Get your own agent!
I’m hijacking my March in Review to kick-off Fair Housing month and the importance of having a fair, honest, and expert advocate working for you, and you alone.
I have a friend who moved out of state and was renting her home to someone. That tenant bought their own house and my friend was thinking out loud about whether she should sell or rent the house. The tenant told her that she had a friend who wanted to buy it. Wow! What a coincidence! And why not just use her agent who would handle both sides and save her some money on commission. My friend named a price. It was immediately agreed upon and a contract was drawn up.
Off-market sales like this frequently happen. Inventory is extremely low and homeowners get offers for their homes every day. Would-be buyers and their agents make it seem so easy (this one literally told her to name her price). The dual agent offers a 3% commission instead of 5 or 6% and the seller doesn’t have to worry about fixing, staging, marketing, hassle, etc. etc. Here’s the problem:
The very similar house up the street sold a few weeks later for $500,000 more on the open market.
Off-market sales rarely benefit the seller financially. Granted, price is not always the most important factor, but your home will achieve the highest and best price and terms on the open market, with separate agents representing each party. You wouldn’t have one lawyer represent both sides in court, don’t let a Realtor double end your sale. It’s not a good deal (in fact it is illegal in 7 states).
I bring this up because the real estate process is about to change in July when the effects of the Sitzer/Burnett lawsuit go into effect. I don’t know exactly how things are going to change, but I do know that having a knowledgable, professional, experienced agent is going to become essential to your fair representation.
So if you are one of the millions of people contemplating a move in 2024, and you don’t know where to turn for advice, call me. I’d be happy to help you have the best experience possible.
Until next month,
Emily