Page 13 - June 2024 Issue Website

could put them at a competitive agents cannot work for buyers and By providing information for a

disadvantage in that their o er may sellers in the same transaction. mortgage application and required

not look as good as the o er of a supporting documentation, we can
potential buyer who is not asking for a It has been estimated that 30% of real underwrite your loan and get loan

seller for credit. estate agents will leave the business. approval for a speci c dollar amount.

e slow market due to limited We provide an actual loan approval,
I must clarify that although sellers inventory and high interest rates has not a loan pre-approval, with the
are prohibited from paying the buyer been the root cause of a decline in the only conditions being a satisfactory
agent commission or fee, whatever it number of real estate agents. Changes appraisal and title work. A loan
may be, they are not prohibited from in how realtors are paid will accelerate approval is much more acceptable to
providing a seller “credit” to the buyer the decline. a listing agent and a seller. Especially

for a speci c dollar amount at closing. when it comes from a local lender

is seller credit is not applied against Now more than ever, buyers of real opposed to a preapproval from an
any single item or expense but is a estate will have to do everything they internet or out of the area lender.

credit against the total costs of the can to make their o er look the best.
buyer. Not asking sellers for closing cost e next three to six months will

help, or if you do, asking for the least be the most challenging for anyone
As I write this in mid May, real estate amount possible will be a plus. Being involved in the sale of real estate,

brokers and agents are trying to gure a cash buyer who can go to settlement especially residential real estate.
out next steps. Most are concentrating in 30 days will be the best. Buyers will be confused and frustrated
on is establishing, reviewing, and with what is happening. Sellers will be

updating their “value proposition” is does not mean that if you are not pleased to nd the 5%-6% they were

for their customers. Real estate agents able to pay cash (only approximately expecting pay will be lower and they
will have to itemize and enumerate all 30% of real estate transactions will receive more net proceeds. Real

the services they are providing. Some are cash) you are stuck. ere is estate agents and brokers will have

agents may allow consumers to pick something I can do to make your o er to adjust to a new normal in their

and choose what services they are operate like a cash o er. business. A new normal at this point
willing to pay for.

If you need nancing to purchase a looks more like chaos.

Competition for listings will get more home your o er will be more solid Stay tuned!
intense as brokers and agents will do if you are already approved for your

everything possible to di erentiate loan before you contract is written.
themselves from other brokerages in
how they market properties. Although
the cost of selling a home will be
less than the 5%-6% currently being
charged, real estate agents will have
to justify the fee they are charging for
the level of service they are providing.
e MLS may not be the only outlet

for marketing your property.
All this is occurring at a time where
websites like Zillow, Red n and

Realtor.com have made it much easier I appreciate the honor of being name as the
for buyers to get information about
homes for sale. e role of the buyer Business Person of the Year by the

agent has changed over the last 10 Chamber of Commerce
years, and it will be critical for agents
e needs f
our R
a
t
eal Es
t
v
er 24 Y
or o
Pr
ear
s!
oudly ser
ving all of y

who work with buyers to de ne their Proudly serving all of your Real Estate needs for over 24 Years!
I’m not just your Realtor.....I'm your Neighbor Too!
value proposition and enumerate
all the services they will provide for
buyers. If they don’t, buyers will reach
out to listing agents directly, which in
turn will put listing agents in position
of having to refer them to another 410-479-HOME (4663)
agent because in Maryland real estate 10794 Greensboro Road, Denton, MD 21629
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