Real estate news is breaking constantly. Mortgage rates and home prices are making headlines. And the East End is paying attention. We hear terms like buyer’s market and wonder what that means for buying a home in the Hamptons. So we put the question to Bill Carroll of Hampton One Real Estate Group.
What’s the best way to take advantage of a buyer’s market?
Bill Carroll of Hampton One Real Estate Group says: If you’re interested in buying a home in the Hamptons and want to make sure you get exactly what you want at the best price possible, it is imperative you work with a buyer’s agent.
Buyer’s agents represent buyers and seller’s agents represent sellers. The goal of a seller’s agent is to get you to pay the highest price possible for any home they are showing. Of course it is—they are representing the seller. They are required to share only material facts about the home and not much else.
A buyer’s agent, by fiduciary law, is obligated to act only in the best interest of the buyer. And that, of course, includes negotiating the lowest price possible for the purchase of your future home. A buyer’s agent should diligently research comparable homes in the area to see what has sold, and what has not, and apply all of the relative data that has been acquired to arrive at a price that the agent believes is fair market value. Together the client and agent can then agree on a strategy and begin the negotiating process.
Have questions about buying a home in the Hamptons? You can contact Bill Carroll and Hampton One Real Estate Group, the only Exclusive Buyer Brokerage on the East End of Long Island, at (631) 241-8168 or by email at [email protected] You may even see your question answered right here at Ask the Expert!