Are you looking to buy or sell a home? Real estate can be complicated, so it’s best to have an expert agent representing you. Your realtor should tell you everything you need to know, even if it’s not what you want to hear. That’s their job.
If you are ready to sell or buy, contact us at Julia Monaghan Real Estate today. We will guide you through the process and take the stress out of your experience. As educators and advocates for our clients, we protect your interests at each step.
The Whole Truth
When you’re selling or buying a home, it’s normal to have specific expectations in mind. The reality is, however, that those expectations might not play out in the real world.
And your representative’s job is to give you all of the pertinent information, even if you don’t want to hear it. They can’t protect your time, money, and energy if they aren’t honest with you.
With that in mind, here are seven things your realtor should tell you, no matter what.
1. Keep Your Price Range Front and Center
Whether they are paying cash or taking out a mortgage, just about every homebuyer has a budget. Buying a home is probably the biggest purchase you’ll ever make. And it’s normal to want everything on your dream house wish list.
Your realtor will guide you to homes that fit within your price range and, ideally, offer some wiggle room for negotiating. Prioritizing your list of must-haves and wants will help your realtor focus their search on properties that fit the bill.
Looking at homes outside your budget is a great way to get inspiration for design and decor. But it’s important not to get serious about a house that isn’t in your comfortable price range.
If you fall in love with a home that doesn’t allow you to meet your budget, your realtor should tell you. They need to be honest and straightforward. No real estate agent of integrity wants to see someone end up over their heads with a mortgage that is too big for them.
Keep in mind that the amount a lender says you can borrow is generally higher than the amount you should borrow. Owning a home can be full of expensive surprises, and if your monthly mortgage leaves you no buffer, you could run into trouble.
2. That Great Deal You Are Getting May Not Be So Great
You’ve spotted an amazing deal on a fixer-upper. It’s overflowing with character and sits in a neighborhood that you’re sure is up-and-coming. And no one has bought it yet! Yay!
Your agent will be able to look at the house with a professional and realistic eye. And it very well may be a fantastic opportunity.
But it also could be trouble waiting to happen. If the home has sat on the market for a long time while other houses are moving, your realtor should tell you to slow down and do some research.
Those improvements you’re envisioning may cost more than you think, if you can do them at all. Building codes and zoning can make improving a property much more complicated than it seems on HGTV.
3. Your Home Is Not Worth as Much as You Think
Most homeowners have an idea of what they think their home is worth. But they often infuse that estimate with emotion, optimism, and no analysis behind it.
The house across the street sold at a certain price. Yours is similar, so it should be worth about the same, right? Not necessarily.
And many homeowners get excited by a Zillow Zestimate only to learn that it’s highly inaccurate for their house.
Your realtor will explain that many factors go into estimating the value of your home. The neighbor’s house might be bigger. It might have more bathrooms or a remodeled kitchen. If that home has a park-like backyard, and yours backs to a busy street, that will show in the price.
Through strategic and comprehensive analysis, your agent will be able to offer a suggested asking price that aligns with the market. Choosing the right listing price is crucial to selling your home as quickly as possible. Your realtor will have the stats and facts to help you do this.
4. You Should Accept That Offer
This one goes hand-in-hand with overestimating the value of your property. Some homeowners insist on listing for a price above what their agent suggests. And then, when lower offers come in, they feel offended or upset.
In reality, those offers are probably more in line with the value of the house. When this is the case, your real estate agent should encourage you to accept the offer.
Other times, the market is in a state of transition from one that favors sellers to one that favors buyers. Homes begin to sit longer or sell for less. Since real estate doesn’t obey the Magic 8 Ball, experts don’t always know when this shift will begin.
If you happen to be selling during a time like this, you may have to accept a lower offer than you wanted. Your real estate agent should be straightforward in their advice to help you make the sale without further delays.
5. Your House Needs Attention Before You Can Sell It
Any house can sell for the right price. But if you want to receive the highest offer possible, you need to review your home with a critical eye. Or at least allow your agent to do so.
Your realtor should tell you which improvements or repairs are most critical to selling your home. Sellers sometimes take these suggestions personally. But your agent has your best interest in mind and is not picking on you or your house. Honestly.
Perhaps you hadn’t noticed the lingering pet smell in your home. Your agent needs to tell you about it so that you can get rid of it. You may adore the stunning colors on your walls, but your realtor knows they could turn off sellers. They have to be honest with you to help you sell the house.
Your real estate agent’s suggestions are not an attack on your choices or taste. They are simply helping you cleanse the palette for the next owner.
6. Your Offer Isn’t Going To Be Competitive
Sometimes the best offer on a property is lower than the asking price, but not always. In a seller’s market, houses may sell for considerably more than the listed price.
Some buyers feel a need to haggle and automatically offer less than the asking price. Your realtor should tell you if the seller is unlikely to accept your bid. If the seller has more competitive offers on the table, they may not even look at yours.
Highly-experienced agents know the market and understand how to craft a strategic offer. Trust your realtor if they tell you your bid won’t make the cut.
7. You Should Walk Away
You hired your agent for a reason. Most likely, you trusted their expertise and experience and honesty. Now it’s time to rely on their knowledge to help you make the best real estate decision possible.
Buying a home is not only a financial transaction but also an emotional one. And when you fall in love with a house, it can be hard to walk away when the situation warrants it. It’s very difficult to untangle the emotional side of this process.
Your realtor understands this completely. But they also have an obligation to protect your interests. They must be upfront about their concerns when they feel that it’s time for you to walk away from a deal. Whether you are the buyer or seller, there could come a time when you need to do this.
Connect With an Honest Realtor
If you are looking for an agent to guide you with integrity and honesty, contact Julia Monaghan Real Estate. We will help you make a plan to attain your goals with minimal stress. Reach out today to discuss your real estate needs.