Major change to real estate law could transform how Americans buy and sell homes
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- Опубликовано: 17 мар 2024
- The way millions of people buy and sell homes every year in America is getting turned upside down from the National Association of Realtors' settlement. NBC News' Vicky Nguyen has more details.
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#Americans #RealEstate #Economy
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
The best investment one can do right now is investing on real estate though stocks are good but ever since I swapped to real estate, I've seen so much difference.
You know what will drive down home prices in the United States? Not allowing giant conglomerate corporations like Blackrock to buy private, residential homes. Which drives up the prices and creates scarcity.
They will find a new “fee” to add in to cover their losses on this regulation. Nothing will change.
All well and good but what you really need to do is get rid of bidding wars. Once upon a time, a residential realtor could only bring you one offer at a time. The seller could choose to take an offer or reject it and wait for a counter offer. If there was no deal then the realtor could present another offer. Today they set a bid day where they take as many offers as possible. The problem is with this system you see a property offered at one price but sells at 30-50% or more over asking. Again, once upon a time, the market value for your property was usually accurate plus or minus 10 - 15%. Houses should not list at say $350,000 and end up selling for $520,000. It just becomes a situation where buyers over-extend themselves and realtors maximize their commission ... get $26,000 instead of $17,000. This is how you got here where the middle class got priced out of home ownership.
The commission agreement isn’t Secret 😂. It’s disclosured and discussed when property is listed. This hurts sellers because it will limit the pool of buyers and it hurts buyers because they will now have to pay for fees to compensate buyers agents. So consumers with barely any money to put down will either be forced to come out of pocket or go into a transaction with no representation.
It's going to cost low income families even more to buy homes now.
How does this stop a real estate agent from working with you unless you pay the fee they ask?
Lol sellers are going to lower their prices? Or put that extra money in their pocket? Duh.
What about equity firms owning almost 50% of the single family homes?
Not sure how it gives anyone more power as a consumer. How will it lower prices?
Won't change prices...perhaps the seller will get to keep more money?
I remember when we built our first house and when we sold it a realtor who basically did nothing took a nice chunk of our profit!! All the realtors in the area would not come down off the commission price...can you say price fixing?? I will never use a realtor again!!
How about we stop allowing them to charge us percentage based instead of a flat fee for their service.
An agent doesnt have to change their commission. They just cant collude. No one has to come down on a fee. It is up to the consumer to decide if they think it is worth it.
No one except for rich people can afford buying a home with the interest rate so high.
Seller should be responsible for seller agent and buyer pay buyer agent . For example, 2 percent to seller agent, 1 percent to buyer agent. End of story
They should make sure it's iron clad.
Glad I'm not planning on buying a house anytime soon, if ever
Goodbye buyer’s agents lol