Things to ask your estate agent

If you are hiring a real estate agent, it is important to ask the right questions in order to ensure you make a wise decision when buying or selling a property. Here are some key questions to ask your estate agent:

1. Market Knowledge

a. How long have you been doing this work?

This is useful to get a sense of their familiarity and knowledge of the area and home values.

b. What is the current market trend for this area?

Whether the housing market leans toward buyers or sellers can inform your negotiation strategy.

2. Property Details

a. Why is the owner moving on from the property?

The agent probably will not share all the details, but knowing the reason can help determine whether you can negotiate the price or how urgently the seller is trying to sell the home.

b. How long has the property been for sale?

If a home has lingered on the market awhile, that could leave room for negotiation — or be an indication there’s something wrong with the house or the pricing.

c. Is the price of the property different?

Whether or not and when the price has been reduced can reveal information about the seller’s flexibility or the demand for the property.

3. Pricing and Offers

a. What are comparable properties in this neighborhood selling for?

The Asking Price: A comparative market analysis (CMA) will determine if the asking price is fair and competitive.

b. What constitutes a fair offer, in your opinion?

The agent’s knowledge of the local market can help guide your initial offer.

c. Are there other offers on the property?

Understanding if other offers are on the table can influence your bidding strategy, particularly in competitive markets.

4. Condition of the Property

a. What’s the condition of the property?

Inquire if there are any known problems or repairs included in the property. Also, ask if the property has been inspected recently.

b. Is there a need for major repairs or renovations?

Knowing what kinds of work might need to be done after purchase is critical — whether roof work, cosmetic work or work related to systems, such as plumbing or electrical.

c. Are there any major renovations done recently?

If work has been done, request details about the renovations and whether the necessary permits were secured.

5. Future Potential

a. What’s the area expected to look like in the future?

The agent would know about upcoming developments, like new infrastructure, schools or businesses that may affect the value of the property.

b. What’s on the horizon in terms of zoning?

Zoning laws impact property value and future development, particularly if you’re thinking of doing anything with the home.

c. Is this area subject to flooding or other environmental hazards?

Inquire about any environmental hazards, from flooding to hurricanes to erosion, particularly in coastal, hillside areas like St. John.

6. Legal and Title Issues

a. Are there legal issues regarding the property?

Confirm that the property has a clear title, and inquire about potential issues like liens, boundary disputes or zoning violations.

b. Is the property part of homeowners’ association (HOA)?

If so request information about HOA fees, rules and regulations. These can affect your living arrangement and the expense of owning it.

c. What is for sale?

Specify what is included with the property, like appliances, fixtures, furniture or outbuildings. Some features may be omitted in some cases.

7. Financial Considerations

a. What are the estimated total costs of purchasing this property?

Beyond the purchase price, request estimates of closing costs, taxes, insurance and any other related expenses.

b. How much do you think this property will appreciate?

A seasoned agent will provide you with insight about appreciation potential in your market.

Also 

c. Can the seller help with closing costs?

In a buyer’s market, sellers might pay some closing costs.

8. Negotiation Strategy

a. How do you plan on helping me negotiate the costs?

It’s critical you understand how the agent approaches negotiations to ensure they’ll work in your best interests.

b. Besides price, what can we negotiate?

Aside from price, negotiable items can also include closing dates, contingencies, repairs, and items included.

9. Timeline

a. How long do you expect the buying process will take?

Get a sense of the standard timeline for a transaction, from offer to closing. This is especially true if you’re targeting a specific move-in date.

b. How soon can we close?

This is contingent on financing, inspections, and negotiations. Request an estimated closing date from your agent.

10. Additional Property Insights

a. Would there be a red flag I should be aware of?

An experienced agent might have knowledge of things that will impact the value of the property, like upcoming construction, high crime rates or a blighted neighborhood.

b. How’s the neighborhood?

Inquire about crime, schools, traffic, public transportation and amenities, like shopping, dining and entertainment, in the area.

c. How much is this property likely to resell for?

Understanding resale potential can give you a sense of whether this is a smart purchase, particularly if you will sell in the future.

11. Working with the Agent

a. What does communication with customers look like?

Clarify how frequently and in what manner the agent will contact you (phone, email, text). This should be clearly communicated at all stages in the process.

b. When are you available for showings and meetings?

Work around your schedule, can meet you at short notice if you have limited time to see properties or enter negotiations.

c. Do you have references from previous clients?

Request testimonials or references from past clients to understand the agent’s professionalism and effectiveness.

12. If You’re Selling a Property

a. How do you plan to market my property?

Good marketing plan is the key for the best price. Inquire about online listings, open houses and any other strategies they plan to use.

b. How do I get my home ready for sale?

While they’re all for staging, repairs and upgrades that will help attract buyers and sell for more, agents can help you keep the costs reasonable.

c. How long do homes at this price point typically stay on the market?

An analysis of average time on market gives you a good sense of how long it may take to sell your property and prepares you for realistic expectations.

Final Thoughts:

By asking these questions, you’d get to better understand the property, the market, and the process itself, and this will ensure that you don’t make the wrong decision. Are you looking for help with a specific PPI property in St. John or advice on how to work with an agent in St. John?

For more info on St. John real estate visit: https://340realestatestjohn.com/

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