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Most realtors in the pricier areas of Somerset county are offering 5% commision. Just like the prices of homes are negotiable so are commissions.
Check out the number one selling broker in Somerset County and see what he charges.
The problen with real estate people is that the person that lists your house is the real saleman and the ones that show it are just that.
NJ mom of 2 I agree that the buyers dictate the prices but if you don't have to sell and are not getting fair offers I say stay put for a while. NC will still be there years down the road.
That inground pool sure ain't helping your sale either.
The 6% commission is, by law, negotiable. I was thinking of putting my house on the market. I contacted realtors and one company offered 4%. Other companies seemed wedded to the 6%. If I ever do go through with selling, I am definitely going for the company that offers the lowest commission. Except Foxtons....that seems like a lot of work and we just don't have the time....
We sold our condo for 2.5% + $500. We used Flat Fee MLS service. Basically, you pay $500 to have your property listed on MLS. And then buyer's agent gets 2.5% (or whatever you decide to give them). Best thing we've ever done - and saved $$$$.
beileive it or not the inground pool is a seller people love the pool...it just it doesnt increase the value of the home...I need to sell and the days of getting what my house is worth are long gone, and prices in NC will keep increasing so with my husbands job search we need to be there soon...so we have to sell soon...Honestly holding out isnt the way to go either because in some areas prices are still dropping a little more....
Price your home competitively and it will sell. I'm not psychic, but everything I am reading/hearing indicates prices are going to drop or at best, stay where they are. Best of luck to you.
I certainly don't want to insult any Realtors, but did you ever consider selling your home FSBO? We just did. We put it on the market in the beginning of November and we had a few decent offers within a couple of weeks. (Mind you, we priced it to SELL. We did our homework as far as comps are concerned and priced it accordingly.) Two of the initial offers came with contingencies to sell other homes, so we didn't go for it. However, a couple of weeks later, I got a phone call from a Realtor who asked whether or not we'd be interested in offering a finder's fee. I told him we'd give him 2.5% and lo and behold he showed up with a gem of a buyer with no contingencies.
Sure, it's a bit of a pain because now I have to make sure that all paperwork, c.o.'s. etc., etc., are in order, but we have a fantastic attorney who is guiding us every step of the way.
Just a suggestion. This is a "bargain hunting" society we're living in today (i.e. HomeGoods, TJMaxx, etc.), so that when buyers see a FSBO sign, they feel they may be getting a "bargain". JMHO!
I do have to add, our house is in a very visible location, so it was easy to see our sign. Best of luck to you!
yes but you are paying the realtor 2.5 percent finders fee correct?? SO THAT IS my point..I am a realtor and if I put into MLS chances are it will sell alot faster...and remember Im NOT taking a commission and MY BROKER isnt charging me anything since I pay for the MLS.....so technically IM selling it myself and with alot of exposure and I will pay out 2% to the agent who sells it unless ITS ME...because with my company you get all the calls for your own listings so who knows maybe I can sell it myself so then technically im paying myself...lol
yes but you are paying the realtor 2.5 percent finders fee correct?? SO THAT IS my point..I am a realtor and if I put into MLS chances are it will sell alot faster...and remember Im NOT taking a commission and MY BROKER isnt charging me anything since I pay for the MLS.....so technically IM selling it myself and with alot of exposure and I will pay out 2% to the agent who sells it unless ITS ME...because with my company you get all the calls for your own listings so who knows maybe I can sell it myself so then technically im paying myself...lol
You'll be fine NJmomof2..I'll see you in Charlotte! Did you put it on the market yet? If you did, good luck! Keep us posted.
We sold our condo for 2.5% + $500. We used Flat Fee MLS service. Basically, you pay $500 to have your property listed on MLS. And then buyer's agent gets 2.5% (or whatever you decide to give them). Best thing we've ever done - and saved $$$$.
Ira & Stmarten,
I have another property almost ready for the Spring Market. I will be taking your advice. I just wanted to thank you for the ideas.
From previous experiences in Real Estate transactions, some realtors give you that grave look & say "tsk tsk, No No, selling your own house without ME is a Baaaaad idea" and actually tried to convince me that I could not do it without them. HA. We'll see.
I have a great RE attorney & this is not my first time buying/selling. I'm so sick of paying 6%. No more of that baloney. I have my sign, I'll list it myself on MLS (don't be scared folks, it's not brain surgery, just do a search for MLS & pick one) and my Attorney is by my side & just a phone call away. He has all the forms & the guidance. Also, there are many many DO-IT-YOURSELF books out there.
I am gearing up to sell and get out of NJ also. Where is it written that the total commision is set at 6%?? This can't be a LAW...so why don't brokers/relators compete the way other capitalistic enterprises do ?? Seems to me the potential for a "break out" realtor to cut their fees in half would go a long way when homes are so expensive and 6% of say a 800K$ is a nice piece of change for very little work. What's the real scoop here...smells like rate fixing..
If an agent gets 6% for a listing, he/she has to then split the commission in half with the buyer's agent. Now we're at 3%. That 3% is then split with the broker. Depending on agency, and agent's experience that could be anywhere from a 40/60 split (agency getting the 60%) to a 80/20 split. It is a common misconception people have that a realtor walks away with 6% of a home sale. If that were true, realtors in NJ would all be millionaires. Not that it hasn't been lucrative for the past 8 years, but it's hard work as well.
Oh, and there are "break out" realtors. Their services are laughable. You'd be better off doing it on your own.
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Just a suggestion...
Did you put it on the market yet? If you did, good luck! Keep us posted.
Great Idea
HA. We'll see. 
