Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-11-2007, 07:44 PM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
Reputation: 13300

Advertisements

My son is looking to sell his house in Ralston [Nebraska] as he's been living in Virginia for over 2 years.

The agent said that their fee is 7%. I though that was high as in the NYC metro area the normal fee is 6%.

Opinions???

Thanks
Reply With Quote Quick reply to this message

 
Old 05-11-2007, 08:54 PM
 
Location: Fountain Hills, Arizona
416 posts, read 2,506,941 times
Reputation: 147
6 or 7% is standard nationwide.
Reply With Quote Quick reply to this message
 
Old 05-12-2007, 07:57 AM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
Reputation: 13300
The reason I'm asking is even though 6% in normal in Metro NYC we also have a major realtor called Foxtons which only charges 3% (full service).

Was wondering if NE had anyone like them?
Reply With Quote Quick reply to this message
 
Old 05-12-2007, 12:22 PM
 
Location: Fountain Hills, Arizona
416 posts, read 2,506,941 times
Reputation: 147
Contact that same realtor, because, I work with hundreds of Realtors nationwide and I have never seen 3% anywhere and with anyone.
Reply With Quote Quick reply to this message
 
Old 05-12-2007, 05:59 PM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
Reputation: 13300
Quote:
Originally Posted by AZ_singlemother View Post
Contact that same realtor, because, I work with hundreds of Realtors nationwide and I have never seen 3% anywhere and with anyone.

Here you go. Moderator cut: realtor website
Reply With Quote Quick reply to this message
 
Old 05-15-2007, 06:37 PM
 
Location: Fountain Hills, Arizona
416 posts, read 2,506,941 times
Reputation: 147
Here's a link to help answer your question:

http://www.mortgagenewsdaily.com/wik...ommissions.asp

Perhaps your agent offered a low discounted commission because New York charges additional taxes on properties over 1 million dollars - the mansion tax. Deeds are also higher in NYC along with regular property taxes. Agents selling in Nebraska are more proned to charge the traditional rate.
Reply With Quote Quick reply to this message
 
Old 05-15-2007, 07:07 PM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
Reputation: 13300
Quote:
Originally Posted by AZ_singlemother View Post
Here's a link to help answer your question:

http://www.mortgagenewsdaily.com/wik...ommissions.asp

Perhaps your agent offered a low discounted commission because New York charges additional taxes on properties over 1 million dollars - the mansion tax. Deeds are also higher in NYC along with regular property taxes. Agents selling in Nebraska are more proned to charge the traditional rate.
Foxtons is also in NJ and Conn. Has nothing to do with NY taxes.

Their fee is 3%.
Reply With Quote Quick reply to this message
 
Old 05-15-2007, 11:18 PM
 
Location: Fountain Hills, Arizona
416 posts, read 2,506,941 times
Reputation: 147
Quote:
Originally Posted by MPBsr View Post
Foxtons is also in NJ and Conn. Has nothing to do with NY taxes.

Their fee is 3%.

New Jersey and CT have very high transfer taxes and deeds. The North Eastern part of the US would fall into the category where Realtors would lower the broker commission to provide an incentive. It's good money for them when the price of properties are higher. The lower the price, the greater chance the realtor will increase the commission.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 05:51 AM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
Reputation: 13300
Quote:
Originally Posted by AZ_singlemother View Post
New Jersey and CT have very high transfer taxes and deeds. The North Eastern part of the US would fall into the category where Realtors would lower the broker commission to provide an incentive. It's good money for them when the price of properties are higher. The lower the price, the greater chance the realtor will increase the commission.

If that's the case, tell me.

Foxtons started (BTW, I don't work for them) in 2000 and their fee was 2%.
This was way before the northeast housing boom. NJ's high transfer fee came into being about 3 years ago.

7% for any state at any price is way to high. My son spoke with the realtor and she's willing to lower it to 6%.

I'm not denying the agent a salary, but not looking to get screwed by them and this is on top of some BS $695 admin fee.
Reply With Quote Quick reply to this message
 
Old 05-17-2007, 12:03 AM
 
Location: Fountain Hills, Arizona
416 posts, read 2,506,941 times
Reputation: 147
Quote:
Originally Posted by MPBsr View Post
If that's the case, tell me.

Foxtons started (BTW, I don't work for them) in 2000 and their fee was 2%.
This was way before the northeast housing boom. NJ's high transfer fee came into being about 3 years ago.

7% for any state at any price is way to high. My son spoke with the realtor and she's willing to lower it to 6%.

I'm not denying the agent a salary, but not looking to get screwed by them and this is on top of some BS $695 admin fee.
I agree, 7% is pretty high. 6% is more tolerable. I doubt the realtor will reduce it further. If you review the links I sent, it will show you the standard commission split.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top