Things to ask your Estate agent
What does a real estate agent actually do?
Before we get into the questions, it’s helpful to understand fully what a real estate agent is and what they can do for you. In today’s information age, a new home might feel like it’s just a click away and easily accessible however, real estate agents are essential advocates and guides as you navigate the home buying process. They are the expertise in your target neighbourhood and help you to find the perfect home.
Here are some things you should clarify before buying a property :
1- WHY IS THE PROPERTY OWNER SELLING AND HOW LONG HAVE THEY LIVED THERE?
Is the seller moving because they took a new job overseas? Or is it because they want to move into a new apartment? Asking what the motivations are behind the seller’s move will help you gage if the home will be a good fit for you. If the seller is moving because he or she has to be somewhere else within a predetermined time, they may be more willing to negotiate on price.
2- WHAT IS THIS PROPERTY WORTH?
Your real estate agent can help you to compare similar homes in similar neighborhoods to see what price they sold for.
3- HOW OFTEN HAS THIS PROPERTY BEEN SOLD?
If the property has been on and off the market multiple times within the last 10 years, it could point to a problem in the home. It may be the location, neighborhood or the house itself. Check with your agent.
4- HOW MUCH ARE THE PROPERTY TAX AND UTILITY BILLS?
Plan a budget with your money to make sure you could afford the home itself. Obviously, get prequalified for a loan from your bank so you know what your monthly mortgage payment would be, but knowing some of the extra costs involved can help you plan ahead.
5-WHAT IS YOUR INTENDED STRATEGY TO BUY/SELL MY HOUSE?
As a buyer, you need to know how willing your agent is to spend time searching for a home that meets your needs. As the seller, it wouldn’t hurt to know ahead of time what their average listing price to sales price ratio is. Does their selling strategy support your financial needs, and if not, do you need to reconsider?