There are many details that go into any real estate transaction. While you may find some similarities in buying vs. selling in Spokane, the differences impact how the transaction is handled, regardless of your level of experience as a buyer or seller.
The Main Difference: Your Agent
The biggest difference in buying vs. selling in Spokane is your agent’s responsibilities. While your agent should act as an advocate regardless, he or she will have different functions, duties, and requirements depending on whether you are buying or selling a home.
Note: An agent selling a home is referred to as a “listing agent” or “list agent” whereas an agent helping you purchase a home is called a “selling agent”. For convenience and because “selling agent” can be confusing, some people also refer to the buyer’s agent as “The Buyer’s agent” or “Buyer’s agent”.
A Listing Agent Helps Price Your Home
Preparing your property for a new owner is critical when selling real estate. This means understanding the area, pricing your home appropriately, and completing any necessary repairs before the house goes on the market. A listing agent will help you determine the price of your home and will determine exactly what you should do before selling. There is a lot of nuance to this and physically seeing your home is usually a very important part of this process. If an agent is offering to list your home without seeing it, you will definitely want to ask them to help you understand why!
A Listing Agent Knows the Area
There’s a lot of merit in knowing the area around the property you are selling. A real estate agent will explain the process for you and show you houses that are comparable to yours in the area. In addition to other local factors, this step will determine the listing price of your home.
Note: This is one of the biggest differences in buying vs selling real estate. A listing agent wants to help you get the highest price in the least amount of time for your property. A buying agent is negotiating on their buyer’s behalf for the best deal for the home that his or her clients want. Of course, price isn’t the only part of a deal. A good agent will help you navigate what is most important to you and the person or people on the other side of the deal. A great agent will be able to work collaboratively with the agent on the other side to create a scenario where a great deal happens!
A Listing Agent Ensures a Smooth Transaction
As a seller, you have to work at selling your home to buyers. A listing agent helps to draw out the perks of the property and the surrounding area so that your real estate transaction goes as smoothly as possible. Of course, that’s not always possible, but if you pick the right agent, he or she will do their best to help you navigate the obstacles as they come up.
A Selling Agent (or Buyer’s Agent) Helps You Purchase Real Estate
Purchasing a property is totally different than selling one. Instead of working to get the highest prices for a seller, a buyer’s agent will help you negotiate to get the best deal possible for the property of your dreams! He or she will be knowledgeable when it comes to comparable properties in the area and will be able to make recommendations as to what you should offer for the property. Of course, the choice is ultimately yours but it’s always wise to have the advice of a professional in your corner.
A Selling Agent Understands Financing
Financing is a huge hurdle for many potential homeowners, especially if it’s your first purchase. While a small portion of people choose to purchase their home with cash, the majority of buyers will use a mortgage to buy a home. Your selling agent can help you navigate the details of financing, point you in the right direction to industry experts, and help you find a home within your price point.
A Selling Agent Knows Which Properties Are Available
Perhaps one of the most exciting aspects of buying a home is finding properties that are available and within your price range. When you speak with a buyer’s agent, you’ll be able to tell him or her exactly which amenities you want, school districts you want to be in, and any other details that will help him or her find you that home of your dreams. Then, a buyer’s agent will be able to pull from his or her resources to find homes with those elements as well as those within your price range. With all the tools at your disposal online, it is not uncommon for you to be the one that spots the house you end up buying, but it definitely helps to have a second set of eyes on the market, and your agent may know about other areas to recommend, based on your interests.
Both Seller’s and Listing Agents Negotiate Offers
While both agents will negotiate on behalf of their respective parties, that’s where the similarities stop. Selling agents will negotiate to help their clients get the best price on a home they want. Even with a generous purchase price and great financing available, you might not get your offer accepted for a variety of factors. Your selling agent will work to negotiate the price and will make sure that you get the best terms possible depending on your situation.
Listing agents will help their clients get the most for their home. When multiple offers come in, they’ll help you determine which offer is the best one to pick and what to do to close the deal. On this side of the deal, the highest purchase price is not necessarily the best offer. Sometimes it will be in your best interest to go with a slightly lower offer that has a better chance of closing than getting a little more money, but running the risk of finding out the Buyers can’t qualify for their financing after all! A $320,000 cash offer might be stronger than a $330,000 offer where the buyer is FHA and putting $0 down.
Buying vs. Selling in Spokane
Whether your goal is to purchase or sell real estate in the Spokane area, you need an agent you can trust. I’ve been on both sides of many deals and can’t wait to help you reach your real estate goals. Contact me today and let’s chat about the differences between buying vs. selling in Spokane!