The standard real estate agent fees are a thing of the past

[PorterhouseMusic]

Or soon will be. I read the article in the NYT. Check it out elsewhere if you don't get the NYT.

You know - the standard 3% + 3%=6% that goes to both agents covered by the seller (typically). That standard is going away.

This will spur competition and is almost certainly to drive home values down. Certainly the costs associated with selling. Not sure if this of interest to anyone here, but - it's a big deal, a game changer. I own rental property and plan on owning more - that's my interest.

 

[Random dude]

It's actually of major interest to me, except that I live in Canada. I don't think it will carry over here. Not right away anyway.

My mom passed away in January and we're in the process of selling furniture, waiting for the death certificate, etc...You can't do anything here until you get the official death certificate (not the temporary ones they issue).
This whole process is actually a pain in the ass.
I mean for fuck's sakes, every person dies eventually. You'd think the government would have some kind of streamlined process to get the basic paperwork done. It's at least 3 months before you get the death certificate. Until then, then bank won't touch the account, you can't close some accounts, you can't even list the house for sale, even if you're the executor of the will.

 

[PorterhouseMusic]

It's actually of major interest to me, except that I live in Canada. I don't think it will carry over here. Not right away anyway.

My mom passed away in January and we're in the process of selling furniture, waiting for the death certificate, etc...You can't do anything here until you get the official death certificate (not the temporary ones they issue).
This whole process is actually a pain in the ass.
I mean for fuck's sakes, every person dies eventually. You'd think the government would have some kind of streamlined process to get the basic paperwork done. It's at least 3 months before you get the death certificate. Until then, then bank won't touch the account, you can't close some accounts, you can't even list the house for sale, even if you're the executor of the will.

Sorry to hear of your mom's passing. I went through a similar thing after my mom passed in 2001. I was the executor of her estate and had to handle everything - including probate, settling of her estate and assets, satisfying the terms of her will, and cleaning her house out and getting rid of all of her stuff. All that while grieving and maintaining a very busy job and life otherwise. It was daunting. I feel for you friend. Hang in there.

 

[Slouching Raymond]

Here in UK, selling a house used to be 1% or maybe 1.5%.
The last house I sold was at 2.5% due to:
1. There was only one agent in town on an island, and they had me over a barrel.
2. It was during during hard times, so they upped their rate.
But they did find two buyers within 1 week.
It can be hard disposing of your parent's personal things. I just don't have room to take much.
When the elderly widow next door to me went to a nursing home, the house contents went into a couple of skips.

 

[Random dude]

Sorry to hear of your mom's passing. I went through a similar thing after my mom passed in 2001. I was the executor of her estate and had to handle everything - including probate, settling of her estate and assets, satisfying the terms of her will, and cleaning her house out and getting rid of all of her stuff. All that while grieving and maintaining a very busy job and life otherwise. It was daunting. I feel for you friend. Hang in there.

I really appreciate that, brother. It's not easy, as I'm sure you know.

 

[jtees4]

I sold a house almost three years ago, I paid 4% on my sale.

 

[TAE]

Fee's pfft!

I don't need no stinkin real estate agent!

Pimps I tell ya.

Kind of laughed when I heard this on the news.
The old saying to don't get what you deserve, you get what you negotiate comes to mind.

There is this little niche business called escrow companies. With them you can buy and sell your house on your own with no agents...no commissions and just the same escrow fees you'd pay a real estate agent to handle for you....plus their commission.

I have bought and sold real estate with out and agent and with an agent being involved. I have never used one where I did not negotiate the rate except for my first real estate purchase where I realized how silly it was to use these hand holders to do my business...

These days you can find your dream home just as easily as any agent
You can sell your home just as easily.

The one daughter sold their condo for $325K and purchased a house about 10 years ago for $375K with a negotiated rate of 4% ...saved $13K by negotiating down to 4% from the traditional 6...I was bummed that they didn't do it on their own but they did save a good chunk by negotiating.
The older one did buy her last shack with no agent involved...Nice shack...they did use an agent to sell their other shack but at a negotiated rate of 2%.. She paid $875K for the new shack. At 6% that's $17,500 of bargaining power she'd have given away for the honor of having an agent hold her hand finding and purchasing the house...She found the house on her own before it went on the market by letting friends know she was looking for someone thinking about selling their house. She was able to get the sellers to lower their asking price and it was a lot easier for them to swallow with no agents in the middle.

Well that's my rant the subject.... Only use them when you must and ALWAYS negotiate the rate.