re: Why do real estate websites assume 4% for closing costs?

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The thing that's going to drive it lower is the new regs forcing them into more transparent and ethical behavior re fees.

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Drive what lower? Neither of you undertsand what you are saying

Redfin offers a flat of 1- 1.5% listing fee. There is still a buyers side. Usually 2-3 just use there site for your own proof

So thats 3-4% total paid for by the seller. How many deals has Redfin done this way? So their average total comission is well below 6 and even 5% for a very long time now so that article posted made zero sense and nothing will change

And do you think as a buyer you want to go direct to Redfin, whose main fidicuary duty is to the seller, and have them represent you in a negotiation?

This eliminates the onlyfans RE Agents, thankfully, since you will need to now show value to a buyer in the event that a buyers comission isnt offered . Which will also be very rare if ever

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As a rule, they have been deceitful for decades

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How exactly have they been deceitful? And what hasnt been transparent?

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I linked actual data.

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you need new data but it was a decent attempt

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Drive what lower? Neither of you undertsand what you are saying

Redfin offers a flat of 1- 1.5% listing fee. There is still a buyers side. Usually 2-3 just use there site for your own proof

So thats 3-4% total paid for by the seller. How many deals has Redfin done this way? So their average total comission is well below 6 and even 5% for a very long time now so that article posted made zero sense and nothing will change

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I don't care about Redfin and I don't need a primer from you on listing agent and selling agent arrangements.

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So thats 3-4% total paid for by the seller.

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Again with this mindless nonsense. The buyer writes 100% of the purchase price, and thus it comes out of his arse in the end.

The biggest change is the dropping of requirements to enumerate fees/compensation in the MLS listing. This was the primary mechanism via which unethical and unscrupulous selling agents would steer their clients away from listings that didn't have a ridiculous 3% selling fee.

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How exactly have they been deceitful? And what hasnt been transparent?

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The industry has relied for years on half truths (the seller pays all the commissions) and casuistry (we're aligned - because I make more when YOU make more!!!). And, as mentioned above, it's essentially been a cartel resulting in boycotts of listings that don't have absurdly high fees. (I also love how, in white hot markets, listing agents STILL try to get 3%).

I personally have never paid 3 and 3 on any transaction I've been involved in. I never pay more than 1% listing (and even that is overpaying, depending on the absolute dollar value of the property). And on the selling fee side, I've paid up to 2% - but only as a success fee on a sliding scale when there was demonstrated outperformance.

I can't tell you the number of times I've seen people have "a friend that is an agent helping me" just haplessly signing 3 and 3 deals. I always tell them that isn't your friend. It's just another shyster.

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Good job of completely ignoring everything and running for ad hom.

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Nothing you posted was factual. You made up a story on what you think.

Nothing you posted shows or proves that comissions will be reduced

I used the Redfin model to prove what you said was ridiculous

Rarely do ppl ever pay 6% total

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Nothing you posted was factual.

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I used the Redfin model to prove what you said was ridiculous

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