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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

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Buydowns become key for buyers to beat the market

Housing Wire

The seller, who struggled to find a buyer in a cooled down housing market, agreed to deposit a lump sum payment into an escrow account at closing – ultimately saving Davis $6,900 in monthly payments in the first two years. Her client closed on the house and will be saving $341 every month for the first year. in the second year.

Marketing 464
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GCI: What It Is & Why It Matters to Every Real Estate Agent

The Close

Commission Rate (%) Home Sale Price Submit When & Why GCI Can Get Complicated The basic GCI calculation is pretty simple, but several situations can impact this otherwise straightforward formula, including your split, seller concessions, and more. A typical cap for a mid-sized, non-metro brokerage is between $20,000 and $30,000.

Agents 97
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Will new products stop the bleeding for mortgage lenders? 

Housing Wire

The company also launched temporary rate buydowns, which allows borrowers to receive lower mortgage rates at the beginning of their loan terms by using seller concessions as part of the payment. It comes at a time in which the housing market favors buyers and seller concessions become more frequent.

Mortgages 393
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How Much Does It Cost to Sell a House?

Redfin

Real estate photography usually costs between $100-$300 per shoot , however, if you’re working with an agent, their brokerage will likely cover this cost for you. Home seller concessions . The buyer includes their request for concessions in their initial offer and becomes part of the negotiation process. . Survey cost.

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What are the Pros and Cons of Flat Fee Real Estate Brokers?

HomeLight

He explains that “A flat fee brokerage charges up front, typically a flat fee of $3,000-$5,000.” While sellers can save money on that side of the transaction, he cautions that they’re still paying the buyer’s agent commission of 2%-3% at closing. The fruition of this benefit will depend on the agent and brokerage.

MLS 87
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Fees and Costs Associated With Selling a House in 2023

HomeLight

“Depending on the price range of the home, I tell my clients that they need to be ready to spend 9%–10% of the sale price on selling costs, including the real estate agent commission and closing costs,” says Joanne McCoy , a top-selling real estate agent in Lincoln, Nebraska. Selling fee Typical % of sale price Real estate agent commission 5.8%