By Dr Denver H. Bubble
In the Wall Street Street Journal last week, they had a puff piece for the real estate industry called, How Real-Estate Agents Get the Best Homes—for Themselves. Real estate agents often times are some of the first to spot hot properties, have a good understanding of local inventory and lastly, most have a working knowledge of construction, plus relationships with architects, builders, and designers in their local market. To buy or sell their own home, the National Association of Realtors they are required to disclose a personal interest in a sale or purchase and that is about it. So they often represent themselves and get a good deal.
Real estate agents often times try to buy in the slower winter selling season when prices are at their lowest. The often have knowledge about whether a section of town is about to heat up. The article gave one example Susie Johnson, 65, said she knew her local real-estate market would gain in value because it had been recently zoned for retail development. She said, “I knew at that time the area was going to be a hub, she says, adding that she now lives less than a mile from a Whole Foods Market, a Starbucks and a waterfall with ducks that she visits with her grandchildren." Agents also know to renovate with what the market likes versus what the may prefer to give their house more value when they sell down the line. They combine this skill with knowledge about construction to supercharge their homes value.
Here are the tips to act more like a real estate agent that should help you get the most for your home if selling and also what to look for in buying:
1. Buy during the slower season of winter to get the lowest price.
2. Understand if any new changes to zoning could increase or decrease your home value, this information is usually publically available, but not well known.
3. Make sure you renovate your home with an eye towards what the market would like such as a timeless palette versus vibrant or gender-specific colors.
4. Have a knowledge about construction so you can understand before you buy what potential renovation would cost.