Save Money on Buying a House in Washington, D.C.Washington, D.C., is arguably one of the most vibrant cities in the U.S. After all, our Presidents have lived here for years! However, buying a home in this beautiful city often comes at a steep price tag. We thought we'd share the secret of how to save money on buying a house in Washington, D.C.: a real estate rebate.

How to Save Money on Buying a House in Washington, D.C., with a Real Estate Rebate

Many buyers are unaware of this real estate perk. Or, if they do know about rebates, they worry about the legality of them. The truth is that there are only a few states that prohibit Realtor rebates.  Real estate rebates are completely legal in Washington, D.C., Virginia, and Maryland. 

How does a real estate rebate work?

Traditionally, a real estate agent will receive a commission from a home sale, usually around 3% of the home selling price. When you work with a real estate rebate agent, he or she will rebate 1-2% of that commission back to you. This results in an additional couple of thousand dollars back in your pocket!

Why haven't I heard of a rebate before?

Real estate rebates aren't a secret, but very few agents offer this perk. Instead, they prefer to keep their full 3% commission. 

Rebate Realtors are hidden gems — you just have to know to look for them!

Realtors are losing profit, right? Why would they offer a rebate?

In a nutshell, a real estate rebate is an incentive for consumers. Realtors offer rebates to obtain a competitive advantage. Say you're comparing two agents. They both have the same experience and positive reviews, but one agent offers a rebate and one does not. Odds are, you'll choose the agent who will save you thousands of dollars.

What's the catch?

There is no hidden "catch." However, note that rebates are applicable in situations where buyers or sellers take the time to seek out the homes they are interested in. That's how the agent is able to afford the rebate; as a buyer, you would be taking responsibility from the agent by finding the homes yourself, rather than having the agent do it for you. With so many listings easily accessible for review online in this day and age, many home buyers now search for homes naturally.

Am I at risk if I choose to work with an agent who offers a rebate?

Not at all! A rebate agent provides the same services as a traditional agent. In Glass House's case, we even go above and beyond traditional services to offer additional perks like electronic documents, complimentary home staging, and more.

Rebates are legal in most states and are not taxable. Plus, "the Antitrust Division has found no evidence that refunds and incentives harm consumers."Rebates are purely beneficial to home buyers and sellers.

Who is eligible for a real estate rebate?

Anyone! If you work with a real estate rebate agent like Glass House Real Estate, you should be able to receive a portion of the agent's commission whether you're buying a home, selling a home, or even building a new house.

Key Takeaway

Real estate rebates are an excellent perk for anyone entering the real estate market! If you're planning on buying, selling, or building a home in D.C. or the D.C. metro area, I highly recommend you work with a rebate agency like Glass House to save some money in the transaction.

Plus, if you work with our team, you can rest easily knowing that we're working hard to ensure you receive the best price on your home, whether you're buying or selling.

Sources

1. The United States Department of Justice, Source 1 

2. ActiveRain

3. The United States Department of Justice, Source 2

Buying a home in the D.C. metro area?

Work with the Glass House team to find the home of your dreams and earn a cash rebate.

Khalil El-Ghoul

Discover our 2.25% Full Service Listings and Buyer Rebates. Khalil is dedicated to guiding home buyers and sellers with expert advice and objective information. For professional real estate assistance, text Khalil at 571-235-4821 or email khalil@glasshousere.com today.