The climate of the real estate industry is changing. In the old days, less than 20 years ago, all real estate agents worked for the seller, and even agents working with the buyers did so in the seller's best interest. But things have changed. New laws and regulations are in place so that today, buyers can work with any Realtor of their choice and pay for their own representative via the transaction proceeds. Yet, many fail to take advantage of having their own representative help them through the arduous home buying process.
According to the National Association of REALTORS (NAR,) four out of five homes are sold through a real estate professional. But, says the National Association of Exclusive Buyer Agents, less than fifty percent of buyers go to the closing table represented. The National Association of REALTORS® puts that same number even higher. According to its most recent buyer/seller survey completed in 2000, 79 percent of homebuyers purchased a home through an agent, but only 51 percent were represented by an agent at closing.
Why would anyone undertake the most expensive transaction of their lives without a representative to help them? Chalk it up to old-fashioned buyer thinking. Some buyers don't know how treacherous the negotiation and transfer of a home can be.