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Home Buyer Commissions Just FLIPPED The Housing Market

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The National Association Of Realtor Just Settled NOT only changing the housing market forever but making it more expensive for first time home buyers to buy a home. What does this settlement mean for a first time home buyer in the 2024 housing market? How will this impact house prices moving forward? Are commissions dead for buyers agents? In this episode, we take a deep dive into Real Estate Commissions and what you should expect when buying a house as we help you become The Educated HomeBuyer.
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Jeb Smith (huntington beach Realtor/orange county real estate)
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Опубликовано:

5 сен 2024

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Комментарии : 44

@TheEducatedHomebuyer 5 месяцев назад

✅ - Connect Directly With Our Mortgage & Real Estate Team - www.theeducatedhomebuyer.com/expert ⏩Buying A House Just Got Way More EXPENSIVE - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-cmDhMXDBtRY.html

@stans9293 5 месяцев назад

Here in Texas things won't change much. We already do Buyer Rep agreements. We'll take the BAC off the MLS and communicate it some other way. If we need to revise the Rep agreement to match the BAC we will do that at the time we prepare the offer. Very few changes

@TheEducatedHomebuyer 5 месяцев назад

Well there you have it..............appreciate the info. It's good to know. Thanks.

@hopoutside 5 месяцев назад

If you put a link in mls to the showing service site and include the commission on that showing site, buyer agents would still be able to see upfront who’s paying a co-op or not. In this regard, steering could still occur (with even less disclosure to buyers).

@TheEducatedHomebuyer 5 месяцев назад

With what we know at this moment, I don't believe that is going to be allowed but at this time, we really don't know. Time will tell

@hopoutside 5 месяцев назад

@@TheEducatedHomebuyerif not, i wonder if a listing agent could leave a voice message for each of their listings with co-op info (i..e. call this 1-800 # and click 1 to get commission on House_1). If i was a listing agent, i wouldn’t take a gazillion calls on commission over & over…

@lowlifegarage 5 месяцев назад

So here's why all of this confuses the hell out of me. I've purchased and sold 4 homes in the past 10 years. I knew and know where every dime was going prior to signing anything. Maybe I'm just use to working with honest people... or perhaps, people are simply dumb and don't pay attention to detail.

@TheEducatedHomebuyer 5 месяцев назад

Probably both.............I don't believe for a minute that sellers had no idea who was receiving money, etc......but I also know there are people out there that have no business do elementary math much less calculating their net on the sale of a home so there's that...........Either way, things are headed for change, hard to say what it looks like now but I don't believe the impact will be nearly as crazy as some believe.............likely somewhere in the middle.

@bernitup6492 5 месяцев назад

Thanks for the breakdown.... imagine being someone who bashed your content stating that a crash was coming and now finding out that listening to the crash bros has come with a hefty price tag..wonder what crap the crash bros will come up next with.

@DanielRicany 5 месяцев назад

I’m going house hunting this weekend for an investment property. Thankfully I’m doing this before this takes effect because I don’t have the money to pay for a buyers agent for this with my price range. This is going to deter many buyers. This is not a good thing.

@TheEducatedHomebuyer 5 месяцев назад

Good for you............The change is likely to happen mid summer as of now. I don't believe this is going to deter as many buyers as some may think............if it does then sellers will definitely continue to pay to keep demand coming in. Just my 2 cents.

@NeoSoulCrew 5 месяцев назад

Great breakdown guys. Its giving me much to think about as a soon to be seller.

@TheEducatedHomebuyer 5 месяцев назад

you're welcome! As the seller, you're in control!

@TheBudgetWarrior 5 месяцев назад

There are a lot of really bad realtors which makes this a challenging situation for the very good realtors.

@TheEducatedHomebuyer 5 месяцев назад

It's the pareto principle where 20% do 80% of the business but unfortunately those 80% are how the market is perceived in many ways.

@leah6015 5 месяцев назад

Sounds like we should buy before July then….??

@TheEducatedHomebuyer 5 месяцев назад

less likely to be a problem before then, that's for sure.

@InvestingWithAdamK 5 месяцев назад

Nothing has really changed. Seller will more than likely still pay buyers commission. Just can’t be advertised on the mls. It’ll be part of the contract.

@TheEducatedHomebuyer 5 месяцев назад

Lots of thoughts on this right now from "it won't change anything" to "this is the end of Realtors"....If we were to bet, it would be on change but not as much as some folks are thinking/hoping. Thanks for watching and commenting.

@InvestingWithAdamK 5 месяцев назад

@@TheEducatedHomebuyer of course there will be change. However, those who think it’s “the end of everything” as you say are just over reactive and haven’t read any of it. The seller can still pay. People don’t seem to understand that. It only can’t be advertised on the mls. So how much do you think will really change? I am a loan officer and work with a lot of agents. The buyers agents who understand it are glad. They’ll be required to have buyer broker agreements and will have ability to go after commission if a client uses someone else after committing to them. They figure once people understand the seller will pay still. It’ll just be part of the contract. Do you see it any different?

@phabloagr 5 месяцев назад

2/2.5 is fair. After that to me I only do because I’m obligated to it. (Agency fee I don’t like it)

@TheEducatedHomebuyer 5 месяцев назад

The good news is it will all be 200% transparent and negotiated upfront under the new system.

@phabloagr 5 месяцев назад

I only heard from a realtor that I talked yesterday. Otherwise I don’t watch news.

@MrKeepMomSafe 5 месяцев назад

Well done gentlemen! Great job

@TheEducatedHomebuyer 5 месяцев назад

Appreciate the support!

@seankelley9710 5 месяцев назад

In response to your attorney question… there is a lawyer group in my area that charges 5k to do the whole transaction. Much cheaper than 50k or more depending on house price in CA

@TheEducatedHomebuyer 5 месяцев назад

I'm sure there are a lot of people out there that will do it cheaper as there always have been, doesn't mean they are great at what they do. There's a reason we still exist in a world of suppressed commissions.

@user-se8en2ix7q 5 месяцев назад

what a cluster

@TheEducatedHomebuyer 5 месяцев назад

Agreed!!!

@kike510mig 5 месяцев назад

A.I is coming!! A.I is coming!! A.I is coming!! -Paul Revere.

@TheEducatedHomebuyer 5 месяцев назад

A.I isn't going to sell houses............Sorry. When A.I can deal with emotions then you have a shot but until then, it's a people business.

@TheEducatedHomebuyer 5 месяцев назад

Got it....a $200 product requires a skilled and knowledgeable salesperson. A $300,000-$10,000,000 product sells itself, as evidenced by the huge percentage of for sale by owner transactions and buyers who choose to represent themselves....

@seankelley9710 5 месяцев назад

How about we pay you $100/hr. That is a great wage and prob an order of magnitude less than everyone used to pay

@TheEducatedHomebuyer 5 месяцев назад

that's a great wage for some but not when it comes to the liability and what we have to do in this business.....

@IaintTheHerb 5 месяцев назад

Commission based sales for real estate is a joke. They are barely needed nowadays anyway.

@TheEducatedHomebuyer 5 месяцев назад

Says the person who has never bought or sold a house 😮

@m.shannonreddoch7808 5 месяцев назад

I agree. Commission-based pay for realtors is a joke. I figured that out after buying my first home. I did all my own research, contacted the sales agent myself, and toured the home without my "realtor". Then I asked the selling agent very specific things about the area and got a lot of BS and lies. Quite a few buyers out there have experienced the same thing. I need a realtor to do the legal paperwork, and that is it. That paperwork should be a fee for service, not based on the property's price. @@TheEducatedHomebuyer

@chrisginoc 5 месяцев назад

This is going to end up being a Realtor's Dodd Frank moment. Back in 2006 I knew car salesmen type guys who knew nothing and became loan officers making $80k+ a month and after 2008 those people became extinct. Same will happen with the part time Realtor's and commission averages will come down across the country.

@TheEducatedHomebuyer 5 месяцев назад

We wouldn't argue with that Chris. Both real estate and mortgage are low barrier to entry industries with the potential for significant earnings. That combo will always draw some people who shouldn't be advising people on the biggest investment and debt most will ever take on. Thanks for sharing your thoughts!

@chrisginoc 5 месяцев назад

@@TheEducatedHomebuyer Like Mohtashami said, we need 18 months of data to look back. Wait until 2026 and you'll see what I mean. This will weed out a lot of part time agents.

@seankelley9710 5 месяцев назад

You guys also keep talking about having to give percent of home price as compensation. This only exists because of the anticompetitive behavior of NAR. With true price discovery of representation we could see a flat fee or hourly rate

@TheEducatedHomebuyer 5 месяцев назад

Spoken like someone who has never sold a house............The reality is the business is extremely competitive and discount brokers are everywhere. There is and always will be choices when it comes to how you choose to buy/sell anything BUT if you want the best price at the best terms then you BEST hire a professional. The funny thing is that everyone is a professional until you actually need one.