Each year, the National Association of REALTORS® (NAR) surveys home buyers and sellers to gain insights into their experiences. This year’s report reveals some striking trends not seen in the past decade, particularly due to tighter credit standards that are shaping who buys and sells homes and how these transactions are financed.
One of the most notable trends is the growing reliance on real estate agents. A staggering 89% of recent buyers purchased their home through an agent or broker, up from 69% in 2001. This shift underscores the value that buyers place on professional guidance in today’s complex market.
Why Are Buyers Turning to Agents?
- Expertise and Licensing: Real estate agents are licensed professionals who have undergone rigorous training and exams. Navigating the biggest purchase of your life requires someone with the knowledge and expertise to guide you.
- Access to Properties: Agents have access to a wide range of properties and can save you time by matching you with homes that fit your criteria. Whether you’re debating between a condo or a single-family home, an agent can explain the pros and cons of each and help you make an informed decision.
- Simplified Process: Agents handle all the details—from setting up showings to negotiating contracts. They can even assist with unique situations like short sales or foreclosures, which are increasingly common in today’s market.
- Market Knowledge: With fluctuating home prices and varying market conditions, it’s crucial to have someone who knows the local market. An agent can help you identify the best deals and advise you on whether now is the right time to buy.
Interestingly, the 2011 NAR report also found that more buyers are avoiding dual agency, where an agent represents both buyer and seller. Instead, 60% of buyers had an agreement ensuring their agent represented only their interests—a sign of the cautious approach today’s buyers are taking.
Ready to Buy?
When you’re ready to enter the market, make sure you have a trusted real estate agent by your side. In the game of real estate, you definitely want your biggest ally on your team.