Things Your Real Estate Agent Isn't Telling You

Some agents just can't say hard things. They want the sale. They need the money. They don't want to burn the bridge. So- they sugarcoat everything. They minimize potential hurdles. They bypass important steps. All because they don't want to lose the client. Maybe you've met with your agent and you've started to dream up your next steps, but something just feels off. The agent doesn't seem to respond promptly and every home you go to look at doesn't align with your needs and wants. You keep losing out on offer and after offer. They never are available for showings when you want to go. What is your Realtor not telling you?

#1 Your Budget Isn't Realistic

Some agents don't know how to set realist expectations with their clients. They are afraid of conflict and they want to be optimistic right along side you, so rather than say the hard things and provide perspective, the agent dodges the reality check and plays into an unrealistic scenario. You have to know at this point that we won't be buying houses anywhere near the interest rates or the purchase prices of previous generations. Hell, we won't even be buying homes at the same price as 5 years ago. The truth is that many of us weren't in a position to buy during that time, but we have the need now and that is just a fact. We can't build a time machine and travel back to 2019. We also can't hold the Fed hostage until they drop our rates into the affordable range we missed out on. But we can make the best of a crappy situation. You likely can still buy a home and start building equity, making your future goals attainable; you just may need to make some compromises to overcome this adversity. The median 4 bedroom house in greater RVA is approximately $470,000 at about $191 per sqft. Just last year, the median price in December 2022 was $456,50, and the year before that (2021) was $425,000. That's a $45,000 increase in two years. So while you might want that updated, 4 bed and 3 bath home with an open floor plan and a little bit of land, what can you actually get for your budget? What can you afford that meets your needs and sets you up for your next dream home? What can get you in the door to building equity and creating family memories, but not leave you in the red for the next 5 years? Your agent may be afraid to say it, but it doesn't mean you don't need to hear it. Are your goals realistic in this market?

#2 Zillow Can Help and Hurt

In today's day and age, you can access information on almost any listing. Countless search engines exist making the home buying process much more accessible for buyers. Here's what you don't know- simply engaging on those websites opens you up to thousands of agents vying for your agent and business. Your phone will constantly be ringing and it could all be avoided by having your agent set you up. These services also are not the most current information. Price reductions, new contracts, and new, upcoming listings might not be reflected on those public sites until 24 hours later which can be costly in a competitive market. Rely on your agent's access to the MLS. Ask your agent to contact the listing agent and ask questions on your behalf rather than making yourself vulnerable by personally calling a professional negotiator who might be a hustler by nature. They will be able to read between the lines and discover your motives and needs, all things that can be used against you later on down the line in the event you want to make an offer. If you want to just get an idea of the area and the going rate for homes, ask your real estate agent to send you market updates and set you up on a search that matches your needs. If you don't like what you see, let them know and they can either adjust or help you understand why your ideal results are populating. While Zillow can give you access to a lot of valuable information, it can also misguide you on the value of your home, recent sales in the area, and current homes available.

#3 They Have a Family and Human Bodies

Some agents refuse to be honest with their clients about their humanity. They want to appear ever-available, like a real estate super hero coming to save the day. But the reality is they need sleep, their kid has a soccer game, their spouse has a birthday, they got the flu, they need a vacation, or they just got bad news. While they remain always the professional, know that the delayed phone call might simply be due to going to the bathroom, not avoiding your questions. The late showing might be because their kid is sick, not because they weren't managing their time. Their quiet demeanor might be because they're going through a divorce, not because they're hiding something about the home. Your real estate agent absolutely should give you the very best service and put your needs first. But some agents don't know how to let their clients know when they have an urgent personal need and they need to ask someone else to step in and help you for the day. If your agent seems to be superhuman and making themselves indispensable, while that might feel good to you at the time, your agent might be on the way to burnout and the last thing you want is an emotionally exhausted negotiator who can't handle the complexities of your transaction because they can't learn to say no.

#4 Being Under Contract Is Stressful

The moment you find the home of your dreams, it's all excitement and adrenaline. You write the offer and get the acceptance. You get it for less than asking price and the close date is exactly what you were hoping for! It's all smooth sailing from here, right? The hard part is over? No. The hard part has just begun. This time can be one of the most stressful and anxiety inducing points of your journey. The home inspection, securing financing, and passing the appraisal are some of the hardest and most difficult conversations. In many cases, additional expenses come up, compromises are made, and the way the deal starts out is rarely how it ends. Approximately 16% of real estate transactions fell through in September 2023 for various reasons. This is just the nature of negotiating the sale of a house. So before you fall deeply in love and start imagining the rest of your life in your new home as thought it is a done deal, do your due diligence. Get the inspection, ask for repairs, have hard conversations about sacrifices and compromises, look at the facts- there is no perfect home, but there are amazing opportunities! While this chapter is hard, choosing to tackle these things realistically with an open mind will set you up for success and get you one step close to creating those new memories and starting your next stage of your life.

#5 Renting Isn't Failure

You'll hear agents repeating the value of equity over and over. Why rent when you can buy? Why pay someone else's mortgage when you can invest in your own home? Why throw away money when you could be building equity and saving money for your kids' education? But here are some facts, your timeline is up to you. Sure, paying rent IS paying someone else's mortgage, but it's also your choice to make without any shame or guilt. While you rent, you can work on your credit score. While you share an apartment with friends, you can save for a down payment. While you rent a home in the area, you can decide if it's ultimately where you want to buy. If you're looking at houses and you can't get what you are needing at a price that is bearable, then maybe you should rent until you can get your credit score higher. If you aren't confident in the area, maybe renting for a year will give your more assurance that is a safe place to live and invest your finances. While the agent might miss out on a commission, they're job is to support your real estate needs, not just support their bank accounts. Don't let an agent pressure you into making a premature decision when your heart isn't in it.

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This isn't to say Realtors are liars and snakes, they're just humans who sometimes don't realize that these little bits of information go a long way to building trust and confidence. Hard conversations are just that- HARD. But these difficult truths are important for you to make educated and empowered decisions as a a homebuyer. You need realistic goals. You need an agent more than a computer. Your agent needs to have boundaries. The home buying process is hard. And it's okay if now isn't the right time for you. These are the things you need to hear and you deserve an agent who is willing to tell you all the facts!