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4 Real Estate Agent Tips for First-Time Homebuyers

Jamie Kite 2016-07-03 18:00:00

Despite skyrocketing real estate prices in the Greater Toronto Area, there are still new homebuyers entering into the market. With home prices continuing to go up (who knows how long it will last?), many are still trying to get into this real estate market, and they're millennials.

First-time homebuyers face many quandaries, questions and concerns as they try to find the perfect home within their budgets. They often think that they can go it alone without a real estate agent. However, this is the worst thing you could do because there's a lot more to it than just getting a mortgage and getting the keys. Realtors know exactly how to proceed.

Real estate agents provide invaluable services because they can negotiate prices, they can find the right home for your needs, they can determine what's the right fit for you and your family. Overall, first-time homebuyers should always hire a real estate agent. DIY is not an option.

Here are a few things a real estate agent will do for you:

  • Tell you the truth by disclosing defects the agent can notice.
  • Negotiate the terms on your behalf.
  • Get a better sales price that fits within your criterion.
  • Give you seller disclosures and other documentation you're legally entitled to.

Unsure how to move forward? Here are four real estate agent tips for first-time homebuyers:

Use a Referral, Review, Recommendation

Are you noticing that many of your friends are selling their homes at above asking price? Do you come across several for sale signs by the same real estate agent? If that's the case then perhaps you can ask people you know in the neighbourhood for a referral to the agent.

Moreover, you can utilize the Internet and start perusing various websites that offer reviews about a specific realtor. Obviously, the higher the rating and the more positive reviews the better it is for you. Also, you can browse through the list of recommendations that real estate websites in your area provide you. You can peruse the list and determine which realtor is best for you.

You will need to find out their credentials, their sales history and overall experience. For more information, The Toronto Star published an interesting article on how you can possibly rate your real estate agent.

Ensure You're a Match

Once you have a list of real estate agents you're interested in, you will need to conclude if they're a match. You don't want to work with one who isn't interested in your questions, concerns or problems. Instead, you should work with a realtor who is always on call, who is always ready to listen to your issues and who is always honest and trustworthy.

Not a Parachute Realtor

You have heard of the term "parachute politician." This is someone who lands in a riding just in time for an election, even though they have never lived in the riding and have no idea about the local history. Well, this is the same thing about a "parachute realtor." This is someone who just sells real estate in the neighbourhood without ever actually visiting the area often or who has very little understanding about the common issues that face the community.

A Real Estate Agent With Connections

When you purchase a piece of property, there are plenty of parties involved in the process. It often involves home inspectors, mortgage brokers, insurers, attorneys and so on. This takes a lot of time to research, interview and hire. Why not use the services offered by your real estate agent? It can be rather overwhelming for novice homebuyers, but if a realtor knows a long list of professionals who can ease the process entirely then you can finish the transaction quicker. Experienced real estate agents like the Slavens & Associates team can save you a lot of time and money when puchasing your first home.

Simply put: if they know a home inspector or a plumber then try to go with them instead.

Every homeowner or homebuyer should use a real estate agent. Although some buyers or sellers think they can go it alone and do it themselves, a realtor is the middleman that is necessary. Today, buying or selling a home is rather complicated since there are many papers to sign, many costs to pay and many people to meet. It's best not to go in blindfolded so ensure you have a professional at your side to reduce the stress and strain of buying your very first home.

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