Buyer's Agent Gains Popularity

With home sales declining, and an ever growing number of homes on the market, being a home buyer affords a certain level of status. A buyer's agent has the best interest of the buyer at heart rather than the interest of the seller.

By: Ryan Hartley Once upon a time, selling a house was a listing agent's goal. Now, amid the declining housing market, it's getting harder and harder to sell a home. With that in mind, many former listing agents are becoming “buyer's agents”. Basically, it's the exact opposite of a listing agent. When a person wants to sell their home, they typically engage the services of a real estate agent. A buyer's agent works much the same way, but it reverse. The buyer's agent represents the interests of the purchaser, not the selling. With home sales declining, and an ever growing number of homes on the market, being a home buyer affords a certain level of status now. “Sellers are a dime a dozen,” says Wayne Frankel, a broker, “There just aren't enough buyers out there. Think of it like this: For every 10 homes, there are two buyers.” Buyer's agreements allow a prospective purchaser to engage the services of a person who will do their searching, and in many cases, negotiate for them. A buyer's agent is more likely to disclose a home's “quirks” which often a seller does not. Buyer's agents can greatly affect the price of a purchase. Many buyers like the “buyer's agent” setup because it eliminates much of the legwork, such as visiting listings, haggling prices, and even preparing paperwork. It takes much of the hassle out of the home buying process.