Home buying might be cheaper for millions soon as realtor association settles lawsuits

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  • Опубликовано: 15 мар 2024
  • The National Association of Realtors, which represents more than a million real estate agents nationwide, settled a number of lawsuits Friday. One of the conditions of the agreement is that rules on commissions for agents brokering a home sale will be eliminated, meaning that the standard 5% to 6% commission rate could be gone as soon as this summer.
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Комментарии • 320

  • @hazelgreen8219
    @hazelgreen8219 2 месяца назад +20

    The RMLS agent I used as a buyer made over $15K in less than 3 days: And complained to me about the amount of work they put in to close the deal- this change is much needed!

  • @sloppysimpleton
    @sloppysimpleton 3 месяца назад +89

    Funny guy comparing realtors to surgeons.

    • @eliot5220
      @eliot5220 3 месяца назад +13

      You stole my comment right out of my mouth. Usually agents don’t even go to college. All they do is put your house on a website then show up at the closing to get their check. I sold two houses on one day with some cookies and a for sale sign.

    • @Legoman69469
      @Legoman69469 3 месяца назад +3

      How many realtors would it take to perform brain surgery ?

    • @juanjarta
      @juanjarta 3 месяца назад +3

      That was funny. surgeons at least pick up their phones unlike realtors😂

    • @VictorIpatzi
      @VictorIpatzi 3 месяца назад +1

      Another agent trying to throw a plug for him and his RE team.. "And that exactly why you should hire me!"

    • @juanjarta
      @juanjarta 3 месяца назад

      Try investor / land lord that owns properties where u rent, pay my mortgage and give me some cash flow..so thank you bro keep renting.. appreciate u!@@VictorIpatzi

  • @BCannitoRealEstate
    @BCannitoRealEstate 3 месяца назад +23

    Sellers will benefit, not buyers.

  • @Paullookman
    @Paullookman 3 месяца назад +105

    I’m a new dad, I moved closer to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

    • @Rachelkkk66
      @Rachelkkk66 3 месяца назад +1

      well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.

    • @Paullookman
      @Paullookman 3 месяца назад

      this is all new to me, where do I find a fiduciary, can you recommend any?

    • @Paullookman
      @Paullookman 3 месяца назад

      Sounds good. I sent an email and also I tried to set up a call, does she herself call?

    • @MrYgfamily21
      @MrYgfamily21 3 месяца назад

      go all in on dogecoin and you will get to the moon with elon. then buy a mansion

  • @MichaelChengSanJose
    @MichaelChengSanJose 3 месяца назад +44

    Uh, making buyers pay fees on top of their full market bid will make homes more affordable? Gosh, with that kind of genius idea, why did we wait so long?

    • @trmentry
      @trmentry 3 месяца назад +10

      and why should the seller pay the buyers realtor fees? the buyer is already paying fees in a closing for the title, taxes, etc. adding in their realtor fees should be part of it.

    • @MichaelChengSanJose
      @MichaelChengSanJose 3 месяца назад +15

      @@trmentryThe seller pays the buyer’s fee as a convenience to expedite the transaction. Having the buyer pay the fees just means they’ll reduce the bid price to compensate. The net result for the seller and buyer is exactly the same.
      Anyone who puts two seconds of thought would see that.

    • @pepperonish
      @pepperonish 3 месяца назад +3

      @trmentry the buyer ultimately pays in the form of higher selling costs

    • @justauser
      @justauser 3 месяца назад +4

      The seller doesn't directly pay a buyer's agent. They pay the listing agent a fee and the listing agent pays the buyers agent to bring them a buyer.

    • @yavuz7119
      @yavuz7119 3 месяца назад +2

      The current system that seller pays all commissions actually benefits everybody. Seller sells the home for top dollar because buyers don't need to come up with extra commission $$. Seller gets good offer buyer gets the house realtors are happy as they get paid and all process runs smooth.

  • @marcd1981
    @marcd1981 3 месяца назад +8

    I sold my house in the middle of the pandemic (Summer 2020), and negotiated the selling agent's commission. With a little bit of due diligence, people should have been aware negotiating commissions was possible. It is the biggest purchase or sale you will make in your life, you should know as much as you can about the process.
    This is another media "no news" story out there, because the prices of the houses are what is preventing many from buying, especially first-time purchasers. The seller negotiating his agent's commission isn't going to make a difference if a buyer can qualify, and then not get outbid by an investment firm.

  • @joyceclark8199
    @joyceclark8199 3 месяца назад +31

    How will it help buyers who don’t pay the commission anyway and what does the commission have to do with the homes price??

    • @edh2246
      @edh2246 3 месяца назад +11

      If the real estate company charges 6% on a 500,000 sale that’s $30,000 dollars. If you don’t have to pay that, there is room to adjust the home price.

    • @diablo8317
      @diablo8317 3 месяца назад +1

      😂 that perfect world, but don’t exist

    • @noname-mm9of
      @noname-mm9of 3 месяца назад +6

      More sellers will be on the market and can put a downward pressure on supply

    • @TwoSense2640
      @TwoSense2640 3 месяца назад +6

      It could motivate sellers which would open more inventory for buyers.

    • @karimamin2
      @karimamin2 3 месяца назад

      @@TwoSense2640 Sellers ain't lowering their prices. They will just pocket the difference thus increasing the costs for the buyers

  • @Faijan-zx5ov
    @Faijan-zx5ov 3 месяца назад +18

    Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult

    • @vanillatgif
      @vanillatgif 3 месяца назад

      People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

    • @BigNate82
      @BigNate82 3 месяца назад

      Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

    • @ClaudiuDenis-hp4pf
      @ClaudiuDenis-hp4pf 3 месяца назад

      Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.

    • @alasdekarton
      @alasdekarton 3 месяца назад

      Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

    • @RaghuvirMohanta
      @RaghuvirMohanta 3 месяца назад

      I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.

  • @michaelvargas2005
    @michaelvargas2005 3 месяца назад +39

    Prices won't go down. sellers won't lower the price just because the buyers will have to pay their side of commission to their realtors

    • @TheOrellana
      @TheOrellana 3 месяца назад +6

      A number of buyers may be priced out, which leads to lower competition, and sale prices than they would’ve otherwise gotten

    • @02nupe
      @02nupe 3 месяца назад

      @@TheOrellana the prices are the prices as historically they rise, the closing cost and what a buyer may have to come up with may come down potentially.

    • @justauser
      @justauser 3 месяца назад +6

      Saying buyers will benefit is a stupid thing to say

  • @gracefulvintage
    @gracefulvintage 3 месяца назад +10

    They are reporting this as if it’s going to be better for buyers but it is exactly the opposite. Most benefiting from this is the firm that brought the class action lawsuit. Their fee is 800 million dollars.

    • @joshknutson16
      @joshknutson16 3 месяца назад

      Facts

    • @thrombolin
      @thrombolin 3 месяца назад

      @@joshknutson16 Absolutely not a fact. Typical contingency fees are 33% of awarded damages/settlement or 45% if you go to trial. Unless you think it's a fact you can get more than 100% of a settlement amount.

  • @CallumMoorekw
    @CallumMoorekw 3 месяца назад +8

    He wrote a book..."I think it's probably buyers are going to benefit here"...Good god. Buyers are now in SUCH a worse situation. They will either have no representation and at the mercy of the seller, or have to PAY for representation. This is now long term even harder for new home buyers to enter the market. This is in other countries, it's nothing new and it's a disaster for buyers. They think they have representation from the listing agent. They do not. Clearly on paper something was wrong however for lawyers to see this and jump all over to make money. I'm still not 100% sure on what that was. It was all public information. Seller pays 5%. Listing agent takes that 5% and tries to sell the property by offer 2.5% of it to any buyer agent that can bring a buyer. SO GOOD for the entire community. Everyone is represented. This will be a disaster for buyers long term.

    • @luisdavidllense2293
      @luisdavidllense2293 3 месяца назад

      Fools only learn from experience. There will be much regret in time.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      Actually seems like a wash to me. That 5% is now the typical 2.5% naturally making sellers not have to set the price to cover the whole 5% commission. In turn the buyers agent Actually will be written down as working for 2.5% which will be taken out by loan or cash at closing . Basically a wash.

    • @karimamin2
      @karimamin2 3 месяца назад +2

      @@UNFITTED1Sellers are going to set the price the same regardless of the commission reduction.

  • @CindaMurphyRealEstate
    @CindaMurphyRealEstate 2 месяца назад +4

    So let me get this straight. Sellers are now going to sell their homes for less money?
    GET REAL PEOPLE!
    Sellers are still going to want top dollar and rather than the 3% Buyers Agent commission going to represent a buyer, that buyer will now have NO REPRESENTATION and the seller will pocket that 3%.
    You might say, good for the seller. But that seller is probably going to be a buyer and another transaction. Then what? What about all of the buyers out there that are 100% completely UNrepresented? Yet, they’re paying for it.

  • @dustinventurella6971
    @dustinventurella6971 2 месяца назад +12

    This is patently FALSE. Commission isn’t going anywhere. They have ALWAYS been able to negotiate commission. 🤦🏻‍♂️

  • @DFontaine7
    @DFontaine7 3 месяца назад +8

    The title of this video is "home buying might be cheaper for millions' and at the end the video says, 'don't expect home prices to come down'. THIS MAKES NO SENSE! CLICK BAIT

  • @pahanin2480
    @pahanin2480 3 месяца назад +18

    Ok, realtors are now on par with surgeons?

    • @paranoidhumanoid
      @paranoidhumanoid 3 месяца назад +1

      It's called desperation... 🤣

    • @maven5777
      @maven5777 3 месяца назад +5

      Yeah, that two weeks of training really compares to what it takes to become a surgeon 🙄. They don't even realize when their arrogance is showing.

    • @gringoboy701
      @gringoboy701 3 месяца назад +1

      The work hours alone arent even comparable to surgeons. My real estate friend thinks he is "grinding" if hes still in the office on a friday afternoon.

    • @globalfamily8172
      @globalfamily8172 2 месяца назад

      My PA is on par with a physician billing wise.

  • @ItspronouncedAaron
    @ItspronouncedAaron 3 месяца назад +3

    I don’t understand how this benefits the buyer when the seller no longer has to pay the buyer agent’s commission. Now the buyer pays it. So how does this make it better for the buyer? It makes it better for the seller. Am I wrong?

  • @Slide61
    @Slide61 3 месяца назад +25

    Steering will be rampant. Realtors will steer their client's to high commission homes. It may be illegal but its still rampant. The industry suffers from ethics issues.

    • @damham5689
      @damham5689 3 месяца назад +4

      "The industry suffers from ethics issues." Is the understatement of the decade.

    • @tuannguyen-zk3lv
      @tuannguyen-zk3lv 3 месяца назад

      Not really, with low inventory, there are not many houses on the market to buy.

    • @mommom3172
      @mommom3172 3 месяца назад +1

      OR, we could go to a pay-per-hour model and Buyers can just pay us for every hour we work for them regardless if we actually deliver results. My hourly rate starts at $120. So, let's do it! Why should I work for free?

    • @vmtl4659
      @vmtl4659 3 месяца назад

      ​​​@@mommom3172😂😂 paying realtors over 20$ ??😅😅😅 good luck competing with uber drivers

  • @GenXamerica
    @GenXamerica 3 месяца назад +11

    😂 houses are not going to be cheaper. Supply and demand, economics 101. Half of houses are already owned by big corporations. You all will be renters forever.

    • @ItsWhoIAmItsHowILive
      @ItsWhoIAmItsHowILive 3 месяца назад

      GenX with no kids. Must be sad to be so lonely. 😢

    • @jackwilson3121
      @jackwilson3121 3 месяца назад

      Corporations do not own half of all US houses. Fake news

    • @edh2246
      @edh2246 3 месяца назад

      With %6 less expense a seller has some wiggle room to come down.

    • @luisdavidllense2293
      @luisdavidllense2293 3 месяца назад +1

      Exactly. Misguided outrage. This will lead to the opposite of what they are claiming.

    • @karimamin2
      @karimamin2 3 месяца назад +1

      @@edh2246 Lol that you think sellers will reduce their prices

  • @michaelvargas2005
    @michaelvargas2005 3 месяца назад +27

    How is it going to get cheaper if buyers will need to pay extra to agents to be represented ?

    • @paranoidhumanoid
      @paranoidhumanoid 3 месяца назад +11

      Buyers don't require representation in any home purchase. They can contact the seller directly to view the space and negotiate the price based on property condition and market value. It's faster and more honest that way. When the buyer is satisfied and all other conditions are met the closing can be done after the seller updates the agreement and contacts the title company to coordinate all the closing docs. This way everyone walks away happy and not a cent was paid to any realtor.

    • @michaelvargas2005
      @michaelvargas2005 3 месяца назад +8

      @paranoidhumanoid really? And why do you think 97% of people prefer to hire realtors? Do you think a seller will represent or defende seller's interests? 🤣🤣🤣

    • @palace927
      @palace927 3 месяца назад +2

      @@michaelvargas2005 The buyers agent would try to get the lowest price for the home. Why should the seller pay the buyers commission when they are working against the best interest of the seller?

    • @jeffe_77
      @jeffe_77 3 месяца назад

      ⁠@@michaelvargas2005The premise presented by Mr Humanoid is the minority of buyers. Seasoned Real Estate investors, sure! Most owner occupied buyers, not so much. The need for representation is going to be needed.

    • @sing10278
      @sing10278 3 месяца назад

      @@michaelvargas2005people hire realtors because as of now you don’t have to pay anything if you’re a buyer. Now that buyers will have to pay the fees out of their pocket they will not pay you 3%. The sellers had to hire the realtors because NAR and MLS had collusion and it was impossible to get exposure for your house without it. In theory you could do FSBO but then the realtors would not show those houses and lock them out of the market. This was the kind of collusion that Jury decided was antitrust and anti-competitive and that’s why the judgment was there for $5.4 billion. NAR tried to posture as much as they could but then knew they were not gonna win on appeal.

  • @ramonmendoza566
    @ramonmendoza566 3 месяца назад +10

    If a low to middle income first time home can't afford to pay for client representation, then who has their best interest? 🤔

  • @lmcmalibu6787
    @lmcmalibu6787 3 месяца назад +4

    They don't even know what they are talking about! Commissions have always been negotiable and this should not impact prices or benefit buyers positively....silly news. Get the facts before you report.

  • @sportsfan8866
    @sportsfan8866 3 месяца назад +2

    News Flash: there were never any commission RULES …this is poor reporting but not surprising

  • @peterbedford2610
    @peterbedford2610 3 месяца назад +5

    Price won't go down. Seller just keeps more profit.

  • @fehoward1900
    @fehoward1900 3 месяца назад +2

    Buyers will end up paying more in cost to close. First time homebuyers will be priced out of the market as they are the ones that are usually cash strapped.

  • @jamesmarvin1373
    @jamesmarvin1373 3 месяца назад +26

    Commissions were never fixed and have always been negotiable.

    • @noname-mm9of
      @noname-mm9of 3 месяца назад +4

      Negotiable but not industry standard. And now that the policy has changed. It is now mandatory

    • @damham5689
      @damham5689 3 месяца назад +6

      They say its negotiable, but they almost never will do it.

    • @SpearOfJudah
      @SpearOfJudah 3 месяца назад +1

      Correct

    • @sventhompson
      @sventhompson 3 месяца назад

      True...People forget that they may simply say no. There is no requirement to purchase (yet).

    • @timmaloney6441
      @timmaloney6441 3 месяца назад

      @@noname-mm9of most people , myself included , don't feel comfortable negotiating . that's a skill that Realtors and Car sales people hone and have the upper hand .

  • @deanfjeld2903
    @deanfjeld2903 3 месяца назад +6

    The current system existed for a reason. Buyers are already facing all time affordability issues and high interest rates while trying to scratch together enough cash to cover the minimum down payment, and all of the mortgage and title related fees. Asking them to also go even deeper into their pockets in order to get professional representation will break the backs of a massive number of buyers. In the end, very little will change other than publishing on the MLS buyer compensation Unless the buyer is an investor, it will almost always be negotiated into the sellers costs if they want to be marketed to the broadest spectrum of buyers

    • @Uwolz
      @Uwolz 3 месяца назад

      Ehhh sellers will just sell to someone who doesn’t have a buyers agent or institutions. Also new construction is straight forward and no buyer agent is needed. I bought 5 new builds. My agent didn’t do anything besides sign his name on the sales agreement. Next go around I’m not seeking representation.

  • @seanm3226
    @seanm3226 3 месяца назад +27

    A NON-STORY! Buyer and seller commission fees have ALWAYS been negotiable. The housing market, for better or worse, will be unaffected.

    • @Oletechiegirl
      @Oletechiegirl 3 месяца назад +1

      Facts. No seller is going to say "oh, I only have to pay the listing agent, so I’ll have them sell my home for 3% lower" prices will not be affected, FTH buyers still will not be able to afford these prices.

    • @SpearOfJudah
      @SpearOfJudah 3 месяца назад +3

      Exactly. This is the truth, I don't see a story.

  • @28cjohns
    @28cjohns 3 месяца назад +10

    Max.......you are wrong here. What I don't get is why a sociologist is now an expert in real estate. As a Realtor, I guess I'm now an expert in sociology. Here is what just happened, the first time buyer market got a tourniquet, around their neck (the buyers). If sellers decide to not offer buyer side compensation, and the buyers agent has a buyer who can't pay the buyer side fee, no deal. First time buyers already barely get into deals as it is, add another $3k or $10k to a deal (depends on what market right?), how does that fit the bill? Smart sellers will continue to offer compensation, it keeps the net as wide open as possible to the market. Irony here, this agreement actually causes the very thing it wanted to avoid, and that is steering away from listings. This entire suit-deal, is a zero sum game at best, there is no winner here on either side, but there is definitely an impact coming. For the mid-range to upper end of real estate, no change coming, that demographic will pay to play, one way or the other.

  • @Jaycee3
    @Jaycee3 3 месяца назад +1

    Rememer: This has NOTHING to do with home value / price. This has everything to do with realtor fees and commissions. You'll still have to pay (as a buyer especially) an agent to help you complete the sale, but it won't cost the seller (and now potentially the buyer) as much in cost because that 6% commission is off the table and can be negotiated.
    A $500k sale used to take out $30k for the agents alone.

  • @TheOrellana
    @TheOrellana 3 месяца назад +8

    This will not help buyers, it will affect how much they can afford to pay for the purchase which will reduce the amount a seller would’ve been able to get in the long run. This really isn’t good for anyone other than the companies that are buying up all the single family homes

    • @joshknutson16
      @joshknutson16 3 месяца назад

      Agreed

    • @vmtl4659
      @vmtl4659 3 месяца назад

      Wrong !!! Way off.. just wait and see you will be surprised 😏

    • @luisdavidllense2293
      @luisdavidllense2293 3 месяца назад

      Exactly! Corporations just got handed MORE power to manipulate prices. This is the polar opposite of what people who don't know the process expected.

  • @BlackCatAlley23
    @BlackCatAlley23 3 месяца назад +15

    This has nothing to do with house prices!

    • @MH_6160
      @MH_6160 3 месяца назад +1

      what does it have to do with then?

  • @taoliu2920
    @taoliu2920 3 месяца назад +2

    No. NO. It is not cheaper for buyers. It will be more expensive for buyers. Buyers have to come up with 1-3% commission first, at the top of 20% down payment plus closing costs. In the meantime, sellers will not lower listing price by 3%. Even they do, buyers still have to produce the 3% commission first.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      You can still negotiate to have seller cover your closing cost.

  • @only1adrienne
    @only1adrienne 3 месяца назад +2

    The fee isn’t going anywhere and it certainly won’t lower any prices. But this WILL make things more expensive for buyers. Now they have to put a 20% down payment, 2-3% closing costs, (1% mansion tax in NYC if house is over $1M), PLUS 3% for their broker fee which used to come out of the final sale at closing.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      The price is always built in to cover the typical 5 to 6%. So in turn it does effectively lowers the price somewhat but when closing half the percentage is taken unless negotiated that bring the price right back to what a seller would have listed if responsible for the whole commission fee.

  • @plutus205
    @plutus205 3 месяца назад +45

    I have been saying for years that Real Estate Agents do NOT deserve those fat commissions for simply taking people through tours of a house that literally a ten year old kid can do.

    • @cbeaucrawford
      @cbeaucrawford 3 месяца назад +10

      They have a LOT of paperwork and forms to fill out accurately. It's not just a tour

    • @plutus205
      @plutus205 3 месяца назад

      And is that paperwork time worth 10's or even 100's of thousands of dollars? I think not. @@cbeaucrawford

    • @awwskit9753
      @awwskit9753 3 месяца назад +11

      You must don’t have a house because you don’t understand the complete process

    • @ggonzalez0990
      @ggonzalez0990 3 месяца назад +6

      Agreeed! It’s a big scam!

    • @UmmYeahOk
      @UmmYeahOk 3 месяца назад +4

      There’s constant classes you have to keep attending in order to renew your license. Plus, it may remove the sudden flood of inexperienced realtors that think “all I have to do is just sell one house and make how much?!?” That’s the real problem. People believing becoming a realtor is some quick and easy get rich scheme when it’s not, and then their buyers gets upset when there’s a cemetery next door, train tracks, freaking racetrack, or even a planned 6 lane road through what they assumed was a “green bell.” A good realtor will warn buyers of these things, a bad realtor will assume someone who just moved here with zero prior knowledge of the area will actually do their own research before buying a house right behind a gun range. Like seriously, I swear, ten years ago, it felt like half the middle aged women I was speaking to were certified realtors. Why so many? Didn’t they just move here themselves? You can’t be your own buyer or seller agent either because they still force you to pay. The realtor doesn’t keep all that.

  • @pattyshobbyworld2851
    @pattyshobbyworld2851 3 месяца назад +1

    Commissions has always been negotiable....Sell your own home..."For Sale By Owner"

  • @Dreamhomedreambig
    @Dreamhomedreambig 3 месяца назад +1

    No it won’t be cheaper…the sellers will simply pocket more…sad NAR did not fight for its agents. The buyers will have to pay for the Buyers agent which is good…since buyers will be committed to their agents and not have them burnt out showing 40 homes, writing low ball offers, negotiating on inspections etc all while asking for a portion of buyers agent hard earned commission as buyers rebates. Many buyers dump their agents at the last minute and work with the sellers agent to get the property. Working with buyers is why 80% agents fail in first 2 years of the business.

  • @timdaniels4707
    @timdaniels4707 3 месяца назад +5

    This ruling changes nothing. You’ll see

    • @bondjovi4595
      @bondjovi4595 3 месяца назад +1

      Only in cult town. Best to move one city over.

  • @sadtosh
    @sadtosh 3 месяца назад +1

    FYI REAL ESTATE COMMISSION DOESN'T CONTROL THE HOUSING MARKET, SUPPLY AND DEMAND DOES.

  • @VictorIpatzi
    @VictorIpatzi 3 месяца назад +1

    Buyers are definitely NOT coming out to be the winners, unless he meant INSTITUTIONAL BUYERS. Blackstone, ect..

  • @hugoosarion4775
    @hugoosarion4775 3 месяца назад +2

    Listening to a sociologist for business decisions is like listening to a mechanic for your health.
    This decision screws buyers , now they will have to pay for an Agent, and do you really think stingy sellers will drop the price of homes based on commission Rate? Prices are dictated by demand and supply. Not listing percentages.

  • @edh2246
    @edh2246 3 месяца назад +7

    It used to be that when you wanted to buy a house you looked in the classifieds for “Homes for Sale” or your only other choice was to call a realtor. They had the MLS book with pictures and prices that they would go over with you.
    If you liked one, the agent would set up an appointment with sellers and then drive you to the appointment. The agent would also find other possibilities and drive you around. With Zillow we don’t live in that world anymore.

    • @paranoidhumanoid
      @paranoidhumanoid 3 месяца назад

      100%!

    • @cbeaucrawford
      @cbeaucrawford 3 месяца назад

      And houses sell faster now than they can be listed in any book. Used to find magazines full of homes for sale. Seems quaint now in tight markets.

    • @jeffe_77
      @jeffe_77 3 месяца назад +4

      The problem with that premise is that’s only 1/3 of the process. There’s the negotiation, the transactional process, and after close.

    • @CroisMoi
      @CroisMoi 3 месяца назад

      @@jeffe_77for a lot of realtors this does not hold water. I think this will flush out the realtors with no talent. The majority of them.

  • @armamentocivil7150
    @armamentocivil7150 2 месяца назад

    6% wasn’t a problem before home prices went up, but people don’t mind paying 7-8% interesting in a 500k home.

  • @AlwaysSlimShadyBro
    @AlwaysSlimShadyBro 3 месяца назад +2

    The houses will remain the same. Money goes from agent to home seller.

  • @MichaelHalsell
    @MichaelHalsell 2 месяца назад

    Any variants of the word 'cheap, cheaper,' is clearly a misnomer. Modestly priced homes have been invisible since the early 2000's. Today the market price-to-income ratio of 3.5 to purchase a home.

  • @lennymartelli5150
    @lennymartelli5150 2 месяца назад

    How will it be cheaper for buyers??? They will now have to pay a commission to their Realtor or go directly to the Seller unrepresented.

  • @MikeJones-wc4qj
    @MikeJones-wc4qj 3 месяца назад +2

    Sure agents want to Work for less compendation?
    All sounds so wonderful.😢

  • @milmac5052
    @milmac5052 2 месяца назад

    This rules must be implemented immediately in Canada. Realtors have become sharks. The commissions has gone absolutely crazy. It has become almost impossible for a common person to make a buck in Real estate markets.

  • @anabelled4459
    @anabelled4459 3 месяца назад +2

    This will not result in lower priced homes.

    • @567307
      @567307 3 месяца назад +1

      This is what people think. But realtor do very little and take zero accountability. Been there done that. Hopefully A.I. will replace these Roaches. Buys don't realize how many mortgage payments they have to make to just pay that commission. Realtors are just a middle man we don't need.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      It kinda does. The price is made to cover the commission fee. If that is no longer in place the price when brought to the market is 2.5% to 3% cheaper but the buyer wouldn't know this because all they see is price unless you read the fine print. At closing the buyers just makes up the difference via loan or cash effectively bringing cost to what it would have been on sellers side. A wash basically. But everything is negotiable. Maybe you find a realtor now that is competing for services and will lower their percentage.

    • @anabelled4459
      @anabelled4459 3 месяца назад

      @@UNFITTED1 Think again. The sellers will just pocket the 2-3%.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      @@anabelled4459 I have no issues with whatever the sellers pocket because at some point we as owners will be on either side as buyer or seller. The issue here is commission fees. If you're the buyer and you have an approval letter then it's about negotiating.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      @@anabelled4459 There's nothing wrong with that. If I'm selling my house I want as much as possible without high fees. This situation is about realtor commission fees. Plus everything is negotiable.

  • @fireman1521
    @fireman1521 3 месяца назад +5

    This will only make things worse. Buyers will have to pay a commission.

    • @UNFITTED1
      @UNFITTED1 3 месяца назад

      It actually isn't that worst. It's like a wash and business as usual but this time the buyers agent is stated to work for 2.5% or 3% and even that is negotiable. The typical price you see to buy a home is covering the 5 to 6% a seller has to pay to their agent that splits it with the buyers agent. So if the price is reduced and no longer has to pay for total 5 to 6% then buyers agent will charge your loan or cash at closing bringing everything to almost a wash if not negotiated.

  • @d3r3kyasmar
    @d3r3kyasmar 3 месяца назад +2

    In the end you still need a lot of money to buy a home.

  • @Observer168
    @Observer168 3 месяца назад

    Yes! No more commissions! No more monopoly!

  • @user-dw1ls3rp1l
    @user-dw1ls3rp1l 2 месяца назад

    It won't be cheaper. Realtors are there to talk sense into sellers and buyers both. Sellers will have ridiculous asking prices, and buyers will make ridiculous offers. It will now fall to the appraisers and banks to say no. So many deals are going to fall apart.

  • @joekyun
    @joekyun 3 месяца назад +1

    Big corporations are the sellers, small independent agents represent buyers, and buyers have to pay half of the commission that was used to be paid by sellers agents. Who benefits? Big corporations off course...

    • @luisdavidllense2293
      @luisdavidllense2293 3 месяца назад

      Exactly! People who don't know the process don't see this plain and obvious.

  • @3joewj
    @3joewj 3 месяца назад +2

    This is so stupid. Sellers could ALWAYS negotiate the buyer and seller commissions. They can even waive the fee in its entirety to a buyers agent. Question: do you want one agent selling your home or 500? If you don't pay a buyers agent...you have one agent selling your home. Do you want lawyers involved in real estate deals?? Lmao. They cant get nothing done. If a buyer has a lawyer writing a contract...a seller will want a lawyer..then its a pissing contest. A complete MESS. trust me.

    • @johnr4207
      @johnr4207 3 месяца назад

      It’s not a matter of having a lawyer write a contract. It’s about paying a reasonable amount to sell your home. Why should I pay 6% to sell my home in a hot market. The agent has to do minimal work. If you have a difficult property that will require additional effort and marketing that should cost more.

    • @luisdavidllense2293
      @luisdavidllense2293 3 месяца назад

      This is all the result of misguided outrage. The real problem were the private equity firms that hold most of the real estate and cause the inflation through market manipulation in the first place. Free agents from the buyers' end basically work for free until a deal is finalized at closing. Meanwhile, they have the full incentive of a commission at the end of the tunnel to provide the best customer service and representation to their buying customers. Sellers won't bring their prices down while there's a continued sellers' market going on. Misguided outrage coupled with a poor understanding of the entire home-buying process. Celebrate while you think you've won, people. You've only made lawyers richer (and corporations more powerful).

    • @3joewj
      @3joewj 3 месяца назад

      @johnr4207 You don't have to. You pay it because you want the service. Negotiate 4%...or sell it yourself.

  • @tritosac
    @tritosac 3 месяца назад

    Is there any recompense for sellers who sold their homes last year?

  • @brivera9963
    @brivera9963 2 месяца назад

    This is bad for buyers! This will make first time home ownership less affordable. Now the buyer will need to pay for the cost of an agent in addition to the standard closing cost for their transaction. The typical transaction can be anywhere between 1-3% of the the cost of the home, then you add in the down payment(which for the majority of us will be between 3-20%) and now you need to come up with the fee for the agent, because they are not going to work for free! If you think you will pay less than 2% for that agent you will be in for a major awakening. Think about all those FHA mortgages out there that allow only a 3% down payment, now you will have to double that to get into a house!

  • @MultiUnitPros
    @MultiUnitPros 2 месяца назад

    The sociologist needs to avoid numbers. Reducing an already overheated market by 2-4% will not increase home buyers. Typically, home sellers will not give away money if they are making more.

  • @JudgeyJudgeyable
    @JudgeyJudgeyable 3 месяца назад

    Where does the $400mil settlement go? Is this a class action we can get in on? Not really understanding how the commission change will help anyone

  • @SpearOfJudah
    @SpearOfJudah 3 месяца назад

    I don't understand this because Realtor commissions are negotiable. Lots of Realtors take listings for a 1% commission. I also don't see how this will change the price of homes at all. Sellers usually pay all the commissions so they might make a few more percent but the only change I see is more people being aware that commissions are negotiable which is currently and has been the case.

    • @luisdavidllense2293
      @luisdavidllense2293 3 месяца назад

      Buyers with low resources that can barely scrape to buy a first-time home will be poorly represented by some company rep who doesn't have the incentive of a commission to provide the best representation / customer service. The regret for this decision will be enormous.

  • @tigris5831
    @tigris5831 2 месяца назад

    Good move! Now buyers have to save up to pay their buyer’s agent! This amount cannot be financed btw!

  • @jerrybuffington6473
    @jerrybuffington6473 3 месяца назад

    Real estate agents may eventually go the way of the travel agent. There will always be agents available for those whom value their service and can afford it. Everyone else can do it themselves or see how good AI is at it.

  • @jadat.j.7031
    @jadat.j.7031 2 месяца назад

    I didn’t hear a word she said , but I have 2 reasons to pay attention.

  • @LordLoMR2
    @LordLoMR2 3 месяца назад

    Realtors don’t really do anything these days. Back in the 90s when my parents bought a house, the realtor would drive us around to view all the homes in their giant Cadillac. Nowadays you search for your own house, then hand the list over to the realtors. And you basically drive yourself there in separate cars. 😂
    When I sold my house, realtor just came in and took photos. Put it up on the MLS - and want 6%. Really? I really think I’ll just get my realtor license next time and sell my own house. 😂

    • @kayvoigt1735
      @kayvoigt1735 2 месяца назад

      Getting my license was the best thing I ever did. But be prepared everyone thinks you should work for free. Only then will you understand the work that goes into it. Oh and make sure you have enough funds once you get your license to pay all these annual dues and required education annually. There's a lot of liability the public doesn't understand. And nowadays the separate cars are for not only safety but liability. Oh and once you get your license and pay off all those annual dues and education, make sure you have the money to be able to afford that marketing package such as photos. Or if you have a specialty be able to advertise in other sources, because this comes out of your money. Not the broker, not NAR... Your money. And if the house doesn't sell you are out that money. That's why commissions are part of the marketing plan to move your house quickly I'm trying to get the most for it for you. Also buyers agents work very hard to get you to the closing table putting out many fires. Most don't brag about the fires they put out along the way. Just grateful they were able to help another person with a smooth transaction in their clients eyes. And you've always been welcome to do this on your own.

  • @sarahmichels9180
    @sarahmichels9180 3 месяца назад

    What does could be gone mean? Does that mean this may not happen?

  • @YburLife
    @YburLife 2 месяца назад

    If the Sellers receive financial relief from the Settlement, then I am starting another law suit for the Seller's Agent to receive at least 3 - 2.5 percent of their settlement amount being reimbursed, because I too had to share my 6 or 5 percent with the Buyer's Agent, and I want it back just like Seller's. The Seller's Agent should be compensated as well. #Seller'sWantCompensationBackToo.

  • @gagirl39
    @gagirl39 3 месяца назад

    Most Brokers will probably drop out of NARS because fee's will go up dramaitically and their company will charge what they want with out Nars control.

    • @kayvoigt1735
      @kayvoigt1735 2 месяца назад

      Unfortunately here in Texas our MLS demands us to join nar. That's the only Monopoly I see.

  • @mrich9654
    @mrich9654 3 месяца назад +1

    Buyers will not benefit! Clueless!

  • @My3Sons333
    @My3Sons333 2 месяца назад

    All lies. This will not cause home prices to decrease.

  • @celebritystraw6305
    @celebritystraw6305 3 месяца назад

    I don’t understand why people don’t understand this and the people saying it’s not gonna change it’s going to be all okay are real estate agents trying still to make commissions. I say this will leave a lot of hungry agents all wanting to be seller agents and home buyers loosing out on 30k so say goodbye to new furniture and home prices won’t come down in neighborhoods that are desirable. Just try to buy a home before this July!

  • @ezequielmunoz7886
    @ezequielmunoz7886 Месяц назад

    Everything will stay the same. Buyers will not pay a dime more. Home prices are already high and many can’t even afford a down payment much less a commission fee that has no value to the buyer. Bye bye buyers agents or hello lower home prices if they do carry on with this. Or sellers will simply keep splitting their profits OR the market will completely slow down.

  • @deysisgalvanrealtor3923
    @deysisgalvanrealtor3923 2 месяца назад

    Noooooo, home buying will not be cheaper silly. Home buying will be more expensive because buyers have to pay their own agent now. So now it will be : down payment, closing cost and agent fee. Can you see how this is a problem?

  • @jeffersonjohns6397
    @jeffersonjohns6397 3 месяца назад +2

    There are already agents out there as low as 1%. I sold my home at a 1% commission 2 years ago. The ability to negotiate a commission already exists.

  • @globalfamily8172
    @globalfamily8172 2 месяца назад

    How are buyers gaining?

  • @abillmurray
    @abillmurray 3 месяца назад +7

    The new houses are junk and only last 30 years due to inferior 2x4s and plywood. After 15 years you'll spend all of your money on upkeep. I do not recommend new houses. It is a scam.

    • @hot0527
      @hot0527 3 месяца назад

      Old houses are in the 30 year mark where people dump their homes on you for not spending on upkeep lol

    • @palace927
      @palace927 3 месяца назад

      New homes only last 10 years in Seattle.

    • @hot0527
      @hot0527 3 месяца назад

      @@palace927 why? Humidity?

    • @machupikachu1085
      @machupikachu1085 3 месяца назад

      @@hot0527 lax building codes and bargain basement materials.

  • @tuannguyen-zk3lv
    @tuannguyen-zk3lv 3 месяца назад

    It could take a little longer to sell when the market adjust with new rule. After a few year, it will become normal.

  • @ericeandco
    @ericeandco 3 месяца назад

    So what’s the realtor’s incentive to sell houses? Most sales people do work on commission.

  • @brianthomas3249
    @brianthomas3249 3 месяца назад

    I HAVE always negotiated the fees or commission…

  • @michaelion7753
    @michaelion7753 3 месяца назад

    People act like sellers aren't buyers. You're selling your home to buy another home.

  • @MusicAddict9228
    @MusicAddict9228 3 месяца назад +1

    Who tf can afford a home 😂

  • @wolfthornhawkridge5705
    @wolfthornhawkridge5705 3 месяца назад

    Always leaving the laundry detergent on the playground

  • @Observer168
    @Observer168 3 месяца назад

    MLS also has a monopoly!

  • @ronaldvaughn7087
    @ronaldvaughn7087 2 месяца назад

    As Ron Reagan Might Say NAR Tear Down That 6% Commission Wall 😁☺

  • @havocsquad1
    @havocsquad1 3 месяца назад

    This matters little when the ratio of income to housing costs (rent/mortgage) is insane low. A large % of people in the US can barely afford to break even on "necessary" expenses alone.
    Inflated real estate values are going to have to crash and the end of the US government throwing money at the problem.
    If real estate values don't fall significantly enough across the US, inflation will put a lot of people out on the streets.

  • @Naveen_B64
    @Naveen_B64 2 месяца назад +1

    Do not compare Agents to Surgeons.. compare them to Pimps who take their cut for not doing much and act against the interest of client to make themselves more money. It is a good step to get rid of them much like stock brokers who used to charge 2% and still used to fill the client's order at much worse price.

  • @bondjovi4595
    @bondjovi4595 3 месяца назад

    It's Summer already. Home buying is only a year away.

  • @jeretso
    @jeretso 3 месяца назад

    Agent thinks he is a surgeon. With a million dollar price tags they get $60,000 when everyone is using the internet to find a home. Prices will go down as sellers don't have to wait years to build up enough money to buy another home, pay the agents and moving company.

  • @twitchtwitch9006
    @twitchtwitch9006 2 месяца назад

    LOWER realtor commissions. Zero-talent people that FOR THE MOST PART contribute nothing meaningful. They just open the front door

  • @LivingAwake
    @LivingAwake 3 месяца назад

    For Sale by Owner.

  • @DiegoSanchez-jm6tr
    @DiegoSanchez-jm6tr 2 месяца назад

    I imagine the money this guy made last year

  • @CroisMoi
    @CroisMoi 3 месяца назад

    What is coming to light is how many people rent the big fees realtors get, when most of them are hacks.

  • @zonker2u808
    @zonker2u808 2 месяца назад

    Comments, opinions and projections from people that are not in the real estate industry. Mark my words: As a 30 year real estate broker veteran, neither Buyers nor Sellers will financially benefit in any way from this settlement. Most Realtors on the other hand will now require a written fee agreement contract be signed by any and all buyers before showing them a home. Buyers will now be obligated to work with only 1 particular agent and they have lost their freedom to come and go as a customer without paying a cancellation fee. Yes, an Up-Front Retainer can also be charged by the Realtor if they chose. This is a big hidden win for all real estate agents. First Time Buyers, Low Income Buyers, Buyers using their VA Loan Program will either now pay their Realtor Fee themselves (in addition to their down payment!) or Realtors are not obligated to show the Buyer any home where Sellers are declining to pay the Buyer's Agent. If you think this settlement is a positive change for the public, you are not seeing the whole picture and you are being deceived.

  • @timothyworkman1275
    @timothyworkman1275 3 месяца назад

    So you will only have Zillow , Realtor, and Red Fin.
    Nothing to see here

  • @kayvoigt1735
    @kayvoigt1735 2 месяца назад +1

    Back in the pandemic, many home builders decided to stop paying buyers commissions. Then they saw their homes were not selling very quickly. Now they are back to offering commissions to buying agents and some even offering bonuses. Live and learn.

  • @israel_started_it_ALL_in_1948
    @israel_started_it_ALL_in_1948 3 месяца назад

    wow

  • @DakotaFord592
    @DakotaFord592 3 месяца назад

    Good!!

  • @Make_Me_A_Sandwhich
    @Make_Me_A_Sandwhich 3 месяца назад +1

    Naw… I’ll never lower my prices lol

    • @567307
      @567307 3 месяца назад +1

      Most agents are clueless and just want the commission

  • @InTonalHarmony
    @InTonalHarmony 3 месяца назад +1

    In a few more years realtors will be obsoltete. Good riddance!!!

    • @jerrybuffington6473
      @jerrybuffington6473 3 месяца назад

      Hmm, strange, I may remember hearing that a few years ago.

    • @kayvoigt1735
      @kayvoigt1735 2 месяца назад

      I've been hearing this over 35 years. There's always a demand in a service industry. As people work harder to pay for their material possessions, a demand in a service industry grows. It's always been a choice.

  • @TheVirusIsbackk
    @TheVirusIsbackk 3 месяца назад

    Houses will drop

  • @jbranche8024
    @jbranche8024 3 месяца назад +1

    Next the lobbyists will have lawmakers pass a law it is Mandatory that a Agent is required to buy or sell real estate. Commission will be same just under diffrent names (fees).

    • @paranoidhumanoid
      @paranoidhumanoid 3 месяца назад

      There's no way that would ever happen! Sellers should have the agency and autonomy to sell their own properties on their own terms. Realtors are completely useless with the technological advances spurred by the internet.

  • @juana385
    @juana385 3 месяца назад

    🤔🤔🤔