For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area.
Buyers need the assistance of a real estate professional to help them find the right home for them, help them understand the process, and negotiate terms of sale. Sellers, as well, turn to professionals to help sell their homes within a specific timeframe, market their home effectively and find the right buyer. As the market changes and evolves, the need for a professional to help with the transaction has increased. More buyers and sellers are turning to professionals to help them with this transaction.
Did you know?
- Eighty-eight percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.
- Forty-two percent of buyers found their agent through a referral from a friend or family member and 12 percent used an agent they had used before to buy or sell a home.
- Twelve percent of buyers used online recommendations when searching for an agent and it influenced half of those buyers.
- Two-thirds of recent buyers only interviewed one agent before the found the agent they worked with.
- More than half of buyers reported what they want most from their real estate agent is to find them the right home to purchase.
- Eighty-eight percent of buyers would use their agent again or recommend to others.
Buyers continue to face tighter credit standards than seen in previous years. Tightened credit standards for home buyers have suppressed the level of first-time buyers in the market. Among primary residence home buyers, only 38 percent are first-time buyers, while the historical average is 40 percent.
With tighter credit standards the need for a good Credit Score in the Home Buying process has never been greater.
Do you know your Credit Score? Have you checked it recently? By law you’re entitled to your credit report once a year. Check yours at Annual Credit Report.com to be more informed before taking the next step, which is getting pre- approved.
Before getting pre- approved though consider these 7 tips.