Home buyers to be spared automatic broker commissions under new $418 million settlement
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- Опубліковано 14 бер 2024
- The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' longstanding automatic commissions, commonly of up to 6% of the purchase price. Alyssa Goard reports. #realestate
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This won't lower home prices. In fact it could over complicate the process.
This is so misleading the buyer is not being spared automatic broker commissions. The Buyer is going to have pay the broker commissions now
If they choose to use a buyers agent. All commissions should be based on service provided not sales price and not a percentage.
You get it from the listing agent now to pay for the buyers agent the listing agent just puts it in the mls
Nobody should pay any agent commissions. They should just go to the title company, get all the paperwork, and keep all of the proceeds from the sale. But people are dumb and will just give away money like the stupid government does.
This real estate agent Daria is telling the sellers value of providing a commission? She is making a cool $100K from selling this house
This isn’t going to bring housing prices down. No seller is going to reduce asking because those fees aren’t there. Everything is based on comps. Seems like this only helps corps like Redfin etc. And seems like this just opens the buyer up to more liability and increased costs since they’re no longer going to get a buyers agent in the current price. Now seems like they’ll just have to pay a buyers agent ON TOP of the prices they’re currently paying, or take on more personal risk. The only thing that’s going to affect real prices is supply. I can’t see rates going back down to 3-4% for a long long time.
NEWSFLASH : Real estate commissions have ALWAYS been negotiatable
True, but to the uninformed like the professor having an opinion on something she knows nothing about the public is just clueless and agents like car salesman probably took advantage of it.
Lol the realtor who’s going to make a killing off the buyer and seller saying lowering her fees would be too much trouble…right!!
..defending the ,oh so much more difficult task of selling a 3 million dollar home as opposed to a 1 million dollar home! Give me a fxckin break!
Stealators are basically unionized and strive to make the process cumbersome and full of paperwork.
Then their industry script tells you "you signed you should have read the fine print" after you get hammered if it's buyer beware wtf is the point of brokerage agents
Laws are what make the process cumbersome and full of paperwork.
There's a ton of paperwork because people like to sue.. But yeah how about you sell and buy your house yourself
The old system had some serious misaligned interests.
Lol realtors all stressed
They sell so fast. Now you don't need the realtors
The reason they do is because of realtors.
They are on longer now with the higher rates.
Realtors are a huge part of houses selling fast.
The biggest grift
Realtors
This should have been addressed long ago .
Property tax going up is the bigger grift 😅
@@plantsplantz2116thanks to over inflated real estate prices and the idiots that pay that price
when we purchased our home there were 16 other offers and ours won. It was mainly because our real estate agent had a closer relationship with the seller than other agents. In a market when inventory is limited and we generally all want the same home a great agent makes all the difference. So, if you don't want to pay you will probably just get played and frustrated. Sorry, cheap people , you're just screwed.
Exactly. Agents have to account for business costs.
If people insist on pushing a lower commission percentage there’s ZERO incentive for the agent to do anything other than put a sign in the yard.
Tell me your a realtor without telling me your a realtor 😂 get ready to find a new job loser
Excellent example of the competitive advantage of having representation. The playing field has just been widened even further between the haves & have nots. Those buyers who can't afford representation will be the losers going forward.
Hey buyers…get ready to write a check to your agent who has been showing you houses for the past few months.
Yup! Everyone who thinks this is a big win is in for a big wake up call when they actually have to start paying for services rendered. No more freebies.
It is a win. that's the overall point. If less buyers can "afford" it that equals less demand which in turn reduces prices. And 2. It makes the agents work for the money because both sides aren't automatically "paid" by one party... i mean think about it. In what world is it in the sellers interest to pay the opposing parties fees... that's so backwards. You could just make buyers pay a set upfront fee to contract with as buyer agent. Then remaining amount from closing cost and or loan close. This way the agent represent their clients interest whther buyer or seller. Just like ANY OTHER INDUSTRY.
Don't know how any of these prices go that high with no safety and future of the area. Should be worth half of that price. No parking. No privacy. Shotty plumbing. No job within that area can afford that house....total scam.
1% fees!
There are already discount brokers on the MLS. A buyers agent is often used more with this type of listing
A very high end kitchen with the worst window coverings ever. I just left my high end window covering company job because ya'll don't know what quality is anymore. Enjoy your garbage that falls apart in 3 years that costs 80% of our product,
Agree with the professor. Buyer agent's commission structure is riddled with conflict of interest. It's akin to a justice system where criminals fund the police and the judge. The police and the judge can't be impartial in this setup. Similarly, a buyer agent paid by the seller won't prioritize buyers well being, they're incentivized to maximize sale price for higher commission and also incentivized to overlook defects in a home to the detriment of the buyer for a quicker sale/settlement.
My prediction is the buyer agent will move to a fixed fee structure ($50/showing) or will be automated away by big firms like Redfin or Zillow. Much like how DVDs were obsoleted by Netflix, buyer agent's days are numbered.
Finally 🎉🎉🎉🎉🎉
REALTORS are LANDSHARKS...
Realtors = Bottom feeders!
About time, realtor is essentially a sales job, you eat what you kill. In a hot market like the bay, the houses sell themselves, so it's just whether you are lucky to know a seller. Fixed commission for a commodity that sells itself?
Keep more of my money does not complicate anything for me
Why are realtors always lying, commission is not negotiable. I live in Canada when I tried to list my house with, no agent would negotiate commission, unless discount brokerage. Problem discount brokerage don't have very many clients compared to normal real estate brokerages. United States saw so many articles, majority realtors will not lower commissions.
What kind of headline is this? Home BUYERS never paid ANY commission costs. Now they might have to.
just imagine addtional 6% for towards your down payment
That’s not how it works. Before buyers didn’t have to pay realtor commission. It was payed by sellers. Now they may have to. And a lot of buyers can’t afford that. I think a better option was to put a cap on the total commission agents could negotiate with a seller
@@robbyaintshit but isn't that the overall point? If less buyers can "afford" it that equals less demand which in turn reduces prices. And 2. It makes the agents work for the money because both sides aren't automatically "paid" by one party... i mean think about it. In what world is it in the sellers interest to pay the opposing parties fees... that's so backwards.
@@Teknomanslade2 What you'll see is private equity companies buying more properties even easier so no the prices won't go down. And 2 the previous model of seller paying both sides worked better for buyers. Like I said them having to pay a realtor fee will hurt them. A seller can negotiate the commission for buyers agents. I think they should have kept the model the same but put a cap on how much commission they pay. 3% 1.5% for seller agent and 1.5% for buyers agent. This helps both sides a lot better imo
Commissions always have been negotiable.
"It makes things more complicated" 😅 that real estate ho really thinks that *demanding* a large commission is the way to go? 😅😅 I want to buy a house, not f around with some realtor that is grifting. Many houses I look at have agents that know nothing of the property. Why pay them 6% ? Why, Ms. Real estate lady, is 6% demandable?
Imagine if people could afford homes without needing to rule out properties because of a greedy real estate agent.
You sound very educated on the matter. I wish you so much success handling the complicated process of buying or selling real estate all by yourself. That's always been an option for know-it-alls. Nothing has changed.
You think real eatate agents are the problem!😂 I guess ignorance really is bliss. Chinese & Russian investors. Black Rock. Vanguard and all kinds of REITS buy up residential real estate so they can rent it back to the public. You have no leverage to compete with them. There is currently no regulations stopping this practice. Those are homes first time home buyers could have purchased.
@@mommom3172 Never said I was an expert, but yeah, I do have my license in Real Estate, so I do have some knowledge. Also I am in the market for a home. Lastly, FSBO is a thing. (For sale by owner). Enjoy life and your nastiness.
Real estate commission doesn't make sense, why should sellers pay all the commission, the buyer should also pay. Thank God for this lawsuit win.
Agents will now take you around in Toyota camry and honda accords
Uh. When I bought my home I asked my agent for a % of her commission which she gave me. This isn’t new
I just sell my house myself.
That Redfin won’t highlight
This is not a good thing for buyers, and anyone who says it is, is either lying or an idiot. Buyers will not have to pay more money at closing.
there are no set fees in the state of California. Commissions are already negotiable.
We all know who's going to get the lion's share of this settlement: Lawyers !
And property tax
i would not buy a 140-year-old house it may come with 'unwanted' guests. 👻
Yes, it will lower the home prices by 50% to 75% so people can afford them, NOT… channeling my inner Borat… and it won’t shift shit… the realtor will make less and the homeowner will make more… how would prices drop? You think if McDonalds got free ketchup they would lower all their prices by a nickel? No… me neither.
Everyone knows a realtor, but no one knows of a plumber or electrician of the top of their head. Theycare like weeds they are everywhere.
Whos going to write the contracts for these buyers or guide through the process, not getting sued. Thats where the value is in an agent.
You sound like a realtor.
Any real estate attorney can prepare contract for fixed fee. My lender described me precisely whole process (all steps) required to buy a property after my lend was approved (for free) . At the same time I was working with good, responsible realtor..
@@brianp5205😂. Ex-realtor now
Good point, Redfin will do it for 1%
back to only fans, darn
Brandi Summers is bonkers. Typical academic that thinks in hypotheticals but has no real world experience or application. Low & middle income buyers will be the ones to suffer with these changes. They cant compete with the people who have the means to pay for their own agent.
Realtors are grifters.
As a realtor, I put in 10 hours of combined work to sell a home. the fact that I get 6% of the sale is a crime.
You are NOT a realtor and you don't make 6%
Sure buddy, and I'll sell you a bridge in New York.
Redfin is 1%
No it’s not read the fine print…
Real estate agents only know three words: Location, location, location
Realestate agents are like car salespeople, they don't sell a product they just cash in on the transaction. Homes will sell without an agent by owner. Glad to hear this is happening.
Homeowners can sell now on their own. They choose not to because they get a better price for their home when they list. Do the research.
Home buying is not going to get cheaper. A seller will want the highest and best priced for their home. This only thing this does is make the commission more transparent to the buyer and seller.
When did realtors become “professionals?” They are used car salesmen at best.
I hate that a couple bad apples give the rest of us a bad wrap
I can't believe it has take this long to implement change. any seller would be foolish to pay anyone 6% to list their house. they're doing the same work and property sell themselves on the mls
They weren't in 2010. And, the market will go back to that eventually. They don't "sell themselves" when there are no qualified buyers which is where the market is heading. Inflation is high, rates are high, and layoffs will continue. The markets are in for a downturn.
i say, change the law and rid of dual agency, then make buyers pay their side of the commission@@mommom3172