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Friday, September 05, 2008



A real estate agent is more than just a "sales person." They act on your behalf as your agent, providing you with advice and guidance and doing a job - helping you buy or sell a home. Due to the fast changing market, the data on available listings is not 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent. If you are in the market to buy, it would be advisable to use a Buyer's Agent. They can make recommendations on what terms and prices to offer as well as negotiating a deal with your best interest in mind.

Finding a good real estate agent is like finding a good dentist or doctor. Begin by asking your family and friends for referrals. Once you hear the same name several times, you are ready to interview. Ask the following questions:

  • How many years have you been in the real estate business?
  • How long have you sold houses in this area?
  • How many houses did you sell last year?
  • What is your commission?
  • If I were to work with you, how would you market my house?
  • Please provide names and contact information for other families whose homes you have sold.
As you talk with prospective agents, determine your comfort level with each. You should feel a sense of confidence and trust in your real estate agent. Once you find your home and the deal is sealed, your agent is most likely paid by commission.

Typically, the seller pays the commission, making realty services "free" to the buyer. The listing broker, for whom the listing or seller's agent works, typically requires that sellers pay 5% to 7% of the sales price. Because most real estate transactions involve two brokers - the broker who finds the buyer and the broker who finds the seller -- the commission is usually split 50-50, between the two brokerage offices. Then, within each office, the agent who handled the transaction gets a share, usually half of the 50 percent or about 1.5%.

There are a few exceptions to the commission method of payment. If you use a buyer's agent, the contract you could be required to sign may or may not require a fee for services or a fee in addition to the commission. Most buyer's agents, however, simply split the commission 50-50 with the listing agent. In any event, the buyer's agent contract stipulates that the agent works exclusively for you and is more likely to work with your best interests at heart.

Do you really need an agent? Over 90% of home buyers use an agent. Why? An agent can help you access the most homes possible using the Multiple Listing Services (MLS) and can help guide you through the process. However, not all agents are equal. Your choice of agents can greatly influence:
  1. the number of homes you have to choose from;
  2. the quality of information and guidance you receive;
  3. the price you pay; and
  4. the quality of the home you purchase (which can be particularly important when buying luxury real estate.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.38%
30-yr. fixed jumbo7.00%
15-yr. fixed5.88%
15-yr. fixed jumbo6.50%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM6.00%
1-yr. LIBOR ARM5.50%
10/1 ARM7.88%
*Mortgage Rates Updated: 09/04/2008