Agree with Annette that the listing agent showed an exceptional amount of integrity, although the buyer's agent she recommended is more than likely paying a referral fee of some sort. Or they are part of team designed to represent both sides of the transaction and make it appear to be fair. It's not.
I recommend that you eat crow and tell the listing agent you want independent representation. Hire an Exclusive Buyer Agent in your area to represent you. They will know how to handle it. Go to www.naeba.org for a referral.
I have buyers approach me all the time with this dilemma. My first call is always to the listing agent to learn about their relationship with the buyer...I'm not in the business of stealing another agent's clients. I find almost all listing agents understand this and will do what's best for the seller/client, which is to sell the house. If not, or if they have spent a great deal of time with the buyer, I always insist that they are compensated for their time. They can be compensated through the transaction if your deal goes through, or you can just write them a check for their time. $75-$100 is reasonable for each showing.
And you shouldn't feel badly about this. Buying a home is complicated and although 99% of Realtors are honest people with a lot of integrity, we are all working within a system that is flawed and that favors sellers. Good for you for knowing that you are entitled to proper, independent representation.
Here are some stats on Wisconsin home sales in the first quarter of 2010.
(See the link to my blog for more information and links to where I got my statistics from)
Sales are up 16.8% in the First Quarter of 2010 VS 2009
Wisconsin is outperforming the Nationwide in terms of median sales price. Wisconsin is up .1% whereas Nationwide is down .7%
Waukesha County Rose both in number of sales from last year by 3.4% and in average sales price by 2.2%
These statistic all bode well for our market. It shows that prices have held, sales have increased despite the dip nationwide. This is despite the fact that there are a large amount of foreclosure sales in the market.
Federal tax credits and low-interest rates helped fuel the increases, especially in the starter home category. The big questions are:
How will the market respond after the tax credits expire?
Will movement in the lower end start helping the mid range sales activity?
How quickly could interest rate increases cut into the positive growth we have seen?
Regardless of the questions out there, this is positive news regarding the stability of our market and we should be encouraged that we are coming out of the bottom.... more