The following is a post on real estate in today’s market from the experts at Astoria Oregon Real Estate. Are you are looking to move to our beautiful area? Are you looking to sell your property in Clatsop County and upgrade? Kyle and Alex have the answers you need!
The real estate market has undergone some extensive overhauls in the last few decades. Most real estate investors, whether for personal or financial gain, know that real estate professionals must be licensed to be able to sell, lease or provide consultation as a real estate agent. What many people do not know is the extensive work Realtors must do to stay licensed as a real estate agent. Every two years Realtors must undergo mandated continuing education in order to renew their licenses.
Recently, in the last decade, the mandated education criteria has in fact increased to include a required class on ethics every two years. The Congress has made this issue a mandate as the laws regarding ethics change on a continual basis. This ethics laws mandate protects the buyers and sellers of real property. This is in part due to previous ethical issues that arose in the housing market of the late 80’s and early 90’s. Questions regarding client representation and disclosure of information to buyers and sellers became a more pronounced issue.
How Law Changes Affected Buyers
Previous to these law changes buyer’s were guaranteed to be treated with fairness. The primary representation and client responsibility was always from the realtor to the seller or property owners. They were always the obligatory payer of the commission. This has changed now so that buyers and sellers are represented in transactions and this is clearly defined. This was done to ensure there are no clouded loyalties.
The seller’s and property owner’s are still the primary payer of commissions however now both parties are equally represented in all transactions. The law however, does include an exception. This allows buyers and sellers to be represented by the same agent as long as there is disclosure and agreement among all parties.
This basically means the agent simply guides each party through their portion of the agreement and does not influence either party’s decisions regarding the actual contract itself.
Important Things to Note for Real Estate in Today’s Market
In today’s ever changing real estate market the following information can be very important for prospective and current property owners:
- When engaging in a real estate transaction, define who will be representing you. Ask what that representation entails.
- Be thorough in deciphering what your specific transaction requires from you in regards to financing, credit, legal obligations etc. Your realtor should be able to help with all aspects of this.
- Assess your long and short term goals regarding your life and how real estate can help you. Define which goals real estate can help you accomplish and which ones are most important to you.
- If purchasing, selling or leasing property prioritize and define as best you can what your needs are. Decipher what things you are willing to compromise on and what things you cannot compromise on. Most transactions require a certain degree of compromise from all parties involved.
- Also, don’t assume that name reputation for financing etc. necessarily ensures you the best quality. Check around for what best suits your needs and verify that the company is reputable.
But Where To Go From Here?
Even in this difficult real estate market some things are assurable. First, realtors have to by law watch out for your rights. Second, remember real estate is not just location, location and location anymore. In today’s current market, it has become more a lesson to prioritize, prioritize, and prioritize. Lastly, remember that inevitably the market will change and recover, not unlike stocks it is simply a cycle that must work its way through.
Astoria Oregon Real Estate is the premier location for properties and information in the Clatsop County, Oregon area. Lead realtors Kyle Uchitel and Aleksandr Vasser are ready and waiting to assist new buyers or sellers. They help get the most out of your property purchase or sale. Let Astoria Oregon Real Estate guide you on your journey!