Why Work with A Buyer's Agent

According to Zillow's 2023 research, 88% of homebuyers nationwide used a buyer’s agent to assist with their purchase. A skilled buyer’s agent can save you time and stress, help you buy with confidence, and ensure you secure the best deal. Here are 10 reasons to consider using one:

1. Guidance Through the Buying Process
   The home-buying process, particularly in NYC’s unique market, can be lengthy and complex. A buyer’s agent is there to support you at every step, from setting a budget to determining your needs in a home and making an offer.

2. Understanding the Local Market
   Agents have an in-depth understanding of the real estate market. They’ll provide insights into the latest trends, both nationally and locally, down to the neighborhood you’re interested in. Their expertise helps you make informed decisions.

3. Managing Expectations
   A good buyer's agent will be upfront about what you can expect from your search, such as whether your budget aligns with your desired neighborhood or if your timeline for buying is feasible. This honesty helps you turn your dream home into a reality.

4. Narrowing Down Your Search
   With as many as 20,000 homes for sale during peak seasons in NYC, a buyer’s agent can refine your criteria and offer a curated list of properties that meet your needs.

5. Leveraging Hyper-Local Expertise
   The NYC market varies significantly by neighborhood, block, or even the building you’re considering. A seasoned buyer’s agent, like a StreetEasy Expert, often has experience in the types of homes you’re searching for and deep local knowledge of specific neighborhoods or buildings.

6. Crafting a Winning Bid
   Formulating a bid is both an art and a science, requiring a strong grasp of the market and the prices of comparable properties, as well as strategic planning. A buyer’s agent will collaborate with you to create a smart, strategic bid that you can afford and feel comfortable with — one that’s designed to win.

7. Negotiating on Your Behalf
   A buyer’s agent will negotiate with the seller’s agent to secure the best possible deal for you. They can also negotiate other aspects of the deal, including timelines, financing, and closing costs.

8. Assisting with Co-op Board Approval
   Your buyer’s agent can help you organize your finances, assemble a co-op board package, and prepare for the interview. They might also have insights on how to get approved by the board of a specific building.

9. Connecting You with Other Professionals
   Buying a home often involves hiring other professionals, such as a mortgage lender, real estate attorney, inspector, or appraiser. Your buyer’s agent can recommend these professionals, saving you the effort of finding and vetting them.

Cost of Working with a Buyer’s Agent
If your agent successfully helps you purchase a home, they typically earn a commission paid at closing. The commission amount, and who pays it, is negotiated between the buyer, seller, and their agents. Sometimes, sellers cover the buyer’s agent’s commission, but in other cases, the buyer might be responsible. Remember, commissions are always negotiable. Before touring homes, a buyer’s agent may ask you to sign a touring agreement, which outlines the services they’ll provide at this stage without obligating you to work exclusively with them.