Does Your Realtor Know The Market Area?

For most people we tend to use an agent that was referred to us or soemone we know. But does the agent we are using know the market area you are looking for a home in? Generally speaking Realtors are comfortable in certain areas of town. They tend to know the areas well. They list homes there and they tend to sell homes in that area. When a good deal comes along they are quick to realize it. It is known as their market area.

So, you have a friend who is a Realtor and you want to look at a home in a market area they are not that familair with. Do you ask them to refer you to someone who does or do you let them help you out becuase we all have access to the same information? Generally they are going to help you out if you do not ask. But are they really helping you out? How do you know if the home they are showing you is a good deal, under priced for the area or over priced for the area? Without doing some extensive research they probably will not know.

For example, a fellow agent in my office knew I was very familiar with a certain area of Charlotte. He was not. He asked me to help him out and find homes that fit the criteria of what his buyers were looking for in a home. I gave him a list of neighborhoods and homes that fit the criteria of what they wanted in regards to amneties, schools, and type of home without even hesitating. But, more importantly, I was able to inform him of "material facts" of the area that he was not aware of. Those factors influenced the descsion for the buyers in regards to the home they eventually decided to make an offer on.

Yes, I can show you homes anywhere in Charlotte and the surrounding communities. However; am I doing you justice by not knowing of material facts of that area or neighborhoods that may influence your descsion to make an offer on a home or not? The answer to that is an easy NO. There is no excuse for not knowing material facts about an area; even if we do not market that area on a regular basis.

As a Realtor, we can be held liable for not informing our buyer of a material fact of a certain area that would affected them either purchasing the home or not purchasing the home. How can we tell them to make a reasonable offer if we do nto know the whole situation of the area? So, looking for a home; make sure your Realtor knows the area you are looking in...it can only benefit both of you.

Dave diCecco
Realtor/Broker
www.davedicecco.com