When looking to buy a home in Charlottesville, or any area for that matter, logic dictates that you use a highly skilled local Charlottesville buyers agent. However, I see so many people go against this logic. So let’s look at why.
A Local Charlottesville Buyers Agent Knows The Market
This just makes good sense. Most Buyers Agents specialize in a particular location. We know the Charlottesville Real Estate market because we are passionate about local real estate.
If I were to consider buying a home in Fairfax County, I would find a qualified buyers agent in that area. They know the market, they know the schools and they know the price points of neighborhoods.
Even though I know my market and I am a Charlottesville real estate broker, this does not qualify me to represent a buyer 3 or 4 counties away.
Let’s Look At Local Numbers
Pulling data today, Dec 12, 2011. From our local mls CAAR There were 349 transactions for 2011 Year to date that used an agent outside the area. This is a total of over $84 million dollars in transactions.
I am a numbers guy and my wife says I look at too many numbers, but let’s play a little numbers game.
Let’s say that a qualified Charlottesville buyers agent represented these transactions and conservatively saved the buyers 5% on these deals.
That is a savings of $4.2 million dollars!
Now I looked at Wikipedia Buyers Agent and they say that a buyers agent will save around 2% vs my example above. That is still a savings of $1,680,000. But I can tell you that I am being conservative at 5%, at least with my buyers in our area. Most Buyers Agents specialize in a particular location.
Aunt Mary Is An Agent In The State
This is critical. If you are using Uncle Ralph or Aunt Mary because they are agents and family members, you are making a critical mistake. Ask them to help you find a local Charlottesville VA Buyers agent in the area where you are looking that works for buyers.
They will likely get a referral fee and this is fine, but it will save you time, frustration and money in the long run.
Finding A Local Charlottesville Buyers Agent
Referrals are best. Ask friends, co-workers and agents for a local buyers agent. I see a lot of agents get designations that say they are buyers agents (I did it when I first started in real estate too).
To get these designations, an agent takes a class or two and pays annual dues to be able to “advertise” that they are a Charlottesville buyers agent. It is best to find an agent that actually represents buyers and not one that just says they do.
A True Charlottesville Buyers Agent
A true Charlottesville buyers agent will not try to sell you a home. They represent “you” not a listing or any one home. They will help you find the perfect home for you. If you find that the agent you are working with is trying to sell you their listing(s) then you need to have a serious discussion with them about buyer representation.