Hudson Valley Happenings Blog : February 2009

Putting in an offer on a property can be a bit overwhelming for home buyers.  Working with a Buyers Agent can give you the edge in so many ways.  A good Buyer's Agent will provide you with information to help you pick an initial offering price and help you to determine thetop amount you are willing to pay for that property.

Cabin in the Woods or Colonial with Views

Your Buyer's Agent will review recent sales in the area and compare the house you are interested in to them.  Many things affect pricing and home value.  It is not a simple as multiplying the price per square foot time the average for recent sales.  This does not take into consideration the location, condition, original construction quality, or any of the other factors that will affect value.  Your Buyer's Agent will go over all that and provide you with a range in value.

Likewise, you can not merely take the asking price and reduce it by 10% or 20% as some buyers have been told.  The original asking price may have been completely over priced and you could end up paying more that the house is worth even with such a deduction. The asking price could be right on target and by offering a standard amount below you could risk insulting the sellers and loosing your negotiating advantage (once you have pissed them off they are not so likely to bend in negotiations).

I have heard many of my fellow agents complain of late that too many buyers are not listening to their advice.  They have been working with buyers who simply will not listen to the advice of the professional they are working with.  Some agents have told me their clients seem to believe that they are trying to steer them towards a higher offer so that the agent can get a bigger commission.  Let me tell you that I don't work that way and neither do most real estate professionals.  If you are working with someone who is really out for the most they can get then you should consider changing agents.  

Your Buyer's Agent has the goal to get you the house you want.  They are giving you advice based on research and experience.  Please listen to them and trust that they know what they are doing.  I wish you all the best of luck and hope you find the home of your dreams at a great price.