Why Some Austin Homebuyers Are Going with Realtor-Free Transactions
With solid employment numbers and a high economic growth rate, Austin’s housing market is on track to break records this year. The Austin Board of Realtors reports that on average the price of a single-family home was $333,452 in October 2015. That price represents a 7-percent increase from the same time last year.
While this is all good news, higher home prices mean higher commissions for realtors, and sometimes homeowners look back on their residential real estate transactions and wonder whether a realtor was needed at all. Could that heavy cost have been avoided?
If you’re able to find your own home to purchase, then you may not need help from a realtor, but you do need to cover your legal bases.
In some cases, a realtor’s 6-percent cut can come to tens of thousands of dollars that, with the right legal help, could have been saved. If you’re buying a house at the current average price in Austin — $333,452 — then you may end up paying a realtor a 6-percent commission of $20,000. At the same rate, the realtor would get $60,000 if the home is priced at $1 million.
Don’t leave money on the table. Let a real estate law attorney help save you money and protect you from legal pitfalls and financial harm.
The reality is that the traditional home-buying process is not the best option for all homebuyers, and a realtor-free transaction may be the best way to minimize costs and maximize the deal.
At Slater Pugh Ltd. LLP, our real estate transaction attorneys provide advice and representation to homebuyers and home sellers. Our services include:
- Drafting contracts, including offer letters and purchase agreements
- Negotiating prices
- Handling inspections, title-related matters, financing and closings
To learn more about a transactional strategy that is often more cost-effective than the traditional home-buying process, please see our real estate law overview.