New Report Highlights Value of Partnering with a REALTOR® in Competitive Housing Market

Sellers report higher prices with agent-assisted sales; 86% of buyers and sellers used an agent or broker in transaction

Navigating the dynamic and competitive real estate market can feel overwhelming, for both buyers and sellers. The process became even more complex in 2024, with fluctuating economic conditions, new regulations, and emerging technologies -- all of which makes working with a REALTOR® more valuable than ever.

"As the real estate market becomes more sophisticated, the guidance of a REALTOR® is essential for a smooth, well-managed transaction," said Kevin Leatherman, President of Long Island Board of REALTORS®. "REALTORS® are not only knowledgeable about current market conditions, but they also have access to extensive resources and tools that make the process more efficient for buyers and sellers alike."

REALTORS® are well-versed in the complexities of real estate transactions, from forms and legal disclosures to financial documents. With a deep understanding of local markets, property values, and neighborhood trends they provide insights that help avoid costly mistakes and delays. They understand the nuances of school districts, zoning laws, and future developments that can affect property values, which is critical in today’s market.

Negotiating a real estate deal is one of the most challenging parts of the process. A REALTOR® acts as an advocate for clients, ensuring they receive the best price and terms. They understand the intricacies of offers, counteroffers, and contract contingencies, and work to achieve the most favorable outcome. A recent report from the National Association of REALTORS® (NAR) found that homes sold by owners typically fetched a median price of $380,000, while agent-assisted sales garnered a median price of $435,000. Ninety percent of sellers sold with the assistance of a real estate agent, up from 89% last year, and only 6% were For Sale By Owner (FSBO) sales, an all-time low

REALTORS® have exclusive access to the Multiple Listing Service (MLS), a powerful tool that provides comprehensive data on available properties. For buyers, this means gaining access to a wide range of listings, often before these properties are widely advertised. Sellers benefit from their property being exposed to a larger pool of potential buyers. REALTORS® also leverage the latest tools, such as virtual tours, digital marketing, and online document signing, to make the buying and selling process more efficient and accessible.

The NAR report also found that 90% of recent buyers considered their real estate agent a very or somewhat useful source of information. Additionally, 86% of both buyers and sellers used a real estate agent to help with their home purchase or sale, the highest among all information sources used.

From mortgage brokers and home inspectors to contractors and real estate attorneys, REALTORS® have an extensive professional network that can simplify the buying and selling process. They can recommend trusted professionals, saving clients time and money.

Buying or selling a home is an emotional journey. REALTORS® serve as a calming, objective presence, helping clients stay focused and make decisions in their best interests. REALTOR® are professionals bound by the REALTOR® Code of Ethics, which emphasizes integrity, fairness, and the protection of clients' interests. They are committed to providing honest, transparent service, and work to ensure clients receive the highest level of professionalism throughout the transaction.

"Real estate transactions are among the most significant financial decisions people make in their lives," said Leatherman. "Working with a REALTOR® ensures buyers and sellers have a knowledgeable and experienced partner to help them achieve their goals with confidence."

For more information or to connect with a professional REALTOR®, visit www.lirealtor.com/buyers-sellers/find-a-realtor.