If you’re thinking about selling or buying a home, chances are you are looking for a real estate agent to help you with the process. HomeLight can make sure you find the right realtor for your needs.
In this HomeLight review, you’ll learn exactly how the site can help you find the perfect real estate agent to help you with your home buying or selling journey.
Overall Rating
Summary
If you are looking for a realtor to guide you through the home selling or buying process, consider checking out HomeLight to get matched with a great agent.
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User friendly
4
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Extra features
4.5
Pros
- Free to use
- Agents not paid for referral
- Tons of resources
- Cash buyers options
Cons
- Three agent referral limit
- Not all agents on HomeLight
- Name and email to get started
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Table of Contents
What is HomeLight?
HomeLight was founded by Drew Uher after he and his wife nearly lost their dream home while trying to purchase it. They were frustrated that the home buying process was so stressful.
After they finally closed on their home, they wanted to find a way to make the home buying and selling experience easier for others. HomeLight was their solution.
HomeLight works to connect buyers and sellers with great real estate agents using a calculated algorithm. Site users can compare agents that fit their needs, then choose the one they want to work with.
In addition, HomeLight offers several tools and resources that buyers and sellers can use to make home purchase and sale transactions easier.
Who is HomeLight For?
In a nutshell, HomeLight is for anyone who is looking to work with a real estate agent.
HomeLight is a great solution for people who want to buy or sell a home with the help of a realtor but need a little assistance finding the right one.
The site serves every major city in the United States. This means that the company can help you whether you are buying or selling locally or looking to move to a different city or state.
If you’re interested in finding your first home or you’re ready to make an upgrade or a downsize from your current home, HomeLight can provide assistance.
For buyers interested in purchasing a rental property, HomeLight connects home sellers with buyers who are ready to pay with cash.
HomeLight works in several ways to help home buyers and sellers have a better real estate experience. It is even useful for people looking for articles and resources about home buying and selling.
That said, the site might not be for you if you are looking to sell your yourself without a realtor.
How Does HomeLight Work?
HomeLight bases their realtor recommendations on a calculated algorithm determined by your input. Here’s how it works.
Tell HomeLight What You’re Looking For
You start by telling HomeLight what you’re looking for, whether that’s buying or selling a home. Simply follow the prompts that correlate with your needs.
If you’re buying, they’ll ask you about the type of home you want. Or, if you’re selling, the site will ask you questions about the sale, such as when you want to go on the market.
HomeLight Will Run the Numbers
After you’ve entered your information and answered all the pertinent questions related to your needs, HomeLight will run the numbers.
The site will use its algorithm to determine which real estate agents in your area best match your needs.
HomeLight partners with over 2.5 million real estate agents throughout the United States. They rank the agents based on their number of sales, types of sales, list price vs. sale price and more.
These are just some of the criteria the site uses to help narrow down the field of agents and help you find realtors that meet your needs.
Review Your Real Estate Matches
Once you’ve received the list of agents HomeLight has determined best fit your criteria, it’s time for you to review your matches.
You’ll get a list of real estate agents in your area. HomeLight says the list is 100% unbiased since agents can’t pay to get on the site or receive a higher ranking.
If an agent signs up, HomeLight simply uses past transaction criteria to determine the agent’s ranking on the site.
HomeLight analyzes agent performance data, including:
- Geographic information, property types and price points
- Transaction volume by year
- Average sale price vs. list price
- Reviews from past customers
And more. By using data alone and not accepting paid rank increases, HomeLight remains truly neutral and leaves the decision-making up to you.
Talk to An Expert
As you peruse your matches, you’ll get a call from a HomeLight concierge. Your concierge will answer any questions you have and help you refine your agent search.
Then, they’ll assist you in arranging an in-person interview with the agents you’re interested in.
Meet Your Matches
Next, it’s time to meet your matches. You’ll set up an interview with each of the agents you’ve selected.
It can be helpful to have a set of questions ready to go before you meet your potential realtors.
Questions you may ask during the interview process include:
- What is your commission rate?
- How do you market listings? (if applicable)
- What is your process for helping buyers find homes? (if applicable)
- What is your timeline for returning customer calls, emails and texts?
- Do you have references?
You can also ask your realtor how long they’ve been in the business and what their experience consists of, although most of that information will be provided by HomeLight.
Decide Who to Work With
After you’ve completed your interviews, it’s time to decide which agent you want to use. You’ll likely find at least one that you are interested in working with.
You are always free to continue your search or choose an agent not recommended by HomeLight if you don’t like any of your initial matches.
However, given that HomeLight does extensive research on agents they recommend, chances are good you’ll find one you like through the service.
HomeLight Features
HomeLight offers valuable features for both home buyers and sellers. These features are designed to make the process easier regardless of your real estate goals.
For Buyers
The company has several features home buyers might appreciate. Taking advantage of these tools can help you streamline the home ownership process.
Get Pre-Approved
HomeLight has a subsidiary called HomeLight Home Loans that offers mortgage loans. You can apply for a mortgage with HomeLight Home Loans online.
The website says you can be pre-approved for your loan in as little as five minutes. In addition, the underwriting process is completed right away.
This means that you’ll have final approval on your mortgage loan quickly.
Bonus: HomeLight Home Loans doesn’t charge traditional mortgage lender fees. This can save you thousands of dollars.
Home Affordability Calculator
The HomeLight website features a Home Affordability Calculator. This calculator uses your income, credit score and monthly debt payments to determine how much home you can afford.
While the calculated number isn’t a guarantee, it can be helpful as you prepare for loan pre-approval and shopping for your new home.
Down Payment Calculator
HomeLight’s Down Payment Calculator is another great resource. It uses suggested home purchase prices to help you determine how much money you’ll need for your down payment.
You can choose from different down payment percentages (3.5%, 5%, 20%) until you get a number that works for your savings budget.
Buyers Resource Center
HomeLight has a Buyer’s Resource Center that is full of articles to help you throughout your home buying journey.
You can learn about everything from how to find your dream home to how to buy a house with cash. The Buyer’s Resource Center can be an excellent tool for answering your home purchase questions.
For Sellers
HomeLight offers many features that can assist you when you’ve decided you’re ready to sell your home.
Simple Sale
Simple Sale is a program where you enter information about your house on the HomeLight website. From there, HomeLight’s list of over 200 cash buyers can view your property and choose to make an offer.
HomeLight will send you information about the highest cash offer after your home has been on Simple Sale for 48 hours. If you choose to accept the offer, you have up to 60 days to close and move out.
With Simple Sale, you won’t pay any agent fees, nor will you have to prepare your house for showings.
Simple Sale is only available to you if your home is not currently on the market.
Home Value Estimator
HomeLight’s Home Value Estimator asks you seven questions about your home. From there, it uses calculated algorithms to give you two prices.
These prices include:
- An estimate of how much money you could get using Simple Sale
- A price range of what your home might sell for with a real estate agent
Of course, these are just estimates. That said, it can be nice to have an idea of what to expect price-wise as you prepare to sell your home.
Commissions Calculator
HomeLight provides a Commissions Calculator on its website. The Commissions Calculator uses your home’s value and a percentage rate you enter to determine an agent’s commission amount.
You can choose whole numbers for the commission rate, or you can choose fractional percentages such as 5.8%.
This is a nice tool to help you get an idea of the dollar amount you’ll pay a real estate agent to list and sell your home.
Net Proceeds Calculator
HomeLight’s Net Proceeds Calculator gives you a rough idea of the total net proceeds you’ll walk away with when you sell your home.
The calculator takes into account figures such as:
- The estimated sales price of your home
- Your current mortgage balance
- Real estate agency commission
- Seller contributions
And more. Keep in mind that this is just an estimate, but it can help give you an idea of how much cash you’ll end up with at closing.
Sellers Resource Center
As with the Buyers Resource Center, the Sellers Resource Center contains various articles that can help home sellers answer questions they may have.
You can learn about how to stage your home for the market, what to expect during the closing process and more.
This section on the website has dozens of articles to help you learn more about selling your home.
HomeLight Pricing
One great feature of HomeLight is that it doesn’t cost anything to use. It’s completely free for home buyers and sellers.
In addition, real estate agents cannot pay to be listed on HomeLight. This eliminates any temptation for HomeLight to promote less-than-desirable agents.
Positives and Negatives
Before deciding whether or not to use HomeLight, here are the pros and cons to consider.
Pros
- Free to use
- Agents can’t pay to be recommended by HomeLight
- Multiple resources for homebuyers and home sellers
- Simple Sale allows you to search for a cash buyer for your home
Cons
- Referral process only recommends up to three area agents
- Not all real estate agents use HomeLight
- Must provide your email and phone number to use the site
FAQs
Here are some frequently asked questions about HomeLight to help you decide if you’ll use the site.
According to HomeLight, they serve every major city in the United States.
HomeLight’s recommendations are deemed trustworthy by the company because they are unbiased.
Agents cannot pay to be a part of HomeLight or to increase their rankings. All agent information is gathered independently by HomeLight, and rankings are based on the data collected.
HomeLight helps you find a good real estate agent for buying or selling your home. They base realtor selections on past performance.
The site also offers home buyers and sellers multiple resources to learn more about their real estate needs.
Better yet, it’s free to use the service.
With HomeLight, you only get recommendations for up to three agents. This will limit your selection and potentially cause you to miss out on great agents.
Additionally, not every agent in the country is listed on HomeLight.
HomeLight gets a percentage of the commission the real estate agent you choose makes on the sale of your home. There’s no cost to you.
Summary
Buying or selling a home can be stressful. HomeLight is an innovative real estate website that can make it easier by helping you find a real estate agent.
If you are looking for a realtor to guide you through the home selling or buying process, consider checking out HomeLight to get matched with a great agent.
Source: wellkeptwallet.com