I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I located her through google, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
For Sale By Owner and eliminate the realtor. Use a real estate attorney to do the closing. We payed $72.000 commission last year to sell our Florida home with a realtor. My house sold in 48 hrs. Realtor didn't have to do anything but we still had to pay a high commission. Outrageous !
@r-anne7375 you are risking your safety meeting complete strangers in your home. What if the home doesn’t sell immediately? How much time would you be willing to dedicate to this? Trying to avoid paying a Realestate commission isn’t worth risking my safety or my time
We were thinking about selling but after we changed the carpets to hardwood, painted the interior an off white and repainted the outside a fresh beige with white trim, we decided not move!
No open house for us, only bank prequalified otherwise wasting our time and opening our home to a lawsuit if someone is injured. 99% of people passing through are just nosy neighbors and people bored on Sunday with nothing to do.
1) Finally someone explains the RE changes in a succinct and highly understandable manner! 2) I am confused about it only because I have bought and sold many houses over the past 30 years and the listing agent has always split their commission with the buyers agent if I used one. I have bought using only the listing agent who, of course, got their entire commission. This was a fair system so the change in general has me confused. 3) I am currently shopping for a home and I want it turn key, BUT…. Turn key in the sense of well-maintained even if it is vintage 50s, 60s, 70s, etc. I am dismayed to see these homes stripped of all their charm and mirror 2024 builder homes. If I’m shopping older homes, I want the vintage interiors too, just well-maintained. Give me all the pink bathrooms! 4) HAPPY ANNIVERSARY AUDRA!! 💝
@@tgriebeIt was definitely NOT fixed. There's a difference between what the market will bear, and price fixing. The percentages on the MLS varied a lot more than the percentages that attorneys charge, but somehow the tobacco class action attorneys saw an opportunity and pounced on it. The changes actually make the process LESS transparent for buyers, now that the commission is hidden and no longer on the MLS. No one is better off by not knowing if they are going to have to come up with extra money at close, bc the seller isn't allocating anything for the buyers agent, and the buyer didn't know that until they went thru the hassle of putting in an offer.
so sign it for a short duration, problem solved. Good for both parties, the buyer agent may not like the buyer either, a lot of buyers are literally just lookers, won't even get pre-approved for a loan, and are perfectly happy with stopping schedules across the board for the buyer agent, listing agent, seller to allow them to look for at a house they have no intention of buying.
@@ashdav9980just get a real estate attorney with the realtor's license Ask a realtor friend for access to the MLS / have them to email you for nominal fee or maybe free Drive around in the neighborhood u want to buy Go on RUclips and listen to other Realtors Find a trusted house inspector Pray Do it yourself skip the 3% commission paying realtor
Skip a Buyers "agent". We never use one! Save your money! Go to Seller "agent" directly. We ALWAYS do. Then inspect, bid & get it....or walk away. Theres always another house. Again, you don't "need" a Buyer "agent"
Yes, but there needs to be a form signed stipulating "Dual Agency" for the agent. Easy to do, but makes some buyers skittish not having an agent solely representing them (even if their agent is incompetent).
I believe there are 11 states that do not permit dual agency. Colorado, where I live, is one of them. In Colorado, "dual agents" are called "transaction" agents. This is how they get around it.
@@peterwolff9864 Agreed. The dual agency form in this example is part of a purchase agreement when the buyer chooses to buy the home without representation.
"What d'ya want?" (the couple whose been married for 22 years LOL) Happy anniversary! If you ever consider a career change, you have the best personality and presence to have your own talk show. A down to earth, straight shooter who speaks logic. Love your videos! I'm not even a realtor or in the industry- just love real estate :)
I have a question. I put my house to sale without realtor and my first offer was full price but according to the buyer realtor the appraisal came lower than the asking price. I asked her to show me the appraisal and she said no and then offer me a very low offer. So i told her no because I knew the house worth more. Then she told me that once an appraisal is done the appraisal value will follow in the next sale for va loans..... Anyway i told her no and cancel the contract! Then i reduce the price a little but no what the buyer realtor said to me. So i got another offer with va loan and i was worried to run to the same issue. But for my surprise the appraisal came back fine and i got the asking price. So my questions is does the previous realtor lie to me about the appraisal bc it was va loan like the first one. She was upset too bc shr wanted 3.5% and i said i only offer 2% in my listing. I am glad that i didnt bite her lies and i am closing this week.
You did the right thing by walking away from that agent! People need to realize that at the end of the day all real estate agents/realtors are “sales people“ first and foremost! Just like the used car sales people!
@@nerissamartinez3669 wowww! Boldface lies get people nowhere legitimately! I don’t believe that the VA can set the property value indefinitely. That would put the seller at an unfair disadvantage.I believe it is only valid for that particular contract and even then it would only be six months. I have searched the Internet and cannot find any validity in what that agent said to you.
No one should be making the rediculous amounts of commission that realtors were making. Weed out the get rich quick folks. Money money money greed. Good changes
The last agent that showed me a property, tried to tell me there was a bidding war for the house, up to 250k. I backed out. The home was only listed for 199k. The home ended up selling for 167k. If that is not unethical idk what is. Real estate agents are crooks. People used to be ethical. It’s all the immigrants. Not only do they game the system. It makes others do it too to keep up.
Consumers have recourse against unethical activity 1) report the realtor to the local realtors association ethics committee; they can investigate and reprimand the agent/interevent; must be within 180 days of the event 2) File complaint with the state attorney of your state, consumer complaint division; complaint can be filed on line; this office will be more than happy to investigate;
@@rayzimmerman2242 Hard to prove mis-information without docs. Their "opinion" [of a bidding war] is just that, not a crime, even if false. Salespeople are not the one to ask!!.
So much turbulence and confusion. Always good to gain a better understanding and real-life perspective from your great videos Ms. Audra. Happy Anniversary lady !
@graceweber2822 They don't. The buyer is essentially putting the commission onto their loan, and asking the seller to give them cash back at close in exchange, to pay their agents. The money is coming from the buyer.
If I understand correctly…historically, listing agent paid a portion of the contracted commission from the seller to the buyer’s agent? Are agents now giving up that % from your listing commission? Are sellers’ contracts reflecting this & how is it written in?
Leave it to Audra to finally make some sense of this for me. Incorporating the buyers fee payment into the offer (or not) just makes so much more sense to me -- and ultimately the buyer and seller should be responsible for paying their own agents, just to make it clear whose interests the agents serve. So as a buyer I can pay my agent and offer 3% less than I would have before the settlement, for instance, but the lines of influence and obligation are clearer.
My thought is the buyers should pay for their agent and the sellers should pay their agent. As a seller, I never thought it was fair to have to pay both my agent AND the buyers’ agent.
I totally agree. Don't understand why people sympathize with buyer paying their own agent but have no sympathy for sellers having to pay 6% for both agents as if sellers don't need their money .
Buyer's agents already have every incentive not to act in the Buyer's best interests. Why should the buyer have to pay to be upsold on top of actually being upsold?
I would love to see this NEW RULE that says a buyers agent CAN NOT show a property without an agreement on compensation. A buyers agent can show a property without an agreement on compensation. IMO a buyer's agent would be better off showing properties and only when they are going to make an offer, then include the buyers compensation as part of the offer. Telling buyers they have to sign a contract up front will likely shift buyers to contact selling agents instead and cut buyers agents out. Of course that creates other potential issues but saying they can't show a property without a compensation agreement is deceiving.
I am a real estate broker and this is the NEW RULE as a result of a lawsuit filed by sellers who felt that they should not pay the buyer's brokerage. NAR settled for over $400 million and major brokerages, i.e. Keller Williams, RE/MAX, etc. also settled for millions of dollars. As Audra explains, it is nation wide - we are in Texas and have just made the compliance changes.
@@turkishboztxthere is no rule that requires a buyers contract - that is my issue with the statement. The lawsuit stated that the MLS won’t allow sellers to advertise the percent they will pay or require a seller to pay a buyers agents commission. But brokers and agents are going to play this game by misleading buyers into signing contracts. There is no law, rule or regulation that requires a “buyers contract” in order for a buyer to be represented. If there is, show it, don’t just say it,
Realtors make it sound like it's a law. It's not law, it is the National Association of Realtors, a mere trade organization, new rule. It's a reaction to recent lawsuits and the DOJ reopening investigations of the NAR regarding Anti-Trust, and price fixing. A San Diego lawyer has recently commented on the NAR/CAR's NEW and improved buyer broker agreement and recommends neither Realtors nor home buyers sign it because it could get both into legal hot water.
@@davesmithmusic Page 29 section vi. www.nar.realtor/sites/default/files/documents/nar-settlement-agreement-download-2024-04-19.pdf I don't know why you're claiming this stuff when clearly you haven't done any research.
@@user-qb8qm4mp5nI agree - if I wanted to look at a house and was told by a realtor that I had to sign a contract in order to view - I would walk away. This new practice is going to cause more litigation because buyers are going to feel forced to agree to something they don’t want just to view a home. That is imo close to a type of coercion.
We are looking to list our house. One potential seller agent wants 6% with her contractually obligated to negotiate commission with buyer agent instead of us. Not sure what to think about this new environment.
I would hire a real estate attorney to get their informed opinion first. My last transaction handled by local licensed brokers was loaded with incorrect data, inaccurate and not valid assertions. It was so bad ( agents were using the state C.A.R. forms) that my RE attorney offered to work for free to protect me from the web of deceit from these agents and brokers. He advised me that his charges to me could have been more than $40K to fix the brokers problems with out purchase if we had not contacted him like we did. Many times "quasi" type legal professionals (licensed property sales agents) do not understand the many legal underpinnings and responsibilities of even simple real estate transactions. RE lawyers are in court every week. Do they know just a little bit more than and agent who just passed the state sales license exam? My buyers agent once "ordered me" to "stop contacting the CAR and real estate attorneys!". This itself should be a crime. You can fool some of the people some of the time, but not all of the people all of the time.
@@tigerlilly1545 Can you link a source for this? We live in a very rural area and don’t have many real estate agent options. And the ones we’ve contacted so far are all unsure of the new playing field.
The new reality is good for the sellers. I'm sure the real estate community is already conjuring up ways to get the seller to pay the buyer's agent as part of the negotiation. What bugs me is that the agent does the same amount of work whether the sale is a 220k or 500k property, yet the percentage commission structure pays 2.5 time more for the more expensive property. They out to go to a flat fee structure which will appeal to sellers and buyer. Of course, the realtors will hate it. IMO
@duanejahn2368 Yes, and sometimes agents don't have to do much when the home sells in 24 - 48 hours. They still get paid a huge commission. And they pressure you into signing a longer contract.
A flat fee and show a buyer 50 homes? Maybe a flat fee per house that would work but not a flat fee to show somebody as many homes as they want to look at if you took an Uber ride somewhere are they gonna give you an Uber ride 200 miles away and it’s a flat fee for 200 miles and a flat fee for 10 minutes away at the same rate? No you pay for the person’s work. No matter who is working for you, there is no flat fee anywhere name flat fee that’s going to include 80 hours worth of work versus three hours worth of work no there is no flat fee for that. It has to be an hourly rate or a per transaction rate and if the person has to do a lot more work, they want to be paid or there won’t be any Realtors and then you can just buy the home yourself and hope that you don’t get screwed out of all of your money at the end of the day from a con artist.
One of the issues is home prices have far outpaced incomes even for transitional buyers who have a sizeable down payment from the house they are selling.
Outstanding video, Audra. You do a great job explaining the changes implemented by NAR and the implications to both buyers and sellers. I happen to be both and everything you've stated is spot-on.
The prices are high because the Sellers are baking in the commission into the price of their property. Either way the negotiations now are between buyer and seller not agent and agent.
@@patrickm6012 Thats BS because the commission was paid by the sellers for the last 150 years. Pay the byers commission or watch your house sit on the market ad eternum because byers will not agree to pay a dime to BA. Prices are overinflated already and GREEDY byers will have to continue paying both agents $$$. Wait and see.
@@aba1791 - The buyers always paid both the buyers and sellers commissions. It was just hidden in the price they paid for the house. Pretending that the seller was paying what the buyer pays their agent never made it true.
@@patrickm6012 --Not really. The population shifts that took place during the pandemic sent people from expensive cities to areas of lesser values. But these shifts drew up prices as did the legion of persons suddenly permitted to work from home. Prices rose in 2020-2023... not since the new rule that burdens buyers with yet more fees (i.e. agent commissions).
Buying and selling homes could be done using software and just paying the title company. Cutting real estate parasites out of the picture is similar to what happened to travel agents.
To make an educated decision regarding Real Estate, you have to have access to the sold data. That is only available via the local MLS. I find it highly doubtful NAR will allow local MLS's to outboard MLS to non members..I presume an internet outfit could join every mls across the country and then outboard that information through an app. A house is a lot more expensive than a trip, so I doubt buyers will disregard the need for educated help in deciding on their most expensive purchase.
I'm selling a condo in Oregon. My agent just had me sign a doc that said I was willing to negotiate "up to" 2.5%.Why can't California do the same? Seems stupid...
Happy Anniversary Audra! Yahoo!!! 🥂 I draw lots of my knowledge on Real estate suggestions from you, since I discovered your channel, thank you for making all these contents! ❤❤❤
Congratulations to you and your husband on your anniversary, Audra! ✨✨✨It's great to see people go the distance in a marriage. 👍👍👍 My wife and I have been married for nearly 30 years now. None of he changes you mentioned in this video bother me. It just boils down to negotiations, offer stability, and net proceeds like you said. The person who adapts to change is the one who becomes the winner. You are a bit heavy about what's happening in your market. Each market is different across the U.S. Some places in the U.S. continue to have low inventory and are seeing price increases. Smaller homes are in greater demand than the high priced, larger homes. Where I live in California, we're still in a strong seller's market. We hope it remains strong when it comes time to sell as we continue to improve our home as you suggested. Thank you for your advice during these challenging times! 💪👊
Someone has to pay the commission (listing and buying agents). It sounds like this just makes things more complicated. Overall, what do you think about a percentage based commission versus a negotiated fixed amount commission? ...or even some other method to compensate the agents... There is no question in my mind that a good agent is worth it, my question is how much and who should pay. But, in the end, as you have said, you must look at the whole deal and make your assessment based on all the moving parts. So, maybe we are on the path to a better way, but it really is more complicated. I love your videos Audra, you are great at what you do.
thank you for the great basic info on selling your home. we found it so helpful on the do's and don't with listing and making this process as smooth as it can be. I can't believe how listing realtors have so much of a different way to sell our home. we sat with 6 different people and not one of them came with the same or even close the same info on how to sell our home. lucky for us we had 1 of the group hit it out of the park with both me and my wife . there was not one thing we asked about .that there reply made us comfortable . keep up with your video's they will be for helpful to someone. thanks
Dear Audra, In my area SW Washington I have seen houses sit there on the market for over a year. They do drop the price a few times depending on where they started. But those houses are in stalemate, plateaued out and not doing anything, as in Buyer's Market!
Open houses will be playing a much bigger role than they have in the past. The buyer has always paid the buyer agent commission/compensation indirectly. Under the new rules this will result in a lower offer price.
Hi Audra, I’m confused. In the past when a seller charged 6% they gave the buyer agent 3%. Why not just make a stander rate of 3% to the seller and 3% to the buyer? Why the guessing game? Obviously I’m not a realtor but I am selling to buy my next house.
I had been thinking about selling, but now I'm going to wait and see how everything eventually shakes out. This is still early and new and quite frankly, a bit confusing. 😅
My home was on the market for 6 months. Not one offer. It's a mobile home in a park. Took it off the market one week ago. I'm not putting it on the market next year.
Licensed agent here for NC and SC for over 20 years. Quick question, when sending an offer as well as the cooperating compensation form have you seen where the offer is accepted as presented but the 220 form is not? I would wish the OTP when include this form under addendums that are already listed on the OTP
I simply don't use buyers agents. There were no buyers agents at all until the 1990's. It's not required and shouldn't be. The rest of the world has real estate fee's of 1-2%. It's time for America to get in line with the rest of the world.
Everything you said about buyers is exactly what we are saying now! It's true! We really need to change our perception and expectations. But damn, it's not easy to say goodbye to your dreams.😃 Happy anniversary!❤
When I will list, I will offer the listing agent 3%, and offer to compensate the buyer for up to 3% for buyer broker expenses. End of story. I will list within 2% of average of last 60 days comps. End of story.
@@tommyt8998 I live in a south Florida gated community where houses priced at the market generally sell in under 30 days. If you are pricing at the market no good realtor will turn you down. If you think your house is worth more than everyone else's because of your superior decorating taste, you are attracting a realtor who thinks her services are worth more because she too, is "special ".
What if you listed the house before the law was made? And you agreed to the % as the listing agent presented the listing agreement and therefore the other agent being compensated as in the past and as was listed initially on mls? Does that change?
Audra, Happy Anniversary!🎉 Thx for the morale support. My house has been OTM for 11mos--historic house, small historic town 20mi to 2 lge cities, very experienced realtor. One signif price reduction...sigh. I've been here several times before, but waiting for that one buyer is SO difficult!
I put a house on the market and my selling agent took offers from other realtors as investors and wanted me to pay for a brunch of inspections and crap. The house was listed as is. One of his buddies wanted the house and made an offer then got inspection from one of the network buddies. Came back telling me that I would have to fix the list of bogus crap before closing. Told my realtor to remove the lockbox and tell your buddy the house is being sold as is not giving it away in perfect condition. Waited for the contract to end sold FISBO cash no inspection no realtor for 10,000 More
The Fed cuts are already partially baked in current rates. Two 1/4 pt drops in Sept and Dec really won’t make a huge difference. We’ll see about spring.
Audra, you are the BEST at explaining this new nationwide change! I have watched many of your episodes as I am getting closer to putting my house on the market. Thank you for all of your valuable recommendations! Happy 21st Anniversary! You make your husband and son proud, I’m sure!
It took 6 months to sell my last house. It probably sold at a bad time, April 2020 before the pandemic market took off. It's not a bad time to be a buyer now, while interest rates are high, as buyers can get a better deal, and refinance in a year at a lower interest rate. Buyers in a slow market can get a lower price, and that advantage sticks.
Not necessarily a good strategy. When you refinance it’s going to cost you between $5000 and $10,000 just to refinance. You determine what the break even point is and it generally will take you 2 to 5 years to recover cost of refinancing… aka the Break even point. The best time to refinance is when the interest rates are 2% lower than what you currently have. Therefore the break even point will be sooner and you’ll be in a better financial position.
The listing agreement in AZ has a line for compensation for the listing agent, and a different line for buyer's agent compensation. I am surprised that you say CA doesn't have that. You can put any number in either line, of course. I'm just saying there is a spot for both.
Please explain how diligent the Buyers agent must be in learning about the TRUE facts about a local MLS listing? Does the buyers agent merely accept the listing information as correct and never question the typical hyperbole that is often associated with the listing? What prevents a Listing agent from bad mouthing or not cooperating fully with buyers agents for asking "too many" questions, "lowball" offers ( a lower closing price yields lower future comps and lower future commissions). What prevents a listing agent from continuing to refuse to answer telephones, emails, faxes from buyers agents about listed properties? Typically listing agents us voice mail, caller ID before they research who is calling them. Is it another dreaded call from the seller, a "looky lou" or the dreaded buyers agent who wants a piece of the action?
She's not in a buyer's-agent friendly state. In Virginia, the listing agent splits the pot with the buyer's agent and that used to hover around 6% total. The seller does not pay two agents. Usually the split is 50-50, but all things are negotiable. If a buyer has no representation, he is basically at the mercy of the seller's agent to handle both sides of a sale and that is not considered fair in Virginia.
One of the problems with buyer agents, in the past in VA and I assume nationwide, was that even the buyer agent was working for the seller. The buyer agent had to be careful not to undermine the seller. There were a few buyer agent that started charging a fee so they could represent you! The contract had cost to be your agent, a flat fee, and a percentage of the sale. Of course the buyer could ask for that amount back as a credit toward the price. Many people didn’t want to pay for an agent who couldn’t find you a property you liked and the idea sorta fizzled out. As a buyer I once had my realtor write a contract where I paid all the commissions. My lawyer was intrigued that I’d done that. Why? Because it was investment property and I wanted a clear doc that allowed me to deduct fees I’d be indirectly paying otherwise.
@redhatbear1135 buyer's agents do not work for the seller. Period. They can be subagents to the original selling contract commission but the split comes from the selling agent's broker, not the seller. The selling agent splits the commission to make a sale or a buyer pays out of pocket. The seller never works directly with a buyers agent unless it's a FSBO.
@@JoaninFlorida I’ve been told by at least 4 agents, all in VA, that buyer agents have a responsibility to the seller while still working with the buyer. It’s a bit messy to hear them tell it because they are limited and not allowed to do some of the more aggressive things.i think offer a suggested price offer was one of them. Ive had a couple of very good buyer agents, i just don’t share all my thoughts with them.
60 miles from you in the mountain resorts, we’re experiencing a similar slow market. Being an affiliate to the RE industry, I see agents that started in a lay down period in a bit of a panic. IMO, now is the time for agents to recognize that those with listings, rule the market. So if there was ever a time to strategize a comprehensive marketing profile, now’s the time. Brand yourself as a leader. Make sure your photo and name appear together in print and on the web. Doing so will increase your name/brand recognition sevenfold. Testimonials will go along way when tied to your brand. Audra’s got a great video on preparing a home for and to be photographed. Remember that the home’s presentation, good or bad will be tied to your brand. There’s a reason that it’s said, 10% of the agents do 90% of the sale. Be a 10%r
Audra, Appreciate your explanation on the new Buyers Agent situation and what Sellers need to consider. You made it understandable. 🏆 Also Appreciated the 'Facing Reality' Tips to Sellers 👍
There are some reputable agents out there, but they are far and few between in my experience as both a buyer and seller. But finding a great realtor is golden. Never had to have an open house to sell any of my houses and won’t in this day and age of crazies. And I just bake the buyer agent’s commission into my price, knowing the net proceeds # I want. Happy Anniversary; just subscribed.
It is no longer permitted to include commissions in the price of the real estate. It must be reflected as a separate line item and must be indicated within the MLS.
thanks for update Audra. So are you saying despite the change in nationwide commission law, there is still no change in how commission is made. so for a buyer agent, he still get 2.5-3 from the seller, i.e. seller agent will say 2.5% representing seller but seller will also pay say 2.5% to the buyer agent. correct?
The big “upset” over this “change” is interesting to me because 21 years ago this is exactly what my experience was. Had to have a contract with the agent representing me, included a 3% fee paid by the buyer (me) and was for 6 months. I remember a few years before, my father having to do the same when he sold his house. Maybe it was just in our area but it was the norm. I have been looking at listings on Realtor for several years (as they get further and further out of my affordable range! 😜) and don’t remember ever seeing a commission listed. Maybe it’s been in tiny print at the bottom of information for a place and I never noticed or maybe this is another region specific inclusion.
Number of comments that sellers are unhappy that the sale price will not match what they think the home is worth. Unfortunately, the housing affordability index is way out of line; sad truth is most homes are priced 30% over the actual value of the house. The realty community has an obligation to work with sellers to make the prices more in line with what is affordable
The realty community is a plague of leeches and will not work with anyone other than themselves, as they always have. Wait until offers dry up and houses sit on the market for more than 30 days and they WILL HAVE to reduce the price and their ridiculous pretentions they got away with for years. They are all crooks, sellers and agents. They make me sick. Oh and yes, I'm a homeowner already and waiting for the market to correct to buy investment property. I ain't selling, no need for that. I can wait to see how all this unfolds, no rush.😏
Is due to the people that are selling the house the people that are rich Prolly Don't hire real estate agent It was always negotiable but now that it said that they don't have to pay don't count on them paying!! It's just one more thing that you have to negotiate on the price of the house which is ridiculous
Who the hell came up with the seller paying for the Buyers agent? The challenge is commission rates were posted to the MLS. So the buyer agents would only pick the ones that offered higher commission rates. It puts the negotiating of rates and price in the power of both the buyer and the seller, not some back deal between agents.
What is wrong with you? Why should a buyer be at the mercy of the seller's agent? The seller's agent works for the seller - not the buyer and unless you are a full-time experienced negotiator, the buyer is going to get screwed whether he knows it or not. Considering how many thousands of dollars are on the table, anybody who buys a house without professional assistance is an idiot. That's why there are buyer's agents. It's 10 times worse than buying a used car without a talking to a mechanic first.
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I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I located her through google, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
For Sale By Owner and eliminate the realtor. Use a real estate attorney to do the closing. We payed $72.000 commission last year to sell our Florida home with a realtor. My house sold in 48 hrs. Realtor didn't have to do anything but we still had to pay a high commission. Outrageous !
@r-anne7375 you are risking your safety meeting complete strangers in your home. What if the home doesn’t sell immediately? How much time would you be willing to dedicate to this? Trying to avoid paying a Realestate commission isn’t worth risking my safety or my time
@@nancyroswell327, Hire security. It is much cheaper.
@nancyroswell327 His point stands though. Why should a realtor get tens of thousands of dollars for 10-20 hours of actual work?
Maybe the KEY Words there are "Last year..."
I really think the overall problem is the percentage of the house that realtors want. A 5 to 6 % commission is just too high.
We were thinking about selling but after we changed the carpets to hardwood, painted the interior an off white and repainted the outside a fresh beige with white trim, we decided not move!
that happens! lol
No open house for us, only bank prequalified otherwise wasting our time and opening our home to a lawsuit if someone is injured. 99% of people passing through are just nosy neighbors and people bored on Sunday with nothing to do.
1) Finally someone explains the RE changes in a succinct and highly understandable manner!
2) I am confused about it only because I have bought and sold many houses over the past 30 years and the listing agent has always split their commission with the buyers agent if I used one. I have bought using only the listing agent who, of course, got their entire commission. This was a fair system so the change in general has me confused.
3) I am currently shopping for a home and I want it turn key, BUT…. Turn key in the sense of well-maintained even if it is vintage 50s, 60s, 70s, etc. I am dismayed to see these homes stripped of all their charm and mirror 2024 builder homes. If I’m shopping older homes, I want the vintage interiors too, just well-maintained. Give me all the pink bathrooms!
4) HAPPY ANNIVERSARY AUDRA!! 💝
It was never fair. It was a fixed commission, aka price fixing.
@mwebb3014. Sounds like you’re sick of gray walls and gray zebra striped laminate floors. I sure am.
We are selling my in-laws home with a pink bathroom in Utah. I hope we find someone like you who will love it!
I 💗 1950s pink & black bathrooms. I grew up w one.
Checkout Susan Swanson
@@tgriebeIt was definitely NOT fixed. There's a difference between what the market will bear, and price fixing. The percentages on the MLS varied a lot more than the percentages that attorneys charge, but somehow the tobacco class action attorneys saw an opportunity and pounced on it.
The changes actually make the process LESS transparent for buyers, now that the commission is hidden and no longer on the MLS. No one is better off by not knowing if they are going to have to come up with extra money at close, bc the seller isn't allocating anything for the buyers agent, and the buyer didn't know that until they went thru the hassle of putting in an offer.
Signing an agreement with a buyers agent as a buyer is bad if you wind up not liking the buyers agent. 😫
You can just cancel tye contract with them. No problem.
so sign it for a short duration, problem solved. Good for both parties, the buyer agent may not like the buyer either, a lot of buyers are literally just lookers, won't even get pre-approved for a loan, and are perfectly happy with stopping schedules across the board for the buyer agent, listing agent, seller to allow them to look for at a house they have no intention of buying.
Or learning that they have a tendency to "forget to tell the truth".
@@ashdav9980just get a real estate attorney with the realtor's license
Ask a realtor friend for access to the MLS / have them to email you for nominal fee or maybe free
Drive around in the neighborhood u want to buy
Go on RUclips and listen to other Realtors
Find a trusted house inspector
Pray
Do it yourself skip the 3% commission paying realtor
You can sign a buyer's agreement for even just one house.
Do you know why there are more people with Real Estate Licenses than drivers licenses'? Because the don't let everyone get a drivers license.
😂 😂
Skip a Buyers "agent". We never use one! Save your money! Go to Seller "agent" directly. We ALWAYS do. Then inspect, bid & get it....or walk away. Theres always another house. Again, you don't "need" a Buyer "agent"
Yes, but there needs to be a form signed stipulating "Dual Agency" for the agent. Easy to do, but makes some buyers skittish not having an agent solely representing them (even if their agent is incompetent).
@@JD-xo3xztrue! But it seems to me some states do not recognize Dual Agency.
@@JD-xo3xz No, there does not. A Buyer can buy whatever they want. No pre-signing. One can simply walk away when being told to sign something...
I believe there are 11 states that do not permit dual agency. Colorado, where I live, is one of them. In Colorado, "dual agents" are called "transaction" agents. This is how they get around it.
@@peterwolff9864 Agreed. The dual agency form in this example is part of a purchase agreement when the buyer chooses to buy the home without representation.
Happy Anniversary Audra 💕 That was very sweet of your hubby! I appreciate your honesty about the market.
"What d'ya want?" (the couple whose been married for 22 years LOL) Happy anniversary! If you ever consider a career change, you have the best personality and presence to have your own talk show. A down to earth, straight shooter who speaks logic. Love your videos! I'm not even a realtor or in the industry- just love real estate :)
Yes you are correct about that.
👍🏼not to mention she’s beautiful.
Absolutely! Totally Agree 👍
I have a question. I put my house to sale without realtor and my first offer was full price but according to the buyer realtor the appraisal came lower than the asking price. I asked her to show me the appraisal and she said no and then offer me a very low offer. So i told her no because I knew the house worth more. Then she told me that once an appraisal is done the appraisal value will follow in the next sale for va loans..... Anyway i told her no and cancel the contract! Then i reduce the price a little but no what the buyer realtor said to me. So i got another offer with va loan and i was worried to run to the same issue. But for my surprise the appraisal came back fine and i got the asking price. So my questions is does the previous realtor lie to me about the appraisal bc it was va loan like the first one. She was upset too bc shr wanted 3.5% and i said i only offer 2% in my listing. I am glad that i didnt bite her lies and i am closing this week.
You did the right thing by walking away from that agent! People need to realize that at the end of the day all real estate agents/realtors are “sales people“ first and foremost! Just like the used car sales people!
@@nerissamartinez3669 wowww! Boldface lies get people nowhere legitimately! I don’t believe that the VA can set the property value indefinitely. That would put the seller at an unfair disadvantage.I believe it is only valid for that particular contract and even then it would only be six months. I have searched the Internet and cannot find any validity in what that agent said to you.
No one should be making the rediculous amounts of commission that realtors were making. Weed out the get rich quick folks. Money money money greed. Good changes
Agreed!!! I don’t know of ANYONE who is worth $20,000…$30,000…or $60,000 for 2 months work. That money needs to go back in the sellers pocket!
The last agent that showed me a property, tried to tell me there was a bidding war for the house, up to 250k. I backed out. The home was only listed for 199k. The home ended up selling for 167k. If that is not unethical idk what is. Real estate agents are crooks. People used to be ethical. It’s all the immigrants. Not only do they game the system. It makes others do it too to keep up.
Consumers have recourse against unethical activity 1) report the realtor to the local realtors association ethics committee; they can investigate and reprimand the agent/interevent; must be within 180 days of the event 2) File complaint with the state attorney of your state, consumer complaint division; complaint can be filed on line; this office will be more than happy to investigate;
Some are always manipulators be on your toes always.
@@rayzimmerman2242 Hard to prove mis-information without docs. Their "opinion" [of a bidding war] is just that, not a crime, even if false. Salespeople are not the one to ask!!.
@@rayzimmerman2242 Problem is its just easier to move on. RUclips itself has frauds and there is a report option that doesn't get used enough.
Did you report that realtor for unethical practices? No? You're part of the problem. Don't be such a housewife.
I like herrrrrr!!! She's GOOD, as well as entertaining in a STRESSFUL Seller environment. Thank you, Audra and HAPPY ANNIVERSARY!!!
So much turbulence and confusion. Always good to gain a better understanding and real-life perspective from your great videos Ms. Audra.
Happy Anniversary lady !
I don't understand why a seller has to pay for 2 realtors.
@graceweber2822 They don't. The buyer is essentially putting the commission onto their loan, and asking the seller to give them cash back at close in exchange, to pay their agents. The money is coming from the buyer.
@@arizonashopper5095 You can't finance commissions. Investors will only lend against the asset.
@@arizonashopper5095 OMG! it's been 3 year and for the first time I understand!
I agree!
EXACTLY! 🤨
If I understand correctly…historically, listing agent paid a portion of the contracted commission from the seller to the buyer’s agent? Are agents now giving up that % from your listing commission? Are sellers’ contracts reflecting this & how is it written in?
Leave it to Audra to finally make some sense of this for me. Incorporating the buyers fee payment into the offer (or not) just makes so much more sense to me -- and ultimately the buyer and seller should be responsible for paying their own agents, just to make it clear whose interests the agents serve. So as a buyer I can pay my agent and offer 3% less than I would have before the settlement, for instance, but the lines of influence and obligation are clearer.
My thought is the buyers should pay for their agent and the sellers should pay their agent. As a seller, I never thought it was fair to have to pay both my agent AND the buyers’ agent.
I totally agree. Don't understand why people sympathize with buyer paying their own agent but have no sympathy for sellers having to pay 6% for both agents as if sellers don't need their money .
That was the basis for the class action suit against NAR that resulted in the new split commission system.
@@tigerlilly1545
More often than not, both agents agreed to split the commission in half.
So you expect some sucker to deal solely with your agent? Good luck with that.
Buyer's agents already have every incentive not to act in the Buyer's best interests. Why should the buyer have to pay to be upsold on top of actually being upsold?
I would love to see this NEW RULE that says a buyers agent CAN NOT show a property without an agreement on compensation. A buyers agent can show a property without an agreement on compensation. IMO a buyer's agent would be better off showing properties and only when they are going to make an offer, then include the buyers compensation as part of the offer. Telling buyers they have to sign a contract up front will likely shift buyers to contact selling agents instead and cut buyers agents out. Of course that creates other potential issues but saying they can't show a property without a compensation agreement is deceiving.
I am a real estate broker and this is the NEW RULE as a result of a lawsuit filed by sellers who felt that they should not pay the buyer's brokerage. NAR settled for over $400 million and major brokerages, i.e. Keller Williams, RE/MAX, etc. also settled for millions of dollars. As Audra explains, it is nation wide - we are in Texas and have just made the compliance changes.
@@turkishboztxthere is no rule that requires a buyers contract - that is my issue with the statement. The lawsuit stated that the MLS won’t allow sellers to advertise the percent they will pay or require a seller to pay a buyers agents commission. But brokers and agents are going to play this game by misleading buyers into signing contracts. There is no law, rule or regulation that requires a “buyers contract” in order for a buyer to be represented. If there is, show it, don’t just say it,
Realtors make it sound like it's a law. It's not law, it is the National Association of Realtors, a mere trade organization, new rule. It's a reaction to recent lawsuits and the DOJ reopening investigations of the NAR regarding Anti-Trust, and price fixing. A San Diego lawyer has recently commented on the NAR/CAR's NEW and improved buyer broker agreement and recommends neither Realtors nor home buyers sign it because it could get both into legal hot water.
@@davesmithmusic Page 29 section vi. www.nar.realtor/sites/default/files/documents/nar-settlement-agreement-download-2024-04-19.pdf
I don't know why you're claiming this stuff when clearly you haven't done any research.
@@user-qb8qm4mp5nI agree - if I wanted to look at a house and was told by a realtor that I had to sign a contract in order to view - I would walk away. This new practice is going to cause more litigation because buyers are going to feel forced to agree to something they don’t want just to view a home. That is imo close to a type of coercion.
We are looking to list our house. One potential seller agent wants 6% with her contractually obligated to negotiate commission with buyer agent instead of us. Not sure what to think about this new environment.
I would hire a real estate attorney to get their informed opinion first. My last transaction handled by local licensed brokers was loaded with incorrect data, inaccurate and not valid assertions. It was so bad ( agents were using the state C.A.R. forms) that my RE attorney offered to work for free to protect me from the web of deceit from these agents and brokers. He advised me that his charges to me could have been more than $40K to fix the brokers problems with out purchase if we had not contacted him like we did. Many times "quasi" type legal professionals (licensed property sales agents) do not understand the many legal underpinnings and responsibilities of even simple real estate transactions. RE lawyers are in court every week. Do they know just a little bit more than and agent who just passed the state sales license exam? My buyers agent once "ordered me" to "stop contacting the CAR and real estate attorneys!". This itself should be a crime. You can fool some of the people some of the time, but not all of the people all of the time.
They're trying to circumvent the new policies. I heard that DOJ is aware of this circumventing of the new policy.
Don’t do it and report them.
No, you should not pay for the buyer agent. Don’t do it.
@@tigerlilly1545 Can you link a source for this? We live in a very rural area and don’t have many real estate agent options. And the ones we’ve contacted so far are all unsure of the new playing field.
The new reality is good for the sellers. I'm sure the real estate community is already conjuring up ways to get the seller to pay the buyer's agent as part of the negotiation. What bugs me is that the agent does the same amount of work whether the sale is a 220k or 500k property, yet the percentage commission structure pays 2.5 time more for the more expensive property. They out to go to a flat fee structure which will appeal to sellers and buyer. Of course, the realtors will hate it. IMO
@duanejahn2368 Yes, and sometimes agents don't have to do much when the home sells in 24 - 48 hours. They still get paid a huge commission. And they pressure you into signing a longer contract.
A flat fee and show a buyer 50 homes? Maybe a flat fee per house that would work but not a flat fee to show somebody as many homes as they want to look at if you took an Uber ride somewhere are they gonna give you an Uber ride 200 miles away and it’s a flat fee for 200 miles and a flat fee for 10 minutes away at the same rate? No you pay for the person’s work. No matter who is working for you, there is no flat fee anywhere name flat fee that’s going to include 80 hours worth of work versus three hours worth of work no there is no flat fee for that. It has to be an hourly rate or a per transaction rate and if the person has to do a lot more work, they want to be paid or there won’t be any Realtors and then you can just buy the home yourself and hope that you don’t get screwed out of all of your money at the end of the day from a con artist.
This video really helps. We are trying to sell our unique property in a changing market - not fun.
Yes, not fun right now. Best of luck to you.
One of the issues is home prices have far outpaced incomes even for transitional buyers who have a sizeable down payment from the house they are selling.
In my area, SW Arkansas. Listing inventory is low, and lower priced homes sell quick. Mostly out of area buyers moving in.
I'm spending all winter taking care of deferred maintenance.
Happy anniversary, Audra!! 🎉🎉🎉
Outstanding video, Audra. You do a great job explaining the changes implemented by NAR and the implications to both buyers and sellers. I happen to be both and everything you've stated is spot-on.
Hi there Roberto, thanks so much for responding. Yes, we are living in different times! We will get through it.
Highest housing prices in history; high interest rate, and add on buyer's agent fee and wonder why the housing market is slowing to a halt?
Its going to hell!!
The prices are high because the Sellers are baking in the commission into the price of their property. Either way the negotiations now are between buyer and seller not agent and agent.
@@patrickm6012 Thats BS because the commission was paid by the sellers for the last 150 years. Pay the byers commission or watch your house sit on the market ad eternum because byers will not agree to pay a dime to BA. Prices are overinflated already and GREEDY byers will have to continue paying both agents $$$. Wait and see.
@@aba1791 - The buyers always paid both the buyers and sellers commissions. It was just hidden in the price they paid for the house. Pretending that the seller was paying what the buyer pays their agent never made it true.
@@patrickm6012 --Not really. The population shifts that took place during the pandemic sent people from expensive cities to areas of lesser values. But these shifts drew up prices as did the legion of persons suddenly permitted to work from home. Prices rose in 2020-2023... not since the new rule that burdens buyers with yet more fees (i.e. agent commissions).
Buying and selling homes could be done using software and just paying the title company. Cutting real estate parasites out of the picture is similar to what happened to travel agents.
good luck with that shit for brains...
THIS IS WHAT I WOULD DO IF I WAS EVER TO SALE MY HOME❤
You're right! Excellent point about travel agents.
This is definitely the future and why less and less people will own a home.
To make an educated decision regarding Real Estate, you have to have access to the sold data. That is only available via the local MLS. I find it highly doubtful NAR will allow local MLS's to outboard MLS to non members..I presume an internet outfit could join every mls across the country and then outboard that information through an app. A house is a lot more expensive than a trip, so I doubt buyers will disregard the need for educated help in deciding on their most expensive purchase.
Happy Anniversary Audra!!!! Tks for all you share!!!❤
I'm selling a condo in Oregon. My agent just had me sign a doc that said I was willing to negotiate "up to" 2.5%.Why can't California do the same? Seems stupid...
It’s a federal law change and that concession statement in the doc you signed applies to all states.
@@shawnmulligan5476 interesting...so your saying she is full of shit or Im a fool....😂😂😂
@@shawnmulligan5476 btw...lot of complaining in general, but I like her
Happy Anniversary! I’m so glad I got all my buying and selling done before this mess started.
Me too! Bought and sold this year. Every closed by May 1st. Yay!!
Great video, as always Audra. Happy Anniversary!!!
Happy Anniversary Audra! Yahoo!!! 🥂
I draw lots of my knowledge on Real estate suggestions from you, since I discovered your channel, thank you for making all these contents!
❤❤❤
Happy Anniversary, Audra! I loved the way you explained the current market/situations. Congrats!!!😘
Happy Anniversary and you are my favorite realtor 🥂cheers to many more sales and years!
Congratulations to you and your husband on your anniversary, Audra! ✨✨✨It's great to see people go the distance in a marriage. 👍👍👍 My wife and I have been married for nearly 30 years now. None of he changes you mentioned in this video bother me. It just boils down to negotiations, offer stability, and net proceeds like you said. The person who adapts to change is the one who becomes the winner. You are a bit heavy about what's happening in your market. Each market is different across the U.S. Some places in the U.S. continue to have low inventory and are seeing price increases. Smaller homes are in greater demand than the high priced, larger homes. Where I live in California, we're still in a strong seller's market. We hope it remains strong when it comes time to sell as we continue to improve our home as you suggested. Thank you for your advice during these challenging times! 💪👊
Someone has to pay the commission (listing and buying agents). It sounds like this just makes things more complicated. Overall, what do you think about a percentage based commission versus a negotiated fixed amount commission? ...or even some other method to compensate the agents... There is no question in my mind that a good agent is worth it, my question is how much and who should pay. But, in the end, as you have said, you must look at the whole deal and make your assessment based on all the moving parts. So, maybe we are on the path to a better way, but it really is more complicated. I love your videos Audra, you are great at what you do.
thank you for the great basic info on selling your home.
we found it so helpful on the do's and don't with listing and making this process as smooth as it can be.
I can't believe how listing realtors have so much of a different way to sell our home.
we sat with 6 different people and not one of them came with the same or even close the same info on how to sell our home.
lucky for us we had 1 of the group hit it out of the park with both me and my wife .
there was not one thing we asked about .that there reply made us comfortable .
keep up with your video's they will be for helpful to someone.
thanks
Dear Audra, In my area SW Washington I have seen houses sit there on the market for over a year. They do drop the price a few times depending on where they started. But those houses are in stalemate, plateaued out and not doing anything, as in Buyer's Market!
Open houses will be playing a much bigger role than they have in the past. The buyer has always paid the buyer agent commission/compensation indirectly. Under the new rules this will result in a lower offer price.
Happy Anniversary to you and your Mr. Thank you for all you do.
Hi Audra,
I’m confused. In the past when a seller charged 6% they gave the buyer agent 3%. Why not just make a stander rate of 3% to the seller and 3% to the buyer?
Why the guessing game? Obviously I’m not a realtor but I am selling to buy my next house.
Happy Anniversary!! Great video...as usual. Thanks
Thank you!!
I had been thinking about selling, but now I'm going to wait and see how everything eventually shakes out. This is still early and new and quite frankly, a bit confusing. 😅
My home was on the market for 6 months. Not one offer. It's a mobile home in a park. Took it off the market one week ago. I'm not putting it on the market next year.
How can you not see a correction coming when prices LEAPED over 30% in 2 years? That's a bubble!
The correction will be more of a plateau.
Licensed agent here for NC and SC for over 20 years. Quick question, when sending an offer as well as the cooperating compensation form have you seen where the offer is accepted as presented but the 220 form is not? I would wish the OTP when include this form under addendums that are already listed on the OTP
I simply don't use buyers agents. There were no buyers agents at all until the 1990's. It's not required and shouldn't be. The rest of the world has real estate fee's of 1-2%. It's time for America to get in line with the rest of the world.
Amen
Everything you said about buyers is exactly what we are saying now! It's true! We really need to change our perception and expectations. But damn, it's not easy to say goodbye to your dreams.😃 Happy anniversary!❤
The fed funds rate has a direct impact on mortgage rates. Bonds are also based on the fed funds rate plus a risk premium.
You're not taking into account the inflection point of the yield curve, or the Sahm rule being triggered.
Happy Anniversary ❤️ your video’s… Great advice!!!
Ahh..thank you!!
When I will list, I will offer the listing agent 3%, and offer to compensate the buyer for up to 3% for buyer broker expenses. End of story. I will list within 2% of average of last 60 days comps. End of story.
You’re smart!
Why go so high? My L.A. is asking 2.25 with buyers tbd. They have to compete for their commission in this market, also.
I don't know where you live, but good luck finding a realtor in the Phila area that will take your listing for 3%! Best I have seen here is 4.5%
@@tommyt8998 I live in a south Florida gated community where houses priced at the market generally sell in under 30 days. If you are pricing at the market no good realtor will turn you down. If you think your house is worth more than everyone else's because of your superior decorating taste, you are attracting a realtor who thinks her services are worth more because she too, is "special ".
@@tommyt8998 Keep looking. In DC it was 3%, although they say it is "negotiable".
What if you listed the house before the law was made? And you agreed to the % as the listing agent presented the listing agreement and therefore the other agent being compensated as in the past and as was listed initially on mls? Does that change?
Great video! Thanks so much for taking the time to explain all of this.
Happy Anniversary !!!! 🥂
Audra, Happy Anniversary!🎉 Thx for the morale support. My house has been OTM for 11mos--historic house, small historic town 20mi to 2 lge cities, very experienced realtor. One signif price reduction...sigh. I've been here several times before, but waiting for that one buyer is SO difficult!
Don't know where you are located and I'm not in the market but your house sounds just like what I would want if I was looking. Good luck!
I put a house on the market and my selling agent took offers from other realtors as investors and wanted me to pay for a brunch of inspections and crap. The house was listed as is. One of his buddies wanted the house and made an offer then got inspection from one of the network buddies. Came back telling me that I would have to fix the list of bogus crap before closing. Told my realtor to remove the lockbox and tell your buddy the house is being sold as is not giving it away in perfect condition. Waited for the contract to end sold FISBO cash no inspection no realtor for 10,000 More
I have a very silly question. If the Fed cuts rates, how long will it take for that to have an effect on the market?
The Fed cuts are already partially baked in current rates. Two 1/4 pt drops in Sept and Dec really won’t make a huge difference. We’ll see about spring.
Selling my house and you are spot on as usual, Audra!
Audra, you are the BEST at explaining this new nationwide change! I have watched many of your episodes as I am getting closer to putting my house on the market. Thank you for all of your valuable recommendations! Happy 21st Anniversary! You make your husband and son proud, I’m sure!
You’re tops, Audra! Happy Anniversary! I look forward to your video’s. 💖
I wanted to sell and buy, but now I feel like I am screwed and didn't even get a kiss!! Happy Anniversary to you both!
It took 6 months to sell my last house. It probably sold at a bad time, April 2020 before the pandemic market took off. It's not a bad time to be a buyer now, while interest rates are high, as buyers can get a better deal, and refinance in a year at a lower interest rate. Buyers in a slow market can get a lower price, and that advantage sticks.
Not necessarily a good strategy. When you refinance it’s going to cost you between $5000 and $10,000 just to refinance. You determine what the break even point is and it generally will take you 2 to 5 years to recover cost of refinancing… aka the Break even point. The best time to refinance is when the interest rates are 2% lower than what you currently have. Therefore the break even point will be sooner and you’ll be in a better financial position.
Happy Anniversary! Many more!!!🥳
That was so cute!!!
Great explanation!! Direct and accurate information. I have been a Realtor for 35 years, and I have learned so much from you. Thank You
Happy Anniversary! Great info.
Thank you!
Your amazing, great info.
How did this become a nation wide law....rule? Thank you for all your great info
Send some of those excess houses to Tennessee where we have a shortage. The Californians need houses to live here. :) Happy Anniversary.
Happy Anniversary! Thank you for the explanation of the new rules!
The listing agreement in AZ has a line for compensation for the listing agent, and a different line for buyer's agent compensation. I am surprised that you say CA doesn't have that.
You can put any number in either line, of course. I'm just saying there is a spot for both.
Happy happy anniversary Audra!
Woo hooo 50k subscribers!! Can’t wait for your next video to hear you celebrate! WTG!
What happens if as a seller, we are paying the buyers agent?
Have more Open Houses on the same property. I looked at 6 homes last weekend and enjoyed ever minute. I've always found my home to purchase.
Me too!
Be careful at open houses. I had my, um, boundaries violated in the upstairs of an open house one time.
Please explain how diligent the Buyers agent must be in learning about the TRUE facts about a local MLS listing? Does the buyers agent merely accept the listing information as correct and never question the typical hyperbole that is often associated with the listing? What prevents a Listing agent from bad mouthing or not cooperating fully with buyers agents for asking "too many" questions, "lowball" offers ( a lower closing price yields lower future comps and lower future commissions). What prevents a listing agent from continuing to refuse to answer telephones, emails, faxes from buyers agents about listed properties? Typically listing agents us voice mail, caller ID before they research who is calling them. Is it another dreaded call from the seller, a "looky lou" or the dreaded buyers agent who wants a piece of the action?
Audra you are the best! And, I enjoy your informative videos especially since I will be both a seller and buyer.
Ahh..thank you so much! Best of luck to you!!
She's not in a buyer's-agent friendly state. In Virginia, the listing agent splits the pot with the buyer's agent and that used to hover around 6% total. The seller does not pay two agents. Usually the split is 50-50, but all things are negotiable. If a buyer has no representation, he is basically at the mercy of the seller's agent to handle both sides of a sale and that is not considered fair in Virginia.
One of the problems with buyer agents, in the past in VA and I assume nationwide, was that even the buyer agent was working for the seller. The buyer agent had to be careful not to undermine the seller. There were a few buyer agent that started charging a fee so they could represent you! The contract had cost to be your agent, a flat fee, and a percentage of the sale. Of course the buyer could ask for that amount back as a credit toward the price. Many people didn’t want to pay for an agent who couldn’t find you a property you liked and the idea sorta fizzled out.
As a buyer I once had my realtor write a contract where I paid all the commissions. My lawyer was intrigued that I’d done that. Why? Because it was investment property and I wanted a clear doc that allowed me to deduct fees I’d be indirectly paying otherwise.
@redhatbear1135 buyer's agents do not work for the seller. Period. They can be subagents to the original selling contract commission but the split comes from the selling agent's broker, not the seller. The selling agent splits the commission to make a sale or a buyer pays out of pocket. The seller never works directly with a buyers agent unless it's a FSBO.
@@JoaninFlorida I’ve been told by at least 4 agents, all in VA, that buyer agents have a responsibility to the seller while still working with the buyer. It’s a bit messy to hear them tell it because they are limited and not allowed to do some of the more aggressive things.i think offer a suggested price offer was one of them.
Ive had a couple of very good buyer agents, i just don’t share all my thoughts with them.
@redhatbear1135 you were not told that by any licensed realtor. Your comment is wrong in so many ways.
@@JoaninFlorida Have it your way, but all were licensed. Most still are.
60 miles from you in the mountain resorts, we’re experiencing a similar slow market. Being an affiliate to the RE industry, I see agents that started in a lay down period in a bit of a panic.
IMO, now is the time for agents to recognize that those with listings, rule the market.
So if there was ever a time to strategize a comprehensive marketing profile, now’s the time.
Brand yourself as a leader. Make sure your photo and name appear together in print and on the web. Doing so will increase your name/brand recognition sevenfold.
Testimonials will go along way when tied to your brand. Audra’s got a great video on preparing a home for and to be photographed.
Remember that the home’s presentation, good or bad will be tied to your brand.
There’s a reason that it’s said, 10% of the agents do 90% of the sale.
Be a 10%r
Happy anniversary🎉 first time on your channel, subscribed! Very good content!
Audra, Appreciate your explanation on the new Buyers Agent situation and what Sellers need to consider. You made it understandable. 🏆 Also Appreciated the 'Facing Reality' Tips to Sellers 👍
What is a realistic number can you ask for after you’ve done the appraisal? 50K more ?
Dear Audra Happy Anniversary !!
So, can I just shop for myself and call the listing agent directly when I want to see a house?
Thanks great update video! Happy Anniversary 🎉
The commentary of the sellers! it made me laugh when you pretended to be them. lol. cute and this i reality.
If we use the same agent for our sale and purchase, can we negotiate the fees beforehand and allow the agents to make the sausage on their own?
Sausage delicious
Anything is negotiable but it doesn't mean they're going to agree to it
There are some reputable agents out there, but they are far and few between in my experience as both a buyer and seller. But finding a great realtor is golden.
Never had to have an open house to sell any of my houses and won’t in this day and age of crazies. And I just bake the buyer agent’s commission into my price, knowing the net proceeds # I want.
Happy Anniversary; just subscribed.
It is no longer permitted to include commissions in the price of the real estate. It must be reflected as a separate line item and must be indicated within the MLS.
thanks for update Audra. So are you saying despite the change in nationwide commission law, there is still no change in how commission is made. so for a buyer agent, he still get 2.5-3 from the seller, i.e. seller agent will say 2.5% representing seller but seller will also pay say 2.5% to the buyer agent. correct?
Happy anniversary! Sorry you had to share this day with us 😅 But really appreciate all your valuable insights and advice!
The big “upset” over this “change” is interesting to me because 21 years ago this is exactly what my experience was. Had to have a contract with the agent representing me, included a 3% fee paid by the buyer (me) and was for 6 months. I remember a few years before, my father having to do the same when he sold his house. Maybe it was just in our area but it was the norm. I have been looking at listings on Realtor for several years (as they get further and further out of my affordable range! 😜) and don’t remember ever seeing a commission listed. Maybe it’s been in tiny print at the bottom of information for a place and I never noticed or maybe this is another region specific inclusion.
Probably internal where only agents have access.
You're so Fun to watch, listen to! 😄 And HAPPY ANNIVERSARY btw!! 🍾🥂🎉
Ahh...thank you so much..appreciate it.
❤ this channel. You tell it like it is not how we want.
About time tables are turned against the plethora of shady lazy realtors.
Happy 22nd Anniversary Audra!!! God bless you both!! And thank you for your great insight!!!
What if you still have sellers contract with a realtor? Still have2 more months but it's been super slow. Considering renting with property mgmt
Number of comments that sellers are unhappy that the sale price will not match what they think the home is worth. Unfortunately, the housing affordability index is way out of line; sad truth is most homes are priced 30% over the actual value of the house. The realty community has an obligation to work with sellers to make the prices more in line with what is affordable
The realty community is a plague of leeches and will not work with anyone other than themselves, as they always have. Wait until offers dry up and houses sit on the market for more than 30 days and they WILL HAVE to reduce the price and their ridiculous pretentions they got away with for years. They are all crooks, sellers and agents. They make me sick. Oh and yes, I'm a homeowner already and waiting for the market to correct to buy investment property. I ain't selling, no need for that. I can wait to see how all this unfolds, no rush.😏
WHO THE HELL CAME UP WITH THE IDEA OF THE BYERS PAYING THE AGENT AND WHY? as if prices aren't high enough? I think this country is going to hell!!!
Is due to the people that are selling the house the people that are rich
Prolly
Don't hire real estate agent
It was always negotiable but now that it said that they don't have to pay don't count on them paying!!
It's just one more thing that you have to negotiate on the price of the house which is ridiculous
Who the hell came up with the seller paying for the Buyers agent? The challenge is commission rates were posted to the MLS. So the buyer agents would only pick the ones that offered higher commission rates. It puts the negotiating of rates and price in the power of both the buyer and the seller, not some back deal between agents.
Buyer should pay for the buyer agent. Buyer agents were spoiled by the wrong doing for too many years. Yes, finally It’s going on the right track.
What is wrong with you? Why should a buyer be at the mercy of the seller's agent? The seller's agent works for the seller - not the buyer and unless you are a full-time experienced negotiator, the buyer is going to get screwed whether he knows it or not. Considering how many thousands of dollars are on the table, anybody who buys a house without professional assistance is an idiot. That's why there are buyer's agents. It's 10 times worse than buying a used car without a talking to a mechanic first.
@@莫民奇妙 GREEDY sellers accepting tens of thousands of dollars over asking SHOULD PAY for byers commissions. They are RIPPING OFF byers already.
So glad these changes took place. They are long overdue.
@@therealunclep nothing has really changed. The seller will be paying both sides one way or another
@@nancyroswell327 Why do you say that?
Amen
Happy Anniversary, I'm finally starting to understand this nightmare and it's no longer feeling like a nightmare. Thank you so much! 🥳🥳👑👑🎈🎈❤❤💍💍🍾🍾🥂🥂🍾🍾
You are so very welcome. Its not that bad out there with the new contracts. Best of luck!
The economy isn't slow- the problem is inventory.