I’m going to save 10K in commissions on the sale of my home so I will lower the price of my house rather than pocket that money for myself - SAID NO SELLER EVER
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
I suppose that would depend on whether the seller was able to move the house in the timeline they needed to or not. That said...less money going out of pocket is still a huge win.
Real estate commissions have nothing to do with inflated home prices. Inflated home prices have to do with huge corporations buying up homes increasing their value.
I’ve seen a lot of commentary on this but no one has mentioned the fact that most buyers are strapped for cash and if they have to pay their buyers agent out of their own pocket it will significantly reduce the amount of money they have for a down payment. Which means they may have to accept a higher interest rate on their mortgage because they don’t have enough cash down, or they may not be able to buy at all. If you want to make a significant change in the industry, stop treating single family homes as an asset class for investment by real estate holding companies that buy insane numbers of homes to use as rentals, thereby reducing the number of homes available for families to purchase AND artificially driving up rental prices. There are multiple neighborhoods in Atlanta where virtually ALL the homes are owned by greedy, profiteering investment firms.
Yes, I lived in Atlanta for many years (Sandy Springs/Dunwoody area), and this should NOT be allowed. It should be illegal, in fact. This is happening in many parts of the country. Inventory was already at historic lows before companies started buying existing homes to rent out at astronomical prices, turning America into a nation of renters vs owners. Then add in the vacation rentals (e.g. Airbnb) of homes plus the fact that homeowners are staying put and not selling. I just don't see either political party at any level wanting to try and fix this. Many people feel the dream of homeownership is dead. And don't forget PMI that buyers have to pay if they don't have a 20% downpayment.
I'm glad you typed this because I was about to. One of my first questions to buyers is straightforward... if you have bringoney to the table, will you be able to. A LOT of folks aren't able to bring much...adding buyer agent commission will produce a highly negative outcome to the market
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
Excellent points. This is also going to increase scams on unrepresented buyers and more disclosure issue lawsuits. The only beneficiary on this lawsuit was the attorney who filed it.
no....they're holding realtors accountable for predatory fee practices. 24k in fees to sell a home is absurd. Particularly when the percentage increases the fees based purely on the price point, and not the actual effort.
How is 3% for each " predatory fee practices". Do you know whats not going to change, The amount of Money it cost realtors to be able to use MLS services and get leads. The amount of money that comes out of there fee to go to both there broker and the referal fees from most leads. Also the 3% isnt going to change from both sides, the only thing this lawsuit changed was that now Sellers no matter what cannot pay the buyer anymore. Even if the owner of the house being sold wants to have seller agent pay to help get the house sold they cannot. So yes as a Seller your going to get to save 3%. However now the Buyer has to cough up 3% which from what all acounts looks like its a closing cost and not something that gets added to the load so they will have to pay out of pocket.
I here you. I have been saying for years that the owners of Real Estate companies need to change their business model and they refuse so now the force. Technology has made all sides easier to find and close so the fees need to be lower. Buying leads Lol, if 100% of your business is leads your in the wrong business. it should be about 20-40% only. Your cost has nothing to do with buyers and sellers. I have a few solutions that will never happen but makes sense for both sides
And, you haven't been sued YET by the buyer. Double check the statute of limitations in your state. Buyers can always come back & sue you for lack of disclosure up to the statute of limitations in your state. You were fortunate to ride the wave of a crazy pandemic market when demand was high. Congrats. Markets change.
Sellers can increase price for any reason and it just makes you go to a different seller this just stops a middleman from getting paid as much which is good for everyone. The middleman taking a fee was not helping the buyer or the seller in any way so there's no way this can be anything but a net positive
Nope! It's so funny how the media has taken the story and run with it. Have they actually polled Seller's? No Sellers are reducing their prices. Buyers are the ones getting hosed here. I can't wait to revisit this in 12 months when the unintended consequences have settled in and Buyers are off the rails when they realized they have been hung out to dry in an already tough market. 😂
@@mommom3172 Let's also ignore that competing realtors were charging a 4% split for a few years now. People don't realize that now it won't pay enough for only the largest firms to consolidate the industry and... raise commissions higher, but call them a 'flat fee". Unrepresented buyers are going to be hosed, and I'm interested to watch real estate attorneys to make a killing going forward.
Yup. No reduction in prices. Sellers just get to keep more of the profit. But, tis could induce potential sellers to actually put their house on the market because they can make a better profit.
Don’t get it twisted, this isn’t to protect buyers and ultimately going to hurt them as they never had to pay for brokerage services. Now they are going to be incentivized to not have representation creating dual agency with the seller ultimately always getting the better deal.
It's unclear if it hurts or helps buyers. It should bring down the overall market - but will require buyers to have higher % of cash for any home. If you have plenty of cash - it probably helps you as a buyer. If you're were hoping for a low % down mortgage and you struggle to save $$$ - it could feel painful. then again, if you're struggling to save without a mortgage... you probably shouldn't be looking to add one.
Please stop spewing bs that you know nothing about. It's people like you that make assertions like this, just like the media, who have no idea what you're talking about. The seller's WILL STILL PAY COMMISSIONS. But because you listen to media bs, you fell for a bunch of bs and came up with your own conclusion, which is false.
@@BedbugGamingit will NOT "bring down the overall market." What is wrong with you people??? You don't even know how the new rules will be structured, and here you are talking about "bringing down the market." I'm embarrassed for you!
@@alouise3557 i don't mean "bring down" like it will crash the market, but it will be a force pushing prices lower. there's no way the rules could be structured so they wouldn't... unless the seller continued to pay the fees, with the buyer effectively financing them in the mortgage.
More like $300. There's no way the kind of "work" they do is worth more than that. There is going to be an app that is modeled after Lyft/Uber where people will sign up to show homes for a small fee by finding "dash realtors" who are in your locality to drive to the property to open the door and answer questions.
300$? most realtors sell 1 home per month😂 would you work at your current job for 300$ per month? I understand your point of view but youre not making sense@@paranoidhumanoid
@@paranoidhumanoid ignorance. i lived with a realtor. she never slept, never had time to do anything, constantly chasing around assholes that wanna see every house in the world, but never wanna find anything good enough, wasting time for months, you have NO IDEA how complicated this crap gets. realtors have to get licensed. what, you think they sell tons of h ouses every month? your lack of knowledge doesnt make you right. you look like a fool.
Exactly I've always said they don't deserve 6%. They don't do anything to sell a house. I sold three houses in the internet era saving myself 100k I'm real estate fees
It’s going to be a dying field. Really there is no reason for a third party to broker the deal anymore. You can find most listings online with filter buttons. Also There are too many lackluster Realtors anyway. Try asking them basic questions about plumbing, structure or electrical. Many of them don’t seem to know but they will be happy to tell you what color the wall would look good in once you buy it. You don’t need to pay 6% for that..
Please come to Florida where legal review is not required like it is in some states. It is the wild wild west. Let's start with the 4 point and wind mitigation reports required to obtain insurance. I welcome a homebuyer to do their own research before laying out escrow funds and terminating their current lease to ensure they are entering into a contract on a property that will pass all 4 items on the 4 point inspection and wind mitigation inspection. Oops. It has a Zinsco panel & polybutelyne pipes? Now what? I welcome them to research the local municipality's permitting timelines to pull permits and replumb the house and replace the electrical prior to closing and renegotiate terms with the Seller AND reschedule the home inspector to ensure it now passes the 4 point inspection to get insurance and OOPs during that period of time for all those repairs their interst rate lock is going to expire on their mortgage. Interest rates went up .25% and now they can't afford the monthly payment. What now? AND, if there is an HOA that that they meet the minimum requirements to be approved prior to closing. Oh, and there is a hurricane season 6 months out of the year. What do they do when a Cat 3 storm blows through in the middle of a contract to purchase? Buyers being unrepresented is great!! 😂
The funny part is you think as a buyer you are paying 6%. The second funny part is you thinking the realtor (who is paid to do your contract, negotiate, and protect your interests) is a general contractor, which is why you don't waive inspections. Derp
@@mommom3172 My job included calling the town to find out why the property next door is wooded (commercial zoned), calling the owner to see what his plans are, calling the town to see when the cesspool was installed, etc.
@@TheRoman4373not really, real estate agents are professionals of the real estate law in their state. same reason you would hire a lawyer to help you in a real estate transaction.
@@prod.vengeance I've seen mistakes in every offer, counteroffer, contract, and title report I've examined, none of which the applicable realtor saw or, if the realtor did see it, didn't correct.
Nothing is going to change, sellers will still pay buyer agents 2% - 3% commissions to bring them buyers and 5% - 6% commissions to sell overall. If you pay attention to the details, the only change is that agents cannot list the buyers agents commission in MLS. Listing agents are still able to share the commission they charge sellers and offer buyer agents commission to bring buyers. Nothing has been stated that commissions need to be lowered or that buyers need to pay their own commission, that is not going to happen. The only thing that will change is there will be a new way that listing agents communicate how much commission buyers agents are receiving. That will be the only change. Also New Construction Builders will continue to pay commissions to buyers agent to bring them buyers, so the resale market will need to stay in line and pay buyers agents as well. No major changes will happen
Instead of Owners of RE offices and their Agents coming up with up to date selling know-how and using technology to reduce cost, their just going to still break the law, over charge buyers and sellers just to keep the same old business model. This is why they lost the law suit. Refusing to change.
@@bcartertx Lowering the fee's to sellers and buyers doesn't mean your income get's lower at all.Your (RE industry) business models are out of date. No offense to you, but this technology of today and coming soon no one can justify 5-6% to sell. We don't need two agents (more cost) on the public side maybe on your side. Hard headed and stubbornness in the real estate industry wants this and makes excusses as to why it's needed. We don't want it and don't worry about what's good or bad for us, we will handle that. Talk about your side only. Again no affense you you just a conversation. I never seen agents and owners of them worry about our side so much, that's when you know it's BS. We got it. Lastly, sorry, Google is working on a app, that will change everything. Just like Zillow did as the number one go to RE app. Zillow will have a app that the buyers talks to the sellers, see the property, meet in a attorneys office and start the deal. It's not the answer to everything but it will take 50% of the business, change your business model before most agents be gone.
you know absolutely nothing about real estate. A "Google app?" Buyer and seller communicate? Meet in an attorneys office?" Good God, please don't breed. Your entire comment indicates you're nothing more than a passive aggressive person (with minimal education as to how real estate works) who thinks you have the answers yet you have absolutely no idea what you're talking about.
@@Matt-fl8uyIt's not a ruling, it is a settlement. And, buyers are getting shafted further. I don't know a single Seller "slashing" their price 😂 Prices are not going down. It's just going to be harder for buyers especially expanding the divide between the rich & poor because the rich can afford to pay for a buyers agent but the poor can't. What a win!! 😂
@@mommom3172 We pulled our listing with an agent a few months ago. When we put our property back in the market soon, without an agent, we'll be dropping the price significantly. It will make a difference to the buyer and very little difference to us.
REALTOR FEES ARE NOT PASSED ON TO THE BUYER! Realtor services have always been FREE for the buyer. If anything this is bad news for buyers because Realtors will need to make up for the loss of income that this "law" is impacting. Realtors will either need to transfer the other half of the fee responsibility to buyers who will need to have even more money to bring to a real estate transaction BEFORE closing or Realtors will start up-charging sellers for services that have traditionally already come with the 6%. This new law will do nothing but ultimately hurt buyers and sellers.
This doesn't impact listing agents. But buyers agents are now dead. Any serious realtor is now going to focus solely on listings. First-time home buyers are screwed and real estate investors are about to take over the market. I feel bad for Gen Z. they should honestly move out if they want a chance in home ownership.
It sure does impact listing agents because the percentage is negotiable and because of their income getting slashed there's going to be more competition. Why list with remax for 3% if the next agent down the road will do it for 2 and 1/2% and yet a third 2% it will become a bidding war. As it should be
As someone who has gone through home buying several times. Realtor commissions are disgusting. I would rather go directly through the seller and leave the realtor out. 6% comis to fill in the blanks on contracts which i could do on my own time for free, 6% comis just to schedule a tour of the house which i could do myself, 6% comis to negotiate items found during inspection which i could myself. It's ridiculous.
@@shanealbertson8 it just took me 30 minutes to figure out how to cancel Hulu so know am not throwing shade on anyone but not everyone is capable. My wife became a realtor ten years ago and I’ve observed a lot. Some people want the convenience some people need the help mainly on the buyer side when it comes to needing help.
@@Matt-fl8uy no, its much less... a small percentage of the best will make it. And the ones that make it will go from making a quarter million a year *the really good rare ones that will actually survive this* to making 80k a year. and you think they will stick around? real estate is already a brutal survival tactic... live with one and youll see. They often spend nearly a thousand, sometimes more, on staging a home for sale. look up averages man. the average real estate agent, works for free for each person, an average of 4 months before getting a paycheck. the average realtor in my state, earns 72k a year. Now factor in gas driving these people in the nice car you have to have, to homes they decide they dont like, for 4 months. Gas is expensive, so are nice cars. 72k a year is not that much, when your expenses are so high. Look up youtube videos on the hardside of being a realtor. youll see its hard already. it aint like these people are out here working 4 hrs a day to earn this income. they average 12 hour days, often times 6 days a week. you, are being ignorant, PERIOD. angry at the wrong fkin people. you mad about house prices, that are NOT going to change due to your realtor no longer making a couple grand off of it. if you think buyers are gonna sell for less due to that, you have NEVER worked in sales. This will literally remove their paychecks. so what is gonna replace it? yall arent asking that and its incredibly selfish. like ya lets remove the paychecks of waiters too and see if things get cheaper. fk them right? lol its unreal the lack of intelligence, and people just let their fkin lips run. wild
We need 1/2 out because very few are good meaning maybe 30% you would want to work with. I have been buying and selling for over 43 years (only 1 every 4-5 years) and it's amazing the lack of real Real estate knowledge.
No, we didn't. It's entirely predicated on you, your neighbor, your uncle, your boss, ect all piling into the same few cities and then out bidding each other relentlessly on the same handful of properties driving up prices. Buyers are their own worst enemy in this regard. The price of real estate is entirely based on how much you're willing to pay.
@@easylivingaustin512 Plus the lies your realtor tells you about what the owner will take or not. Realtors play their customer all the time. I love it when a Agent tells you my seller doesn't want this or that or my seller wouldn't go along with that let you know. The seller knows nothing about real estate, it's you that doesn't want to do or take this.Liars
I agree it is not the realtors who cause the problem. In a way I feel bad for what's coming for that profession it's always been a professional job with high pay for individuals. I recently purchased a house and I decided to call the listing agent. She happened to also be the broker. So normally a 6% commission would be split with the selling agent and their broker as well as the buyer's agent and their broker. 1.5% for all four individuals. Not in my agent's case for my house she got the whole 6%. Those days may be in the past for her. Sellers agents are going to have to do twice the work if they want to sell a property. It's in their best interest to show it now but there's not going to be a 3% for the buyers agency. They really can't charge the buyers to show it because that's not in the seller's best interest. They are in a conundrum. It's going to become cutthroat very soon and the 3% that they would charge for listing is going to be competitive and shave down probably to 2%. Realtors
In the internet era only a fool would use a real estate agent. Your house sells it self does a broker really deserve 6% they have been ripping sellers off for the last hundred years.
brokers sites are what people are actually using. where would you post your home? screen buyers yourself? the brokers are saving time so it's not like they're doing nothing.
Yes, please invite the random public like the local addict into your home without properly vetting them. Let's see how that turns out. 😂 You ALWAYS been able to list a home FSBO. Good luck trying to find a buyer without representation who can successfully close on your home. If it's been done, please send me the address because I'd love to study it for myself. It's beyond rare!
@@jusletursoulglobaby I sold two homes in new York city and one home in Florida using craigslist. I don't need to screen buys all I say is for viewing appointment you'll need proof of down deposit a pre approval letter from your lender. The homes sell themselves period. Real estate agents have been ripping people off for the last hundred years. If a house sells for 600k does a real estate agent really deserve 30,000$ dollars for doing nothing. Definitely not in my eyes.
@@jusletursoulglobaby only a fool would give that money to an agent all you need is a real estate lawyer for a 1000$ dollars they handle everything that's important. It makes me smile knowing real estate agent will have to cut there commission in half and that's still a lot. Agents should charge a flat fee of 2000$ to 4000$ max and that's still a lot of money for the hours they put in. 🤣🤣🤣🤣
@@GQ1921 step off the soapbox. it's totally unnecessary. an attorney isnt going to list your home or screen buyers for you. that's not their job. again, you're acting as if they're not doing anything. they're brokers. standard broker fees is reasonable. it's been reduced. so great.
so...a nationwide renter abuse law,SO RENTERS CAN STAY LONGER WITH NO PAY?..nah..in most states you can eff the owner out of rent without paying him already!
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
Realtors are needed. Realtors need to work under a broker and from that 3% they each make, half or most of it goes to the broker they work for, as part of the agreement to work under a broker. Realtors should have the buyers best interest in mind and their job includes protecting their buyer from the fine print. Broker offices must have found a way to exist without realtors to now push this agenda, which in the end will not disrupt at all their profits. The only money a broker will loose here is what they would have had to pay a realtor for completing a sale. Realtors should walk with you every step of the way. If you want to see multiple homes in one day or a week, nobody is going to give you the codes to get the keys to see those homes. Someone from the broker will have to do it if realtors jobs get eliminated from the process. Most if not all of the fees incurred during a buy/sell process go to multiple parties, bank, lawyers, county, city, broker, etc.
maybe this will reduce the need for a buyer agent and just a seller agent. Buyer agent can be helpful but if someone has to pay $12K (for a $400K home), they can do the research themselves in MLS.
Not the MLS just Zillow and many more. It will change soon. Google will change it all. It will take a company that has 100s of billions to change. If their RE app is approved, for get about it, game over.
Truth: Starting July 1 FHA and VA buyers will not be able to have representation during their purchase. Representatives (realtors) do not work for free, just like you dont. The 6% (FHA) money will go 100% to the buyers closing costs and fees, (4% for VA) Now imagine how those people are going to get completely screwed going over their own contracts. Everything government does is to help government and to make every citizen just a bit more dependent on government. .
Do you think your buyer broker should show you countless homes over countless weeks and months, negotiate hard for you to get the house you want maybe even in a multiple offer situation and work for free??
Well if realtors are not worth their commission fees then maybe the seller and buyer should do their own paperwork from start to finish and pay the MLS fees as well.
I invest in real Estate and own a few properties all of which I used an agent to buy mainly because I didn't have to pay them. I always thought my agent didn't do sh*t. I found the properties myself, I made initial contact with seller agent, I walked and inspected the properties. Other than getting permission to enter the properties and coordinating paperwork my agent didn't do much. One can totally buy a property without an agent. Just find a good title company you trust. DON'T PAY BUYER'S AGENT COMMISSIONS !
Oh the new rules will impact the housing market alright. When buyers are on the hook for paying their agent's commissions, we will see a lot fewer buyers.
This is horse crap. Nothing has changed. Now the buyer and the seller have to negotiate WHO pays that 6%. The amount is the same. I read it 3x because I couldn't believe someone agreed to this garbage. Nothing has changed. EVERYONE pays the 6% fee no matter where it is. You sell you pay the 6% and when you buy you pay 0% old system. Now it's what 3% when you sell 3% when you buy? It's the same crap reworded.
@@LT-em1vu Nothing....... I negotiated my realtor's commission before. Current I have a flat fee realtor and I am offering 2% to the buyer. The law hasn't even come into play yet. In one place I was buying I asked the selling realtor to lower her commission so I could afford it and she did. Where they SHOULD have put laws are these unscrupulous realtors that ask for a buyer's agreement and hide somewhere in the small print a "broker fee". I got nailed by this about 15 years ago. The fee was $500 from Coldwell. Also lying realtors. I am buying new construction now. I offered to sign a buyer's agreement for the realtor that contacted me. So he can feel safe yes I will use you. He says "don't worry about it". Right after I signed on to the contract with the builder the real estate agent that directed me there say the builder isn't paying all of his commission with his so he would like if I cough up $4000. He played the empathy card. I said "do we have a buyer's contract? that I offered?"... he dropped it. Then a few days later mentioned the broker fee of $400. I said the same thing. He dropped it. THEN a few days later his group send me something to sign taking off the fee so they can record the sale with their group and the commission or some excuse. So I read it and there was no exclusion to the commission clause. They were trying to get me to sign something to get their $4000. I told they to go pound sand I am not signing anything from them. Of course if I would have seen the buyer's agreement and the fee I would have not used the realtor. I said "you made a few phone calls and made $16,000. That's a pretty good day so don't try this #### on me." There should have been something done so these kind of realtors don't trick customers into paying bogus fees in an era where real estate is sky high.
i tried to sell :"by owner" in a depressed market...l finallt wrote in my (news paper) ad "your agent gets 2%....suddenly i had agents helping me!...they only get 3% anyway....and l had them helping get it all organized!..l will close on a house and47 acres friday,I HAVE NOTICED HOW MANY PAPERS WE HAD TO SIGN...MAKING IT ALL SEEM UNREAL DIFFICULT...TRYING to make us stop selling by owner!The title insurance company is THERE TO HELP US BY OWNER SELLERS..they take way more responsiblity than the brokers for a mere 1/3 of one percent......a good industry..
Yes, this law will now be the benefit of a seller and listing agent the buyer and the buyers are the ones that are screwed however, we can still negotiate. It will hurt the first time buyers in the first time investors that are cash scrapped we’ll see how this changes affects everybodyin July 2024
Not that I'm defending the realtors but everything else cost double like homes when you need to buy one food and automobiles. So it's all relative. These realtors are going to take it in the pants
Being a realtor is gonna be tough, unless you represent the seller, you have a better chance to make money. But as a buyer agent, you're lucky to make money. Then the broker they represent takes half of the commission.... Oof.
Buyers should simply contact the sellers directly to negotiate prices. Why do you need a messenger to do it for you? The only person that has your best interest in mind is YOURSELF, not the broker!
Please, yes! I'm hired by the Seller to look out for their best interests. You think calling the listing agent is going to get YOU the best deal? Please do some homework before you try it and brush up on agency laws in your state. My clients are very busy and do not have time to field phone calls and texts all day from random people off the internet to determine who is a real qualified buyer or who is the local addict looking for an opportunity to "see" the house & steal a few things while they are there. 😂 But, if you guys think this is good for you. Be my guest! I'm grateful to work with people smart enough and well off enough to know this is a horrible idea.
@@mommom3172 Wow, I here fear. Buyers agents will be gone within a few years. Buyers and sellers fee's can't be sustain. Change your business model or be out.
Wrong, the commission will still be there. This accomplished nothing but chaos, an idiot attorney getting richer, and hardship for low income buyers who can afford to buy a house, moving expenses, utilities transferring, down payment, and now a several thousand dollar bill for their agent. This is absolutely not going to help anyone.
So since she pretty much lied to everyone watching the video thats not what the lawsuit did. All that has changed is now Selling agents are not allowed to pay the buyer agent. So yes in theory you may go from 6% to 3% as a seller but now the Buying agent will have to charge the buyer a 3% fee which majority of buyers probably cant afford. So now Buyer will have to save up no only to pay down payement, closing cost and now 3% fee to agent. Congrats on making it harder for the avg person to buy a home now.
golden? the sellers will not sell for less lol they will just take that broker money that you pay and put it in their pocket. theres no difference for you as the buyer
@@enzoinfinity1 You did not follow the story. Sellers will not have to pay both the listing and buying agents. They pay the listing agent only. That leaves the buyers to pay an agent to represent them---out of pocket (I guess). I did not say that the house should sell for less nor should it. Why on earth would it anyway? It's called double-ending the deal when the listing agent gets the ENTIRE 5-6% commission and if you are not around the RE business, you have no idea how shady 90% of agents are.
I won't be working with buyers. All my Seller clients want single agency. If you do not know what that means, it means working for the Seller & their interests only. Why would I do work for the buyer and handle all their contractual obligations also. They can do it themselves or go pay out of pocket for their own agent as this settlement intends. They can "come to the listing agent" but what is that going to get them? If they want to represent themselves, good luck! I have years of experience more than they do & I'm being paid to look out for the interests of the Seller. I'd highly suggest they go find representation. 😂
@@mommom3172 Everyone near the business knows the shady a$$ game "realtors" play, that's why you rank down there with used FCKN car salesmen because you are no different. You will pick the buyer who has a paid agent over one that does not, guaranteed. Real estate transactions are one of the most opaque of nearly all purchases. Buyers/sellers NEVER know the truth of behind the scenes dealings.
@@enzoinfinity1 Actually there is, the buyer won't even know that it's a law that smoke alarms must be installed, or that condo papers must be paid for and reviewed/approved by the buyer. Those are only a few things.
Complete lies, this settlement is worse for first time homebuyers and anyone who really doesnt have much knowledge in doing real estate transactions. The reason we had real estate laws was to protect the consumers (buyer) by doing this buyers are left in the hands of sellers and listing agents. Which are only there to sell properties for as much as they can. In a NUTSHELL buyers who arent knowledgeable of real estate transactions get the end of the stick. They may overpay, pay unnecessary fees, and/or be tooken advantage of, simply by not being knowledgeable. 😖 (By the way home prices are likely not going to go down)
This is one of the most poorly portrayed breakdowns of what is happening with the NAR settlement. All of you thinking that this will change what Realtors will get paid are mistaken. The only change happening is that Realtors can no longer display the commission offered to a buyers agent on the MLS, and that Realtors must have a Buyers Agency document signed prior to showing a home to a buyer. I have listed 5 houses since this settlement came down, and all 5 houses have 6% commission attached to them. If a seller isn't offering a commission to a buyers agent, then the fee falls on the buyer. The buyer simply won't purchase that home, and will move on to another property that does offer a commission to their buyers agent. The Realtor isn't asking them to this, they're coming to this realization on their own. For Sale by Owner and discount brokerages have ALWAYS existed. Will a few more people try this, sure. But largely you'll see little to no change in the industry. This whole situation has been wildly blown out of proportion.
One thing your forgetting. Starting July when all is in plan Buyers will not sign anything about more fee's. It will slow the closing to more months. I find the house online I'm not paying those high fee's. FB and UT and many other we are getting it all together now to be together and change this over price industry. just wait.
This is hilarious LOL. So really all they did was transfer $12k of the cost to the buyer to still equal $24k between both parties in the end LMAO. Whats the difference?
What's the difference, most buyers are not going along with any of those fees or going along with any Agent that tries to get a sign contract to pay those extra fee's, just wait.
Actually MOST buyers are going to go along with it. Because the realtor has to be paid for their time. Would you go to work tomorrow if the company you work for said you were only getting half of your pay? I agree sometimes realtors are overpaid but this really changed nothing in the end. It'd be like going to buy a new car and telling the salesman to deduct his commission from the price of the car to save you money, he'd tell you to kick rocks LOL. And it not "extra" fees, it's the pay for doing the work.
@@tpang85 I understand your point and people need to get paid for their service. The Real Estate owners of these companies, need to change their business model so they can lower their overall cost then fee's. With technology of today and coming soon, no one can justify 5-6% of the sales price. I need three pages to make sense on this. Example only (to start the conversation):One agent only within any transation or make every agent a owner, license. There are many ways to get the fee's down, or I know they will not entertain anything so the FSBO and the $1.00 agent will explode in my apinion. No offense
6% is not a standard 😂 there is no such thing as a standard. Also, this will only make it harder for buyers to buy a home after July because no one will be wanting to help them because no one will want to work for free!
Any set % to buy or sell something is ridiculous. It should be negotiable between seller and realtor. Competitive market will allow a wide range of realtors to suit individual buyers. Its access to the mls that really matters.... then it should be between buyer and seller, like selling a car.
But that's not how it will work. Most realtors will become part of a larger agency and others will just stop doing real estate. You will sign a contract in order to access MLS but that will probably change also. You can sell your house FSBO right now. No one is stopping you from doing anything yourself. Good luck.
We need to make extant housing affordable and we need public housing as the failures of the market have proven with the scattered, shattered lives of millions upon millions of Americans here in the US. There is so much empty housing serving as financial assets in investment portfolios of hedge fund and permanent capital cretins instead of as direly needed shelter for Americans. These unnecessary anonymous office buildings and homogeneously hideous petrochemical yuppie kennel condos intentionally priced out of financial reach of the workforce aren’t making housing more accessible by the developers of mediocrity (ever unhelpful and undesirable to the taxpayer residents of e.g. Portland) by “adding to supply” or affordability, but to the contrary and our collective detriment, are directly causing housing to be more expensive and , of course, less attainable as they artificially inflate the market that then causes cost of living to skyrocket. Actual houses should be affordable for everyone as a societal standard with an economy that isn’t allowed to rob people of it. The supply and demand oversimplification is a known false narrative misrepresentation frequently used as a disingenuous ploy of parasitic, societally toxic, necrotic price gouging corporate slumlords and profiteering developers of blight who knock down our cherished structures and affordable housing stock to then exploit tenants mercilessly. Simply building more just isn’t the answer whether the soft handed nut-jobs of unearned wealth that comprise the plutocracy like it or not. We cannot outbuild the greed of rentier capitalism. Allowing society to regress into another gilded age by allowing feudalism to exist in modern day America is pathetic and we need to evolve beyond an economy that cancerously consumes society. The entire city could be nothing but the tacky garbage housing being forced on us at infinite stories high and it’d still be unaffordable to most real people. Housing is supposed to shelter people, not exploitative profits. We need rent caps. Housing, in a humane and sane society, is for people having homes; the manifest purpose of housing is not for speculative investing, permanent capital, private equity or any of the other euphemistic titles of shady schemes and scams predatory sociopaths cloak their misdeeds masquerading as respectable careers under like so much bordello make-up. It’s errant and always socially destructive to allow societal necessities to be commodified and exploited as consumerist products.
It's not about just home prices dropping. It's Fee's and prices. We want Google to put out their real estate app and the industry will change. Thier changing the internet home access business now.
Here's a scenario for you. Buyer gets a job offer in another state. They get their home under contract in state #1. Buyer starts new job on a specific date in the new state. All their down payment money is tied up in their house in state #1. What do they do? Do they just wait, or can they make an offer on a house in state #2 that is contingent on the sale of the home in state #1. They decide to make that offer and deposit escrow on their dream home in state #2, but 1 week prior to closing they get word that the buyer on their home lost their job and can't close on it. What happens to them now? Do they lose the house in state #2? Or, if they had an experienced buyer agent representing them, the terms might be able to be renegotiated. The reality is...most people work full-time, may be raising families, taking care of ill or elderly family members and lack enough experience to manage ALL of that and every little detail involved with buying a home. If they can do it, I applaud them because very smart and wealthy people I know would admit they would never buy a home in an area they are unfamiliar with without an experienced agent.
What happens if the seller is American and you buy his house in Canada and he owes taxes on the home and leaves to the states? You get stuck with the bill. That’s just one thing I can think of why you should be represented. You can gets royally fucked. The seller doesn’t care about you.
Anyone concerned that this is set to benefit the Likes of giant investment firms thinking of liquidating so they no longer have to pay fees.. Like Blackstone and multitudes of like that have destroyed housing. Benefits Trump need to sell. Hurts realtors or probably will put a large burden on buyers after working out period.
You know what there should be laws over, if there's an advertised price for something the person selling must honor it kind of like any other place where items are sold. If they change their mind, then so be it but then make them not be able to sell for a higher price for a certain time period, say 5 years.
Just re read a Robert Heinlein novel. In an alternate universe the homeowner sets his own value on his home, and pays property taxes on that amount. The kicker is that anyone can come buy and buy the property at that price. The homeowner can raise it, but is then required to pay 3 years back property taxes. Heinlein had some fun ideas.
@@veramae4098 Wow that's crazy twist that I kind of like, if it wasn't for the fact corporations and investor groups would be able to get rid of everyone they didn't like that way.
Exactly. If Wal-mart puts a price sticker on something, they are obligated by law to sell it for that price to the first person who carries it up to the counter. It's absurd that buyers have allowed this bidding war nonsense to propagate. Just put the real price on it.
nah!BAD IDEA.....EVERYTHING is a negotiation,once its a contract ,it is breached if its changed before closing...laws seldom help much and UNINTENDED CONSQUENSES eff things up usually!
For one, nobody tells an agent what to charge as that is illegal so therefore stating that the prices will be cut is not accurate. As a listing agent I will still procure 6% and share it with the buyers agent period. It's up to me to decide how much of my commission to share if this is how they want to go about it. No buyer is going to be able to swing paying the buyers agent commission when trying to qualify for a loan and barely having the cash to pay down on one. Get real! Agents have don't nothing but help the market and in no way hurt anyone. So now are they going to cut attorneys charges now too because people are oaying too much for representation, nope. Attorneys charge what they want for their knowledge, expertise, and experience and it's the same for us Realtors.
You are so wrong in your explanation and you are misrepresenting the facts. 1st commissions are not fixed and never have been by law. Saying fees will go down from X is deceiving because the seller & buyer agent still need to get paid. 2nd buyers will now be required to hire a real estate agent and sign a contract to view a home with a fee in the contract. Something many buyers, agents, and lenders failed to address in 1994 when buyer agencies started and what got us where we are today. 3rd seller commissions are no longer allowed to be published in the MLS. That does not mean a seller can't offer to pay a fee via concessions especially if they want a larger pool of buyers. What you fail to mention is this hurts every FHA and low-down payment buyer who can't afford a fee for their buyer agent if the seller doesn't offer compensation. Most buyers in this category need concessions already and lenders limit the amount. Plus the home still needs to appraise. This hurts every VA buyer because the VA will not allow agent compensation. Unless the VA changes its guidelines they can't hire an agent and pay a fee. This is not good for buyers, sellers, or the industry.
This video fails to address the issue and is just filled with assumptions. Doesn’t cover the details or address the settlement, just presents wishful thinking. Fake news.
![Luigi Mangione pleads not guilty [RAW]](http://i.ytimg.com/vi/JPf-vzvvWRI/mqdefault.jpg)
I’m going to save 10K in commissions on the sale of my home so I will lower the price of my house rather than pocket that money for myself - SAID NO SELLER EVER
jaja true!
Yeah but that’s already your 10k; no need to give it to a third party. It’s your house should be your money.
Of course I will - it will make my house more competitive
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
I suppose that would depend on whether the seller was able to move the house in the timeline they needed to or not. That said...less money going out of pocket is still a huge win.
Real estate commissions have nothing to do with inflated home prices. Inflated home prices have to do with huge corporations buying up homes increasing their value.
They are not high because "huge corporations are buying up homes". Stick to your day job.
That's true but many things are contributing to high prices but that will all change.
I’ve seen a lot of commentary on this but no one has mentioned the fact that most buyers are strapped for cash and if they have to pay their buyers agent out of their own pocket it will significantly reduce the amount of money they have for a down payment. Which means they may have to accept a higher interest rate on their mortgage because they don’t have enough cash down, or they may not be able to buy at all. If you want to make a significant change in the industry, stop treating single family homes as an asset class for investment by real estate holding companies that buy insane numbers of homes to use as rentals, thereby reducing the number of homes available for families to purchase AND artificially driving up rental prices. There are multiple neighborhoods in Atlanta where virtually ALL the homes are owned by greedy, profiteering investment firms.
Yes, I lived in Atlanta for many years (Sandy Springs/Dunwoody area), and this should NOT be allowed. It should be illegal, in fact. This is happening in many parts of the country. Inventory was already at historic lows before companies started buying existing homes to rent out at astronomical prices, turning America into a nation of renters vs owners.
Then add in the vacation rentals (e.g. Airbnb) of homes plus the fact that homeowners are staying put and not selling. I just don't see either political party at any level wanting to try and fix this. Many people feel the dream of homeownership is dead. And don't forget PMI that buyers have to pay if they don't have a 20% downpayment.
I'm glad you typed this because I was about to. One of my first questions to buyers is straightforward... if you have bringoney to the table, will you be able to. A LOT of folks aren't able to bring much...adding buyer agent commission will produce a highly negative outcome to the market
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
Excellent points. This is also going to increase scams on unrepresented buyers and more disclosure issue lawsuits. The only beneficiary on this lawsuit was the attorney who filed it.
All HOA (we did) should put in their ccr and other only owner occupied owners are allowed. This will stop most
So now they wanna blame the realtors for the housing prices...... Lol this is too funny.
No there not, Realtors have a percentage of the problem. Realtors just keep puching prices and fee's all the time. Take some responsibility
no....they're holding realtors accountable for predatory fee practices. 24k in fees to sell a home is absurd. Particularly when the percentage increases the fees based purely on the price point, and not the actual effort.
Yes your right but other than the fine there's many more things to talk about to get the buying and selling right for consumers
How is 3% for each " predatory fee practices". Do you know whats not going to change, The amount of Money it cost realtors to be able to use MLS services and get leads. The amount of money that comes out of there fee to go to both there broker and the referal fees from most leads. Also the 3% isnt going to change from both sides, the only thing this lawsuit changed was that now Sellers no matter what cannot pay the buyer anymore. Even if the owner of the house being sold wants to have seller agent pay to help get the house sold they cannot. So yes as a Seller your going to get to save 3%. However now the Buyer has to cough up 3% which from what all acounts looks like its a closing cost and not something that gets added to the load so they will have to pay out of pocket.
I here you. I have been saying for years that the owners of Real Estate companies need to change their business model and they refuse so now the force. Technology has made all sides easier to find and close so the fees need to be lower. Buying leads Lol, if 100% of your business is leads your in the wrong business. it should be about 20-40% only. Your cost has nothing to do with buyers and sellers. I have a few solutions that will never happen but makes sense for both sides
Every realator we used did absolutely nothing but introduce use to a title company that did the paperwork.
You cannot even spell "Realtor." And, you're full of crap.
I put a "for sale by owner" sign out front, listed on Zillow, printed out a purchase agreement all for less than 500.00.
You sold your own home for $500? I sold mine for $395,000.
@@northerniltree sold it for 425k
And, you haven't been sued YET by the buyer. Double check the statute of limitations in your state. Buyers can always come back & sue you for lack of disclosure up to the statute of limitations in your state. You were fortunate to ride the wave of a crazy pandemic market when demand was high. Congrats. Markets change.
@@mommom3172 exactly. Anything wrong with the property not disclosed can open this guy up to serious pain. And he doesn't even know.
SO YOU THINK THE AGENT will keep you from getting sued?OR more recdiculous,take the heat?what?@@mommom3172
This is not good for buyers. Sellers aren't going to decrease prices just because they don't have to pay buyer agent commission.
as a seller I feel like I can increase the price now a little bit 😂😂
Sellers can increase price for any reason and it just makes you go to a different seller this just stops a middleman from getting paid as much which is good for everyone. The middleman taking a fee was not helping the buyer or the seller in any way so there's no way this can be anything but a net positive
Nope! It's so funny how the media has taken the story and run with it. Have they actually polled Seller's? No Sellers are reducing their prices. Buyers are the ones getting hosed here. I can't wait to revisit this in 12 months when the unintended consequences have settled in and Buyers are off the rails when they realized they have been hung out to dry in an already tough market. 😂
@@mommom3172 Let's also ignore that competing realtors were charging a 4% split for a few years now. People don't realize that now it won't pay enough for only the largest firms to consolidate the industry and... raise commissions higher, but call them a 'flat fee". Unrepresented buyers are going to be hosed, and I'm interested to watch real estate attorneys to make a killing going forward.
Yup. No reduction in prices. Sellers just get to keep more of the profit. But, tis could induce potential sellers to actually put their house on the market because they can make a better profit.
Don’t get it twisted, this isn’t to protect buyers and ultimately going to hurt them as they never had to pay for brokerage services. Now they are going to be incentivized to not have representation creating dual agency with the seller ultimately always getting the better deal.
It's unclear if it hurts or helps buyers. It should bring down the overall market - but will require buyers to have higher % of cash for any home. If you have plenty of cash - it probably helps you as a buyer. If you're were hoping for a low % down mortgage and you struggle to save $$$ - it could feel painful. then again, if you're struggling to save without a mortgage... you probably shouldn't be looking to add one.
Please stop spewing bs that you know nothing about. It's people like you that make assertions like this, just like the media, who have no idea what you're talking about. The seller's WILL STILL PAY COMMISSIONS. But because you listen to media bs, you fell for a bunch of bs and came up with your own conclusion, which is false.
@@BedbugGamingit will NOT "bring down the overall market." What is wrong with you people??? You don't even know how the new rules will be structured, and here you are talking about "bringing down the market." I'm embarrassed for you!
As the seller should. It’s his home hes offering. Shouldn’t have to pay both fees. And this is coming from someone who works for Berkshire Hathaway.
@@alouise3557 i don't mean "bring down" like it will crash the market, but it will be a force pushing prices lower. there's no way the rules could be structured so they wouldn't... unless the seller continued to pay the fees, with the buyer effectively financing them in the mortgage.
Good for both parties . Realtors are not worth more that 2k flat fee
More like $300. There's no way the kind of "work" they do is worth more than that. There is going to be an app that is modeled after Lyft/Uber where people will sign up to show homes for a small fee by finding "dash realtors" who are in your locality to drive to the property to open the door and answer questions.
300$? most realtors sell 1 home per month😂 would you work at your current job for 300$ per month? I understand your point of view but youre not making sense@@paranoidhumanoid
@@paranoidhumanoid ignorance. i lived with a realtor. she never slept, never had time to do anything, constantly chasing around assholes that wanna see every house in the world, but never wanna find anything good enough, wasting time for months, you have NO IDEA how complicated this crap gets. realtors have to get licensed. what, you think they sell tons of h ouses every month? your lack of knowledge doesnt make you right. you look like a fool.
@@enzoinfinity1 its not uncommon for them to go longer. lol this dude is a moron
Exactly I've always said they don't deserve 6%. They don't do anything to sell a house. I sold three houses in the internet era saving myself 100k I'm real estate fees
Of course this happens as I am in the middle of obtaining my California Real Estate License.
Or just be smarter and don’t use an agent.
I've always said they were over paid. Adding unnecessary costs to the purchase of a home.
About time! I sold my 700k house and had to pay almost 50k in fees, ridiculous!
It’s going to be a dying field. Really there is no reason for a third party to broker the deal anymore. You can find most listings online with filter buttons. Also There are too many lackluster Realtors anyway. Try asking them basic questions about plumbing, structure or electrical. Many of them don’t seem to know but they will be happy to tell you what color the wall would look good in once you buy it. You don’t need to pay 6% for that..
Please come to Florida where legal review is not required like it is in some states. It is the wild wild west. Let's start with the 4 point and wind mitigation reports required to obtain insurance. I welcome a homebuyer to do their own research before laying out escrow funds and terminating their current lease to ensure they are entering into a contract on a property that will pass all 4 items on the 4 point inspection and wind mitigation inspection. Oops. It has a Zinsco panel & polybutelyne pipes? Now what? I welcome them to research the local municipality's permitting timelines to pull permits and replumb the house and replace the electrical prior to closing and renegotiate terms with the Seller AND reschedule the home inspector to ensure it now passes the 4 point inspection to get insurance and OOPs during that period of time for all those repairs their interst rate lock is going to expire on their mortgage. Interest rates went up .25% and now they can't afford the monthly payment. What now? AND, if there is an HOA that that they meet the minimum requirements to be approved prior to closing. Oh, and there is a hurricane season 6 months out of the year. What do they do when a Cat 3 storm blows through in the middle of a contract to purchase? Buyers being unrepresented is great!! 😂
The funny part is you think as a buyer you are paying 6%. The second funny part is you thinking the realtor (who is paid to do your contract, negotiate, and protect your interests) is a general contractor, which is why you don't waive inspections. Derp
The funny part is I can sense the fear in your speech. Time to find a new career, buddy
@@mommom3172 My job included calling the town to find out why the property next door is wooded (commercial zoned), calling the owner to see what his plans are, calling the town to see when the cesspool was installed, etc.
@@Legoman69469 What a ridiculous and pointless "comeback".
I have always said if you want to make alot of money for little effort become a realtor. This is long overdue
Shut up idiot
I don't think people realize the amount of work realtors do to sell a property. What's next, not paying your attorney?
lol. Big difference
@@TheRoman4373not really, real estate agents are professionals of the real estate law in their state. same reason you would hire a lawyer to help you in a real estate transaction.
@@prod.vengeance I've seen mistakes in every offer, counteroffer, contract, and title report I've examined, none of which the applicable realtor saw or, if the realtor did see it, didn't correct.
Nothing is going to change, sellers will still pay buyer agents 2% - 3% commissions to bring them buyers and 5% - 6% commissions to sell overall. If you pay attention to the details, the only change is that agents cannot list the buyers agents commission in MLS. Listing agents are still able to share the commission they charge sellers and offer buyer agents commission to bring buyers. Nothing has been stated that commissions need to be lowered or that buyers need to pay their own commission, that is not going to happen. The only thing that will change is there will be a new way that listing agents communicate how much commission buyers agents are receiving. That will be the only change. Also New Construction Builders will continue to pay commissions to buyers agent to bring them buyers, so the resale market will need to stay in line and pay buyers agents as well. No major changes will happen
Instead of Owners of RE offices and their Agents coming up with up to date selling know-how and using technology to reduce cost, their just going to still break the law, over charge buyers and sellers just to keep the same old business model. This is why they lost the law suit. Refusing to change.
The cost of living and doing business has increased dramatically, so our income needs to remain the same and it will.
@@bcartertx Lowering the fee's to sellers and buyers doesn't mean your income get's lower at all.Your (RE industry) business models are out of date. No offense to you, but this technology of today and coming soon no one can justify 5-6% to sell. We don't need two agents (more cost) on the public side maybe on your side. Hard headed and stubbornness in the real estate industry wants this and makes excusses as to why it's needed. We don't want it and don't worry about what's good or bad for us, we will handle that. Talk about your side only. Again no affense you you just a conversation. I never seen agents and owners of them worry about our side so much, that's when you know it's BS. We got it. Lastly, sorry, Google is working on a app, that will change everything. Just like Zillow did as the number one go to RE app. Zillow will have a app that the buyers talks to the sellers, see the property, meet in a attorneys office and start the deal. It's not the answer to everything but it will take 50% of the business, change your business model before most agents be gone.
you know absolutely nothing about real estate. A "Google app?" Buyer and seller communicate? Meet in an attorneys office?" Good God, please don't breed. Your entire comment indicates you're nothing more than a passive aggressive person (with minimal education as to how real estate works) who thinks you have the answers yet you have absolutely no idea what you're talking about.
You’re wrong
Good because you're taxed many times as seller or buyer on the same money
Still paying 8% interest & 20% inflation
That's passing and when it does this ruling will still be in place.
@@Matt-fl8uyIt's not a ruling, it is a settlement. And, buyers are getting shafted further. I don't know a single Seller "slashing" their price 😂 Prices are not going down. It's just going to be harder for buyers especially expanding the divide between the rich & poor because the rich can afford to pay for a buyers agent but the poor can't. What a win!! 😂
@@mommom3172 We pulled our listing with an agent a few months ago. When we put our property back in the market soon, without an agent, we'll be dropping the price significantly. It will make a difference to the buyer and very little difference to us.
Blame Biden for that.
This report is soooooo inaccurate I do not even know where to start. Horrible, horrible reporting. So much wrong information it is ridiculous.
Yes. I think they were more interested in making it sound uncomplicated than accurately reporting it.
This information needs to be corrected; she needs to understand the reality of the Real Estate Business.
This will have ZERO impact on housing prices.
REALTOR FEES ARE NOT PASSED ON TO THE BUYER! Realtor services have always been FREE for the buyer. If anything this is bad news for buyers because Realtors will need to make up for the loss of income that this "law" is impacting. Realtors will either need to transfer the other half of the fee responsibility to buyers who will need to have even more money to bring to a real estate transaction BEFORE closing or Realtors will start up-charging sellers for services that have traditionally already come with the 6%. This new law will do nothing but ultimately hurt buyers and sellers.
This doesn't impact listing agents. But buyers agents are now dead.
Any serious realtor is now going to focus solely on listings.
First-time home buyers are screwed and real estate investors are about to take over the market.
I feel bad for Gen Z. they should honestly move out if they want a chance in home ownership.
It sure does impact listing agents because the percentage is negotiable and because of their income getting slashed there's going to be more competition. Why list with remax for 3% if the next agent down the road will do it for 2 and 1/2% and yet a third 2% it will become a bidding war. As it should be
They'll have to do more than list the property and wait for a buyer's agent to bring a buyer. Like, maybe, actually show the houses.
As someone who has gone through home buying several times. Realtor commissions are disgusting. I would rather go directly through the seller and leave the realtor out. 6% comis to fill in the blanks on contracts which i could do on my own time for free, 6% comis just to schedule a tour of the house which i could do myself, 6% comis to negotiate items found during inspection which i could myself. It's ridiculous.
No one ever said you had to use a realtor. I don't understand why you would do such a repulsive thing.
Realtors like car salesman are a waste of money
Only if you are competent
@@frootlooper in this day in age I’m really surprised these people aren’t replaced with some sort of software
@@shanealbertson8 it just took me 30 minutes to figure out how to cancel Hulu so know am not throwing shade on anyone but not everyone is capable. My wife became a realtor ten years ago and I’ve observed a lot. Some people want the convenience some people need the help mainly on the buyer side when it comes to needing help.
It sounds like you hired the wrong person because we have thousands of very satisfied buyers & sellers that would never refer to us in that manner.
Here's the thing. No one ever forced you or anyone to use one.
This is going to remove over half of our realtors. there isnt enough homes being sold to support them like this.
So only the best will stay in the business. Not seeing a negative.
@@Matt-fl8uy no, its much less... a small percentage of the best will make it. And the ones that make it will go from making a quarter million a year *the really good rare ones that will actually survive this* to making 80k a year. and you think they will stick around? real estate is already a brutal survival tactic... live with one and youll see. They often spend nearly a thousand, sometimes more, on staging a home for sale. look up averages man. the average real estate agent, works for free for each person, an average of 4 months before getting a paycheck. the average realtor in my state, earns 72k a year. Now factor in gas driving these people in the nice car you have to have, to homes they decide they dont like, for 4 months. Gas is expensive, so are nice cars. 72k a year is not that much, when your expenses are so high. Look up youtube videos on the hardside of being a realtor. youll see its hard already. it aint like these people are out here working 4 hrs a day to earn this income. they average 12 hour days, often times 6 days a week. you, are being ignorant, PERIOD. angry at the wrong fkin people. you mad about house prices, that are NOT going to change due to your realtor no longer making a couple grand off of it. if you think buyers are gonna sell for less due to that, you have NEVER worked in sales. This will literally remove their paychecks. so what is gonna replace it? yall arent asking that and its incredibly selfish. like ya lets remove the paychecks of waiters too and see if things get cheaper. fk them right? lol its unreal the lack of intelligence, and people just let their fkin lips run. wild
@@Matt-fl8uy and the "best" ALWAYS charge less, right?
We need 1/2 out because very few are good meaning maybe 30% you would want to work with. I have been buying and selling for over 43 years (only 1 every 4-5 years) and it's amazing the lack of real Real estate knowledge.
McDonald's is hiring!
Realtors helped create the housing bubble. They are a huge part of the housing problems!!
No, we didn't. It's entirely predicated on you, your neighbor, your uncle, your boss, ect all piling into the same few cities and then out bidding each other relentlessly on the same handful of properties driving up prices. Buyers are their own worst enemy in this regard. The price of real estate is entirely based on how much you're willing to pay.
@easylivingaustin512 I was a realtor, worked in title insurance, was a buyer and seller many times over. You are wrong
@@lulajohns1883 I feel sorry that you didn't gain a base line understanding of supply and demand economics despite working first hand in this biz
@@easylivingaustin512 Plus the lies your realtor tells you about what the owner will take or not. Realtors play their customer all the time. I love it when a Agent tells you my seller doesn't want this or that or my seller wouldn't go along with that let you know. The seller knows nothing about real estate, it's you that doesn't want to do or take this.Liars
I agree it is not the realtors who cause the problem. In a way I feel bad for what's coming for that profession it's always been a professional job with high pay for individuals. I recently purchased a house and I decided to call the listing agent. She happened to also be the broker. So normally a 6% commission would be split with the selling agent and their broker as well as the buyer's agent and their broker. 1.5% for all four individuals. Not in my agent's case for my house she got the whole 6%. Those days may be in the past for her. Sellers agents are going to have to do twice the work if they want to sell a property. It's in their best interest to show it now but there's not going to be a 3% for the buyers agency. They really can't charge the buyers to show it because that's not in the seller's best interest. They are in a conundrum. It's going to become cutthroat very soon and the 3% that they would charge for listing is going to be competitive and shave down probably to 2%. Realtors
Real estate owners are cutting out the middlemen/women.
AT THE expense of the buyer.
If no one is paying the realtors commission, how are they going to make a living??
MOST will become greeters at Walmart!It will be ok.
@@metalrooves3651 I have a college degree (which I paid for on my own - no free lunch there), so I think I can do better.
By getting a job to contributes to society
This is bad for buyers. They will have to pay the buyer's agent. Most 1st time buyers do not have a lot of cash.
No your wrong.
Why would a buyer pay anything? Call listing ageny go under contract and close.
All the weed dealers, dropouts from my high school became realtors. 🏠
That's bull grap
The internet, AI, everything going digital is a great thing, but we really need to change our economic system to adapt to the change.
The only winners here are Zillow and Redfin. They provide leads for a cut of the fees. With so much power, they'll just take over the industry.
In the internet era only a fool would use a real estate agent. Your house sells it self does a broker really deserve 6% they have been ripping sellers off for the last hundred years.
brokers sites are what people are actually using. where would you post your home? screen buyers yourself? the brokers are saving time so it's not like they're doing nothing.
Yes, please invite the random public like the local addict into your home without properly vetting them. Let's see how that turns out. 😂 You ALWAYS been able to list a home FSBO. Good luck trying to find a buyer without representation who can successfully close on your home. If it's been done, please send me the address because I'd love to study it for myself. It's beyond rare!
@@jusletursoulglobaby I sold two homes in new York city and one home in Florida using craigslist. I don't need to screen buys all I say is for viewing appointment you'll need proof of down deposit a pre approval letter from your lender. The homes sell themselves period. Real estate agents have been ripping people off for the last hundred years. If a house sells for 600k does a real estate agent really deserve 30,000$ dollars for doing nothing. Definitely not in my eyes.
@@jusletursoulglobaby only a fool would give that money to an agent all you need is a real estate lawyer for a 1000$ dollars they handle everything that's important. It makes me smile knowing real estate agent will have to cut there commission in half and that's still a lot. Agents should charge a flat fee of 2000$ to 4000$ max and that's still a lot of money for the hours they put in. 🤣🤣🤣🤣
@@GQ1921 step off the soapbox. it's totally unnecessary. an attorney isnt going to list your home or screen buyers for you. that's not their job. again, you're acting as if they're not doing anything. they're brokers. standard broker fees is reasonable. it's been reduced. so great.
Did it say when this goes into effect? 🏡
July
Rewind clown! 🤡 it’s the beauty of the swipe button
This is not good for buyers because now buyers will have to pay more
exactly. Puts the pressure on the buyer.
Cool that they didn’t read the proposed settlement before “reporting” on it.
NOW let's see a NATION WIDE renter's rights law passed! We've been renting 5 years same place & we are paying WAY. TOO. MUCH!!!!
so...a nationwide renter abuse law,SO RENTERS CAN STAY LONGER WITH NO PAY?..nah..in most states you can eff the owner out of rent without paying him already!
What do you want from an owner whose taxes are way too much!
Lol that’s what I like to hear😅 we have rights as well and they need to have more restrictions on these damn landlords raising rent!
So what should those laws say?
Real estate is a perfect job for former sex workers or prostitutes. You you have to see as many clients as quickly as possible. You have to get them in and out as quickly as possible. You have to get the most money as quickly as possible...
Realtors are needed. Realtors need to work under a broker and from that 3% they each make, half or most of it goes to the broker they work for, as part of the agreement to work under a broker. Realtors should have the buyers best interest in mind and their job includes protecting their buyer from the fine print. Broker offices must have found a way to exist without realtors to now push this agenda, which in the end will not disrupt at all their profits. The only money a broker will loose here is what they would have had to pay a realtor for completing a sale. Realtors should walk with you every step of the way. If you want to see multiple homes in one day or a week, nobody is going to give you the codes to get the keys to see those homes. Someone from the broker will have to do it if realtors jobs get eliminated from the process. Most if not all of the fees incurred during a buy/sell process go to multiple parties, bank, lawyers, county, city, broker, etc.
Well someone owes me my money back 😮
maybe this will reduce the need for a buyer agent and just a seller agent. Buyer agent can be helpful but if someone has to pay $12K (for a $400K home), they can do the research themselves in MLS.
Do they know what the pitfalls are?
Not the MLS just Zillow and many more. It will change soon. Google will change it all. It will take a company that has 100s of billions to change. If their RE app is approved, for get about it, game over.
Truth: Starting July 1 FHA and VA buyers will not be able to have representation during their purchase. Representatives (realtors) do not work for free, just like you dont. The 6% (FHA) money will go 100% to the buyers closing costs and fees, (4% for VA)
Now imagine how those people are going to get completely screwed going over their own contracts.
Everything government does is to help government and to make every citizen just a bit more dependent on government. .
Do you think your buyer broker should show you countless homes over countless weeks and months, negotiate hard for you to get the house you want maybe even in a multiple offer situation and work for free??
Well if realtors are not worth their commission fees then maybe the seller and buyer should do their own paperwork from start to finish and pay the MLS fees as well.
TLDR - Fee rules wont go into effect until mid July 2024
I invest in real Estate and own a few properties all of which I used an agent to buy mainly because I didn't have to pay them. I always thought my agent didn't do sh*t. I found the properties myself, I made initial contact with seller agent, I walked and inspected the properties. Other than getting permission to enter the properties and coordinating paperwork my agent didn't do much. One can totally buy a property without an agent. Just find a good title company you trust. DON'T PAY BUYER'S AGENT COMMISSIONS !
Too bad the Texas Real Estate Commission has all the comments disabled on each and every one of their vids and it wasn't like that 3 years ago
Buyers will buy directly from seller and skip the buyer agent
Oh the new rules will impact the housing market alright. When buyers are on the hook for paying their agent's commissions, we will see a lot fewer buyers.
This is horse crap. Nothing has changed. Now the buyer and the seller have to negotiate WHO pays that 6%. The amount is the same. I read it 3x because I couldn't believe someone agreed to this garbage. Nothing has changed.
EVERYONE pays the 6% fee no matter where it is. You sell you pay the 6% and when you buy you pay 0% old system. Now it's what 3% when you sell 3% when you buy? It's the same crap reworded.
Nothing has changed? Come on guy, are you running scared or you don't know how to read
@@LT-em1vu Nothing....... I negotiated my realtor's commission before. Current I have a flat fee realtor and I am offering 2% to the buyer. The law hasn't even come into play yet.
In one place I was buying I asked the selling realtor to lower her commission so I could afford it and she did.
Where they SHOULD have put laws are these unscrupulous realtors that ask for a buyer's agreement and hide somewhere in the small print a "broker fee". I got nailed by this about 15 years ago. The fee was $500 from Coldwell.
Also lying realtors. I am buying new construction now. I offered to sign a buyer's agreement for the realtor that contacted me. So he can feel safe yes I will use you. He says "don't worry about it".
Right after I signed on to the contract with the builder the real estate agent that directed me there say the builder isn't paying all of his commission with his so he would like if I cough up $4000. He played the empathy card. I said "do we have a buyer's contract? that I offered?"... he dropped it.
Then a few days later mentioned the broker fee of $400. I said the same thing. He dropped it.
THEN a few days later his group send me something to sign taking off the fee so they can record the sale with their group and the commission or some excuse. So I read it and there was no exclusion to the commission clause. They were trying to get me to sign something to get their $4000. I told they to go pound sand I am not signing anything from them.
Of course if I would have seen the buyer's agreement and the fee I would have not used the realtor. I said "you made a few phone calls and made $16,000. That's a pretty good day so don't try this #### on me."
There should have been something done so these kind of realtors don't trick customers into paying bogus fees in an era where real estate is sky high.
I think there’s gonna be a lot more due agents in deals
i tried to sell :"by owner" in a depressed market...l finallt wrote in my (news paper) ad "your agent gets 2%....suddenly i had agents helping me!...they only get 3% anyway....and l had them helping get it all organized!..l will close on a house and47 acres friday,I HAVE NOTICED HOW MANY PAPERS WE HAD TO SIGN...MAKING IT ALL SEEM UNREAL DIFFICULT...TRYING to make us stop selling by owner!The title insurance company is THERE TO HELP US BY OWNER SELLERS..they take way more responsiblity than the brokers for a mere 1/3 of one percent......a good industry..
most buyer agents are offered half of 2.5% in this state.
So no more buyer agents?
It could be in a few years if the real estate owners don't change their business model
Yes, this law will now be the benefit of a seller and listing agent the buyer and the buyers are the ones that are screwed however, we can still negotiate. It will hurt the first time buyers in the first time investors that are cash scrapped we’ll see how this changes affects everybodyin July 2024
Like they should get thousands an hour.
Who are they, and who is paying them thousands per hour?
market values are double so makes sense
Not that I'm defending the realtors but everything else cost double like homes when you need to buy one food and automobiles. So it's all relative. These realtors are going to take it in the pants
Being a realtor is gonna be tough, unless you represent the seller, you have a better chance to make money. But as a buyer agent, you're lucky to make money. Then the broker they represent takes half of the commission.... Oof.
Buyers should simply contact the sellers directly to negotiate prices. Why do you need a messenger to do it for you? The only person that has your best interest in mind is YOURSELF, not the broker!
Yep and both parties have their own lawyers go through the agreement
Make me think lawyer is unnecessary to exist too
Please, yes! I'm hired by the Seller to look out for their best interests. You think calling the listing agent is going to get YOU the best deal? Please do some homework before you try it and brush up on agency laws in your state. My clients are very busy and do not have time to field phone calls and texts all day from random people off the internet to determine who is a real qualified buyer or who is the local addict looking for an opportunity to "see" the house & steal a few things while they are there. 😂 But, if you guys think this is good for you. Be my guest! I'm grateful to work with people smart enough and well off enough to know this is a horrible idea.
@@millenialmusings8451depends on the state. Not all states require attorney review.
@@mommom3172 Wow, I here fear. Buyers agents will be gone within a few years. Buyers and sellers fee's can't be sustain. Change your business model or be out.
Wrong, the commission will still be there. This accomplished nothing but chaos, an idiot attorney getting richer, and hardship for low income buyers who can afford to buy a house, moving expenses, utilities transferring, down payment, and now a several thousand dollar bill for their agent. This is absolutely not going to help anyone.
So since she pretty much lied to everyone watching the video thats not what the lawsuit did. All that has changed is now Selling agents are not allowed to pay the buyer agent. So yes in theory you may go from 6% to 3% as a seller but now the Buying agent will have to charge the buyer a 3% fee which majority of buyers probably cant afford. So now Buyer will have to save up no only to pay down payement, closing cost and now 3% fee to agent. Congrats on making it harder for the avg person to buy a home now.
There have to do something because you agents and RE office owners refuse to change your business model to lower your cost
Look for more scams and disclosure issue lawsuits. Meanwhile attorneys continue to get 30 to 40% fees.
Attorneys get $500 to $900 to close so what are you talking about. Stop running scare
Wrong! 🤣💀💀
THE CARTEL IS OVER
Listings will be golden as buyers will go directly to them before paying out of pocket for representation.
golden? the sellers will not sell for less lol they will just take that broker money that you pay and put it in their pocket. theres no difference for you as the buyer
@@enzoinfinity1 You did not follow the story. Sellers will not have to pay both the listing and buying agents. They pay the listing agent only. That leaves the buyers to pay an agent to represent them---out of pocket (I guess). I did not say that the house should sell for less nor should it. Why on earth would it anyway? It's called double-ending the deal when the listing agent gets the ENTIRE 5-6% commission and if you are not around the RE business, you have no idea how shady 90% of agents are.
I won't be working with buyers. All my Seller clients want single agency. If you do not know what that means, it means working for the Seller & their interests only. Why would I do work for the buyer and handle all their contractual obligations also. They can do it themselves or go pay out of pocket for their own agent as this settlement intends. They can "come to the listing agent" but what is that going to get them? If they want to represent themselves, good luck! I have years of experience more than they do & I'm being paid to look out for the interests of the Seller. I'd highly suggest they go find representation. 😂
@@mommom3172 Everyone near the business knows the shady a$$ game "realtors" play, that's why you rank down there with used FCKN car salesmen because you are no different. You will pick the buyer who has a paid agent over one that does not, guaranteed. Real estate transactions are one of the most opaque of nearly all purchases. Buyers/sellers NEVER know the truth of behind the scenes dealings.
@@enzoinfinity1 Actually there is, the buyer won't even know that it's a law that smoke alarms must be installed, or that condo papers must be paid for and reviewed/approved by the buyer. Those are only a few things.
Complete lies, this settlement is worse for first time homebuyers and anyone who really doesnt have much knowledge in doing real estate transactions. The reason we had real estate laws was to protect the consumers (buyer) by doing this buyers are left in the hands of sellers and listing agents. Which are only there to sell properties for as much as they can. In a NUTSHELL buyers who arent knowledgeable of real estate transactions get the end of the stick.
They may overpay, pay unnecessary fees, and/or be tooken advantage of, simply by not being knowledgeable. 😖
(By the way home prices are likely not going to go down)
More buyers see your house better offer for your house.
Good 🎉
This is one of the most poorly portrayed breakdowns of what is happening with the NAR settlement. All of you thinking that this will change what Realtors will get paid are mistaken. The only change happening is that Realtors can no longer display the commission offered to a buyers agent on the MLS, and that Realtors must have a Buyers Agency document signed prior to showing a home to a buyer. I have listed 5 houses since this settlement came down, and all 5 houses have 6% commission attached to them. If a seller isn't offering a commission to a buyers agent, then the fee falls on the buyer. The buyer simply won't purchase that home, and will move on to another property that does offer a commission to their buyers agent. The Realtor isn't asking them to this, they're coming to this realization on their own. For Sale by Owner and discount brokerages have ALWAYS existed. Will a few more people try this, sure. But largely you'll see little to no change in the industry. This whole situation has been wildly blown out of proportion.
One thing your forgetting. Starting July when all is in plan Buyers will not sign anything about more fee's. It will slow the closing to more months. I find the house online I'm not paying those high fee's. FB and UT and many other we are getting it all together now to be together and change this over price industry. just wait.
This is hilarious LOL. So really all they did was transfer $12k of the cost to the buyer to still equal $24k between both parties in the end LMAO. Whats the difference?
What's the difference, most buyers are not going along with any of those fees or going along with any Agent that tries to get a sign contract to pay those extra fee's, just wait.
Actually MOST buyers are going to go along with it. Because the realtor has to be paid for their time. Would you go to work tomorrow if the company you work for said you were only getting half of your pay? I agree sometimes realtors are overpaid but this really changed nothing in the end. It'd be like going to buy a new car and telling the salesman to deduct his commission from the price of the car to save you money, he'd tell you to kick rocks LOL. And it not "extra" fees, it's the pay for doing the work.
@@tpang85 I understand your point and people need to get paid for their service. The Real Estate owners of these companies, need to change their business model so they can lower their overall cost then fee's. With technology of today and coming soon, no one can justify 5-6% of the sales price. I need three pages to make sense on this. Example only (to start the conversation):One agent only within any transation or make every agent a owner, license. There are many ways to get the fee's down, or I know they will not entertain anything so the FSBO and the $1.00 agent will explode in my apinion. No offense
Realtors will get creative and include some Chinese arithmetic and continue to screw seller/buyers, much like car salesman.
6% is not a standard 😂 there is no such thing as a standard. Also, this will only make it harder for buyers to buy a home after July because no one will be wanting to help them because no one will want to work for free!
Any set % to buy or sell something is ridiculous. It should be negotiable between seller and realtor. Competitive market will allow a wide range of realtors to suit individual buyers.
Its access to the mls that really matters.... then it should be between buyer and seller, like selling a car.
But that's not how it will work. Most realtors will become part of a larger agency and others will just stop doing real estate. You will sign a contract in order to access MLS but that will probably change also. You can sell your house FSBO right now. No one is stopping you from doing anything yourself. Good luck.
You mean like ebay, etsy, etc?
We need to make extant housing affordable and we need public housing as the failures of the market have proven with the scattered, shattered lives of millions upon millions of Americans here in the US. There is so much empty housing serving as financial assets in investment portfolios of hedge fund and permanent capital cretins instead of as direly needed shelter for Americans. These unnecessary anonymous office buildings and homogeneously hideous petrochemical yuppie kennel condos intentionally priced out of financial reach of the workforce aren’t making housing more accessible by the developers of mediocrity (ever unhelpful and undesirable to the taxpayer residents of e.g. Portland) by “adding to supply” or affordability, but to the contrary and our collective detriment, are directly causing housing to be more expensive and , of course, less attainable as they artificially inflate the market that then causes cost of living to skyrocket. Actual houses should be affordable for everyone as a societal standard with an economy that isn’t allowed to rob people of it. The supply and demand oversimplification is a known false narrative misrepresentation frequently used as a disingenuous ploy of parasitic, societally toxic, necrotic price gouging corporate slumlords and profiteering developers of blight who knock down our cherished structures and affordable housing stock to then exploit tenants mercilessly. Simply building more just isn’t the answer whether the soft handed nut-jobs of unearned wealth that comprise the plutocracy like it or not. We cannot outbuild the greed of rentier capitalism. Allowing society to regress into another gilded age by allowing feudalism to exist in modern day America is pathetic and we need to evolve beyond an economy that cancerously consumes society. The entire city could be nothing but the tacky garbage housing being forced on us at infinite stories high and it’d still be unaffordable to most real people. Housing is supposed to shelter people, not exploitative profits. We need rent caps. Housing, in a humane and sane society, is for people having homes; the manifest purpose of housing is not for speculative investing, permanent capital, private equity or any of the other euphemistic titles of shady schemes and scams predatory sociopaths cloak their misdeeds masquerading as respectable careers under like so much bordello make-up. It’s errant and always socially destructive to allow societal necessities to be commodified and exploited as consumerist products.
I doubt home prices will drop bc if this
It's not about just home prices dropping. It's Fee's and prices. We want Google to put out their real estate app and the industry will change. Thier changing the internet home access business now.
Of course it is for looking to buy or sell..! Duh.
When I sold my home a few years ago and bought a new one, I was like, why am I paying this much for their service? So overpriced -total scam.
Maybe seller, not buyer need realtors
Nope!
You are so very wrong
Just get a real estate attorney to make sure paperwork is correct.
Here's a scenario for you. Buyer gets a job offer in another state. They get their home under contract in state #1. Buyer starts new job on a specific date in the new state. All their down payment money is tied up in their house in state #1. What do they do? Do they just wait, or can they make an offer on a house in state #2 that is contingent on the sale of the home in state #1. They decide to make that offer and deposit escrow on their dream home in state #2, but 1 week prior to closing they get word that the buyer on their home lost their job and can't close on it. What happens to them now? Do they lose the house in state #2? Or, if they had an experienced buyer agent representing them, the terms might be able to be renegotiated. The reality is...most people work full-time, may be raising families, taking care of ill or elderly family members and lack enough experience to manage ALL of that and every little detail involved with buying a home. If they can do it, I applaud them because very smart and wealthy people I know would admit they would never buy a home in an area they are unfamiliar with without an experienced agent.
What happens if the seller is American and you buy his house in Canada and he owes taxes on the home and leaves to the states? You get stuck with the bill. That’s just one thing I can think of why you should be represented. You can gets royally fucked. The seller doesn’t care about you.
This information needs to be corrected; she does not understand the reality of the Real Estate Business.
Anyone concerned that this is set to benefit the Likes of giant investment firms thinking of liquidating so they no longer have to pay fees.. Like Blackstone and multitudes of like that have destroyed housing.
Benefits Trump need to sell.
Hurts realtors or probably will put a large burden on buyers after working out period.
Uninformative. How is the new system going to work?
Wow! ABC News should research this story a little bit before reporting. This is not accurate at all.
Yes. They never mentioned that the buyer will be the one to pay the selling agent commission, not the home seller.
Inaccurate information..
After the last 2 disasters, I wouldn't ever hire a "realator" again. They are useless!
You know what there should be laws over, if there's an advertised price for something the person selling must honor it kind of like any other place where items are sold. If they change their mind, then so be it but then make them not be able to sell for a higher price for a certain time period, say 5 years.
Just re read a Robert Heinlein novel. In an alternate universe the homeowner sets his own value on his home, and pays property taxes on that amount. The kicker is that anyone can come buy and buy the property at that price.
The homeowner can raise it, but is then required to pay 3 years back property taxes.
Heinlein had some fun ideas.
@@veramae4098 Wow that's crazy twist that I kind of like, if it wasn't for the fact corporations and investor groups would be able to get rid of everyone they didn't like that way.
Exactly. If Wal-mart puts a price sticker on something, they are obligated by law to sell it for that price to the first person who carries it up to the counter. It's absurd that buyers have allowed this bidding war nonsense to propagate. Just put the real price on it.
nah!BAD IDEA.....EVERYTHING is a negotiation,once its a contract ,it is breached if its changed before closing...laws seldom help much and UNINTENDED CONSQUENSES eff things up usually!
that wouls occur only if it was for sale...not a good idea,,,,but a novel one..@@Mike__B
For one, nobody tells an agent what to charge as that is illegal so therefore stating that the prices will be cut is not accurate. As a listing agent I will still procure 6% and share it with the buyers agent period.
It's up to me to decide how much of my commission to share if this is how they want to go about it.
No buyer is going to be able to swing paying the buyers agent commission when trying to qualify for a loan and barely having the cash to pay down on one.
Get real!
Agents have don't nothing but help the market and in no way hurt anyone.
So now are they going to cut attorneys charges now too because people are oaying too much for representation, nope. Attorneys charge what they want for their knowledge, expertise, and experience and it's the same for us Realtors.
You are so wrong in your explanation and you are misrepresenting the facts.
1st commissions are not fixed and never have been by law. Saying fees will go down from X is deceiving because the seller & buyer agent still need to get paid.
2nd buyers will now be required to hire a real estate agent and sign a contract to view a home with a fee in the contract. Something many buyers, agents, and lenders failed to address in 1994 when buyer agencies started and what got us where we are today.
3rd seller commissions are no longer allowed to be published in the MLS. That does not mean a seller can't offer to pay a fee via concessions especially if they want a larger pool of buyers.
What you fail to mention is this hurts every FHA and low-down payment buyer who can't afford a fee for their buyer agent if the seller doesn't offer compensation. Most buyers in this category need concessions already and lenders limit the amount. Plus the home still needs to appraise.
This hurts every VA buyer because the VA will not allow agent compensation. Unless the VA changes its guidelines they can't hire an agent and pay a fee.
This is not good for buyers, sellers, or the industry.
This video fails to address the issue and is just filled with assumptions. Doesn’t cover the details or address the settlement, just presents wishful thinking. Fake news.
Liberals are really starting to creep me out
Hilarious
Good