The Open Market
Posted April 7, 2019 in Real Estate Trends
It was about ten years ago that the marketplace to buy or sell a home really opened up. Prior to the Justice Department making the decision that buyers should be able to find any home for sale online, purchasers had to solicit the help of an agent.
When the Justice Department sued the National Association of Realtors, it forced an end to agencies keeping some homes’ listings from certain web sites. In 2008, a deal was struck that gave home buyers access to a plethora of new home websites with virtually every home listing. Last November, the agreement ended between the Justice Department and NAR. Now there is even more of an open market for home buyers to search for homes to purchase or ways to sell a home.
Today, I believe agents offer a more valuable service, because of not having to do all of the online searching. Similarly, agents are coordinating more transactions so that the home buying and selling effort is seamless among all professionals involved.
The same online situation can be applied to obtaining a loan. While many things can be accomplished online, the value of the relationship and experience that a professional holds can be priceless.
I say priceless, because if you have been searching online for a home to purchase, you may have discovered that some properties are digitally enhanced when presented online. The hazard of this for buyers is that the buyer becomes disappointed upon learning that the photos show what is possible, but not the realty. The buyer would need money to renovate.
I always encourage borrowers to speak with a lender as well as other professionals who are there to help you purchase or sell a home that you’ve found or have to sell. Some sites post disclosures that images are fake. Everyone has a website today and the standards and ethics are being updated by professional organizations involved.
Having professional help can get buyers and sellers through today’s technology options with integrity that can’t be identified other than in words on a website. The Summer Home shopping season is upon us.
Please email me with your questions at MPattullo@PeakMtg.com
We lend where we live,
Mortgage Advisor • MLO# 229675 • Peakmtgnw.com