In today’s ultra-competitive real estate market where there is only 1.7 months supply of inventory compared to 6 months in a balanced market, and the average home is getting 4.8 offers per sale, it is more important than ever to have the right person "champion" your cause.

In the Middle Ages, it became customary for a person of nobility to appoint a "champion" to fight for them in their stead. Trial by combat ended in the 15th to 16th centuries but the practice of "fighting" or speaking in one’s behalf continues even to this day.

Lawyers will take up the cause of their client to win justice for them. Professional athletes are recruited for their abilities to help their team become victorious. Craftsmen of every type imaginable are in high demand because of their finished product.

Sellers’ and buyers’ objectives are different and, in many cases opposing in nature. Sellers, rightfully so, believe they should get the most for their home while minimizing expenses and avoiding any issues that could cause delays. Buyers want to be treated fairly; have an opportunity to buy the home of their choice and enjoy the protections of normal contingencies for things like mortgage approval and inspections.

In most situations, there are two real estate agents involved in a single sale. While there could be legal agency distinctions, it is commonly felt that the agent on their side of the transaction is "championing" their cause. It is natural to want your champion to be the most capable person available.

There are skills that agents need in today’s market not the least of which is negotiations. Regardless of which side of the fence you’re on, your agent needs to be skilled in negotiating on your behalf. Every part of the contract is a negotiation starting with the price, then, whether it is cash or subject to a mortgage. What’s a reasonable amount of earnest money? Can it be "as is" and still allow the buyer inspections so they’ll be fully aware of what they’re buying?

The buyer wants to negotiate the best terms possible with the seller and they are depending on their agent to work for them to get them. The home inspector has been hired by the buyer to determine the condition of the home and will most likely, ask the seller to make any necessary repairs.

The lender hires an appraiser to determine the value of the home so that the loan will be secured by the property. Recent sales are used as comparables, but they trail the market which becomes a challenge in rapidly appreciating markets, especially, when there are multiple offers.

And since multiple offers are the norm currently, how is the best way to handle them based on the seller’s or buyer’s perspective. There could be legal and ethical procedures that must be followed but an agent’s experience may also contribute to the favorable outcome.

The skilled and experienced negotiator understands that every transaction is different because of dealing with individuals, their families, their needs, and their emotions. The role of the third-party negotiator can be invaluable to the success of the transaction based on not only their experience but the juxtaposition to the principals and their objectivity of trying to reach a compromise.

As a current homeowner, you may be basking in the consolation that you bought before the market got crazy with higher prices and interest rates. However, it doesn’t mean that you may not be facing higher mortgage payments for next year.

Most homeowners pay their taxes and insurance into an escrow account with their mortgage payment. The lender monitors the account to be sure there are enough funds available when the taxes and insurance are due. If there is a shortage, it could cause your payment to increase.

In 2021, the national average increase in home prices was just under 20% but may have been considerably higher in some local markets. The increased value of homes doesn’t just affect buyers, in can affect the assessed value of properties across the board resulting in their property taxes going up.

Various taxing authorities, like state, city, school, and other special districts, can establish the rate they charge and exemptions that apply. In most situations, there is a state assessment procedure for establishing the value subject to tax.

When the assessment is published, there is usually an opportunity for the owner to challenge the value. The owner can submit evidence to justify lowering the assessment like comparable sales that indicate a lower value, mistakes in the size of the improvements or lot size, or possibly, deteriorated condition of the property.

There are companies who will represent sellers in the effort to lower the assessment. Typically, they may charge a flat fee and a percent of the property taxes saved by lowering the assessment. This particular year, some assessed values have gone up as much as 35-40% and it may not seem fair, but it really does accurately reflect market value.

Start investigating your situation as soon as you are notified of this year’s assessment. In most cases, the owner can represent themselves in the matter, but they will need to accumulate accurate, comparable sales, not use automated value models, found online.

Your real estate agent may be able to provide you a list of comparable sales.