Kitsap Peninsula Business Journal
7-3-2003
Agents:
Too much home-buying advice can cloud minds
By Temple A. Stark

Everybody has ideas on what to do and not do when it comes to buying and selling homes.

That can be a problem, said Dave Patmon, sales associate with John L. Scott in Poulsbo and one of the county’s top producing agents.

“A big mistake people make is listening to their friends and neighbors, some of whom may have been in the Real Estate market years ago,” Patmon said. “The market’s changed.”

Listening to just one agent at first can also limit a buyer or sellers complete understanding of the market.

“If you’re selling, interview at least three agents,” Patmon said. “You need to have a broad idea of what people think of your house.”

“If there are several agents with similar strengths choose the one whose personality complements yours,” said Richard Kemp, Top Agent and Associate Broker at Coldwell Banker Hawkins Poe in Gig Harbor. “Also consider their work habits and if they are courteous and prompt. You need to know it’s somebody you can work with and trust completely.”

“He or she is the one person you want to tell all you know about the house’s pluses and minuses,” Kemp said. “As a listing agent you have to put down everything you know about it and then if something comes up you didn’t know about, be able to prove it.”

Despite that responsibility, Kemp said buyers have a tougher time getting into the game. They’ve got more work to do. He said buyers make one common mistake when they start to consider a home.

“They just don’t know about all the paperwork and all that is involved,” he said. “There are geotechs, architects, appraisers, lenders, title companies, escrow and so on. Some people have no idea why an architect might be needed.”

Patmon agrees that complete trust is necessary, but early on he advises against a quick decision.

“If the client lets the agent drive the conversation they only get to hear what the real estate agent wants them to hear,” Patmon said. “You have to choose wisely; check references, ask how many houses they’ve closed in the last few months and how long they’ve been on the market.”

Kemp said another significant rookie problem is asking prices that are too high. That’s where the real estate agent’s knowledge helps.

“The basics are the same everywhere,” Kemp said. “You just have to make sure you’re using the basics to learn the market.”

Much of Kitsap County and Gig Harbor is a seller’s market local realtors say.

An Aug. 19 article in Realty Times speaks to setting an asking price.

“Generally, the asking price, the price advertised when it goes on the market, is set slightly higher than market value,” the article states. “(That’s) usually 1 to 3 percent above market value.”

Factors that tend to make people ask too much include:

  • Expecting 100 percent value of recent upgrades.
  • The need for money.
  • You’re moving to a higher-priced area.
  • The original purchase price was too high.
  • The seller lacks comparable sales information.
  • An unnecessary move, so you’re not motivated.

   “If you’re serious about buying or selling, things will work out,” Patmon said. “Agents are there to represent your interests.”.