Searching for the Right Property: Your Responsibility vs. Your Real Estate Agent’s
Buying a home in San Jose can feel daunting, especially if you’re a first-time buyer. The market here is competitive– demand outpaces supply, driving up prices and causing homes to sell fast. In this environment, you want a knowledgeable and experienced agent by your side.
But what are the roles and responsibilities of your San Jose real estate agent? What are they responsible for? What are you, as the home buyer, responsible for? In this article, we’re sharing the responsibilities and roles of both, as well as the responsibilities that are shared.
Your responsibilities as the home buyer
One of the primary responsibilities of first-time homebuyers is to be financially prepared. It’s your job to assess your financial situation and get pre-approved for a mortgage. This will not only help you understand what you can afford but also make you a more attractive candidate to sellers.
Clear goals and preferences
As a homebuyer, you need to establish your priorities, such as the type of property you desire, preferred neighborhoods, and any specific features you cannot compromise on. Decision-makers in your household need to talk through these goals and preferences together. Being clear about your preferences will save both you and your agent time by narrowing down potential options.
Research and market understanding
It's essential for home buyers to research the local real estate market and understand the current trends and conditions. This knowledge will help you make informed decisions and recognize a good match. Your agent can provide insights and educate you on particular neighborhoods and how they vary, but having a basic understanding of the San Jose real estate market is crucial.
Ultimately, the final decision on which property to buy is yours. Your agent can provide advice and recommendations, but you must make the ultimate choice. Take your time to consider all options and make a decision that aligns with your long-term goals.
The responsibilities of your San Jose real estate agent
Real estate agents should have a deep understanding of the local housing market. They should be able to provide you with information on market conditions, trends, and potential opportunities. Their expertise will be invaluable in a competitive market.
Negotiating the best terms and price for your purchase is a significant part of the real estate agent's job. They should have strong negotiation skills to ensure you get the best deal possible, even in a competitive environment.
Guidance and advice
Real estate agents should provide guidance on what to expect through the home-buying process. They should provide advice on property condition or necessary repairs, as well as offer terms and contingencies. They can help you understand the pros and cons of different options, giving you a well-rounded perspective.
Paperwork and coordination
Agents are responsible for handling the necessary paperwork and coordinating with other professionals, such as your lender, listing/selling agent, inspectors, appraisers, and title companies, to ensure a smooth transaction.
In a 21-30 day escrow period, unexpected challenges can arise. Your agent should be proactive in problem-solving and finding creative solutions to keep the home purchase on track.
It’s your job to give your agent your criteria so that you can automatically get emails about potential properties. When you see a property you like, it’s your responsibility to alert your agent. Agents are also responsible for searching and identifying suitable properties that meet your criteria. In a competitive market, this involves constant monitoring, quick responses, and sometimes networking to find off-market listings.
Open and transparent communication is essential. Buyers should communicate their goals, preferences, and any changes in their criteria. Real estate agents should actively listen to their clients' needs and concerns to tailor their search accordingly.
Both parties should work together to research and understand the local real estate market. This includes staying updated on current market conditions, trends, and pricing. Sharing insights and market data can help in making informed decisions.
When touring properties, both the buyer and agent should actively participate. The buyer should provide feedback on what they like and dislike about each property, while the agent can offer insights into the property's features and potential drawbacks or repairs to consider..
Evaluation of prospective homes
It's a joint responsibility to evaluate the pros and cons of prospective homes. The agent can provide data and analysis, but the buyer should weigh their priorities and gut feelings when considering a property.
Collaborate on the strategy for making an offer. Discuss the offer price, contingencies, and other terms. The agent can provide guidance on competitive pricing and market conditions, while the buyer should make the final decisions based on their comfort level and financial situation while considering the expertise of their agent..
Partnering with a real estate agent to buy a home in San Jose
By sharing responsibilities and working as a team, homebuyers and real estate agents can maximize their chances of success in a competitive housing market. Remember that a strong partnership and effective collaboration are key to achieving your homeownership goals in San Jose.
Curious about how to find the best realtor in San Jose? Read our guide here. Interested in tapping into our extensive knowledge and experience? Schedule your buyer consultation today so we can talk more about your home-buying goals.