Need some input on home buying. central IL area
Right now I live in Pekin and work in Morton. I just got preapproved to buy a house. Im looking in Pekin,N Pekin,Marquette Heights,and Creve Couer. Are there any decent neighborhoods in Peoria? Should I stay on the east side of the river? Any realtors in the area you guys can recommend?
I am a proud resident of CC, and I would highly recommend staying on the "good side" of the river.
Morton has high taxes, among other things.
If you seriously consider CC, shoot me a PM.
Just remember with a realtor, they are getting paid depending on how much you spend for a house. They more expensive, the more they make.
Don't be afraid to low ball the seller by $30,000 to start.
$30,000 at 6% commission = $1,800. Divide that by 2 agents (seller agent and buyer agent) and you're looking at $900 to each agent (paid by the homeowner/seller). THEN the agent has to split that with their managing brokerage. Say they're a good agent and they have a 70/30 commission split - that's $624. If they're a newer agent and have a 50/50 commission split, that extra $30,000 = $450 to the buyer's agent or the seller's agent. In a lot of areas, the negotiated rate seems to be around 5% rather than 6% - just depends on how it's negotiated with the seller...
Some agents are dirtbags - undoubtedly. However the seller pays for the realtor's commission - and any decent agent will fight hard on the buyer's behalf and walk you through the buying process at your own pace / comfort level.
Agents clearly get paid based on how much a home sells for but the extra $450 is a lot less than the referrals and lifelong business relationship any decent agent hopes to get based on excellent service.
The advice I'd give is to only buy if you're planning on living in a home for 7-10 years. Buy WELL below what the mortgage broker / bank approves you for. Research the neighborhood / schools etc. - especially if you've got kids / thinking of having kids.