A Seller's Market

By
Real Estate Agent with Keller Williams Realty - Cenla Partners Louisiana 0000073964

I belong to several real estate groups on social media.  We are all seeing a seller's market, meaning available homes are low in supply.  Multiple offers are resulting in sellers getting at or above asking price when homes are in good condition, location, and priced well.

Some sellers who know this want to sell unrepresented by a REALTOR®.  Some will work with a buyer's REALTOR® and wind up relying on them if a hiccup occurs during inspections.  Others will not work with a REALTOR® under any circumstances.   They think they will net more money without commissions.   They are, however, unprepared for multiple offers, hiccups during the buying process, and all possible legal issues that may arise. 

Buyers who may have seen pictures of a house for sale "know" that is the house for them.  Upon finding out the seller will not work with a REALTOR®, they opt to proceed without representation.  The seller is then in control with no response deadlines, no official contract form, no disclosures, and more. 

In consulting with buyers, I always mention to them not to contact an unrepresented seller themselves.  Get the name and number, and send it to me.  Some get so excited they forget all that.  Absent a Buyer Representation Agreement, I have no recourse.  I get those signed when I don't know the people well, but I usually get burned even by family and friends if I don't do a formal buyer coinsultation and get that agreement signed.  It is more important than ever in a Seller's Market in my opinion. 

So a word of caution to sellers:  pay the commission to be represented.  I had one seller tell me he had sold three houses.  In other words, he knew what he was doing.  I replied that I sold 35 last year alone!  Things change in this industry.  I still occasionally encounter something that I've never seen before.  There are legal consequences when mistakes are made.  If you sold a house three years ago, there most likely are changes of which you are not aware.

A word of caution to buyers:  purchasing a house is a process.  It is not the same as buying a vehicle or furniture.  You need representation.  Stay with your REALTOR® and follow that person's advice.  You will know that someone is representing you alone and looking out for your best interests.

While interest rates are down, this is the time to buy or sell.  Do it the right way, and you will be happy you did.

Comments (1)

Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Buyers should always use a skilled real estate agent to assist them in the PROCESS of buying a home. You are right, it's not like buying a car. Not only is it much more expensive, there is a lot more that could go wrong.

Mar 19, 2021 06:11 AM