You know, it never occurred to me that you could fire your realtor. It makes total sense, but it just never occurred to me! I will be on the lookout for better realtors in the future.
Thanks Jackie! Two agents tried to pressure me by saying: You have to make an offer tonight. The owner of this property will make the decision tonight. I didn't make any offer😄
We had a scoundrel realtor sell our inherited house out from under us on basis "changing neighborhood". This realtor was insisted on us by the estate attorney handling the property. In future, would fire the realtor on the spot. Public needs to know to report inappropriate actions to the local realtors association ethics board; complaints need be filed in 180 days. Or file complaint with your state's attorney general office of consumer complaints. Best to act at time of the inappropriate action so it can be stopped before a sale is completed.
@@VanityDivined Long story; old house in bad shape, realtor could not sell after 2 yrs. We made decision to demolish house, keep land; realtor found buyer 1 week before demolition, cash at $20K under value; discussed plans to demolish, realtor argued we should sell, never get a better offer, changing demographics, take the cash and get out; estate atty involved chastised me for arguing with a respected realtor; thought we were getting advice from a seasoned realtor; realtor acted as buyer and seller agent, double commission; house was next door to other family, nothing but problems with new neighbors; better to have joined the land to the relative's.; land could be sold at later date if needed. learned our lesson; even "experts" do not have the best answers; stand your ground even if expert recommends othwrise; admittedly unusual circumstances, realtor did not respect our wishes. Today, would fire realtor immediately when he argued about our decision
Grow up dude. You inherited a house so it’s not like you had no idea as to the neighborhood. And if you didn’t, look around and do some diligence. Don’t be some Ukrainian and expect the real estate agent to be your daddy. Take some responsibility for your own actions.
@@VanityDivinedExactly. It’s just another simpleton who wants to blame someone. I’m not a realtor, but I know it’s not an easy job. They are salesmen. It’s their job to get you a house or to get your house sold--society is just filled with Karen’s who want to piss and moan about everything
@@RootBeerGMT Long story; house was in bad shape, more to repair than worth; next door to relatives; after 2 years , realtor could not sell the house; we made decision to demolish the house, keep the land; realtor suddenly found buyer at $20K under value, recommended we take the deal, never get a better offer; realtor actually argured with us; estate atty scolded us for arguing with realtor; thought we were getting good advice from a seasoned realtor. New low ball neighbors nothing but problems; Retrospect, best solutin was demolish house, keep the land, join to relative's property, pay taxes on unimproved land, no upkeep needed on unimproved lot. Family very upset that this option was not presented to us initially; more upset that realtor/atty disrespected our wishes when we had a better idea. Feel strongly realtor was only interested in selling the property; he had no insight into helping the family preserve the inheitence . WE originally had a family friend realtor helping us; disavowed by estste atty as "lacks qualifications" , but was very aware of family dynamics involved. She was critical of his actions, noting realtor basically forced a low ball offer on us and would not accept our demolition decision; notable realtor got double commission as seller and buyer agent. The realtor did NOT act in good faith on our behalf, and used his position as "seasoned realtor" to force his decision on us.
We just did a relocation for my Husband’s job. I couldn’t have been more pleased with my Realtors. One helped get my house sold and the other Realtor in another state literally worked with me for 6 months. Got me stats on everything. I got my full offer on my existing house and under contract in 9 days. Professional Photographer, amazing turnout for the open house. This was in May of this year. We moved to Texas. My Realtor in Texas was Awesome too. I looked at about 50 houses over 6 months. There are good realtors out there. I too also interviewed 3 different Relo Agents to sell my house. 🙂
She had a house scheduled for me to see every 30 minutes. She was in her late 50’’s Informed my Husband and I to wear good shoes. She drove. She would start us at 9am. We’d be back at our hotel by 6pm. I Loved It. Sooo much energy from her. Awesome to see someone love their job like that. Pro Relocation Agent through my Husband’s company.
@@marciamakoviecki3295 Personally I would keep seeing as many homes as I needed to find the perfect one for me. If a realtor can’t provide their services for that, then I’d get another one. A good realtor is worth their weight in gold if she/he knows what you’re looking for and not take you to places that are not on your wish/want list.
We had a real estate agent that sold our townhouse and did a great job. When we used her as a buying agent we were confused on how it was so difficult to see a number of homes we were interested in. Eventually we realized she was trying to funnel us only to homes where she was also the selling agent and the amount of properties we missed out on was absurd.
That's dual agency. She has to disclose that upfront and you have to sign an agreement the you accept these terms OR you have the option of working with another agent for that sale
We have heard everything you described many times which leads me to believe 'good' realtors are hard to come by. The multiple offers tactic on homes that have been sitting for months is the most infuriating and caused us to immediately terminate our efforts with what we viewed as a scam and scammer realtor.
We were told there were multiple offers, we chose to believe it as the price had been reduced dramatically. We chose to offer over asking slightly because we could see the value in the home and didn't want to miss it. Since then we have had several investors in the area tell us they would've offered considerably more if they'd known our property was selling at that price.
Salt Lake City - multiple offers on homes that have been sitting on the market. I was really that is not true. Thank you for the advice. I really appreciate the insight.
Simple 30% smaller than you need and 50% cheaper than you can afford. Simple house, good materials and not in a dangerous area in your opinion after research. Flood, hurricane, earthquake, and sinkhole. Etc.
Regarding refinancing. Take into account the bank designs their mortgage loans so that the majority of the payments go towards paying their interest in the early part of the loan. So, when you refinance, look at the interest you've already paid on your mortgage. And then look at the interest you'll pay over the life of the loan you're considering. Is it worth it?
This is the most commonly misunderstood concept in borrowing that I heard throughout my 42 years in lending. Comments that loan interest is "front loaded" suggest a belief that the bank is structuring a loan to rip off their customer; this is simply not true. Here's the way to think about it: If you put $10,000 in a savings account at 4%, you'd expect to earn about $400 that year, right? But would you be ok still earning $400 a year 20 years down the road (after leaving your interest in the account each year)? No, you'd expect to be paid interest on the full balance as it grows. That's the way it works on loans, which earn interest interest according to a Federally-mandated "simple interest" formula. A loan is in many ways just a reverse savings account. Interest is earned or paid based on the actual principal balance outstanding each day. Before sometime in the 1980's banks did have a little more flexibility and many used the 'Rule of 78s' method of charging interest, which was a slightly accelerated interest accrual, but only on certain consumer loans - and not on mortgages. Now they all use simple interest, which is great for borrowers.
@@pleskbruceyou've added nothing to the conversation. People know what interest is sweetheart. Nobody said it was a conspiracy you pay mostly interest up front. That's how it works, you agree with that statement, why go on to condescend about how the most basic part of borrowing money😂 Did you feel smart telling everyone what you learned about percents in elementary school? 😊
I did mortgage loans for 6 years and most of this excellent advice also applies to working with a lender. The vast majority of lenders - and realtors - that I have known were honest, caring, hard-working people. They are usually "people people" that you can easily become personal friends with, so they are easy to talk to. The majority, that is. I've also seen some of the tactics Jackie described here. Long ago I realized there are people in every industry that do what they do to SERVE others, and they get paid almost as a byproduct of that (like Jackie!). Then there are people who are in it for themselves only - for the paycheck. That second group can make the whole group seem bad - they aren't! I also used to work a lot with first-time buyers, having remembered my own experience 30 years earlier and feeling 100% lost as a buyer. They are the most appreciative when all is said & done.
#4 - That happened to us! The house was for sale by owner (son-in-law was helping sell, but he wasn't an agent), it was on the market for a while, and when we made an offer, they had "multiple offers" and wanted our best offer. Our real estate agent said our offer would be $1 more than any other bonafide offers they could send to us in writing. Yep, didn't exist, and they accepted our initial offer!
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Had a horrible experience relocating across the country in 2022. Our buying agent in PA (moving from AZ) lied about so many things during the process. Being 2000+ miles away, we relied on him to help us but he made it so stressful. My late husband was 80 at the time and I was 74. Long story short...we had to spend $83,000 on a house that had never been kept up since it was built in 1969. The day of closing, this unscrupulous agent was at the signing to collect his money. He was an older guy and retired right after this transaction. How do you vet agents when it's so far away and you won't be able to actually be there to look at homes? I'm going back to AZ to be closer to family and I don't want a repeat performance from another agent like him. My husband died suddenly in October, 2023 so I'm alone in this process.
Two things come to mind. If there's no way to get a personal referral, one thing I did was to see which agent(s) is (are) active in the market - who is doing listings in the area. At least that tells you that a lot of people are trusting them. I did this when selling a home once. I had noticed one agent whose name seemed to be on every other 'For Sale' sign in town, so I called him. He got my house sold and everything went great - I was very happy. I think this would work as a seller or a buyer. If you're going to get a mortgage, you could also contact a lender in the area and see who they recommend. Lenders will NOT recommend anyone that they know is bad.
If you have to sign a Buyers agreement before they show you a house, then this nonsense starts happening, how do you get out of the Buyers agreement in order to sign with another realtor?
@@mikimikemike1 the day you would be promoting attorneys like Michael KechMark to make $40 an hour instead of charging 40% of 418 million for representation is the day I would agree with you. Till that day screw you and him
I see an interesting phenomenon for the last summer. Houses in Zillow were jacked up price to all time high for a month or two then cracking down to the base line with label cut price. It is just a manipulated to call attention buyer (who still refuse the overpriced)
I found your video today very interesting. You are an experienced, trustworthy woman with feet on the ground, and I appreciate your insight. I've watched many of your videos and have always enjoyed them. You provide valuable, honest information, and I thank you for that. I finally subscribed. I'm not 'complaining' about you, young lady, but the industry in general. I feel the real estate industry is packed with slimy/disgusting/gross cheats and scum bags. I've been lucky and have a wonderful realtor. Most realtors are useless lying snakes in the grass-no wonder the real estate industry is going the way of landlines. That is the end of my rant. Please don't be offended! :>)
@@JackieBaker And what they don't realize, as you well know, is that they'd actually earn more money if the made the customer the priority - especially in the long run.
*7:14** - I've had a real situation with the house being on the market for over 1.5 years, and all of a sudden multiple offers showed up! We did not believe an agent.. Well, the house was gone to someone else; the second one near that one was gone to us, with 10 more people all of a sudden making an offer after us and wanted that house "no matter what" if the deal fails. Also after 400+ days on the market.*
Great advice Jackie. I wish I had this kind of advice when I first started buying my first, second and third home. I learned the hard way on how to negotiate with both buying and selling one of my homes. Thanks for waking so many buyers up. Great video ❤
Jackie. You are smart, pragmatic, and clearly an honest person. Great Jersey girl! I bet you are a top agent! You know your stuff. I would want you as my agent if I need to move and buy in your area of NJ. From one Jersey person to another.
Jackie, thank you so incredibly much for sharing your wealth of knowledge, despite what other realtors might think. You’re truly doing a service to homebuyers out there, and I pray you will be richly blessed for that!
For many locations it is easy to see actual sales prices of neighborhood properties by searching in, say, Zillow. (NOT Zestimates!). I would do this personally before looking at a house. (More difficult in rural or custom-build areas.)
Big up ya self. Yeah, man, it is very simple, no? Good build, cheaper than what you can afford and think small. Very very simple to get a house. Americans do not understand that.
@@JackieBaker We will have him run comps on it rural comps are very tough to do they want 150k only has an acre I think their asking price is way too high It's been in the market about a year & it's not perfect but has no neighbors close by
Realtors are below attorneys and used car salemen. They look at that commission check as their holy grail and don't represent the buyer or seller's best interest. I am a huge proponent of listing/selling your house independent of a realtor. You dont need them. We live in 2024 and you can do everything they can do online without their assistance.
The initial problem is the buyer who is willing to pay for over priced home with out thinking they are motivating and encouraging the seller to sale even higher and making the housing market unaffordable and Instead offering the real value of the house to show them the reality for the real Estate agent as well
just want to say thank you for all the info in your videos. I have had some negative situations in the past with home ownership that you have talked about and condo in FL ownership ( you. do not want one as Jackie has said). but I thought I knew everything to look out for. but im learning alot from you. Im not happy in my current home. the next one I will not compromise as I did on this one. NOISE. be at the house at commute time. Take off your shoes and socks. I have to wear skid proof slippers because my wood floors are so slippery. they are shiny and pretty if you like wood floors ( I dont. but compromised ). Also in general dont spend 10k on a fridge. the sellers did. what a waste. If it breaks I will probably buy a bigger cheaper one. Im betting fixing it will be the same price. Any decent fridge will keep your food as cold as mine does.
Stay away from smarmy, flashy realtors that are hypebeast. My realtor was an older, calm, down-to-earth woman and knowledgeable. She also gave me solid advice about paying down my mortgage quickly.
We’re using Hillary at JFK living in New Jersey. She’s outstanding. Before the law was passed we toured two houses one day with two different agents. One walked us in and went to chat with the seller (who he was also representing and didn’t tell us) and just let us walk around the house on our own. Hillary has actually guided us and been ruthless with evaluating the homes condition and how closely it matches our needs. She’s actually discouraged us from seeing homes she’s known we wouldn’t actually like and has really advocated for us an encouraged us to “compromise but not settle”. Highly recommend!
Of course, there are bad realtors just like in any other profession. Teachers, lawyers, judges, cops, doctors, etc. I always felt a realtor can't "sell" anything. The buyers have to feel it, love it and see themselves in it. A BMW sales person may be able to sell a Beemer over an Audi, but a home is different.
Our landlord died and his son wants to sell, we're terrified we're about to be priced out of our home. After a few years of living here we know how much updating the house will eventually need. It's nerve wracking being pressured to buy or going out into the insane rental market after years of affordable renting in this house. Ugh.
Great brief overview of major alarm bells!........I would, however, urge you to start discussing in detail SPECIFIC flat fee amounts and SPECIFIC commission amounts for buyer's agents. We're all confused about these things, those of us contemplating buying, post-NAR. It feels like the Wild West.
The market and interest rates are going to determine how things go. As a future seller if you put in a decent offer Ill pay 1/2 of your agents %......but if you lowball me by $50k and still ask for agent money...your offer wont even be considered. I think Every transaction is going to be unique.
@@tex3687 I think that the "uniqueness" will alienate some buyers, like me --- markets like convenience and predictability, not confusion. But thanks for your comment and it's still unclear how things will shake out, how new norms of bidding and compensation will emerge.
My agent told me exactly what to offer...15k over...never mentioned comps. Actually he didn't even see the house. His wife showed it to me. All she did was unlock the door and stand there.
“Staying in your lane” is advice that I think more professionals need to hear. As an insurance agent, the state makes you pass a test and awards you a license to be an insurance agent but somehow the real estate agent, loan officer, etc would give the prospective client all kinds of false insurance advice. The worst part is that the client often believes these “professionals” and leads them down the wrong path. Ironically, these same people disliked it when I told them if that is correct then I think they should be getting a better interest rate just because I said so lol. Stay in your field of expertise.
Can I run away from an agent who I signed an Exclusive event contract (based on a new law) and he kept pushing me to close a house that I completely did not see match my criteria?
Thank you so much for the information! Would you considered doing a second video explaining things like that but from the other side; what to look for a real state agent when selling a house? Thank you again!
I don't think all realtors are bad, but I've dealt with a quite a few who were sleazy. And saw tactic 2 a lot. I asked for 250k or less rural, and they kept on sending me 300k plus in the suburbs/city.
I am increasingly seeing houses that have been on the market for quite a while and indicate ‘motivated seller’ and yet they are not dropping the price or are dropping tiny percentage. What gives?
Idk. I’m looking in multiple areas. I’m assuming that it’s ok to have a buyer’s agent for each area? Have had good luck with running across decent agents (I feel like anyways lol). Didn’t always interview 3 but I think you can tell fairly quickly if they are advocates or not. One agent right off the bat told me at least one con about my first property choice. Lol. We went to view it anyways and she was accurate. 😬 She was also friendly and communicated well, showed me properties in my range and so on. Gave me good tips about various locations/towns. I wish all of them were like her. She was happy also to answer all of my “vetting” questions and the fees were explained clearly ahead of time. I never felt pressured or pushed or rushed.
How do you honestly know if the agent is really working for you. I imagine a lot of "buyer agents" are not really going to be working as advocates. Back in the late 80s I helped a realtor create something called "Buyerside," and the goal was to have agents go through a certification process... he got tons of blowback and basically gave up. And, now here we are. Selling agents and listing agents who can act as a buyer's agent with the stroke of a pen. So, we're not first time buyers. But I want an advocate. How do I know? PS I just found your videos and you're terrific. Sharing...
If you're looking for a home in multiple places/cities, due to money you have, not knowing anyone from the area, and prices in my price range disappear in a day, how do you interview, with so few homes. Finding a realtor to show me the homes and negotiating short term contracts, is the most difficult part of home shopping. Because if these FEW homes, disappearing fast, are not desirable in this area. I have to be able to, be released or negotiate contract short enough, to look in another area, which they don't service, Since the new law went into effect, that is more challenging than it already was. Please help
Might want to clarify. Having a buyers agent isn't required. 'If' buyers want an agent to represent them they will need to sign a contract with a real estate agent that specifies what they will pay the agent for that representation.
in the 1990s we ended up with a pushy realtor who kept on insisting on us to buy the house we did buy. We only realized his valuable advise 30 years later. just because some one is pushy does not make them wrong
What did he say about your home that was spot on? Just curious was it in an up and coming neighborhood or something specific about the home a view maybe or was it something else?
@@bartsullivan4866 we were too naive looking for a perfect house that never existed. 30 yrs later I realize he was right. the memories you make makes the house perfect it didn't matter which one we would pick and he had always told us "you just need to sign the paper and you will start building your life. You just need a house doesn't matter which one just sign the damn papers already"
I ended up with a loan amount of $203,500 when I closed on a townhome in September of 2023. Zillow estimates it to be worth $229,000 only a year later. I've been told not to trust Zillow for estimating home values.
Zillow will value a property at anything they are paid to value it at. Houses that have not sold in many years will be more accurately valued at what comp sales have been. Homes listed for sale on their site will be revalued at the asking price or higher.
what about the third-time buyers? I get so exhausted hearing about first time buyers. "A House has been on the market for a couple months?" Where!?!?! :-)
You know, it never occurred to me that you could fire your realtor. It makes total sense, but it just never occurred to me! I will be on the lookout for better realtors in the future.
LOVE LOVE LOVEEEE THIS WOMAN!!! ❤❤❤ YALL BETTER APPRECIATE HER CAUSE THERE'S NOT A LOT OF HONESTLY AUTHENTIC KNOWLEDGEABLE AGENTS LEFT FR!
Thank you!!! I so appreciate you!!! ❤️
@JackieBaker As always, Thank you ❤️
Yes
Dittos to that! I third that motion!
Totally agree!
Thanks Jackie!
Two agents tried to pressure me by saying: You have to make an offer tonight. The owner of this property will make the decision tonight.
I didn't make any offer😄
@noamontillabrito2557 In my area houses are getting sold within days of going on the market, there isn't much time to think on it.
@@aaronwolk998 I always tell my relatives to never be pressured into buying a house or a car. It could be one of the biggest mistakes of your life.
First time home buyer here and thank you for all your information!
Thank you for calling them out
We had a scoundrel realtor sell our inherited house out from under us on basis "changing neighborhood". This realtor was insisted on us by the estate attorney handling the property. In future, would fire the realtor on the spot. Public needs to know to report inappropriate actions to the local realtors association ethics board; complaints need be filed in 180 days. Or file complaint with your state's attorney general office of consumer complaints. Best to act at time of the inappropriate action so it can be stopped before a sale is completed.
@@rayzimmerman2242 How did they sell your house without your permission?
@@VanityDivined Long story; old house in bad shape, realtor could not sell after 2 yrs. We made decision to demolish house, keep land; realtor found buyer 1 week before demolition, cash at $20K under value; discussed plans to demolish, realtor argued we should sell, never get a better offer, changing demographics, take the cash and get out; estate atty involved chastised me for arguing with a respected realtor; thought we were getting advice from a seasoned realtor; realtor acted as buyer and seller agent, double commission; house was next door to other family, nothing but problems with new neighbors; better to have joined the land to the relative's.; land could be sold at later date if needed. learned our lesson; even "experts" do not have the best answers; stand your ground even if expert recommends othwrise; admittedly unusual circumstances, realtor did not respect our wishes. Today, would fire realtor immediately when he argued about our decision
Grow up dude. You inherited a house so it’s not like you had no idea as to the neighborhood. And if you didn’t, look around and do some diligence. Don’t be some Ukrainian and expect the real estate agent to be your daddy. Take some responsibility for your own actions.
@@VanityDivinedExactly. It’s just another simpleton who wants to blame someone. I’m not a realtor, but I know it’s not an easy job. They are salesmen. It’s their job to get you a house or to get your house sold--society is just filled with Karen’s who want to piss and moan about everything
@@RootBeerGMT Long story; house was in bad shape, more to repair than worth; next door to relatives; after 2 years , realtor could not sell the house; we made decision to demolish the house, keep the land; realtor suddenly found buyer at $20K under value, recommended we take the deal, never get a better offer; realtor actually argured with us; estate atty scolded us for arguing with realtor; thought we were getting good advice from a seasoned realtor. New low ball neighbors nothing but problems; Retrospect, best solutin was demolish house, keep the land, join to relative's property, pay taxes on unimproved land, no upkeep needed on unimproved lot. Family very upset that this option was not presented to us initially; more upset that realtor/atty disrespected our wishes when we had a better idea. Feel strongly realtor was only interested in selling the property; he had no insight into helping the family preserve the inheitence . WE originally had a family friend realtor helping us; disavowed by estste atty as "lacks qualifications" , but was very aware of family dynamics involved. She was critical of his actions, noting realtor basically forced a low ball offer on us and would not accept our demolition decision; notable realtor got double commission as seller and buyer agent. The realtor did NOT act in good faith on our behalf, and used his position as "seasoned realtor" to force his decision on us.
We just did a relocation for my Husband’s job. I couldn’t have been more pleased with my
Realtors. One helped get my house sold and the other Realtor in another state literally worked with me for 6 months. Got me stats on everything.
I got my full offer on my existing house and under contract in 9 days. Professional Photographer, amazing turnout for the open house. This was in May of this year. We moved to Texas. My Realtor in Texas was Awesome too. I looked at about 50 houses over 6 months. There are good realtors out there. I too also interviewed 3 different Relo Agents to sell my house. 🙂
50 houses! No matter how lovely you are, that's horrid.
She had a house scheduled for me to see every 30 minutes. She was in her late 50’’s Informed my Husband and I to wear good shoes. She drove. She would start us at 9am. We’d be back at our hotel by 6pm. I Loved It. Sooo much energy from her. Awesome to see someone love their job like that. Pro Relocation Agent through my Husband’s company.
@@marciamakoviecki3295
Personally I would keep seeing as many homes as I needed to find the perfect one for me. If a realtor can’t provide their services for that, then I’d get another one. A good realtor is worth their weight in gold if she/he knows what you’re looking for and not take you to places that are not on your wish/want list.
We had a real estate agent that sold our townhouse and did a great job.
When we used her as a buying agent we were confused on how it was so difficult to see a number of homes we were interested in.
Eventually we realized she was trying to funnel us only to homes where she was also the selling agent and the amount of properties we missed out on was absurd.
That's dual agency. She has to disclose that upfront and you have to sign an agreement the you accept these terms OR you have the option of working with another agent for that sale
We have heard everything you described many times which leads me to believe 'good' realtors are hard to come by. The multiple offers tactic on homes that have been sitting for months is the most infuriating and caused us to immediately terminate our efforts with what we viewed as a scam and scammer realtor.
We were told there were multiple offers, we chose to believe it as the price had been reduced dramatically. We chose to offer over asking slightly because we could see the value in the home and didn't want to miss it. Since then we have had several investors in the area tell us they would've offered considerably more if they'd known our property was selling at that price.
Salt Lake City - multiple offers on homes that have been sitting on the market. I was really that is not true. Thank you for the advice. I really appreciate the insight.
Simple 30% smaller than you need and 50% cheaper than you can afford. Simple house, good materials and not in a dangerous area in your opinion after research. Flood, hurricane, earthquake, and sinkhole. Etc.
that sounds like a lot
sinkholes? eeek. Fl & AZ...buyer be ware.
She sounds like an honest Realtor. I have met some realtors that I wish not meet again....
Regarding refinancing. Take into account the bank designs their mortgage loans so that the majority of the payments go towards paying their interest in the early part of the loan.
So, when you refinance, look at the interest you've already paid on your mortgage. And then look at the interest you'll pay over the life of the loan you're considering. Is it worth it?
That is why you make extra principal payments early in the loan. Adding just a few dollars per month will take thousands off of the total price paid.
This is the most commonly misunderstood concept in borrowing that I heard throughout my 42 years in lending. Comments that loan interest is "front loaded" suggest a belief that the bank is structuring a loan to rip off their customer; this is simply not true. Here's the way to think about it: If you put $10,000 in a savings account at 4%, you'd expect to earn about $400 that year, right? But would you be ok still earning $400 a year 20 years down the road (after leaving your interest in the account each year)? No, you'd expect to be paid interest on the full balance as it grows. That's the way it works on loans, which earn interest interest according to a Federally-mandated "simple interest" formula. A loan is in many ways just a reverse savings account. Interest is earned or paid based on the actual principal balance outstanding each day. Before sometime in the 1980's banks did have a little more flexibility and many used the 'Rule of 78s' method of charging interest, which was a slightly accelerated interest accrual, but only on certain consumer loans - and not on mortgages. Now they all use simple interest, which is great for borrowers.
@@pleskbruceyou've added nothing to the conversation. People know what interest is sweetheart. Nobody said it was a conspiracy you pay mostly interest up front. That's how it works, you agree with that statement, why go on to condescend about how the most basic part of borrowing money😂
Did you feel smart telling everyone what you learned about percents in elementary school? 😊
Love this Jackie!! Keep helping people get educated behind real estate!!
I did mortgage loans for 6 years and most of this excellent advice also applies to working with a lender. The vast majority of lenders - and realtors - that I have known were honest, caring, hard-working people. They are usually "people people" that you can easily become personal friends with, so they are easy to talk to. The majority, that is. I've also seen some of the tactics Jackie described here. Long ago I realized there are people in every industry that do what they do to SERVE others, and they get paid almost as a byproduct of that (like Jackie!). Then there are people who are in it for themselves only - for the paycheck. That second group can make the whole group seem bad - they aren't! I also used to work a lot with first-time buyers, having remembered my own experience 30 years earlier and feeling 100% lost as a buyer. They are the most appreciative when all is said & done.
If other agents hate you…. No worries WE LOVE YOU ❤❤❤❤
Older? How young do you think she is? 😊
❤️❤️
@@LookyLooRealEstate I’m 46 FYI. Good day.
#4 - That happened to us! The house was for sale by owner (son-in-law was helping sell, but he wasn't an agent), it was on the market for a while, and when we made an offer, they had "multiple offers" and wanted our best offer. Our real estate agent said our offer would be $1 more than any other bonafide offers they could send to us in writing. Yep, didn't exist, and they accepted our initial offer!
Thank you for the information, Jackie!!
You are so welcome!
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Thank you for this information. It validates my experience with some realtors. I will be on the lookout for the good ones.
I love an ethical person and U R 1.
Thank you!
Had a horrible experience relocating across the country in 2022. Our buying agent in PA (moving from AZ) lied about so many things during the process. Being 2000+ miles away, we relied on him to help us but he made it so stressful. My late husband was 80 at the time and I was 74. Long story short...we had to spend $83,000 on a house that had never been kept up since it was built in 1969. The day of closing, this unscrupulous agent was at the signing to collect his money. He was an older guy and retired right after this transaction. How do you vet agents when it's so far away and you won't be able to actually be there to look at homes? I'm going back to AZ to be closer to family and I don't want a repeat performance from another agent like him. My husband died suddenly in October, 2023 so I'm alone in this process.
Two things come to mind. If there's no way to get a personal referral, one thing I did was to see which agent(s) is (are) active in the market - who is doing listings in the area. At least that tells you that a lot of people are trusting them. I did this when selling a home once. I had noticed one agent whose name seemed to be on every other 'For Sale' sign in town, so I called him. He got my house sold and everything went great - I was very happy. I think this would work as a seller or a buyer.
If you're going to get a mortgage, you could also contact a lender in the area and see who they recommend. Lenders will NOT recommend anyone that they know is bad.
If you have to sign a Buyers agreement before they show you a house, then this nonsense starts happening, how do you get out of the Buyers agreement in order to sign with another realtor?
@@Ruby-if4jf I agree This is also something I would like to know how to do.
yes $40 an hour cap. at $1000 for buyer agent
@@mikimikemike1 the day you would be promoting attorneys like Michael KechMark to make $40 an hour instead of charging 40% of 418 million for representation is the day I would agree with you. Till that day screw you and him
I can't even get a realtor to call me back when they said they would. Next!
Ugh
Yeah the idea of common curtesy and if they are your realtor do they want to make a sale or not.
I see an interesting phenomenon for the last summer. Houses in Zillow were jacked up price to all time high for a month or two then cracking down to the base line with label cut price. It is just a manipulated to call attention buyer (who still refuse the overpriced)
Thank you for your integrity & honesty.
Fired two of them. Going in unrepresented with better prospects already
The automotive world has used car salesmen......real estate has realtors
@TEX3687 What industry are you in?
@@LookyLooRealEstateroach
Mine is the Laziest! This new law has them thinking we are stuck with them
I found your video today very interesting. You are an experienced, trustworthy woman with feet on the ground, and I appreciate your insight. I've watched many of your videos and have always enjoyed them. You provide valuable, honest information, and I thank you for that. I finally subscribed. I'm not 'complaining' about you, young lady, but the industry in general. I feel the real estate industry is packed with slimy/disgusting/gross cheats and scum bags. I've been lucky and have a wonderful realtor. Most realtors are useless lying snakes in the grass-no wonder the real estate industry is going the way of landlines. That is the end of my rant. Please don't be offended! :>)
Thank you for your honesty. I agree there are some shady agents out there that are in it for the money only. It's pretty sad.
@@JackieBaker And what they don't realize, as you well know, is that they'd actually earn more money if the made the customer the priority - especially in the long run.
*7:14** - I've had a real situation with the house being on the market for over 1.5 years, and all of a sudden multiple offers showed up! We did not believe an agent.. Well, the house was gone to someone else; the second one near that one was gone to us, with 10 more people all of a sudden making an offer after us and wanted that house "no matter what" if the deal fails. Also after 400+ days on the market.*
Shady real estate agents must really dislike you. That helps the consumer a lot! Solid advice as always Jackie.
Great advice Jackie. I wish I had this kind of advice when I first started buying my first, second and third home. I learned the hard way on how to negotiate with both buying and selling one of my homes. Thanks for waking so many buyers up. Great video ❤
Jackie. You are smart, pragmatic, and clearly an honest person. Great Jersey girl! I bet you are a top agent! You know your stuff. I would want you as my agent if I need to move and buy in your area of NJ. From one Jersey person to another.
As a consumer and home owner, I thank you for the presentation. Buyer beware of salesmanship.
Thank you for being honest with us.❤
😅 her editing is on point
Jackie, thank you so incredibly much for sharing your wealth of knowledge, despite what other realtors might think. You’re truly doing a service to homebuyers out there, and I pray you will be richly blessed for that!
Jackie you are the best. Thank you for honestly educating us
This was a beneficial video. I am so glad I found you!
Try not to be a desperate buyer, not just for houses. Always be able to walk away, or at least pretend so nobody knows you love it.
For many locations it is easy to see actual sales prices of neighborhood properties by searching in, say, Zillow. (NOT Zestimates!). I would do this personally before looking at a house. (More difficult in rural or custom-build areas.)
As always I agree 100% with everything she says. Amazing how buyers don't ubderstand common sense (and how some agents sell junk to them).
Tuned in from Jamaica 🇯🇲 Great tips as always 🎉
Big up ya self.
Yeah, man, it is very simple, no?
Good build, cheaper than what you can afford and think small. Very very simple to get a house. Americans do not understand that.
Awesome! Thank you!
We are looking at a home tomorrow with a Realtor & 1 or 2 others as 1st time home buyers thanks for this information 😁
Glad it was helpful!
@@JackieBaker We will have him run comps on it rural comps are very tough to do they want 150k only has an acre I think their asking price is way too high It's been in the market about a year & it's not perfect but has no neighbors close by
I love you, thank you for being real.
Realtors are below attorneys and used car salemen. They look at that commission check as their holy grail and don't represent the buyer or seller's best interest. I am a huge proponent of listing/selling your house independent of a realtor. You dont need them. We live in 2024 and you can do everything they can do online without their assistance.
What Microphone do you use?
Audio is great.
The initial problem is the buyer who is willing to pay for over priced home with out thinking they are motivating and encouraging the seller to sale even higher and making the housing market unaffordable and Instead offering the real value of the house to show them the reality for the real Estate agent as well
❤Wish I would’ve had the interview 3 agents advise before. Thank you. Ours was an idiot
Mine too! Can't wait for my contract to expire
just want to say thank you for all the info in your videos. I have had some negative situations in the past with home ownership that you have talked about and condo in FL ownership ( you. do not want one as Jackie has said). but I thought I knew everything to look out for. but im learning alot from you. Im not happy in my current home. the next one I will not compromise as I did on this one. NOISE. be at the house at commute time. Take off your shoes and socks. I have to wear skid proof slippers because my wood floors are so slippery.
they are shiny and pretty if you like wood floors ( I dont. but compromised ). Also in general dont spend 10k on a fridge. the sellers did. what a waste. If it breaks I will probably buy a bigger cheaper one. Im betting fixing it will be the same price. Any decent fridge will keep your food as cold as mine does.
Stay away from smarmy, flashy realtors that are hypebeast. My realtor was an older, calm, down-to-earth woman and knowledgeable. She also gave me solid advice about paying down my mortgage quickly.
We’re using Hillary at JFK living in New Jersey. She’s outstanding.
Before the law was passed we toured two houses one day with two different agents. One walked us in and went to chat with the seller (who he was also representing and didn’t tell us) and just let us walk around the house on our own.
Hillary has actually guided us and been ruthless with evaluating the homes condition and how closely it matches our needs. She’s actually discouraged us from seeing homes she’s known we wouldn’t actually like and has really advocated for us an encouraged us to “compromise but not settle”. Highly recommend!
It’s mainly about greed.
Of course, there are bad realtors just like in any other profession. Teachers, lawyers, judges, cops, doctors, etc. I always felt a realtor can't "sell" anything. The buyers have to feel it, love it and see themselves in it. A BMW sales person may be able to sell a Beemer over an Audi, but a home is different.
Yes, they're really just project managers.
Thank you for sharing this information. It really sounds complicated.
Our landlord died and his son wants to sell, we're terrified we're about to be priced out of our home. After a few years of living here we know how much updating the house will eventually need. It's nerve wracking being pressured to buy or going out into the insane rental market after years of affordable renting in this house. Ugh.
One of the many downsides to being a renter.
I have never heard that your agent should run comps and give you a price range to offer for the house. Thank you for this advice.
I've had lenders push refinace without talking about the downsides.!
Great brief overview of major alarm bells!........I would, however, urge you to start discussing in detail SPECIFIC flat fee amounts and SPECIFIC commission amounts for buyer's agents. We're all confused about these things, those of us contemplating buying, post-NAR. It feels like the Wild West.
The market and interest rates are going to determine how things go. As a future seller if you put in a decent offer Ill pay 1/2 of your agents %......but if you lowball me by $50k and still ask for agent money...your offer wont even be considered. I think Every transaction is going to be unique.
@@tex3687 I think that the "uniqueness" will alienate some buyers, like me --- markets like convenience and predictability, not confusion. But thanks for your comment and it's still unclear how things will shake out, how new norms of bidding and compensation will emerge.
5:50 a refi at my bank is going to cost around $$2.5k. Let’s put a number on it don’t make it sound scary
My agent told me exactly what to offer...15k over...never mentioned comps. Actually he didn't even see the house. His wife showed it to me. All she did was unlock the door and stand there.
Who wrote the contract? Who negotiated? Who coordinated with the attorneys, title, mortgage?
Question: how do you terminate a buyer's agent contract?
Just email them. You should have it in writing.
“Staying in your lane” is advice that I think more professionals need to hear. As an insurance agent, the state makes you pass a test and awards you a license to be an insurance agent but somehow the real estate agent, loan officer, etc would give the prospective client all kinds of false insurance advice. The worst part is that the client often believes these “professionals” and leads them down the wrong path. Ironically, these same people disliked it when I told them if that is correct then I think they should be getting a better interest rate just because I said so lol. Stay in your field of expertise.
Bought my place with adjustable rate and a year later I refied with a lower fixed rate.
Thank you Jackie.
Can I run away from an agent who I signed an Exclusive event contract (based on a new law) and he kept pushing me to close a house that I completely did not see match my criteria?
Thank you so much for the information! Would you considered doing a second video explaining things like that but from the other side; what to look for a real state agent when selling a house?
Thank you again!
Sure thing!
@@JackieBakeryes I agree. Love to see things from seller side!
Refreshing to see an ethical agent. I was one myself. There are not many.
Very informative 👍
This is GOLD !
Thanks for the info! Wish you were in my area lol
Super helpful! Thank you!
I don't think all realtors are bad, but I've dealt with a quite a few who were sleazy. And saw tactic 2 a lot. I asked for 250k or less rural, and they kept on sending me 300k plus in the suburbs/city.
If you start working with a buyer's agent, but want to stop working with that agent and go to a different one, how do you get out of the contract?
Thanks for the advice.
I am increasingly seeing houses that have been on the market for quite a while and indicate ‘motivated seller’ and yet they are not dropping the price or are dropping tiny percentage. What gives?
Idk. I’m looking in multiple areas. I’m assuming that it’s ok to have a buyer’s agent for each area? Have had good luck with running across decent agents (I feel like anyways lol). Didn’t always interview 3 but I think you can tell fairly quickly if they are advocates or not. One agent right off the bat told me at least one con about my first property choice. Lol. We went to view it anyways and she was accurate. 😬 She was also friendly and communicated well, showed me properties in my range and so on. Gave me good tips about various locations/towns. I wish all of them were like her. She was happy also to answer all of my “vetting” questions and the fees were explained clearly ahead of time. I never felt pressured or pushed or rushed.
You didn't mention the mortgage companies now linking their clients with real estate agents they are linked with. 😮
Good solid info.
Glad it was helpful!
3:02 hey everyone. Umm duh. You’re in charge here, you’re the one paying aka the one with money
I thought if the seller offers to compensate the buyers agent, then the buyer will it have to pay
How do you honestly know if the agent is really working for you. I imagine a lot of "buyer agents" are not really going to be working as advocates. Back in the late 80s I helped a realtor create something called "Buyerside," and the goal was to have agents go through a certification process... he got tons of blowback and basically gave up. And, now here we are. Selling agents and listing agents who can act as a buyer's agent with the stroke of a pen. So, we're not first time buyers. But I want an advocate. How do I know? PS I just found your videos and you're terrific. Sharing...
THANK YOU or reminding people that re-fis are NOT FREE!!
If you're looking for a home in multiple places/cities, due to money you have, not knowing anyone from the area, and prices in my price range disappear in a day, how do you interview, with so few homes.
Finding a realtor to show me the homes and negotiating short term contracts, is the most difficult part of home shopping. Because if these FEW homes, disappearing fast, are not desirable in this area. I have to be able to, be released or negotiate contract short enough, to look in another area, which they don't service, Since the new law went into effect, that is more challenging than it already was. Please help
The RE police.... love it!
Might want to clarify. Having a buyers agent isn't required. 'If' buyers want an agent to represent them they will need to sign a contract with a real estate agent that specifies what they will pay the agent for that representation.
Great video.
Glad you enjoyed it
How do you fire your agent?
Would you answer a question like, "do you think this offer would be good, or do you think we could offer something less?"??
Some realtors can be greedy and bad realtora but not all reators. I have heard Lenders say that more , marry the house, date the rate.
in the 1990s we ended up with a pushy realtor who kept on insisting on us to buy the house we did buy. We only realized his valuable advise 30 years later. just because some one is pushy does not make them wrong
What did he say about your home that was spot on? Just curious was it in an up and coming neighborhood or something specific about the home a view maybe or was it something else?
@@bartsullivan4866 we were too naive looking for a perfect house that never existed. 30 yrs later I realize he was right. the memories you make makes the house perfect it didn't matter which one we would pick and he had always told us "you just need to sign the paper and you will start building your life. You just need a house doesn't matter which one just sign the damn papers already"
Why are people offering over the asking price? Shouldn't the asking price get you the house? That's what they're asking.
Thanks!
Thank you so much!!
I ended up with a loan amount of $203,500 when I closed on a townhome in September of 2023. Zillow estimates it to be worth $229,000 only a year later. I've been told not to trust Zillow for estimating home values.
Zillow will value a property at anything they are paid to value it at. Houses that have not sold in many years will be more accurately valued at what comp sales have been. Homes listed for sale on their site will be revalued at the asking price or higher.
You do know that Zillow almost went bust based upon their “algorithm” right?
The word I'd use is: 'Succubus'
😊
what about the third-time buyers? I get so exhausted hearing about first time buyers. "A House has been on the market for a couple months?" Where!?!?! :-)
First party re: agents: Accurate.
All my agents have always just wanted to "help". 😅🤬😋
My agent was wonderful
Hopefully this market slump will wash out the bad realtors.