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Tuesday, February 19, 2013

How much should "your" buyer’s agent know about the sellers in the area?

Market knowledge is vital.

Anytime someone interviews a real estate agent to sell a Viera, Florida home they should ask all the right questions and expect the right responses.  It is not enough to be associated with the biggest name in the business.

Surprisingly most of the time when I receive a contact from out of the area about buying a home in Viera or anywhere else in Brevard County, Florida I do not get as many questions as I should about what I know about the market.  Sure I receive general questions but nothing that really challenges my awareness of the local market.

What should buyers ask me about Viera or another central Brevard County neighborhood? Here are some suggestions.

  • Number of homes for sale,
  • Composition of homes for sale (short sale, foreclosure, fair market),
  • Number of short sales currently under contract,
  • The "numbers" - average list price, average selling price, average days on the market, selling price as a percentage of list price,
  • Market change in the past six months. 

The above list is not all inclusive but does provide some suggestions to gauge a real estate agent's market knowledge.

Notice the above questions are aimed at the neighborhood or area - not the process or a real estate agent's experience.  These areas are just as important however a real estate agent's market knowledge is what a buyer relies upon to find the right homenegotiate the right price and get to the closing table.

So how does one select a buyer's agent in Brevard County?  It should not be enough to be associated with the biggest name in the business.  It should be about market knowledge and experience.

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