Buying a home is a big decision and one of the most expensive ones you will make in your life. But if you want to buy a house in Texas, you are in for a wild ride.
There are resale and new construction homes up on the real estate market throughout the state that are within reach. Yet the price of buying a home can add up quickly when you layer in other closing costs. Whether you are a first-time buyer or an experienced homebuyer, you will want to try and save money wherever you can.
You can buy a home without a realtor, but it is not an easy feat and might cost you more if you are not careful. Some buyers think they may get a better deal if they go it alone, but often the only person who benefits is the listing agent, as they will pocket the entire commission from the seller.
If you are on the fence about using a buyer’s agent, keep reading to learn if you are prepared to pursue a Texas home purchase on your own.
How well do you know your market?
Part of the reason people hire a buyer's agent is to get a local's knowledge of the market.
Even if you already live in Texas, the chances are that you are not following every sale made in the section of Austin or Houston you want to move to. That is why many people employ an agent, as she has their finger on the pulse of the local market.
Buyer’s agents can pull data from the multiple listing service to provide context on the home sale trends in your favorite downtown Dallas neighborhood. This way, you can make an educated offer when a home hits the market in Highland Park.
Plus, an experienced realtor will be able to suggest other regions that fit your budget, so you can always have a backup plan ready if you get beat out on your first home. An agent can also connect you to home inspectors and lenders that are outside your network. Yet sourcing homes and providing comparable prices are only part of the process.
Negotiating over a home gets tough, and it helps to have someone advocating for your interests.
How comfortable are you with negotiation?
There are not many moments where you get to flex your bartering skills. Maybe you enjoy haggling over the cost of an antique at your local thrift store or the sticker price at a car dealership, but the game changes when you buy a home.
If you try to purchase a home in Texas without proper knowledge, you might end up paying more than you need to. Whether you are buying or selling a home, it is an emotional experience and it helps to have an agent act as a buffer.
Even if you can keep your cool during the negotiation process, an agent can read the market conditions and negotiate a better purchase price for your deal. An experienced agent will know the market and how to compose an offer that gives you the most perks.
For instance, you may have to forgo certain contingencies to sweeten a deal in a seller's market if you want your deal taken seriously. Conversely, in a market with fewer buyers, you can ask for a lower sale price or that the seller cover select closing costs.
And while negotiating the lowest price and most favorable terms for you is great already, choosing the right agent can also save you thousands when you complete the deal.
Get cash back with the right agent
Not all buyer’s agents in Texas are the same. Some are skilled at selling new construction homes, while others are best in helping you see the potential of a fixer upper.
If you are hiring a dedicated buyer’s agent, you should interview a range of experts. Beyond asking about their experience, you should ask if they offer commission rebates.
The practice of rebates is legal in 40 states, including Texas, allowing your agent to provide you with a portion of their broker commission after closing. Not all agents offer this benefit, as it can cut directly into their bottom line.
But tech-enabled brokerages like Prevu Real Estate streamlined the buying process for buyers and their agents through the company’s digital buying platform. The online tools ease information and document sharing, allowing homebuyers and their agents to collaborate more seamlessly.
As a result of the added efficiency, Prevu can provide thousands of dollars back to new homeowners, and that money goes a long way. You can use it to furnish a room or two in the home, remodel a bathroom, or rebuild your savings after paying a large down payment.
Time is money, and while the right agent can help you earn cash at closing, you can jump-start your search through technology.
How quickly can you see listings?
When you are buying a home, you have to move fast. There are plenty of interested buyers in the market attending open houses, and if you want to place an offer before the competition, you'll need technology to give you an advantage.
The best way to stay up to date on new listings is to setup property alerts. Prevu's platform lets you set your search criteria and receive updates when new properties hit the market.
Best of all, if you like one of the properties you see in your alerts, you can schedule a tour with your Prevu agent with the click of a button. This process is more seamless and personalized than listing aggregator sites.
