All the best,
Century 21 Tenace
Discuss your feelings with your agent....maybe you just need to take a step back for a bit, but it would be really nice if you referred him to anyone you know who may be ready to buy or sell....
and......... make sure when you are ready to buy that you give this agent the opportunity to sell you a home.(assuming you were happy with his services).
So, no, you don't owe him anything now.........but some loyalty in the future would be nice.
In answer to your question, you don't owe your buyer's agent anything--except that if you do decide to halt your search for now, and he has done a good job for you, an opportunity to represent you when you decide to start looking again.
In any case, good luck to you.
Ellen G. Friedman, Keller Williams Realty, http://www.ellenfriedmanhomes.com
You should always have a buyers agent agreement the same way you have a sellers agents agreement. That way it is a clear understanding of what the agent will be doing to earn their fee, what their fee is and the expections of each party involved. That way both parties are protected.
you will need to read your buyer agency agreement, if you signed one, to see if there is any fee that you would be responsible for. Most of the time there isn't and many firms do not even ask you to sign a buyers agreement. Your Realtor will get nothing out of it financially, this is how it works, BUT hopefully, if you had a good relationship, he will get something that can be even better, in my opinion, your loyalty & future referrals. Also, you should have this conversation with him. You have received many answers here that are helpful but have a chat with your Realtor about this. Good luck
That said, it is impossible to tell you without reading your buyer agency contract. Some agents put in there a retainer fee that will be applied to your purchase, but most likely if you have not already given him/her that retainer then you would not owe them anything.
Being young and buying a home is a good idea if you are buying for the right reasons. Housing is not one of them as you can rent. Investment is not one of them, unless you understand the risks involved, because values can go up and down. The reason to buy is that you want to live in a particular community and to raise your family in that community. That you will get the tax benefits of home ownership (unless we fall off the financial cliff) and it is a forced way of saving money, one that will hopefully appreciate, but if not and it is in a stable community it will not depreciate as quick and your buying power will remain the same.
As had been said below, you do not owe your buyer's agent anything financially until you successfully close a transaction. However, if you felt your agent otherwise met your needs, there is no reason not to continue a relationship. Just dial back your activity. Perhaps your agent can help you get to a point where you will feel more ready. Or maybe it would take another agent to help you feel ready. To some extent, it's like dating ... some times it's the timing and circumstance, but some some times it IS the person.
Best of luck!
Even if its the wrong time... You might have the right Realtor.
When you find a good Realtor, stay with them through out your process, You really do owe that to yourself .
Best of luck whatever you decide. This is a great time to buy, but it has to be right for you and your life also.
If I may ask, why are you second guessing? This is a great time to buy. With interest rates this low, you have more buying power.