Homes in 97% of U.S. cities are overvalued, Moody's says

Re:Homes in 97% of U.S. cities are overvalued, Moody's says by andrewljohnson on Friday May 06, 2022 @01:19AM (#31281575)

In the US, you pay about 6.5-7%. You pay 5.5 to 6% to the two agents (buyer and seller agents) and about 1% in closing costs (title insurance, etc).

It has always seemed wildly inefficient to me. Especially the “buyer agent” who gets a couple percent entirely for escorting the buyer through homes and submitting an offer.

[ Parent | on HN ]

Re:Homes in 97% of U.S. cities are overvalued, Moody's says by BadCookie on Friday May 06, 2022 @01:45AM (#31281707)

The buyer’s agent might show someone dozens of properties all around town and not get a sale. The seller’s agent has it much easier: an almost guaranteed sale, and for what effort? They just hire a photographer, help choose a listing price, and maybe do one open house. I’d rather be a seller’s agent any day.

[ Parent | on HN ]

Re:Homes in 97% of U.S. cities are overvalued, Moody's says by andrewljohnson on Friday May 06, 2022 @02:10AM (#31281839)

My buyer’s agent could be replaced by giving me access to MLS and lockboxes.

My seller’s agent, on the other hand, was super useful and irreplaceable except by another smart human. I felt like he got us top dollar for the house based on how he renovated, staged, photographed… much more money than we expected.

Also, my experience was I set a budget, put my stuff in truck, left my house a dirty mess, handed the agent my keys, and left town. Then he did all the renovating/etc, posted it, collected offers, and we got paid.

[ Parent | on HN ]