Kitsap Home Buyers' Frequently Asked Questions

Is the internet the best way to shop for a home?
In today's busy world, the internet is an ideal way to shop! But it isn't always the only way to find the right home. Real estate professionals are submersed in the market every day, and that means they often have knowledge of homes that are being prepared to come onto the market.

The Northwest's Multiple Listing System requires that listed homes appear on the system within 24 hours of being signed. So there is often a day to a week that agents help owners to prepare the home for market exposure before it is actually activated.

Won't I save money by shopping only For-Sale-By-Owner homes?
Real estate is pretty much the only investment that has such an enormous amount of emotion attached to it. This can translate into a 'FSBO' owners having ideas of value that exceed the true market. In fact, there can be feelings that 'without a commission involved, I can get this price'.

A qualified Realtor will use a multitude of tools to measure value against comparable homes both currently offered, and recently sold. Combine this true value targeting with capable negotiations on your behalf, and you will very likely end up saving more in time and dollars by working with a trusted professional.

Shouldn't I just call the agent whose name is on the sign?
It is very logical to assume that a Listing Agent will be able to tell you the 'real scoop' about a seller's motivations, along with first-hand knowledge about the property. However, many buyers aren't aware that agency laws mandate that a Listing Agent has a fiduciary responsibility to not only protect a seller's position (i.e. NOT reveal 'inside information') but also to obtain the highest possible price for a property. Even if it means sparking a bidding war!

Additionally, many new construction developments have a policy that if you 'register' with them, you will be disallowed from bringing in your own representation after that time. So even if you have selected a trusted Realtor to work for you, special attention needs to be paid to the norms in your area, or you may end up without representation that is dedicated to your position.

A capable Realtor that works for solely for you will have a fiduciary responsibility to protect your position in a transaction, and get the best possible outcome for you. Consider interviewing several agents in your area, and then select one that understands your goals in a new living situation.

I don’t want a sales person bugging me! I’ll just call when I want to see inside!
This is completely understandable! And with internet access, you can become plenty proficient at finding properties on your own and driving the neighborhoods to see if they would work for you. However, this method of shopping shouldn’t stop you from using your own personally-selected agent to show you inside the homes you’ve chosen. And who knows, he or she may just be able to bring a home or two to your attention that you otherwise may not have found or considered!

Why should I use a professional Realtor to represent me in negotiations?
Real estate is completely its own ballgame when it comes to investments, primarily because of that ever wild card, human emotions. Not only will you need to negotiate the initial selling price, but after inspections and appraisals, there may be additional terms to address and perhaps even a complete renegotiation.

Also remember that the listing agent has a fiduciary responsibility to get the highest possible dollar for a piece of property that they have listed. Although there are plenty of examples where an agent has successfully represented both sides of a transaction, you should be fully aware of who is working for which side of the deal.

I should always try to start negotiating at about 10-20 percent less than the asking price, right?
This depends so much on the market conditions of your area, the features of the property, and how badly you want to be the new owner. Even a 20 mile difference can mean drastically different markets in a given area. It may be that the amount you want to withhold in the initial offer could mean a difference of $2-$4 per day in a payment. Do you want to risk losing the property to another buyer in order to try to 'bargain down'?

Do you have additional questions? Please feel free to email Lee directly at lee@kitsapRE.com or call. We would always like to add more questions and answers to this FAQ page!