3 ms·
Realtors don’t own the houses.
by groundzeros2015 4mo ago
Realtors don’t own the houses.
- phantom784 4mo agoRealtors earn commissions as a % of the price a house sells for.
- nathan_compton 4mo agoMerch has to move for them to earn a percentage. If prices are systematically too high I would guess liquidity goes down.
- WarmWash 4mo agoNothing a 50 year mortgage can't fix, I'm sure that article will be coming out soon to from our realtor friends.
- adityamwagh 4mo agoIt’s also a diabolical amount. My friend bought a house in San Jose, and both, the buyers and sellers agent got $50,000 each on a $2M house. They didn’t even help with the house search much.
- groundzeros2015 4mo agoWho agreed to those terms?
- cpburns2009 4mo agoThe buyers or sellers. No one is required to use a realtor. They simply provide a convenient service for a fee.
- georgeecollins 4mo agoTell me you have never bought a house in the US without telling me you have never bought a house in the US.
- cpburns2009 4mo agoThat's an odd accusation to make with confidence.
- rpdillon 4mo agoI've bought several houses in the U.S., and the last one I sold, I didn't have a realtor. I'm not sure what point you're making here.
- georgeecollins 4mo agoThat you have bought several houses in the USA makes your experience represent 0.01% of homeowners. Most people in the USA only buy one.
- triceratops 4mo agohttps://en.wikipedia.org/wiki/Burnett_v._National_Association_of_Realtors https://en.wikipedia.org/wiki/Burnett_v._National_Associatio...
- groundzeros2015 4mo agoThis lawsuit is about realtors acting against your interest (agency problem), and is not about you being forced to pay a particular commission. You can choose your realtor. You can discuss with them. This person just bought a 2m house!
- triceratops 4mo ago> not about you being forced to pay a particular commission It's literally in the first paragraph of the article. "At trial, a federal jury found that they violated antitrust law by conspiring to force home sellers to pay inflated commissions to real estate agents."
- pc86 4mo agoThe force applies to "inflated," e.g. they agreed to pay a fee but were forced to pay an inflated fee. Not they were forced to pay any fee at all.
- triceratops 4mo agoI don't understand the point of this clarification.
- pc86 4mo agoThere is a difference between "forced to pay a fee" and "forced to pay an inflated fee." The GP said it's not about being forced to pay a particular commission, which is the first one, which is accurate.
- 4mo ago
- twiclo 4mo agoThe get a percentage cut of the sale price of a house.
- HumblyTossed 4mo agoNot usually. But homeowners don't usually set the price themselves. Yes, yes, yes, yes, yes, technically they can. But a _realtor_ is in their ear telling them MORE MORE MORE.
- mlhpdx 4mo agoof course they are. what else could they possibly do? pressure you into selling for a little less? get sued for not getting the seller the best price? also, they don’t get paid if something doesn’t sell for being overpriced. it’s a market system.
- triceratops 4mo ago> get sued for not getting the seller the best price? Are they legally required to do that? How would you even prove it was due to them?
- triceratops 4mo agoActually realtors egg on buyers to offer more more more. And sellers to reduce asking prices. Whatever makes the sale happen quicker.
- TheOtherHobbes 4mo agoI've had "Amazing, yes, no trouble, we'll sell this quickly" followed by "Not moving, try dropping the price by 20%" a month later. Realtors negotiate for themselves, not for either buyers or sellers. I did have one who dropped their commission a little to close a sale, but that's not a common experience. (And they still did very well out of it.)
- SoftTalker 4mo agoA good realtor should help the seller set a realistic price. Because if the house doesn't appraise for the selling price or more, the deal will fall apart before closing.
- jasode 4mo agoThe gp you replied to mentioned "realtors" because this thread's article domain is: realtor.com