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Why do real estate websites assume 4% for closing costs?
Posted on 7/7/24 at 10:14 am
Posted on 7/7/24 at 10:14 am
I bought and sold a couple houses over the years, none the last 20 years, and I can't recall closing costs being that expensive. For example, $32,000 on an $800,000 home. Where or when did that start? Again I haven't sold or bought a home in awhile, so maybe I'm completely forgetting the obvious.
Also, what happened to the For Sale by Owner trend? I don't see that any longer. Paying a realtor 5-6% remains ridiculous imo.
Do traditional realtors steer their clients away from the "1% Lists" houses?
Also, what happened to the For Sale by Owner trend? I don't see that any longer. Paying a realtor 5-6% remains ridiculous imo.
Do traditional realtors steer their clients away from the "1% Lists" houses?
4
Posted on 7/7/24 at 10:19 am to Jake88
quote:
Do traditional realtors steer their clients away from the "1% Lists" houses?
Realistically, why wouldn’t real estate agents have the same motivations as everyone else in the transaction (make as much as possible or get as much value as possible).
Posted on 7/7/24 at 11:01 am to Jake88
4% aggregate makes sense but majority is by seller not buyer. My closing was only 12k and seller was 50k or so.
Posted on 7/7/24 at 12:06 pm to fareplay
quote:For what?
and seller was 50k
Posted on 7/7/24 at 12:15 pm to Jake88
Mainly realtor fees (traditionally 6% of closing cost paid by the seller)
Posted on 7/7/24 at 12:23 pm to fareplay
quote:
4% aggregate makes sense but majority is by seller not buyer. My closing was only 12k and seller was 50k or so.
62k in closing? What were the costs and the prices?
Posted on 7/7/24 at 12:26 pm to Jake88
quote:
what happened to the For Sale by Owner trend?
First hand knowledge that real estate agents will ban your home from any showings and when asked, give clients bad information.
This post was edited on 7/7/24 at 12:28 pm
Posted on 7/7/24 at 12:42 pm to Jake88
Transfer tax mainly at 44k
Posted on 7/7/24 at 12:42 pm to HailToTheChiz
Closer to 70k. 2.2
Posted on 7/7/24 at 12:43 pm to Jake88
Industry will continue to be reshaped. The recent lawsuit settlement will further than transformation. Digital evolution is going to drive these commissions into the ground.
Posted on 7/7/24 at 12:47 pm to lynxcat
quote:
Industry will continue to be reshaped. The recent lawsuit settlement will further than transformation. Digital evolution is going to drive these commissions into the ground.
Posted on 7/7/24 at 12:48 pm to SDVTiger
What’s there to laugh about? These commissions have nowhere to go but down.
This post was edited on 7/7/24 at 1:21 pm
Posted on 7/7/24 at 1:01 pm to lynxcat
quote:
What’s there is laugh about? These commissions have nowhere to go but down.
Because what you said is laughable
They arent going anywhere. It will weed out the weak thats fot sure which is needed
And didnt that law going into effect get pushed out?
This post was edited on 7/7/24 at 1:04 pm
Posted on 7/7/24 at 1:04 pm to fareplay
quote:We're still pretending this canard is true?
but majority is by seller not buyer.
Posted on 7/7/24 at 1:11 pm to SDVTiger
quote:
They arent going anywhere. It will weed out the weak thats fot sure which is needed
I said nothing about number of people in the profession albeit I would expect less agents in the future. I said their fees will be under pressure and will only go down from here.
Posted on 7/7/24 at 1:12 pm to SDVTiger
quote:There is and will be downward pressure on fees.
They arent going anywhere
quote:You tell us. You seem awfully sure of yourself.
And didnt that law going into effect get pushed out?
Posted on 7/7/24 at 1:13 pm to Big Scrub TX
quote:
There is and will be downward pressure on fees.
Please provide any type of proof of this
Posted on 7/7/24 at 1:20 pm to SDVTiger
LINK
LINK
LMGTFY. This information is easily accessible. Average commissions have dropped from 6% and are closer to 5.5% now and trending downward.
Online listings at 1.5% like Redfin and fixed fee listings will continue to drive the transaction fees lower.
For being quite confident, you appear to have very little knowledge of the industry.
LINK
LMGTFY. This information is easily accessible. Average commissions have dropped from 6% and are closer to 5.5% now and trending downward.
Online listings at 1.5% like Redfin and fixed fee listings will continue to drive the transaction fees lower.
For being quite confident, you appear to have very little knowledge of the industry.
Posted on 7/7/24 at 1:53 pm to lynxcat
quote:
Average commissions have dropped from 6% and are closer to 5.5% now and trending downward.
The average commission has never been 6% thats been a myth
Its been closer to 5% for a very long time now
quote:
For being quite confident, you appear to have very little knowledge of the industry
quote:
Online listings at 1.5% like Redfin and fixed fee listings will continue to drive the transaction fees lower.
Posted on 7/7/24 at 3:55 pm to lynxcat
quote:The thing that's going to drive it lower is the new regs forcing them into more transparent and ethical behavior re fees.
Online listings at 1.5% like Redfin and fixed fee listings will continue to drive the transaction fees lower.
As a rule, they have been deceitful for decades.
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