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40,872 sales through MLS total in last 12 months
2,194 were unrepresented (if the info was entered accurately)
that's 5.4%.
of course, that doesn't include FSBO's which wouldn't make it into the database. I would estimate that *real* FSBO (and not a deed transfer among relatives, etc) with no Buyer Agent would be maybe 2% of sales based upon national figures.
So, about 7.5% of Buyers don't use agent representation in the Triangle.
40,872 sales through MLS total in last 12 months
2,194 were unrepresented (if the info was entered accurately)
that's 5.4%.
of course, that doesn't include FSBO's which wouldn't make it into the database. I would estimate that *real* FSBO (and not a deed transfer among relatives, etc) with no Buyer Agent would be maybe 2% of sales based upon national figures.
So, about 7.5% of Buyers don't use agent representation in the Triangle.
Thanks, Bo. Now I've got another question for you.
I'm a little unsure of just what "unrepresented" means in the context used above. I understand that "represented" means that the buyer has a Buyer's Agreement with his agent, but what about the buyer who has no Buyer's Agreement with an agent but just calls an agent to see a house that is for sale and then wants to make an offer to purchase on that house.
Wouldn't that agent typically sign the buyer to a Buyer's Agreement prior to writing the offer to purchase? If so, that buyer would be counted in the statistics as one who is "represented" even though the representation was only in effect for a few minutes prior to the offer being signed by the buyer. Am I correct in my assumption of how this would typically play out?
they'd be signing an agreement to be represented throughout the transaction. So 30-60 days.
As "pretty good" as our MLS is (hey Diana!), we don't have the "Listing Agent" = "Selling Agent" functionality.
ALL truly professional agents would have a clear and personal discussion with that Buyer about Dual Agency, Transactional Broker, whatever applies in their locale.
But admittedly, there are some who would do the minimum or gloss over the subject.
Professional Realtors/agents would like to root those agents out. Perhaps you could talk to the FL REC and TN REC (REC = Real Estate Commission, responsible for the rules governing agents) and ask them to strengthen the rules regarding agents and representation there.
they'd be signing an agreement to be represented throughout the transaction. So 30-60 days.
I understand that the agreement would be for the duration of the transaction, but I meant in my example above that it wouldn't be effect until just a few minutes before the offer to purchase was made. In other words, the MLS figures don't distinguish between someone who has had a Buyer's Agreement in effect for several months when they make an offer versus someone who has no Buyer's Agreement in effect until he/she decides to make an offer. Right?
from prior ? - different states treat dual agency quite differently. it also depends on the Listing agent's practices.
this question - no, neither my system nor I suspect ANY MLS or local Association, shows whether the Buyer has been represented for 6 months or 6 hours. But most assuredly, they are supposed to have signed an Agency Agreement IF any MLS member is reflected as the selling agent.
My reason for asking questions on real estate commissions and that sort of thing is that I may be selling a house or two in the near future and want to know what the customary practices are today with regard to commission rates, commission splitting, Buyer's Agency agreements, etc. I may even be buying another house in the near future also. I figure that it doesn't hurt to be informed about decisions which could easily cost me ten thousand to twenty thousand dollars in commission.
As for why I haven't done a search on these questions, I'm not sure exactly how I would search for my specific questions. If I did a simple word search on something like "commission", "split", "buyer's agent" or something like that, I would likely turn up thousands of results which I would have to wade through and still might not know the answer to my question.
I apologize if my questions bother you, but I assume that anyone reading my questions know that they are not required to provide an answer if they don't want to.
So nationally, according to the NAR surveys, about 89% of buyers use an agent to help them buy a home and 5% went to the builder directly. I know in my area, we don't record unrepresented buyers in our MLS so I can't pull that data. The unrepresented buyers get lumped in with out of MLS agent sales as non-members.
Our buyer agent commission offerings for residential single-family properties range from $1 to 4.5% on my MLS.
Our MLS doesn't track who has buyer agent agreements in place. It isn't required by statute out here although it is highly recommended.
So nationally, according to the NAR surveys, about 89% of buyers use an agent to help them buy a home and 5% went to the builder directly. I know in my area, we don't record unrepresented buyers in our MLS so I can't pull that data. The unrepresented buyers get lumped in with out of MLS agent sales as non-members.
Our buyer agent commission offerings for residential single-family properties range from $1 to 4.5% on my MLS.
Our MLS doesn't track who has buyer agent agreements in place. It isn't required by statute out here although it is highly recommended.
tbh, I forgot about non-member agents. My figures above were for "Non-MLS member" which includes an unrepresented individual. I hear "I'll just represent myself" more often than "Hey, it's Sue from Salisbury. Can I show your house and if my buyer buys, will you pay me?" I'd like to think that agents in my MLS would point out that distinction, but I bet they don't.
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Awesome answer!
