Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are considering selling our house in west Cary and buying in east cary. Based on neighborhood, and recent sales, we suspect to sell for 1.2 and buy for 800k. (Have a couple of houses picked out).
Lots of variables - but ideas on a reasonable commission for a good agent?
And any tips on how to find said agent would be very appreciated.
We are considering selling our house in west Cary and buying in east cary.
Based on neighborhood, and recent sales, we suspect to sell for 1.2 and buy for 800k.
Your buyer pays the commission on your property.
You pay the commission when you buy the new property.
Quote:
And any tips on how to find said agent would be very appreciated.
First:
Don't assume you need to be in the historic 6% commission range. Average commissions are much lower.
There are plenty of agents who will do both transactions for you at a lower price.
2nd:
Pick an agent who is a good fit, not just on price.
I am retired, but in your situation, I likely would have listed at 4.8% to sell, or less. 2.4% for buyers agent and 2.4% or less for me.
Most listing agents pay 2.4% to buyers agents, and that would have been plenty for me to help you purchase in the $800,000 range.
If you bought first, and then sold, my listing fee would have been even lower. It is easier for an agent to work with the money in a listing than in a purchase. The listing agent controls the amount they take in a listing and doesn't have to worry about lender questions like they do if rebating a purchase commission.
Hmmmm...
$2 million gross sales price totals.
Lots of commission money.
2.4% x $2 million total sales = $48,000 in commission to the agent who handles your sales and purchase. That is worth shopping around on.
Why is a realtor even needed these days? Cant you just list it online and hire a closing attorney?
Sure.
Does that attorney know appropriate valuation and possess real life knowledge of the typical contract?
A good agent often knows the common NCREALTORS contract and attendant case law better than the attorney who will also use that contract.
That is one reason attorneys hire REALTORS and refer their family to REALTORS.
Your buyer pays the commission on your property.
You pay the commission when you buy the new property.
Wait, maybe I'm reading this wrong. I thought the opposite was the way it worked . . i.e., the seller of the property pays the commission, not the buyer. An agreed upon percentage (e.g., half) goes to the seller's realtor and the remainder goes to the buyer's.
Wait, maybe I'm reading this wrong. I thought the opposite was the way it worked . . i.e., the seller of the property pays the commission, not the buyer. An agreed upon percentage (e.g., half) goes to the seller's realtor and the remainder goes to the buyer's.
Well.... Buyer covers all sales costs with their purchase money.
Listing agent has to provide a buyers' agent's commission in the listing, and it does not have to be a 50/50 split.
When listing, I often took less than the buyer's agent was offered, particularly if I was getting a second transaction such as the OP mentions.
Al will definitely have a major impact on the industry; particularly on the tradition commission structures.
However, being that a home purchase is for most the biggest financial event in their lives, "hand holding" and relationship building through the process is something Al can't duplicate.
Savvy, experienced buyers who are comfortable using tech to navigate a purchase on their own should have no problem. But, it's hard to envision a future where quality agents are entirely redundant.
Last edited by RedZin; 08-16-2023 at 07:45 AM..
Reason: Edited to remove quoted post that was previously deleted.
residential real estate became such a commodity there is no need to pay full rate. when I sell again next time, I will likely ask around to realtors (lowercase LOL) "who wants to list my house for reduced a flat rate?" (it'll be an easy sale in a neighborhood that historically ALWAYS gets multiple offers well above asking in 3-5 days). Between it being a sellers market where I am, and the ease of selling a house in great condition in my neighborhood, it's like asking "hey who wants an easy 45 grand?" and then standing back for the cattle call of offers. The buyer side of being a realtor is a lot more work; right before mortgage rates spiked, friends who are realtors tell me they're working 2x to 3x more than they used to, for half the income due to how few houses there were and how many competing offers Raleigh/Cary houses are getting. No doubt that's settled back to a lower number of offers to compete with.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
