Home prices are high and likely going higher if inventory remains low, so you may be thinking of trying home buying without an agent in an attempt to save money. But before you put yourself into this situation, keep some important considerations in mind.

Why Home Buying Without an Agent is a Mistake

You Aren’t Likely to Save Money

In most situations, the seller pays the commission for both the seller’s and buyer’s agents at closing. So if you aren’t likely to have to pay for it, why not take advantage of an agent’s expertise? And to be honest, without the knowledge and experience of an agent, you may be opening yourself up to costly problems if something goes wrong and the project hits a snag that requires a professional. Home buying without an agent makes little sense if you’re worried about the cost.

It’s a Time-Consuming Process

While online search tools make it easy to find homes to view, there’s a lot more to the home buying process than just pictures and virtual tours. And sometimes those online marketplaces don’t paint the whole picture!

While homes are easy enough to find online, agents have some special tools at their disposal, including access to the Multiple Listing Service (MLS), which provides a comprehensive view of all homes available in an area. And agents are the first to have knowledge of new or off-market listings, which can give buyers who work with them a leg up in today’s competitive market.

It will save you time and headache when an agent leads your search, quickly finding available homes that pop up with your specific needs and wants, narrowing down which would be the best to tour. You can certainly save time when you don’t make the mistake of home buying without an agent.

Agents Have the Neighborhood Knowledge

Even if you’re looking for a home in a place you grew up in or have lived in for years, your knowledge of the area will be different than your agent’s, who is responsible for specializing in a particular community or neighborhood, and may bring some important information to the table to help you with your purchase.

From school districts to nearby amenities, real estate agents are actually local experts, well-positioned to help you figure out if a home or neighborhood matches your wants and needs.

And they also know about state and local regulations buyers must follow to make sure they’re not missing key details that could cost money.

Agents Do More Than You Think

While it may seem like they just show you houses and help negotiate your offer, real estate agents actually work hard for their commissions! There’s a lot you will miss out on if you try home buying without an agent.

Among the main things a real estate agent does for a buyer are:

• Help them identify homes to view and tour, including offering specific information about the neighborhood, area schools, distance to employment hubs, and area highlights;
• Give out of state (or homebound) buyers real-time virtual tours of potential homes;
• Negotiate an offer based on the asking price, comparable homes for sale in the area, market conditions, and the condition of the home;
• Write the Purchase of Sale Agreement, including all of the contingencies that must be met for the sale to go through;
• Help the buyer find and secure a home inspector and attend the home inspection;
• Negotiate any home repair needs, or adjustments to the sale price if repairs will not be made;
• Communicate with the seller’s agent throughout the process and relay any relevant communication back to the buyer;
• Work with a title company for a title search and help arrange title insurance;
• And pull together documents needed for closing with a real estate attorney.

For most people who are contemplating making what could be the most expensive purchase of their life, it can be tempting to try to save money or control the process by handling it all on your own, but there are reasons why real estate agents are so trusted. In such a complicated process, it is probably best to rely on an expert and avoid home buying without an agent.

This way, buyers know they have completed the entire process with the most and best information possible and an advocate on their side so they have an assist if price negotiations don’t go well, or the sale hits a challenging legal snag.

Using a real estate agent also speeds up the home buying process, which is a big deal in today’s market when homes are being snapped up faster than almost ever before. If you try home buying without an agent, you might not have much chance.

If you are thinking about buying a home and haven’t decided if — or which — real estate agent is right for you, contact LIST WITH ELIZABETH® to find out more about the communities we serve and why our clients are so satisfied.