Buying A House Just Got WAY MORE Expensive
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- Опубликовано: 21 апр 2024
- The National Association Of Realtors just settled with the Department Of Changes making HUGE changes to the way Real Estate Agents get paid. How will these changes affect buyers in the 2024 housing market? Will this change cause home prices to crash? What's the likely outcome from this commission lawsuit? In this video, we discuss the recent changes with buyer commissions and how that is likely to affect you as a buyer or seller when buying a house in 2024.
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Worked with many Buyer's Agent, bought 2 houses. None of them was worth the commission. Seller's Agent provides way more value.
As a seller, I DEFINITELY tried to sell higher because of the commission for the Buyer's Agent.
Worked with many Buyer's Agent, bought 2 houses. None of them was worth the commission. Seller's Agent provides way more value, though 2-2.5% is still too high.
Just educate yourself, you don't need a realtor to buy if there's any out of pocket cost.
I just bought a new house and realtors don’t really do much, specifically when you’re buying a brand new house from a builder. People will be better off just looking for a house they like and paying a house inspector which is much more helpful. Id rather had that 3% less on the house sale without a buyer realtor.
If you are buying used homes and know very little about houses then yes, I would definitely recommend a realtor. You will still need a good inspector, inspector is everything even if you are handy with homes they have tools to do testing most people don’t have a and they can find issues the naked eye can’t.
Buyer commission should be flat instead of being certain percentage
@@huynguyentoantin I don’t agree, free market is good, a fresh realtor can charge less, a very experienced realtor with actual tools and connections can charge much more. I don’t see why a person who just got their license will get same % as someone who has been in the market for 10+ years and have closed hundreds of houses with no problems.
on new construction, you are correct, agents don’t nearly do quite as much. At the same time understanding the contract you are signing with a builder is extremely important because unlike other contracts, it protects the builder and not you. It’s often smart to have a realtor that understands new construction and is familiar with that builder represent you because they can point out nuances in the contract that you might not be familiar with. In addition to that many buyers when purchasing new construction forego the home inspection thinking it’s unnecessary. A good real estate agent will recommend that you get one even though it’s new construction because often times there are multiple issues that need to be corrected. A great REALTOR will always pay for themselves, without question
If CONTRACT is what you are concern then go with a real estate lawyer instead of paying 6% .. everything else like title, survey etc the bank will take care of it.
@@n0rbakn0rbak38I have yet to meet a real estate attorney with relevant current market experience. Much less the intricacies and knowledge of particular homes and what to look out for. No transaction is the same and a good realtor will have the negotiation skills, vendor contacts, and experience to navigate difficult transactions.
My selling agent never said the buyer agent fee was negotiable. It was simply listed as a set amount. I think that is how most agents have approached these fees.
The compensation fields in real estate contracts are always blank and negotiable. If you didn’t know this, you weren’t paying attention
The problem is, not all buyers can afford the agent’s fee
Agreed........that's why I believe that if sellers want to achieve top dollar, they will continue to offer a buyer's agent commission as it will offer more exposure, driving buyer demand.
Thank goodness I bought my house in 2021 and don't have to deal with this anytime soon. I want to see how this all plays out over the next couple of years.
Time will tell ✅
This is effective now ?
When does this officially go into effect?
We don't know.........It has to pass, possibly mid summer.
People don’t need a buyers agent. This is Wasted money
Everybody is a pro until you actually need one.
@@JebSmith I bought and sold houses while my husband was on deployment and remote with no problems whatsoever. I paid a real estate attorney under $1000 and sailed through it.
Listing agents will do the buyer side work for no additional fee in order to get that 2-3% commission ASAP.
Once desperate agents start doing that, agents like yourself will have no choice but to follow or lose business.
Buyers will just go directly to the listing agents, it’s “free”.
As a homeowner I like this. I'll be more willing to sell now.
He is not Graham Stephan, if anything Jeb is here for those that aren’t familiar and need help with the housing market. His title is clear enough and goes straight forward in details on “why houses are getting more expensive.”
I’m not a realtor nor an investor, but love keeping up to date with the housing market to help out myself and friends better understand the house market.
Thank you for the helpful information in your videos Jeb 🙏
Your titles be like " market is crashing" then days later "homes expected to be more expensive"...back and forth and back and forth. Why??
You have to remember every state is different. He's in Commiefornia......their market is different than the rest of the country, and vise versa where YOU live. Not to mention with the mansion tax in Commiefornia, their housing market is crashing.........do some research!!!
It’s easy. And the reason is clickbait. more awful is the title - more people click and watch it. It’s not fair, but who cares. The goal is subscribers and watch hr. Not your market knowledge
I said the housing market is going to be expensive for a few reasons, one is that buyers are now going to be responsible for paying commissions and some cases which means more money out of pocket. Secondly, home prices aren’t likely to go down. You’re paying higher prices on top of commissions, also more expensive.
With regards to saying and going to crash, I’ve never said that and I don’t have a video with that title either
Prices wouldn't be so high if a certain party did not steal an election. Prices under the last administration were still comfortable.
He’s just looking for views
I think it should be a set fee to sellers not percent my realtor doesn't advertise mine enough due to it being 68,000 and they rather sell that 250-300,000 home that they get more commission.
A set fee doesn't work as more expensive listings require more work and are more expensive to market as the fees go up with more expensive real estate from all parties.
@@JebSmith What marketing is provided that is not just listing on the MLS and letting the Redfins and Zillows push it out to the world? Little paper handouts etc? Just curious. Not being facetious.
It’s sounding as though the buyers will be at the mercy of sellers. Nothing sells without buyers . Buyers need to stop paying for homes that were $295,000 in 2019 and then were miraculously valued at $450,000 and even higher in some areas 2021 and on. Always check property history and last date and price home sold for. It’s very telling. As a buyer if a seller will not work with me at this point I don’t need what they are selling. I have waited this long I will just move on.
Good luck with that method.....hom prices go up over time with inflation alone. Anyone expecting to pay 2019 prices after seeing inflation rise at 15%+ during that same period of time doesn't understand basic market fundamentals.
@@JebSmith yes, obviously home prices go up and that’s not my method. Have bought and sold homes since 1988 and have experienced many different housing markets along the way. Never said expecting to pay 2019 prices. Was referring to the extreme rapid over valuation of homes in such a short span of time which was unrealistic caused by the FOMO insanity that occurred. I just sold a home at a fair price and it all worked out great. Sellers are still in many cases trying to get the most they can out of buyers by over pricing. Feel so bad for young first time home buyers having to enter into this crazy housing market.
Same as there is a lock in effect for high mortgage rates, so less people sell, but some still sell… less buyers (who can afford to pay commissions) means more likelihood prices settle lower that they otherwise would, so even though a seller thinks their home is worth that, they might not get it without lowering or paying the commission.. overall will be minimal impact though
It always comes back to supply/demand.........If there's a scarcity of supply, sellers can get more aggressive and not offer and probably get away with it without a smaller impact (also depends on what your neighbors are doing......if they are offering, you should too) whereas if supply is higher than demand, they will need to offer it in order to be competitive...........
Buyers and sellers are now going to be able to NEGOTIATE without realtors holding them HOSTAGE just because they open a door.
That's always been the case! Had to buyers approach me yesterday to represent them on my listing, they wanted part of the commission. I told them No, it was an easy conversation. Know your value.
@@JebSmith "that's always been the case" ..that will change now. Cause nobody wants to pay 3% to list the home in the mls and open doors. But I guess only time will tell.
4:55. Yeah. Now harder and more expensive for underserved populations.
Agreed..........that's why I believe it's imperative that sellers continue to operate status quo.
IDK if i like this change? Helping ppl buy & sell real estate can be difficult & time consuming work with expenses associated with it?
Buyers and agents are PARASITES, inflating the true cost of a property to squeeze the buyer and seller for extortion fees. I bought my house and 25 acres WITHOUT either one of them. The transaction was easy and simple through a lawyer and a sales contract. Lawyer fee? $200.
Buyer will say: get me 10% price reduction you keep 5% commission, I keep 5% saving. WIN, WIN! It’s more of a partnership. Most real estate agents don’t want to write more than 3 offers nowadays. They have a defeated mindset
Good luck with that.
@@JebSmith well the 6% agent compensation is founded in the idea that the seller has the deeper pockets. In California the buyers have deeper pockets now, so guess who will have to pay 💰
That doesn’t really make housing more expensive no buyer will pay more then 1% to a buyers agent unless it can be financed. I do think houses are going to have another big spike though in a couple years.
I have buyers signing 2.5% agreements right now 😳
@@JebSmiththey’re imbeciles
Good morning jeb I think we will see nothing change in near future 6% will be the golden rule just have to negotiate this part in advance as a house flipper we need an agent all the time plus representing your self is a recipe for disaster there is a reason we have agents and title companies
i’m not sure it’s going to stay the Golden but I do believe that most sellers win shown why, Will continue to pay the buyers commission assuming the department of justice doesn’t get involved and no longer allow it. If that were to happen, that would cause major disruptions, and how agents get paid
Left a comment but it seemed to have disappeared. Maybe its somewhere and someone will answer my questions. Im in Ky.
Send me an email..............comments get lost easily and it's difficult to return them all.
@@JebSmith thank you I will. Have to go pick up my grandson in little bit. Not even completely sure what I was asking.
11:12 every time people say realtors don't do much just remember this part! Also keep in mind that they are the gatekeepers to the American dream they actually help and they deserve their high percentage as you all say nobody complains about the lawyer getting his percentage and it is literally 33% How come nobody says they don't get paid too much!?! The reality of it is this without realtors you will not be able to have the wealth of the American dream (.) it used to be like this back in the early 1900s there was a lot of lawsuits and issues and now it seems like history is repeating itself because people are just too stupid and jealous in my opinion of realtors
Too many desperate buyers
this was confusing as hell
Sounds like you’re about to be out of a job or you’ll have to change careers
Notice all the realtors on RUclips now! 😂
Commissions should be 1%-2%