a more comprehensive bidding strategy. Also, a Buyers agent has knowledge of many items that could come up during the home inspection process, and will be able to help negotiate the best repair agreement to help the Buyers.
In our area, as in most areas, Buyers do not pay for the services of a Buyers agent. Instead, the Buyers agent will share the commission paid to the Listing Broker. The number of times I have been asked by friends if they have to pay me to look at houses shows me just how common it is that Buyers don't recognize free representation is available.
For more information on why you should use a Buyers agent, MSN Real Estate, posted a great article with lots of information entitled, Do you need a buyer's agent? Check out this article and let me know your thoughts about using a Buyer's agent in the comments below. As always, feel free to share this with your friends and family, and follow my blog to keep up with all my posts. Friend me on Facebook and follow me on Twitter to keep up with everything I ever post!