Do You Have to Pay A Realtor? | Phoenix Real Estate Market Update
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- Опубликовано: 20 сен 2024
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The new real estate commission laws have taken effect! How will this impact the industry? How will it impact buyers and sellers? Today we're covering the ins and outs of this, as well as a new home value record, and an uptick in investor purchases.
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The fees charged are way out of line for the work done. That is why there are so many agents out their, easy quick money.
Realtors always say this was always negotiable but they didn't tell that to anyone before, it was their secret so it wasn't really negotiable if none knew
IMO, this all came about due to greed on the part of RE agents in general, intentionally pushing buyers to homes they knew they would receive more commission. The 6% guideline (3 for the seller, 3 for the buyer) worked when homes were reasonable and paying over asking was simply unheard of for normal homes.
$150,000 house ($4500 each for the agents) 20 years ago is now $600k in today's market ($18k for each agent), and until recently people are throwing money on top to make sure they get it ($650k for sake of argument). And perhaps more importantly the house sells in days not weeks or months.
Agent only needs to be involved in the sale of a few houses like this per year to make a nice annual living. Not sure what they would do with the other 10 months.
I think that it is sad that some of the crappiest homes are well over $500k, I own my home, and don’t plan on buying or selling for a long time. This is just pure greed on the part of everyone. The younger buyer will probably never be able to afford to purchase a home with the rate of the increases in home prices. That is sad, because most people would be happy with a modest home, but might never own one.
You do NOT have to have an agreement with a buyers agent to view a property. A buyer can look at a property completely on their own and engage with a listing agent directly. Personally, I don't recommend it but you can do it.
Yes, that's absolutely right!
I wont be paying a realtor a dime to buy a house.
Not good
Go out and get a real estate license and be your own agent. It will be cheaper than paying the commission on a high-dollar home.
If you are going to buy a property yourself, you don't need a real estate license. It certainly wouldn't hurt but it would probably be a waste of time and money.
@@benvigilrepro Could be beneficial to learn how to navigate your way through a large sale with fewer hiccups. Plus if you may get some good tips from the teacher as a resource for information.
That's what I did 😂
It was never negotiable. If you didn't offer a high enough buyer agent commission, no one would show your house.
So glad the NAR settlement is now in play. Realty is now like every other industry: You pay for your own service, not for somebody else's.
Not sure it completely translates to any other industry. In the end I think this will put pressure on prices. Buyers paying their agent represents more out of pocket for them. Effectively the down payment budget just went to 23% from 20% if the old 3% guideline is used.
Maybe they already do this, but waiting for RE agents to have a new business model where they weed out the tire kickers and have a lower percentage fee upon closing. Make up the income in volume.
In Kansas, back in the 2000’s the Buyer’s Agent was always paid by the buyer to the buyer’s agent or accepted the amount that the seller was offering the buyer’s side. There was never an issue. Homes were selling consistently for over $300k at that time. So if your buyer’s agent wanted more, then they received it from the buyer..make more sense to me…the buyers today think the seller should pay for everything including their down payment…sheesh!
If I was a real estate agent I would start selling cars
Real estate is definitely in a recession.
It’s definitely going to decrease commissions. Few people negotiated commissions before the lawsuit, now everyone is going to negotiate, and it won’t be for higher commissions. 😂
@17:15. If the Demand Index is 73.6, shouldn't the needle be pointing in the the red???
If supply is restricted (73.7 so good in theory for sellers), and demand is also low (73.6) the market is "balanced". But in reality there are fewer homes AND fewer buyers than history would suggest is normal. Not sure this represents a robust market.
If you only had one house for sale in a town in theory the seller could charge whatever they want. But if you also only have one buyer, the market is "balanced". In reality it is severely depressed.
@Caitlin. How should a seller react if the listing agent asks you how much are you willing to commit to paying the buyer agent?
I suggest you look at what your net proceeds will be at various price points with/without buyer compensation. If there is a certain amount you need to net, you can adjust the buyer compensation to ensure you hit that number. Alternatively, you could state you're not willing to offer anything at the start. If the amount of showings/traffic is low at the start of the listing, you can adjust and have your agent share that you are offering an incentive to the buyer's agent.
@@yourphoenixrealestateagent that should stick it to the man alright
Tell me you don’t know anything about mortgage rates without telling me don’t know anything about mortgage rates. Answer = Talking about the Fed Funds rate and think that’s what drives mortgage rates up or down.
What if you buy without an agent?
You can't buy without one
@@tonyc9050 Yes you can.
@@tonyc9050 Yes you can.
@@tonyc9050 That is not true. You can buy a property without an agent just like you can sell a property without an agent.
You can do that. I wouldn't advise it.
They should just have lawyers handling this. No agents you don’t even have to have a degree to make absurd amt of money.
Should just have 1% to seller and 1% on buyer or set amt or seller
Nobody knows if these are million dollar homes. Until sales volume returns to normal, it’s all speculation.
“If home sales do not pick up then home prices will have to buckle.” Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors , 8/4/2024
Did AZ legislature pass a new law? NAR rule?
Skip the Agent SIMPLE NO MORE MIDDLE MAN
Worth more than a million? I wouldn't use the word worth.
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