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A good real estate agent will know the ins and outs of the neighborhood in which you're buying or selling.

If you're shopping for a home, you likely have a rough idea of where you want to buy and where you don't. If you're selling a home, you have to "sell" the neighborhood to potential buyers. A real estate agent who specializes in the area you're buying or selling in and -- ideally -- lives there himself will be able to offer a lot more expertise than an agent from outside the area.

"You want to look for experience in the neighborhood you're looking in and knowledge of that neighborhood," says Bruce Hahn, president of the American Homeowners Grassroots Alliance and the American Homeowners Foundation. "You want to ask them how many sales they've had or purchases in that neighborhood."

Look for someone who not only has knowledge of local sales, which can help you price your home if you're a seller or shape an offer if you're a buyer, but also knows the neighborhood inside and out, including its schools, amenities, zoning laws and other details.

• Get tips on shopping for a Realtor

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