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Settlement eliminates 6% realtor commission
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- Опубліковано 14 бер 2024
- The National Association of Realtors announced a settlement on Friday that eliminated its rules on sales commissions, which could lead to a drop in home prices in the U.S.
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This Ain’t gonna Lower Real Estate prices! Not a single bit!
This won't lower home prices at all.
totally agree with you....its the opposite ...
Nope! It will just favor the wealthy who have a lot of experience with buying & selling real estate and who can afford buyer agent representation if they want it BUT the average consumer is going to be at a disadvantage. The way the media is spinning this is hilarious. It's a horrible move for everyday Americans.
This is placing the buyers commissions on the people who are trying to buy housing. Why screw them over when they are trying to fight an uphill battle as it is?
You don't have to hire a buyer agent.
L O L
@@michaellongo6938 and get screwed in the process.
What’s ganna happen is that agents will increase price of home to get a cut and not take offers that won’t agree to commissions
Nope ain’t no one going
To buy at higher prices!
That’s the kind of thing some of them were doing already. It’s illegal and this is only one of the reasons for the lawsuit.
Going after the agent not the corporations that buy up billions in inventory causing prices to triple sounds fare?
exactly whats happening
A 100 years of being forced to pay commission and now they correct it, I smell a rat
Prices in So. Cal will remain stable and is not expected to decrease in the near future. We have a severe lack of housing, and it is simple supply and demand.
Don’t think that there isn’t somebody out there trying to put these agents out of business. Somebody’s always faster and smarter.
The commission Rate will not even scratch the price of homes , the agent will charge 3 percent to sell the home while buyers will now how to pay thier own Agents or be represented by the sellers agents and have a conflict of interest, the only ones getting screw here are buyers . Making it more un affordable to buy a home now.
There never was a “standard”. Commissions have always been negotiable
This will not lower prices (commissions nor home values) 😅 I'm an agent, and services inflation is here to stay.
Services inflation? You mean actual hard working people want paid proper? The real estate prices are what is inflated. If you want to sell more, lower prices. Basic economics
Commission should never be more than $10,000 for each agent - buyer and seller. The agents basicly do nothing for their commissions. Highway robbery.
The 6% commission hasn't been around for a long time now. Some companies won't charge a percentage at all, it's just a fixed price regardless if you buy or sell. With the advent of internet companies like Redfin, 1% for those companies is normal. The headlines are all talking about the commission percentage, but there was no law or rule that set that, so there is nothing the ruling can change with that. What WILL change is now buyers will pay their agent out of their closing costs, and sellers won't pay buy agents out of their closing costs....which seems reasonable but buyers already are struggling to find any money down, so now they will just need more. Also, the ruling is going to break open MLS, which was previously restricted to the National Association of Realtors.
About time. Realtors are abundant and skill less. They are not dentists, doctors, or lawyers. They are sales people who sell homes. No different from any other sales person. Its a career and a respectable one but their earnings potential in relation to their value does not make sense anymore. Especially when you start looking into the countless debacles they facilitate.
You obviously have no idea of what you are talking about and your ignorance is showing. When people buy or sell their home, they are working with the largest investment of their lives. Realtors help guide them just like a banker or investment broker would. They do so much more than just put a sign in the yard. Just like doctors, lawyers, mechanics or whatever profession you look at, there are really good ones out there and there are awful ones. How many doctors today get sued because of poor work that results in serious problems or death.
@@user-kk9dz5gf1s I simply disagree. Showing homes and providing answers that can be obtained with moderate effort don't justify the large commissions. I'm sorry you are offended but everything is changing. Real estate agents and the organizations that represent them only have themselves to blame. They have taken advantage of their situation and people have noticed.
@@user-kk9dz5gf1s 🎯
Buyers are already having a hard time qualifying for loans with the high interest rates. No agent will work for free. The seller paying out of the proceeds allows buyers to get a skilled licensed real estate agent. Now only listing agents will get paid.this makes no sense.
Sellers can still pay the buyer's agent, it is not elminiating that possibility. All that is changing is they will not be able to share the commission offered on the MLS. They can share it by email or anywhere else just like the agent stated in the video.
All of my agents are jumping ship and it’s putting my real estate company out of business. Once July hits I’ll be out of work
😅😅😅😅😅😅😅 it’ll lower prices? Tell me you don’t know how free markets work without telling me you don’t know how free markets work.
Artificially propped up real estate prices are hardly free market
This is misinformation. There was never a "standard" commission advocated for or suggested. Anyone who uses/used that term was doing so wrongly. Compensation is and always has been negotiable between an agent and their seller client and an agent and their buyer client. What is proposed to happen is compensation being decoupled from the MLS (aka: listing service). According to this settlement proposal (which is not yet final, BTW), offers of compensation to a buyer's agent cannot be advertised on the MLS. A seller can offer it, but it cannot be advertised. Also, this is not final. Nothing has been agreed upon.
The headlines as usual are totally not the story...but I have popcorn for the comment section
Just lowering the interest rates and APR would help a tremendous amount...why go for people that are already struggling ...the realtors. O wait they can't go for the big banks because that is the 1% and nobody touches them.
🎯
That would make home prices go up. Why would you want to do that?
Hey Gonzalez why say it will make prices go down ? All it does is screw buyers over
Agents say it's silly. But I'm a flipper and don't think it's silly at all. Like the agent said, he can still put "3% to buyer's agent" in the listing. Difference is the listing text is public, the MLS agent commission field in the database normally isn't public. As a seller I've always put "3% to buyer or buyer's agent" in the listing text which buyers often read. Get's them thinking "buyer OR???" Hey, I want that $20k!!! Doesn't cost me anything and they save $20k. Win-win. Home values factor in 6% commissions. As a seller I never see that 6%. The buyer always pay those and all closing costs. Seller never put a penny into escrow. I don't care if 3% of the buyer's money goes to their agent or back to them. Was never my money.
What happens when the buyer on your deal came in without an agent and they can't get the loan approval with Lender A. Do you let the deal fall apart or jump in and help them get hard money or find Lender B who can get the deal done. My point is, the work for the buyer has to get done....who is going to do it? You? And, doesn't that raise your risk of liability in the future if they later feel you did something to "take advantage" of them?
Oh you’re one of THOSE flippers. lord help us. The kind that thinks they understand real estate because they watched 3 UA-cam videos but really doesn’t at all and got into flipping in 2020 with the rest of the country lmao
That’s true no “ commission “ fee 😊
TLDR - Fee rules wont go into effect until mid July 2024
How are buyers saving if they have to pay their own buyers agent commission up front?
This isn’t going to decrease anything. This is meant to encourage anyone sitting on the fence who is thinking about selling their homes to do so.
At 1:38, his implication that somehow the realtor is going to represent you after the transaction is complete is a joke.
NAR never mandated a set rate and in fact has provided training and guidelines discouraging the practice of agents coercing certain commission rates. While it's been an industry norm, charging a "standard" rate has explicitly been frowned upon.
I feel like all of this is initiated by greed, yes by NAR but also by sellers. The problem is, buyers could be at a disadvantage if representing themselves without agent expertise just to get the house for a lower price.
Without adequate buyer's agent guidance, buyers risk taking on expensive hidden issues or buying into hazardous situations.
I also feel like the true victims in all of this are the newly licensed agents. The single moms who are trying to provide for their children but can’t because of the multiple arbitrary membership fees in order to work.
The only thing this going to cause more lawsuits between buyers and sellers.
Yes is it mandated realtor fee to get a realtor. The imaginary negotiation does not exist as realtors control listings and therefore fees that go with them. No you don't need a realtor to buy a listed home but you will be paying the realtor fees because they control the listing which is the public offering. You have to wait for the listing to expire to avoid the realtor fee.
@@donaldkasper8346 and yet another person who doesn’t understand how it works. lol
@@zach2733 A Harvard grad too stupid to understand the concept of money. lol.
@@zach2733 😩🎯
any ways relators are scammers.
Always seemed like a sketchy system to me...
Look into stock brokers and banks some time…
I am gonna charge 10% now
“If you can sell or buy a home without an agent It will save you money.” Haha. That’s a good one.
Lower wages means,…
When is the last time you grabbed fast food?
Yes, quality of representation and mid level agents will fall and a turnstile of newbs.
Bad for everybody.
Are oil brokers regulated to. Ring down gas prices? If they were, do you think gas prices would “trickle down?”
This screams big equity play to outrace consumers to houses to build their portfolio, and a nation of renters, faster.
Agent commissions have absolutely nothing to do with home prices. A seller potentially saving money on commissions is not going to reduce the price of their home, they're going to pocket the savings.
Sellers always had the power to negotiate commissions... I sold my home in 2023 at 4%. I like this new rule though--always thought realtors made too much money for essentially doing nothing.
Define "doing nothing".
Doing nothing 😂. Don’t use one then if they do nothing lmao 🤣
@mommom3172 My realtor did nothing--signed in with a new developer and got $20K. It's anecdotal, of course--but I didn't need her. And the bank assigned her to me, I didn't choose her.
@@zach2733 wasn't my choice.
Exactly what he said...realtors do nothing. A hundred years ago that career didn't even exist.
Realtors make too much money just for driving you to a house
Lol..seller just keeps more.
Isn't that a good thing?
Yup good. Let the house market crash down 💰🤙🏼
Most agents take 2-3 % if they get client what they want
Hire a real estate lawyer and talk to title yourself.
“Hire a lawyer” 😂 lawyers don’t do what agents do. And they’ll charge you 10 grand for what title will do for 2k.
Real estate agents only find the buyer/seller (through the MLS and other agents). They aren't professionals of anything and title companies actually do the "professional work" of transfering the property. This guy acts like he cares about house deals where he doesn't get $20k commission. If something goes wrong the 20 years later the real estate agent will be nowhere to be found.
He actually thinks transactions are easy, breezy lemon squeezy..😂 tell me you either have never bought or sold real estate or less than 2 in your lifetime. Things NEVER go that smoothly when 2 opposing parties are involved and nothing comes up on inspection, appraisal, the survey, the loan approval or title commitment and the Seller doesn't ask if they can have a post-occupancy because the home they arr moving to is delayed being built. 😂 Your title company has 0 interest or know-how to help resolve those issues. They just close your file and move on to the next one. Hope you didn't need your escrow deposit money!
@@mommom3172i talked trash about realtors for years like this. I stepped up and did the courses to be an agent long term. Boy was i wrong about this being easy and how i dont need an agent. This will not be good for a lot of folks buying/selling.
I buy and sell 12 houses a year. It is super easy. Disgruntled agents call my listings frequently. @@mommom3172
when agents are involved things do tend to get messy. Lawyers do the transactions for $200 total instead of $20k for "agents"
This reply is from an agent... arrogantly insulting, spewing incorrect information then followed with an odd threat of "You'll be sorry if you don't pay me $20K" That's exactly what colluding is. Exactly what these lawsuits are about. @@mommom3172
Thanks biden
Buyer pays all commissions, all 6% as the seller gets their money from the buyer.
As a seller, looking at it that way makes me feel better.
The seller pays in diminished profit... check the escrow agreement.
The seller gets the money from their equity.
@@ColinPMcEvoy The seller gets their money from the buyer and the buyer gets their money from the buying loan. The buyer pays 100%.
Realtors have always been overpaid. Really your just paying to use the MLS system for the most part. Im not going to say they're useless, but 6%? After the first time I wasted money on a realtor, I started selling my homes myself. It's really not as complex as they'd like you to think. Use some of th money to hire a good attorney, thats where most of the complicated stuff is dealt with.
Yup lower home prices lower commissions.
All of these agents saying the commission wasn’t fixed or you never had to pay the selling agents commission, a total LIE! We are not that dumb.
To the creepy & greedy real estate agents….
Great! Most realtors are worthless! All they want is the LISTING so they can sit back and wait for the phone to ring instead of being proactive, leaning everything about the home, and selling it as quickly as possible.