If ever there was a time when a great real estate agent is needed, it’s now. Like many industries, COVID has taken the Richmond housing market and shaken it up like a snow globe. From mortgage interest rates to no money down appreciation loans to fluctuating home prices, the headlines concerning the real estate market are all over the place. So let’s dig deep into 5 reasons a real estate agent is your best ally in the Richmond housing market.
Homeowners who are selling want the highest price for their home and focus on the best aspects of the property. Home buyers want the lowest price and see all the flaws to hopefully drive down the price and get the best deal. Somewhere in the middle, the Realtors for both sides need to come to a happy agreement… and then comes the appraiser who may come up with a different price that may be up for discussion.
As a home seller in the Richmond housing market, pricing your home right is key and different factors in a changing market affect how it’s priced. For example, if it’s a seller’s market, you can forgo expensive projects such as remodeling your kitchen and bathrooms and do just the basics such as decluttering your home and cleaning up the yard. You can have a strong selling price with minimal effort while still generating strong competition. However, in a buyer’s market, there is more supply than demand so sellers will have to do more work to stand out from the crowd. The agent may recommend that the price be lower and the house offer a bit more than the competition to generate substantial buyer interest. In many ways, a great price is what attracts potential buyers to the home in the first place.
A real estate agent’s knowledge and experience will assess current housing prices to ensure that the price isn’t too high that it turns away buyers but not too low that the seller doesn’t make top dollar (no one wants to leave money on the table!).
Contingencies and Other Documentation
Let’s face it… buying and selling a home are BIG deals! It’s not everyday that you write or receive a check that has at least four or more zeros on it… at least not in my world! There is so much on the line which is why you need a great real estate agent when you’re buying or selling in the Richmond housing market.
And have you looked at the documents required for getting a loan or that are involved in a real estate transaction lately?!? My husband and I sold our home of 19 years and purchased our new home two years ago and I’m sure a full forest gave its life for the novel of documentation we had to sign. While I made sure to read everything I initialed, to be quite honest, I didn’t understand most of what I read. HOWEVER, I had a great agent that explained everything to me. I went in not knowing the intricacies of contingencies, inspections, legal jargon and more that come with real estate transactions. Moreover, I didn’t know what I didn’t know! You need an agent who will be your ally with the experience and knowledge to guide you through this complicated process. Your agent is literally one of your most trusted advisors and picking the right one can’t be taken lightly.
Putting You First
Continuing with the topic of trust, let’s focus on the word “ally.” What does it mean to be an ally? Merriam-Webster defines “ally” as “one that is associated with another as a helper; a person or group that provides assistance and support in an ongoing effort, activity or struggle.” It’s critical to choose an ally that is honest with you and has your best interests at heart. The wrong real estate agent ally will focus on the sale and their commission. The right agent’s goal will be to do what’s best for you in the long run. If you’re selling your home, this could mean saying the hard truth that you need to put away your piggy bank collection, paint that hot pink wall that you love, or refinish those oak cabinets to appeal to more buyers. If you’re buying a home, maybe your agent will need to speak the tough reality that the home you love needs so many renovations that you’re going to quickly run out of money and patience in fixing it up. Which also means that in an alliance, you need to trust your ally. The Richmond housing market is fluctuating so it’s important to listen to your agent’s guidance and not just your friend who sold a home 8 years ago. It’s a different market and what worked even last year may or may not apply to the current market.
An Ally with Allies
There are a ton of moving parts when it comes to buying or selling a home. You’ll work with lenders, title companies, appraisers, insurance brokers, inspectors, and more. A well respected agent will have relationships with all of these professionals to help you move forward in the process as smoothly as possible. As a bonus, they should also know junk removers, painters, contractors, stagers, photographers, movers, and others who are commonly used in the real estate process. If you can trust your real estate agent and your real estate agent trusts these important companies, then it’s a win-win situation. Few things are worse than calling on a painter who never shows or calling and re-calling a lender who never calls back – especially when it means stalling your real estate transaction.
The Rick Fuller Team is Your Best Ally in Real Estate – Our team of 50+ is ready to serve you! Our Concierge team will connect you with the best agent on our team who will suit your specific needs. We know the local Richmond housing market, we’ll walk you step-by-step through the process, and we have partnerships with lenders, insurance brokers, contractors and more to ensure you have an experience you’d be excited to tell a friend about.
Contact us today to learn more! (888) 950-RICK. rickfuller.com