The real estate market in both Massachusetts and Rhode Island is holding strong as a Seller’s market. We are seeing homes selling before they even hit the market or within days of going public, and almost always with multiple offers. Data received from December of 2020 showed the lowest inventory in Single Family homes “for sale” in the month of December since the Massachusetts Association of Realtors started reporting in 2004. December of 2020 also showed the median Single Family home price increased to 479k from 410k last December. Taking all of this into consideration, Single Family sales were up to 5,860 compared to the previous year at, 4,815.
Sellers everywhere are asking themselves; Why do we need a real estate agent? It seems as though low inventory has impacted the market so much that homes are practically selling themselves!
Unfortunately, this question stems from the mindset of an uninformed seller. Realtors do much more than take pictures and stand at an open house (a common misconception regarding the roles of a Realtor). When you hire a real estate agent, you hire a 24/7 personal sales consultant and liaison for you, your home, and all associated parties involved with the purchase of your most valuable asset. Actually, hiring a Realtor is one of the smartest decisions a seller will make. Here’s why,
- Choosing an agent | Not all agents are created equal. You need a REALTOR , who has knowledge, experience, and can serve you as a local expert in your market. Make sure to interview your agent. Request past sales, testimonials, what is their online presence? 95% of home buyers start their search online. Having a tech savvy agent who knows how to properly market your home online is extremely important.
- Pricing Strategy | Pricing your home according to market value is one the most important steps in getting your home SOLD. Your Realtor will use a specific methodology for studying homes in your area to carefully calculate market value for your property. Putting your home on the market for a certain price just because your neighbor down the street did, is not an accurate way to list your home as there are many variables to consider which will affect value. Your Realtor may give you multiple options dependent on the condition in which you choose to sell your home. Having a knowledgeable and experienced agent assist with the pricing of your home ensures you are attracting the most amount of buyers which in turn equates to you receiving top dollar for your home.
- Experience with the Home Selling Process | Your agent will not only understand the local market, but also be able to help navigate you through the transaction with ease. The home selling process can be daunting, but rest assured, having an agent will ensure you understand next steps. They will likely leave you with an outline which details the process from beginning to end. Hiring an agent provides peace of mind to most sellers as they will work to keep you informed as your personal liaison to buyers, agents and attorneys.
- Paperwork and Guidance | From the time you list your home to the time you close, there is a proper timeline that needs to be followed in order to meet deadlines and ensure necessary paperwork is completed. While you will likely have an attorney finalizing your deed, your real estate agent works as a liaison to assist in getting your contracts finalized. Your real estate agent understands your legal obligations when it comes to selling your home and can make sure they are all fulfilled.
- Our Network is Your Network | Real estate professionals pride themselves on networking. An agent who has experience in this business has a long list of vendors to refer out to clients in need. By using a real estate agent, you now have access to extended services and contacts. This could be contractors, attorneys, home inspectors, moving companies, stagers, etc.
- Negotiation | On top of prioritizing all incoming calls from agents and buyers, your agent understands the art of negotiating. For example, in 2020 Eighty-nine percent of all buyers purchased their home through an agent, as did 92 percent of buyers (39 years and younger). This means that if you decide to try and sell your home on your own, your buyer likely will have an agent. This agent is a trained professional in the field of negotiating, and as such, will automatically have an upper hand in this process should you not have an agent representing you as well. Your agent has strategies in order to sell your home on your terms.
- Time & Liability | Selling a home can take up to 200 hours for a real estate professional. As an amateur, you’ll likely take twice as long to complete each step with the extra time dedicated to research. Wouldn’t it be nice to have the time to tend to your normal responsibilities as a seller such as decluttering, cleaning, repairs, lawn maintenance, and paint touch-ups? As if doubling your time trying to navigate your way through a real estate transaction wasn’t hard enough, you are also opening the door to liability. As an uninformed seller, you may accidentally violate a law or inaccurately fill out contracts. Fortunately, your real estate agent is not only trained to understand real estate law and contracts, but they’ll also have a list of highly qualified attorneys to work with you as well.
- Emotional Detachment | Selling a home can be an emotional process but at the end of the day, it is a business transaction. A real estate agent understands both the emotional and business aspects and can help facilitate a smooth transaction on your behalf.
Duties of a Seller’s agent from beginning to end: Take a look at some of the tasks a real estate agent takes on in an average transaction.