Class Action lawsuit takes shot at 6 percent commission when selling your home. This popped up on my radar about 10 days ago about the pending litigation against 4 major real estate franchise brokerages including National Assoc of REALTORS.
Looks like it's seriously up for discussion, or perhaps negotiation?
The complaint instead suggests that Buyer's pay for representation.
Interesting to see that we are in 2019 and the Buyer Representation is as young as I am. Came about in the 80's, because back then the Listing Agent represented both sides.
Fast forward 30+ yrs, and as there is just a recent push to educate Buyers on agency relationships, financing, and escrow and the added costs for entry, what would that look like if now Buyer's either opt out of hiring a qualified licened professional because they don't have funds to cover Broker fee or now have to factor the cost along with down payment and closing costs.
The big issue is that most people perceive Agents to just 'look online and show homes' and collect a check.
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We just started The Color of Law: A forgotten history of how our government segregated America.
Note: The FHA program was not desined for people of color
African American Veterans who fought in WWII did not participate in applying for the VA loans because they knew they would be denied.
So as we look at the headstart, jumpstart, and door for generational wealth increase for some while the mere possibility dwindled for others, seems we may be headed into a very priviledged environment where if you can afford to hire representation only then can get in the door.
Just some quick stats:
63% of Millennials regretted purchasing their homes because they did not know what home ownership entails, while another factor was many did not view the neighborhood in which they purchased. Ummm you being site unseen? Whoooo raised ya???
44% of the general population across generations shared the same sentiment about now knowing how to manage their estate
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Your thoughts anyone?
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