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re: Theres nearly 1.6 million Realtors and rumor is 800K have not closed a deal in 8 months
Posted on 11/11/22 at 11:05 pm to stout
Posted on 11/11/22 at 11:05 pm to stout
quote:
Theres nearly 1.6 million Realtors
That's it? It seems like the go to career for everyone who hates their current job and don't know what else to get into.
No one hates anyone more than realtors hate people who don't use a realtor to sell their house.
0
Posted on 11/11/22 at 11:09 pm to GetCocky11
quote:
I sorta got forced into renting last year after selling my home due to life changes.
I’ve found that I actually love renting lol
Same here but even longer. Life changes and I've now been renting 5 years. Sure, I missed out on some huge property gains but renting isn't all bad. Not having any real home maintenance frees up a lot of time.
Posted on 11/11/22 at 11:37 pm to BRgetthenet
quote:
Are his initials WP?
No. Are you dealing with something like this?
Posted on 11/11/22 at 11:42 pm to BigB0882
quote:
have a house in Southdowns that has been on the market for 18 months. Hasn't been shown since July. FML.
18 months?! This downturn in the market happened a lot sooner than 18 months ago. Houses were on the market for less than a week well within that timeframe. You should have sold. You either overpriced or have issues with the home. The market isn’t your problem.
I was in his same boat. It took us 16 months, closed early August. House was priced right, next door and across the street sold for more per sf than ours. Ours was bigger so not as many people looking for that size in our neighborhood. Our problem was the banks/lenders/buyers. We had six offers over that time frame, all accompanied by a letter that the buyer was "pre approved". Take the house of the market as it was contingent to sell and then they could not get funding. Well "F" me, I thought pre approved meant something other than what the lending institutes thought. The first one cost us 4 months off market which was a hot time to sell.
Oh, and earnest money don't mean crap because if they don't get funding you don't get earnest money when they back out.
I'm just glad we sold and have that behind us.
Posted on 11/12/22 at 6:07 am to stout
Realtors made a killing the last couple years. It ebbs and flows. They will be fine.
This post was edited on 11/12/22 at 1:13 pm
Posted on 11/12/22 at 6:18 am to 3nOut
quote:
decided they wanted to be their own Chip and Joannas down here
Pics of Joanna wannabee?
Posted on 11/12/22 at 7:56 am to bayoutiger225
quote:
Real estate agents typically make 3% per transaction right?
Commission is negotiable but in Georgia it is typically 6% for residential sales. Often, the office that sells the property isn't the listing office, so that 6% is split, so 3%, as you note. The agent, though, splits that 3% with the broker, which is usually the guy/lady that owns the business. There are some incidental expenses, such as advertising and other marketing tools, that the agent typically pays for, so it's not exactly 1.5% clear. Some offices don't split commissions, but the agent basically pays for office space and some marketing.
Obviously, if an agent lists and sells the property, then good for them, but it's not generally the way it works. Some agents are better at listing properties, and some are better at selling property. Some well paid ones are good at both, or probably more to the point, have a great repuation that attracts listings and buyers.
Finally, agents don't like being called an agent anymore. They are professional Realtors, and don't you ever forget it.
Posted on 11/12/22 at 8:00 am to Geaux-2-L-O-Miss
quote:
We had six offers over that time frame, all accompanied by a letter that the buyer was "pre approved". Take the house of the market as it was contingent to sell and then they could not get funding. Well "F" me, I thought pre approved meant something other than what the lending institutes thought
Pre approval obviously isn't the same as loan approval. Among other reasons, some people buy things after pre approval that require a loan, and some just lie to the lender about other loans or income, and when it's found out the loan isn't approved. If a pre approval is based on 2 incomes, and one loses a job or takes another job with less income, that'll do it too. Lots of other reasons. Some loans fail at the final hour, so bottom line is never count on an approval till the attorney or closing agent hands you a check at the closing table, or the money is cleared in your account on a direct deposit.
eta that some lenders are notorious for pre-approval and then not approving the loan. Online only lenders often suck.
This post was edited on 11/12/22 at 8:10 am
Posted on 11/12/22 at 8:16 am to BLG
quote:
Pre approval obviously isn't the same as loan approval. Among other reasons, some people buy things after pre approval that require a loan, and some just lie to the lender about other loans or income, and when it's found out the loan isn't approved. If a pre approval is based on 2 incomes, and one loses a job or takes another job with less income, that'll do it too.
My friend that is a lender says that this is common. People will get pre-approved, then switch jobs in the middle, lie about monthly salary when forced to give their W2 or a pay stub.
People are locking in immediately and signing the paperwork just to make sure they get 7% which is hilarious because 2 years ago I was mad at him that I only got 3% instead of 2.7%. It was a remodel/refinance on a 90 YO house so the rate wasn’t going lower.
My first mortgage in 2006 was 8.25 (no credit and still in college. Definitely a sub prime) second was 6.5 in 2009. 3% is a steal nowadays.
Posted on 11/12/22 at 8:57 am to stout
Good. They are worthless. They take 0 risk and deserve no more than a couple grand per transaction.
Lawyers will handle the transaction for cheaper.
Realtors bash those who don’t use their service and have a huge lobby in DC to keep them from being disrupted.
Lawyers will handle the transaction for cheaper.
Realtors bash those who don’t use their service and have a huge lobby in DC to keep them from being disrupted.
Posted on 11/12/22 at 9:02 am to stout
Most of the "REALTORS" I know are woman doing it so they cam pretend to have a job as daddy brings the money home.
Posted on 11/12/22 at 9:36 am to stout
Perhaps she is a broker? Her group may do that many transactions...
Posted on 11/12/22 at 9:40 am to jbgleason
quote:
I have a house in Southdowns that has been on the market for 18 months. Hasn't been shown since July. FML.
Raise the price
Posted on 11/12/22 at 9:40 am to stout
Honk if you are a real estate agent.
Honk twice if you For Sale By Owner because RE Agents puff up their value way more than their real value.
Honk twice if you For Sale By Owner because RE Agents puff up their value way more than their real value.
Posted on 11/12/22 at 9:48 am to HeadSlash
quote:
Raise the price
twice as much
Reminds me of the old joke about the guys losing money in the produce business... "nahh. We don't need to go out of business. We just need to buy a bigger truck"
Posted on 11/12/22 at 9:49 am to stout
A lot of realtors are only part time and don’t sell a lot of homes anyways.
Still interesting nonetheless. Glad we sold our old house when we did.
Still interesting nonetheless. Glad we sold our old house when we did.
Posted on 11/12/22 at 9:51 am to Y.A. Tittle
quote:
made a somewhat lowball offer on a NO house, only to be cackled at by one of the resident NO realtor biddies as if she was SOOOO insulted and we were just out of OUR minds.
Oh boy, post her name please!
Posted on 11/12/22 at 9:51 am to dewster
lot of young people recently opted to forgo college to become a realtor.
Posted on 11/12/22 at 9:53 am to stout
How about this: Compete! Lower your rates!
The discipline of that industry to never compete on prices is really remarkable. (I'll assume that they aren't price-fixing, as that is a per-se felony).
The discipline of that industry to never compete on prices is really remarkable. (I'll assume that they aren't price-fixing, as that is a per-se felony).
Posted on 11/12/22 at 9:55 am to UPT
quote:
SOOOO insulted
If they want to make it personal, then make it personal.
RE Agents are living on borrowed time. May they all be insulted by what technology will do to their profession far more than 1 person's offer on a home.
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