Re:Selling Tiny Internet Projects for Fun and Profit
by robocat on Thursday May 20, 2021 @04:44PM
(#27226974)
> which can easily be equivalent to avoiding many extra years of work before a home is paid off
Yes it is an exaggeration at 1%, but not such an exaggeration when you consider that 3% is a realistic amount extra that a real estate agent can get if motivated. https://financialpost.com/real-estate/the-realtor-client-dil... - “a real-estate agent keeps her own home on the market an average of ten days longer and sells it for an extra 3-plus per cent, or $10,000 on a $300,000 house.”
When I wrote it I was specifically thinking of low paid friends who missed out on about 5% when selling their home due to poor advice from the agent during a hot market (my friends also failed to think straight because they don’t work in negotiation jobs, and they struggle with emotions involved with the amount involved). The reduction in principal will translate to requiring a total of ~10% extra over the lifetime of the new mortgage (extra interest = ~5%). I imagined how that would translate to extra years of work for them when they should be retiring. I also thought that the story of my friends happens to many, because many people are not used to negotiating sales for $x00,000 and have little financial experience to understand the impacts of their decisions.
Yes it is an exaggeration at 1%, but not such an exaggeration when you consider that 3% is a realistic amount extra that a real estate agent can get if motivated. https://financialpost.com/real-estate/the-realtor-client-dil... - “a real-estate agent keeps her own home on the market an average of ten days longer and sells it for an extra 3-plus per cent, or $10,000 on a $300,000 house.”
When I wrote it I was specifically thinking of low paid friends who missed out on about 5% when selling their home due to poor advice from the agent during a hot market (my friends also failed to think straight because they don’t work in negotiation jobs, and they struggle with emotions involved with the amount involved). The reduction in principal will translate to requiring a total of ~10% extra over the lifetime of the new mortgage (extra interest = ~5%). I imagined how that would translate to extra years of work for them when they should be retiring. I also thought that the story of my friends happens to many, because many people are not used to negotiating sales for $x00,000 and have little financial experience to understand the impacts of their decisions.