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- เผยแพร่เมื่อ 17 มี.ค. 2024
- The way millions of people buy and sell homes every year in America is getting turned upside down from the National Association of Realtors' settlement. NBC News' Vicky Nguyen has more details.
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#Americans #RealEstate #Economy
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
I stopped trying to predict market outcomes based on chart studying after 5 years of uncertainty. Not having a mentor caused me 5 years of pain. I learned to follow the market's direction and keep it simple with discipline.
I won't pretend to know everything, though. Her name is Amber Angelyn O'malley but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The best investment one can do right now is investing on real estate though stocks are good but ever since I swapped to real estate, I've seen so much difference.
I have been making a lot profit through real estate which has been the main source of my income.
I’m interested I want to move to real estate investment can you help me ?.
STEPHINE KOPP MEEKS is who i work with look her
You know what will drive down home prices in the United States? Not allowing giant conglomerate corporations like Blackrock to buy private, residential homes. Which drives up the prices and creates scarcity.
Exactly!
You are exactly right!
They will find a new “fee” to add in to cover their losses on this regulation. Nothing will change.
All well and good but what you really need to do is get rid of bidding wars. Once upon a time, a residential realtor could only bring you one offer at a time. The seller could choose to take an offer or reject it and wait for a counter offer. If there was no deal then the realtor could present another offer. Today they set a bid day where they take as many offers as possible. The problem is with this system you see a property offered at one price but sells at 30-50% or more over asking. Again, once upon a time, the market value for your property was usually accurate plus or minus 10 - 15%. Houses should not list at say $350,000 and end up selling for $520,000. It just becomes a situation where buyers over-extend themselves and realtors maximize their commission ... get $26,000 instead of $17,000. This is how you got here where the middle class got priced out of home ownership.
Thank you for pointing out the elephant in the room.
So no more capitalism?
The commission agreement isn’t Secret 😂. It’s disclosured and discussed when property is listed. This hurts sellers because it will limit the pool of buyers and it hurts buyers because they will now have to pay for fees to compensate buyers agents. So consumers with barely any money to put down will either be forced to come out of pocket or go into a transaction with no representation.
Also remember the same people selling their home will more than likely turn into buyers of new home and incur the same fees.
Who is going to show a house for free?
I’m in real estate classes now and you sound like a smart real estate agent.
How does this stop a real estate agent from working with you unless you pay the fee they ask?
It's going to cost low income families even more to buy homes now.
Yeah but they shouldn’t be buying a house if saving 3-6k isn’t possible. There’s federal grants for down payments so give them time to create grants for this too. Either way you have to pay it back and I did too.
Lol sellers are going to lower their prices? Or put that extra money in their pocket? Duh.
I don’t understand the logic here. Why would a seller lower their price because of what’s going on with a buyer’s agent? The banks don’t consider an agent’s fee with a mortgage rate, closing costs are decided? It has nothing to do with the seller- which was the basis of the law suit. Buying agents should get a flat fee if the sellers wish to give them anything, or they work an hourly rate for their buyer.
How about we stop allowing them to charge us percentage based instead of a flat fee for their service.
stupid. Do you not get a raise at your job for inflation?
That has always been legal
It's a free market, and this is against capitalism
Property taxes and income taxes are charged by a percentage too. Can they also change that to a flat fee?
You can pay a flat fee.
What about equity firms owning almost 50% of the single family homes?
Seller should be responsible for seller agent and buyer pay buyer agent . For example, 2 percent to seller agent, 1 percent to buyer agent. End of story
Won't change prices...perhaps the seller will get to keep more money?
No one except for rich people can afford buying a home with the interest rate so high.
Not true. Americans have short memories. Back in the 80’s the mortgage rate was more than double today’s rate. Even in the 90’s the rate was much higher. There other multiple reasons for the high home prices such as more strict codes, higher building permit fees, higher land costs and greedy developers.
I remember when we built our first house and when we sold it a realtor who basically did nothing took a nice chunk of our profit!! All the realtors in the area would not come down off the commission price...can you say price fixing?? I will never use a realtor again!!
You chose a bad agent and think they're all the same.
If we didn't need realtors that should've been obvious years ago, but apparently they're still in business and for good reason. Consumers should've turned to Zillow and yet still hire a Realtor. That's because they provide enormous amounts of value to homeowners and homebuyers, the newer agents have trouble communicating to their clients. Leaving some people like yourself believing they don't do a thing, but they actually do. And they do what most people aren't willing to do.
You should interview them instead of just looking for a bargain on commissions. Some can justify the 5-6% while others can't.
@LovelyCoastline-ul6yr you don't know what you are talking about, I have sold many homes and have worked with ALOT of realtors, it was pretty much the same. I'm glad this law was passed!!
@@lulajohns1883 What law passed?
No Laws were passed.
Clearly you don't know what you're talking about.
@@LovelyCoastline-ul6yr lawsuit settlement. Make sure not to price fix!!
@@lulajohns1883 that didn't pass any laws that's a settlement between NAR and the plaintiff.
Listing agent can still charge 5-6%
The Settlement is requiring NAR to not allow listing agents to advertise the commissions on the MLS. But it can still be negotiated off the MLS. And the listing agent can still make sellers pay the buyer's obligation to compensate their buyer's agent.
The only thing that's actually changed is making it a requirement to have the buyer's agent have signed agreements before seeing the houses, this has always been around. It's just that most buyers agents would rather show houses than convince their clients to sign a buyer-broker agreement.
Not sure how it gives anyone more power as a consumer. How will it lower prices?
The market will sell at whatever someone is willing to spend. It will just complicate the process and increase the cost for the buyer. Because ultimately, that buyer was able to finance the 6% transaction fee and now they will not be able to.
An agent doesnt have to change their commission. They just cant collude. No one has to come down on a fee. It is up to the consumer to decide if they think it is worth it.
Everyone who is not a realtor agent loves that the market is getting a shakeup. I have yet to find a single agent who can tell us what their value is in a dollar amount. Commissions should be fixed at 1500 for the seller agent and 1500 for the buyer agent. Commissions should never be based on the price of the house.
you have no idea how much work goes into selling a home.
@@chappybobappy the fact that you cannot put a hourly rate on it tells me a realtor is worthless and non value added. I was a realty and now I fly and maintain bizjets. Usually less than 20 hours. The last house I bought I made 4 phone calls and spent 2 hours at the title company to write a check and sign paperwork. The three I sold before that I advertised on FB marketplace of all places and sold them all less than 10 days. You can’t put a number on it because it’s low.
They should make sure it's iron clad.
Goodbye buyer’s agents lol
Why should the seller pay the buyers agent .
that's their argument
Because the buyer agent brings the customer into the transaction!
@@ducnguyen-iv9px buyer needs to pay their agent.
Buyers agents are dead. Why would you want to be a buyers agent now when you can just stack listings and making the same money you did pre lawsuit?
Glad I'm not planning on buying a house anytime soon, if ever
Are the rude comments upset with the buyers or the sellers? Because realtors are agents of one of the other, legally obliged to carry out the wishes of their client. As if a single seller ever requested of their realtor to list their home at below market rate.. or as if a buyer’s agent will work for free. That ain’t happening. Imo zoning and codes have created an inability to build more which has manufactured scarcity in housing which has driven up the value. Not as if we’re like our grandparents and can like ya know clear cut forests point at a hillside and build a cabin etc.
Hai
You're Not making if you are not Selling...what you got,the house sitting looking Pretty...do something with it.
150000 realtors out of business. LGB.
Houses still half a million; minimum wage still what it was 15 years ago.
🤷
There is literally nobody working for minimum wage.
@@milo29841 You're wrong, but go on.
@@milo29841 You're wrong, but go on.
No. You should know more of what you speak on ...
Buyers agent is garbage. The buyers usually finds the house on zillow themselves. Ive been waiting for the realtor game to shut down. 30k in commission for unlocking a few doors.
You’re clueless! Zillow isn’t going to schedule a home showing for you and a homeowner isn’t going to let random people through. Zillow will connect you with a realtor if anything. A buyers agent will represent you, pull comps on the home, help make an acceptable offer, schedule inspections, negotiate repairs or price reduction, work with appraiser and lender etc. Just goes to show how people don’t know real estate
@@user-gx1vw9un8l I know that. If I wanna see the house just call the sellers agent. They gonna ask if you have an agent and say no. They will show it to you. In fact, if I'm real interested then I'll knock on the door and ask the owner to show it to me. The real estate agent is a thing of the past. The seller would be more than happy to eliminate those fees and show the house themselves. I've bought 5 houses across 3 states. You can easily see what and when a house sold for on the county appraisal site. Zillow shows you what recent home sells were. And yes, for 30k owners will happily show the house to the same random strangers the seller is showing the house to. The middle man needed to go along time ago. Ppl can do that little bit of leg work themselves. An offer letter is a template anybody can fill out and negotiations become real easy when your saving 30k or more. Again, it's a little bit of leg work and it's not worth 6% of the home sell. Realtors are doing anything complicated. Your certificate can be summed up in a 2 hour crash course.
@@user-gx1vw9un8l Obviously, you are a realtor and it seems the other blogger touch a deep nerve on you.
I don't know what a "comps on the home" is, but selling a house is like selling a car; you can do it by yourself. I have bought 2 houses in my life and the realtors were useless. I sold my first house on my own, and I did a very good job. Selling a house is not rocket science.
But your ripping off the realtor
A lot of sellers agents have been able to make so much money because they took 1/2 of their commission and offered it to buyers agents to bring them a qualified buyer for each listing. So that 3% was effectively working like a marketing fee. Now that sellers agents have to do all the work, they will be able to manage fewer transactions. Not only will they do all their work, now they will have to do all the work the buyer's agent used to do including advertising, qualifying potential buyers, feilding phone calls, showing homes etc. Good luck with that.
Liars
There’s no need for a buyer to need a realtor in today’s age.
A good reason for the average buyer to have an agent is to have a real estate contract and transaction pro making sure the seller's agent isn't screwing you over in the contracts and negotiations.
Most buyers don't know about contingencies.
Sellers will try to have them sign contracts with little to no buyer contingencies.
🤌