Whether you are buying or selling, your real estate agent will be your partner as you make one of the largest transactions of your life. However, choosing a real estate agent should not be a game of Russian roulette, but rather a choice made with all the facts laid out in front of you. At Gusty Sunseri & Associates, PC, our Allegheny County real estate attorneys have over 40 years of experience representing clients in residential and commercial closings. If you are looking for the most favorable outcome in your current real estate closing, our team is available to assist you.
How Long Have You Been a Real Estate Agent?
Understanding a real estate agent’s years of experience can be a good starting point. While you should not necessarily discard a novice real estate agent, stay aware of their level of training. Unlike a seasoned agent, a newer agent may have a lighter client list, allowing them to focus fully on your transaction.
Do You Primarily Represent Buyers or Sellers?
The Commonwealth requires that real estate agents be licensed through the Pennsylvania State Real Estate Commission. Even though a real estate agent is equipped to work with both buyers and sellers, some prefer to work with one over the other. To get all the facts, always ask what percentage of a real estate agent’s current client list is sellers versus buyers. If you are trying to sell your current home and immediately purchase another, a real estate agent with experience on both sides can allow you to use one person for the entire process.
Do You Specialize in Working in this Neighborhood?
A home’s marketability is based on several factors, some of which include local supply and demand, socioeconomic aspects, and comparable sales (“comps”). The quality of the schools, access to parks, public transportation, and walkability to stores can all play a role in home pricing. A real estate agent will pull “comps” by finding five or six comparable properties in the same neighborhood, using information from the Multiple Listing Service (MLS). Based on this market analysis and getting your input, your agent will come up with a listing price. Of course, knowledge of your specific neighborhood can go a long way in finding a price that will attract potential homebuyers.
How Many Homes Have You Closed On in the Past Year?
While experience working in your neighborhood is a plus, you should also ask how many homes in your neighborhood your agent has closed on in the past year. If the answer is a handful or more, you will likely feel more comfortable placing your trust in them. A good follow-up question as a seller: If those homes, what was the average time a property was listed for sale?
What is Your Average List-to-Sale Ratio?
While a market analysis can help a real estate agent create a listing price, market volatility often determines the sale price. Calculating the list-to-sale ratio requires that you divide the home’s final sale price by the listing price. So, a home that was listed for $400,000 but sold for $380,000 will have a list-to-sale ratio of 95%. As a homebuyer, you want this ratio to be below 100%, while as a seller, you want this ratio to be as close to 100% as possible.
When is the Ideal Time to Put My House on the Market?
If you are hoping to put your home on the market in a certain month, you should meet with a real estate agent at least two or three months prior. This will allow the agent to take a preliminary look at your property and provide home improvement recommendations. A crucial question at this stage should be: When is the best time to put my home on the market? If you have the luxury of time, heed your agent’s advice.
Legal Representation is a Must in Real Estate Closings
If you are unsure if hiring a real estate attorney is essential, you may not know all the responsibilities they take on. As is most often the case, after a property inspection is performed, you will need to negotiate repairs. Our Allegheny County real estate lawyers are skilled negotiators, representing both buyers and sellers. Coming to favorable terms at this point in the process is key to safeguarding your rights.
While a real estate agent can technically draft a purchase and sale agreement (P & S” for short), a real estate attorney has experience with making sure that all aspects of your sale are accounted for. Our legal team will review other legal documentation prior to closing, including the title report, mortgage commitment, and other title insurance paperwork. Advising you of your legal rights and duties will help ensure a smooth transaction.
Contact Our Allegheny County Real Estate Attorneys
Whether you are thinking of buying or selling, our Allegheny County real estate lawyers are here to assist you. Although the process may seem straightforward, hiccups can occur along the way. Thankfully, our legal team is prepared to resolve disputes in a timely and effective manner. To discuss your real estate matter, contact Gusty Sunseri & Associates, PC, online or by calling (412) 968-0210. Currently offering free initial consultations.