For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

[HTMike]

The average housing payment today is 120% higher than what it was 2.5 years ago.

Great episode and an interesting theory on FED rate hikes and cash out refinances too.

Nobody did that. Everyone paid cash.

 

[ahavasu]

Thanks for posting that. I’ve been too busy to make a response but you nailed it.

The sad part about dealing with the public is learning how few well adjusted normal people there are. You put money between what they have and what they want and the horns come out.

So let me get this straight, you are alluding to the fact that you need to be a rocket scientist or something to do a FSBO transaction. I'm calling BS. I've done two FSBO transactions and both went as smoothly as can be. It is nothing more than filling out a contract, agreeing to terms, and putting it in escrow with a reputable company. The escrow company does 90 percent of everything after the contract terms are agreed upon. I get it, there is a place for the realtor and they do add value to most listings (bringing buyers) but 6 percent on a million plus home is a lot of damn money to fill out a contract, put it in escrow, and track the deals progress. My two cents.

 

[Cdog]

So let me get this straight, you are alluding to the fact that you need to be a rocket scientist or something to do a FSBO transaction. I'm calling BS. I've done two FSBO transactions and both went as smoothly as can be. It is nothing more than filling out a contract, agreeing to terms, and putting it in escrow with a reputable company. The escrow company does 90 percent of everything after the contract terms are agreed upon. I get it, there is a place for the realtor and they do add value to most listings (bringing buyers) but 6 percent on a million plus home is a lot of damn money to fill out a contract, put it in escrow, and track the deals progress. My two cents.

Notice I didn't say 100%. You're reading into this what you want to. Most folks are not capable of managing the transaction. FSBO's are typically way over priced and cocky as hell. They hard sell to anyone who considers making an offer and try to pull AS IS condition. Clouds on title, they don't have competent vendors. Most don't disclose known issues and in the right scenario leave themselves open to getting sued.

Most people are incapable of managing a financial transaction they have an emotional investment in. They are not self aware. Their homes are cluttered with old crap, house smells like pet urine, They think Home Depot bath remodel makes the house worth 50K more, the pool they spent 70K on doesn't make the house worth 70k more, their expensive remodel 12 years ago is not "in trend". Roof underlayment is about to give up the ghost and the 2 HVAC units are 17 years old and on their last leg.

Drive down the freeway and think to yourself. How many of these people would I invite over to get involved with the largest financial transaction of my life.

 

[lakemadness]

I've bought and sold FSBO several times. But, I have bought and sold a lot of real estate. I believe I had the upper hand on every FSBO I have done due to experience. I had one that I bought that I ended up finagling a 3% commission myself. lol.

A realtor is probably worth the fee for the average person who might buy/sell one or two homes in their lifetime. But still agree, that 6% on anything more than a few hundred grand is usually easy money...

 

[Englewood]

Notice I didn't say 100%. You're reading into this what you want to. Most folks are not capable of managing the transaction. FSBO's are typically way over priced and cocky as hell. They hard sell to anyone who considers making an offer and try to pull AS IS condition. Clouds on title, they don't have competent vendors. Most don't disclose known issues and in the right scenario leave themselves open to getting sued.

Most people are incapable of managing a financial transaction they have an emotional investment in. They are not self aware. Their homes are cluttered with old crap, house smells like pet urine, They think Home Depot bath remodel makes the house worth 50K more, the pool they spent 70K on doesn't make the house worth 70k more, their expensive remodel 12 years ago is not "in trend". Roof underlayment is about to give up the ghost and the 2 HVAC units are 17 years old and on their last leg.

Drive down the freeway and think to yourself. How many of these people would I invite over to get involved with the largest financial transaction of my life.

FSBO's know everything. Well...except contingencies, inspections, deadlines, local/state guidelines, deposit procedures, disclosure, documentation, etc.

I just smile and say good luck. With the legal BS I've seen in RE transactions, these people are one wrong buyer away from financial ruin. A plaintiff attorney will take them for every dollar they have and smile while doing it.

Here is an example...In 2018 I had an agent sell a house for a nurse who was retiring. Great agent who did everything by the book. A Navy Seal and his wife buy the home.

Everyone is happy...

Well, 6 months after closing the shitbag son of the previous owner (who we never even knew about) gets released from jail. He breaks into the house and digs a hole in the backyard (prob hidden drugs or guns), and then steals their car.

We get named in the Lawsuit with a demand for $205,000. Attorneys fees alone were almost $50k. Had our seller been a FSBO, she would have gone broke defending this case.

 

[COCA COLA COWBOY]

So let me get this straight, you are alluding to the fact that you need to be a rocket scientist or something to do a FSBO transaction. I'm calling BS. I've done two FSBO transactions and both went as smoothly as can be. It is nothing more than filling out a contract, agreeing to terms, and putting it in escrow with a reputable company. The escrow company does 90 percent of everything after the contract terms are agreed upon. I get it, there is a place for the realtor and they do add value to most listings (bringing buyers) but 6 percent on a million plus home is a lot of damn money to fill out a contract, put it in escrow, and track the deals progress. My two cents.

So that is one way to look at it, but that 6% gets split between buyers agent and sellers agent. Then that listing agent has overhead and that agents commission gets split with the brokerage. The buyers' agent, well in many cases, they are spending big bucks for the buyer's information. Zillow leads or buyers contact information can range from $400-1000 per lead in a market where homes are 1million. The return on buyers leads is usually about 1 in 15 actually buy a home. so that buyer's agent could be spending $15,000 for one successful buyer.

There are two sides to this conversation, but as someone in the industry the financial incentives are just about not worth it anymore. Most of the buyers right now are in the below $500k range.

Most business owners I have been talking to are looking for other options. I have a buddy that has a large pool cleaning business that does country clubs and hotels...he's almost not making a profit anymore because chemicals have gone up dramatically, gas, insurance and his employees leaving or shaking him down for more money.

I spoke to a guy yesterday, most likely reading this right now, who has a carpet cleaning business. He stated that competition is incredible since COVID. He stated lots of people started carpet cleaning businesses during COVID because the entry was so easy. He just started another business in hopes that it will take off.

I'll be fine, but everyone I have been talking to in the industry is stating this is just like 2007. Not saying we are going to see 2008/9, but we are going to see some huge changes.

When homes don't sell FSBO in 2 months, they most likely will take the home off the market or will seek representation.

The market has shifted in the last couple weeks. I just opened escrow on a home for $540,000....that home was listed for $600,000. Writing another offer right now for $50,000 below list price and it very well may be getting accepted.

 

[Cdog]

I'd also add that many of us here are kinda old souls. Boating is work and expensive. You definitely have to be committed. Most of us are self made money through cunning hard work. We're not the same breed as the Florida live on the water boaters. For the most part. So we process through our own experiences.

What I can definitely tell you is the cheaper the home the easier the transaction. Then you get into this big middle ground that can range from 500k to 2 million. Upper middle class to affluent educated do it yourselfers with grit and not afraid to get their hands dirty. These folks are normally the ones who don't see the value in choosing the right agent. But often have the most to loose because they don't know what they don't know. @Englewood example above.

Then there's the folks with real money. Homes in trusts or companies. This starts around 1 Million and up. They know service and expect your services and communication to be up to par. You better know what you're doing. They wont tolerate the B team negotiations and tactics. They come in two types., Corporate America types that are very specialized in what they do and outsource and hire professionals to do what they don't know.

Or the more eccentric type where the more you give the more they will take. Negotiation for them many times is an extension of their ego. Some bend facts to their own truths. If you've never delt with these kinda people or know of their existence then lucky you. You present something that's a common sense compromise to move forward and they process that as a loss. Every dollar they give up from deferred maintenance steals funds from their new Mercedes they had their eye on after the transaction close's.

22 Years and 3rd generation in this business and I've seen a lot....

 

[shintoooo]

Every time I've hired a realtor, they have earned every dollar and then some. A good realtor can make a huge difference in today's market. My realtor has bought and sold 10 properties for me and she is awesome.

 

[NicPaus]

To most a good Realtor is priceless. Just remember there are 10 worthless Realtors or more for every good 1. I have and still do work with lots of realtors. And have plenty I would not work for again.

With that said I would still buy a property without. Trying to work a deal with a member here and my Realtor knows. She doesn't try to scare me. Just says when you writing that offer. I have also sold FSBO as well. But that was due to having a buyer already and easy process with escrow.

 

[ahavasu]

I'd also add that many of us here are kinda old souls. Boating is work and expensive. You definitely have to be committed. Most of us are self made money through cunning hard work. We're not the same breed as the Florida live on the water boaters. For the most part. So we process through our own experiences.

What I can definitely tell you is the cheaper the home the easier the transaction. Then you get into this big middle ground that can range from 500k to 2 million. Upper middle class to affluent educated do it yourselfers with grit and not afraid to get their hands dirty. These folks are normally the ones who don't see the value in choosing the right agent. But often have the most to loose because they don't know what they don't know. @Englewood example above.

Then there's the folks with real money. Homes in trusts or companies. This starts around 1 Million and up. They know service and expect your services and communication to be up to par. You better know what you're doing. They wont tolerate the B team negotiations and tactics. They come in two types., Corporate America types that are very specialized in what they do and outsource and hire professionals to do what they don't know.

Or the more eccentric type where the more you give the more they will take. Negotiation for them many times is an extension of their ego. Some bend facts to their own truths. If you've never delt with these kinda people or know of their existence then lucky you. You present something that's a common sense compromise to move forward and they process that as a loss. Every dollar they give up from deferred maintenance steals funds from their new Mercedes they had their eye on after the transaction close's.

22 Years and 3rd generation in this business and I've seen a lot....

Hey listen, I get it. If this is how you or others earn a buck more power to you. You are right, there are a lot of moving parts and a good realtor's expertise is invaluable. I respond only because I have been on both sides of the coin. I get it, it's the internet, and things can easily be taken out of perspective. I am certainly not trying to slam realtors, you, or anyone else on this thread. However, with that said, you make a lot of generalizations about "Most Folks" and "Most People." I don't think that's accurate anymore. Most of the information regarding real estate transactions can be found on a Google search and anyone with a little common sense can educate themselves enough to get through the process. We all know at least one or two realtors, because for a while many people were trying to become one, so it's easy to get some guidance and advice if needed. And you are right, the higher the value, the smarter the buyer, and the more potential for a layman's error. But I still argue that with a well-written contract, a realistic approach to price/ amenities, etc., and the advice of a real estate attorney if desired(1-2K consult is far less than a 6% commission) FSBO can be done safely and at far less expense. I will add that this may not always be the smartest and is always dependent on the complexities of the deal.

 

[hallett21]

Realtors, contractors, lawyers, accountants, doctors etc all have great people in their field and terrible. Unfortunately the bad apples create the negative stigmas.


One question for the Realtors/Brokers. Wouldn’t now be arguably the best time to go FSBO? Just because you could undercut a “similar” home by 4-6% and be the “best deal” in the neighborhood?

 

[COCA COLA COWBOY]

Hey listen, I get it. If this is how you or others earn a buck more power to you. You are right, there are a lot of moving parts and a good realtor's expertise is invaluable. I respond only because I have been on both sides of the coin. I get it, it's the internet, and things can easily be taken out of perspective. I am certainly not trying to slam realtors, you, or anyone else on this thread. However, with that said, you make a lot of generalizations about "Most Folks" and "Most People." I don't think that's accurate anymore. Most of the information regarding real estate transactions can be found on a Google search and anyone with a little common sense can educate themselves enough to get through the process. We all know at least one or two realtors, because for a while many people were trying to become one, so it's easy to get some guidance and advice if needed. And you are right, the higher the value, the smarter the buyer, and the more potential for a layman's error. But I still argue that with a well-written contract, a realistic approach to price/ amenities, etc., and the advice of a real estate attorney if desired(1-2K consult is far less than a 6% commission) FSBO can be done safely and at far less expense. I will add that this may not always be the smartest and is always dependent on the complexities of the deal.

We most likely will find out if realtors bring value to the table. There was a ruling a couple days ago which after the dust settles, most like a couple years, buyers will have to pay for any representation directly. In most cases, we will probably see most buyers not having representation. Many believe that we will see reduced property values which I believe makes a lot of sense. This most likely will come with less demand and fewer multiple offer encounters. It's complex and there are a lot of moving parts, but the games are changing and I swear every time they do the consumer never wins. Tech and lawyers always win.

 

[hallett21]

Hey listen, I get it. If this is how you or others earn a buck more power to you. You are right, there are a lot of moving parts and a good realtor's expertise is invaluable. I respond only because I have been on both sides of the coin. I get it, it's the internet, and things can easily be taken out of perspective. I am certainly not trying to slam realtors, you, or anyone else on this thread. However, with that said, you make a lot of generalizations about "Most Folks" and "Most People." I don't think that's accurate anymore. Most of the information regarding real estate transactions can be found on a Google search and anyone with a little common sense can educate themselves enough to get through the process. We all know at least one or two realtors, because for a while many people were trying to become one, so it's easy to get some guidance and advice if needed. And you are right, the higher the value, the smarter the buyer, and the more potential for a layman's error. But I still argue that with a well-written contract, a realistic approach to price/ amenities, etc., and the advice of a real estate attorney if desired(1-2K consult is far less than a 6% commission) FSBO can be done safely and at far less expense. I will add that this may not always be the smartest and is always dependent on the complexities of the deal.

The problem is you said with a little common sense . It ain’t so common anymore lol

 

[Cdog]

Realtors, contractors, lawyers, accountants, doctors etc all have great people in their field and terrible. Unfortunately the bad apples create the negative stigmas.


One question for the Realtors/Brokers. Wouldn’t now be arguably the best time to go FSBO? Just because you could undercut a “similar” home by 4-6% and be the “best deal” in the neighborhood?

You can yes. BUT. Most see that 4-6% as money on the table and figure if the glorified door opener can get that so can they.

With 7-8% rates to stand out in this market as a FSBO you probably need to start at 10-12% under market to get the right attention. First question a buyer needs to ask themselves is why isn't this listed with a broker agency. You'll need to inspect the seller as much as the house. Typically both will be shady AF!

 

[hallett21]

An interesting one around us.

 

[hallett21]

Another “shed”

22018 Martinez St, Woodland Hills, CA 91364 | Zillow

This 517 square feet Single Family home has 1 bedroom and 1 bathroom. It is located at 22018 Martinez St, Woodland Hills, CA.

www.zillow.com

 

[LargeOrangeFont]

An interesting one around us.

View attachment 1298004

View attachment 1298003

That sold over asking? Can I release my hat?

 

[hallett21]

This one was a full gut and rebuild on the main house and then they added an ADU. My guess is they are underwater?

If you scroll further on the asking there’s a 6 figure discrepancy. I think at that point they had the ADU drawings stamped and approved.

 

[Havasu blue label]

That sold over asking? Can I release my hat?

It’s California

 

[OldSchoolBoats]

Multiple posts today with houses ranging from an old SFR in Anaheim for $800k, estate in De Luz and a Havasu house for $1.1 million. All had open houses with lines out the door. Hold your hats!!

 

[LargeOrangeFont]

Multiple posts today with houses ranging from an old SFR in Anaheim for $800k, estate in De Luz and a Havasu house for $1.1 million. All had open houses with lines out the door. Hold your hats!!

But it’s California adjacent.

 

[OldSchoolBoats]

But it’s California adjacent.

Still wondering when the 2 years of downturn is going to happen.

I mean we get one week of rates dropping from 8% to 7.5% and look what happens.

Can't imagine when we get back to a 6%-7% range. I might be able to eat again......lol. Here is the Anaheim house for $800k....

 

[PlanB]

Don't get cocky. I remember reading stuff like this on HB in 2006.

 

[OldSchoolBoats]

Don't get cocky. I remember reading stuff like this on HB in 2006.

You lost me at HB in 2006

 

[PlanB]

You lost me at HB in 2006

History repeats itself. My dad was a developer and builder and got hammered in the collapse in the 80's. I have a friend that was doing mortgages that lost everything in the 08 crash. Three houses, including his Havasu house. He thought the good times would last forever. Pain will come again, it's just a matter of how long until it does.

 

[shintoooo]

We have a house in our neighborhood that came up a couple weeks ago. It’s a complete tear down but has a really nice view. They listed it for $1.395 and they had a huge turn out so they raised the price to $1.495 and I’m sure it’s gonna go into escrow this weekend. There’s just no inventory here.

I don’t know what’s gonna happen, whether real estate is gonna shit the bed or not, but if rates go down, values are going to go crazy here. Is there a chance that everything will crash? Of course. However, look around the world. There’s a lot of wealthy people that want to live here and are moving here. I think if you live in the big cities where there’s jobs and opportunities, it’s going to explode. There is so much money out there, it’s unfathomable.

 

[530RL]

We have a house in our neighborhood that came up a couple weeks ago. It’s a complete tear down but has a really nice view. They listed it for $1.395 and they had a huge turn out so they raised the price to $1.495 and I’m sure it’s gonna go into escrow this weekend. There’s just no inventory here.

I don’t know what’s gonna happen, whether real estate is gonna shit the bed or not, but if rates go down, values are going to go crazy here. Is there a chance that everything will crash? Of course. However, look around the world. There’s a lot of wealthy people that want to live here and are moving here. I think if you live in the big cities where there’s jobs and opportunities, it’s going to explode. There is so much money out there, it’s unfathomable.

Mortgage rates are dropping fast after a shock jobs report set off a series of dominoes on Wall Street—The housing market can thank Detroit’s striking auto workers

To all the homebuyers dreading the toxic mix of low inventory and 8% mortgage rates, how does a cooling economy and a 7.4% rate sound?

finance.yahoo.com

 

[Sportin' Wood]

Notice I didn't say 100%. You're reading into this what you want to. Most folks are not capable of managing the transaction. FSBO's are typically way over priced and cocky as hell. They hard sell to anyone who considers making an offer and try to pull AS IS condition. Clouds on title, they don't have competent vendors. Most don't disclose known issues and in the right scenario leave themselves open to getting sued.

Most people are incapable of managing a financial transaction they have an emotional investment in. They are not self aware. Their homes are cluttered with old crap, house smells like pet urine, They think Home Depot bath remodel makes the house worth 50K more, the pool they spent 70K on doesn't make the house worth 70k more, their expensive remodel 12 years ago is not "in trend". Roof underlayment is about to give up the ghost and the 2 HVAC units are 17 years old and on their last leg.

Drive down the freeway and think to yourself. How many of these people would I invite over to get involved with the largest financial transaction of my life.

In 2022, we purchased an FSBO; it was the best RE transaction we have ever had. The seller did the walk-through and showed us everything from how to program the sprinklers to stories about how her parents built the house. We sat across the table from them in the attorney's office and finalized the negotiation. We also bought that house for $200 an sqft, and I believe it was conservatively $100k below market value. I would call it a pleasurable transaction.

In 2023, we bought a house in a traditional transaction relationship with RE agents. The seller disclosed nothing, including apparent minor issues. They did not disclose they had audio-activated cameras in the house. We never met the owners, they never shared any details about the house, and we had to push hard in negotiations, first convincing our RE agent and then waiting for him to negotiate behind closed doors for us. In the end, we are happy with the home, but I would call it a borderline hostile negotiation to get the deal done.

In many cases, you are correct, but I believe it is unfair business practice to force buyers to use an RE agent. Or at least promulgate the perception that you must use an agent. My Mom has held an RE license in California for over 40 years. My brother practices in Idaho; I took the exam on a bet with them in 2007 and passed the first time with a weekend of study. (I never hung the license and never had any intention to do so.) Most of the disclaimers seem to be protecting the agents, not the sellers or buyers. It is not rocket science, and MANY agents are not that bright or understand the transaction any better than an educated buyer.

If given a choice, I would not use an agent. In today's digital world, most provide little value except gaining access to show a property and read off the scripts of reasons you should buy. Great bones, newly remodeled, owner suite, bla bla bla.

The industry needs an overhaul. I would prefer to negotiate on behalf of myself.


https://www.tiktok.com/video/6998629848189013253

 

[Sportin' Wood]

You lost me at HB in 2006

Don't get cocky. I remember reading stuff like this on HB in 2006.

Exactly. I think this sums up this entire thread. Those who tend to be more conservative in regard to the strength of the market share a common denominator, and it was like a street fight. We watched pretenders sink in the first hours of the storm, and even those who were smart enough to seek safe harbor took a beating.

Anyone who was Johnny come lately in business, or was just not that good, went away. I was one of them that was young dumb, and full of cum who thought I was good at business, but I was not. Times were just so good you could fake it until you make it. 2007-2008 was a rude awakening.

If you did not have cash on hand and business acumen, you took a dirt nap. It took us 13 years to settle up after 2008. I spent the entirety of my 40s in a hangover from the party of 2005. My grandpa talked about the Depression for my whole life; it changed the way he did things. The Great Recession had the same effect on me. I was an idiot and paid dearly for the lesson.

Hot Boat Forum in 2006 would be a living history lesson. Rubber pays?

 

[angiebaby]

Still wondering when the 2 years of downturn is going to happen.

I mean we get one week of rates dropping from 8% to 7.5% and look what happens.

Can't imagine when we get back to a 6%-7% range. I might be able to eat again......lol. Here is the Anaheim house for $800k....

View attachment 1298087

Jeezus there are a lot of dumb people in California. I'm sorry, but that is just stupid. If someone is paying $800K+ for that tiny fixer-upper crackerbox on a tiny lot, they totally deserve whatever they get when the economy eventually turns sour.

 

[LargeOrangeFont]

Exactly. I think this sums up this entire thread. Those who tend to be more conservative in regard to the strength of the market share a common denominator, and it was like a street fight. We watched pretenders sink in the first hours of the storm, and even those who were smart enough to seek safe harbor took a beating.

Anyone who was Johnny come lately in business, or was just not that good, went away. I was one of them that was young dumb, and full of cum who thought I was good at business, but I was not. Times were just so good you could fake it until you make it. 2007-2008 was a rude awakening.

If you did not have cash on hand and business acumen, you took a dirt nap. It took us 13 years to settle up after 2008. I spent the entirety of my 40s in a hangover from the party of 2005. My grandpa talked about the Depression for my whole life; it changed the way he did things. The Great Recession had the same effect on me. I was an idiot and paid dearly for the lesson.

Hot Boat Forum in 2006 would be a living history lesson. Rubber pays?

The thing of all that is, you didn’t have to have the hangover to learn the lessons.

This debate goes back to the first page of this inaccurate thread. 2006 was a lesson, and being prepared is great, but it is not going down like that for a long while. The fundamentals for a residential crash are not there, and over 80% of the mortgages out there are under 5%. If all of those 20% of houses over 5% went up for sale the supply would still be low by historical standards.

 

[Sportin' Wood]

The thing of all that is, you didn’t have to have the hangover to learn the lessons.

This debate goes back to the first page of this inaccurate thread. 2006 was a lesson, and being prepared is great, but it is not going down like that for a long while. The fundamentals for a residential crash are not there, and over 80% of the mortgages out there are under 5%. If all of those 20% of houses over 5% went up for sale the supply would still be low by historical standards.

You are right, I could have listened to the people telling me to pay attention because the situation was not sustainable.

 

[Englewood]

We also bought that house for $200 an sqft, and I believe it was conservatively $100k below market value. I would call it a pleasurable transaction.

What a smart seller. Lost $100k to save, what, $20k?

This is exactly WHY a seller should have a good agent.

I think everyone should do FSBO. I’ll invest in a law office. Buyers and sellers will eat each other alive within a year.

 

[zhandfull]

You are right, I could have listened to the people telling me to pay attention because the situation was not sustainable.

This is all you need to know! Well said.

 

[Sportin' Wood]

What a smart seller. Lost $100k to save, what, $20k?

This is exactly WHY a seller should have a good agent.

I think everyone should do FSBO. I’ll invest in a law office. Buyers and sellers will eat each other alive within a year.

This is RDP; we don't sell houses.

 

[Cdog]

In 2022, we purchased an FSBO; it was the best RE transaction we have ever had. The seller did the walk-through and showed us everything from how to program the sprinklers to stories about how her parents built the house. We sat across the table from them in the attorney's office and finalized the negotiation. We also bought that house for $200 an sqft, and I believe it was conservatively $100k below market value. I would call it a pleasurable transaction.

In 2023, we bought a house in a traditional transaction relationship with RE agents. The seller disclosed nothing, including apparent minor issues. They did not disclose they had audio-activated cameras in the house. We never met the owners, they never shared any details about the house, and we had to push hard in negotiations, first convincing our RE agent and then waiting for him to negotiate behind closed doors for us. In the end, we are happy with the home, but I would call it a borderline hostile negotiation to get the deal done.

In many cases, you are correct, but I believe it is unfair business practice to force buyers to use an RE agent. Or at least promulgate the perception that you must use an agent. My Mom has held an RE license in California for over 40 years. My brother practices in Idaho; I took the exam on a bet with them in 2007 and passed the first time with a weekend of study. (I never hung the license and never had any intention to do so.) Most of the disclaimers seem to be protecting the agents, not the sellers or buyers. It is not rocket science, and MANY agents are not that bright or understand the transaction any better than an educated buyer.

If given a choice, I would not use an agent. In today's digital world, most provide little value except gaining access to show a property and read off the scripts of reasons you should buy. Great bones, newly remodeled, owner suite, bla bla bla.

The industry needs an overhaul. I would prefer to negotiate on behalf of myself.


https://www.tiktok.com/video/6998629848189013253

Pricing a home on a price per square foot basis is your first clue of a novice leaving money on the table or unrealistically over priced.

Too many people employ agents services without vetting the agent or looking at any of their real experience. "Fake it till you make it" is a real thing. The barrier to entry into a real estate license is extremely low and a lot of consumers are duped into working with somebody who doesn't know their ass from a hole in the ground or they think somehow they're getting a better deal or priority access because they go through the listing agent. When you buy through a listing agent you have limited representation.

Nobody is forcing anyone to use an agent. But if you want access to our platform you have to pay. That platform will increase your odds of success and maximize your profits. No different than any other service.

Here's what I know about human nature. The same assholes that caused the need for licensing and agents exist today as well. Scam artists, carpet baggers, land scams, flipper junk, dirt bag sellers and un performing buyers. AI and technology might give you more tools to find a stinker but they wont fix or solve your problems. Same scams, different tools.

On a national scale we're likely seeing a peak in home sales and price as most of this is catered to the boomers buying what they want before they send off. They have more concentrated wealth per couple than any generation after them and the younger gens have not family formed to the same level so there is a lack of need for the boomer type housing. As the paid off boomer homes get absorbed into the younger generations you'll see a rise in mortgaged homes as the boomers die off. We will see a deflation of real estate eventually due to demographics. The family that inherited the boomer home will liquidate into the opposite market than what we have now and will be eager to get it sold asap at all costs. Over supply, less demand.

Corporate apartments and communal living will appeal more to urban dwellers and the younger gens. They'll own nothing and they'll be happy.

If you're not part of your real estate sale negotiation then you have clearly chosen the wrong representation.

I would like to see it much more difficult to get a license. The market is flooded with hucksters and false promises. NAR are a bunch of whores who have sold out our professionalism in exchange for member fees. Similar to the NRA. Big business boomers fleecing this fucker dry before they send off.


"Carls Jr. Fuck you I'm eating"

 

[Sportin' Wood]

I would like to see it much more difficult to get a license. The market is flooded with hucksters and false promises. NAR are a bunch of whores who have sold out our professionalism in exchange for member fees. Similar to the NRA. Big business boomers fleecing this fucker dry before they send off.


"Carls Jr. Fuck you I'm eating"

Make it at least as hard as getting a contractor's license. There is no argument from me that the 80/20 rule applies when punching down on RE Agents. The 80% clearly have no business in the business—the 20% are not normally transactional but more relationship-based.

FWIW, I used the FSBO PP SQFT, but the seller did not, and the value is based on my perception; they are happy with the sales price as their family built the house in the early 70s, and both parents had passed away. The sole heir was more than happy with the outcome.

 

[Cdog]

This is interesting

 

[Sportin' Wood]

This is interesting

Last week at SEMA, every business decision-maker I talked to (Mostly owners and CEOs) Said almost verbatim the exact words. "Any product you can sell me that will eliminate a person is worth a discussion." "I want solutions that will eliminate people." "I don't want to deal with labor". "My goal is no employees."

Lucky for me, I work in just such a space. I figure I will be eliminated in about the next ten years. Hopefully, I make it twelve.

The employee's short-lived leverage is expiring. If you have GenZ kids, you better get them into a decent educational institution because the War Pigs are coming.

 

[EmpirE231]

Still wondering when the 2 years of downturn is going to happen.

I mean we get one week of rates dropping from 8% to 7.5% and look what happens.

Can't imagine when we get back to a 6%-7% range. I might be able to eat again......lol. Here is the Anaheim house for $800k....

View attachment 1298087

That line is just the one family that plans to all live there together

 

[RiverDave]

Last week at SEMA, every business decision-maker I talked to (Mostly owners and CEOs) Said almost verbatim the exact words. "Any product you can sell me that will eliminate a person is worth a discussion." "I want solutions that will eliminate people." "I don't want to deal with labor". "My goal is no employees."

Lucky for me, I work in just such a space. I figure I will be eliminated in about the next ten years. Hopefully, I make it twelve.

The employee's short-lived leverage is expiring. If you have GenZ kids, you better get them into a decent educational institution because the War Pigs are coming.

Just curious why you'd suggest educational institutions.. It seems most educational institutions stifle not encourage creativity and entrepreneurship?

I was having a pretty in depth conversation with some friends this last weekend. They have a state job and were very transparent on salary and benefits etc.. They asked me how much I make and I told them flat I don't rightly know.. but I can tell ya my side hustle sign truck should make between 100-140K a year? by the #'s.

One of them had pretty big eyes and he said "that's the side hustle?" I said "yes". Granted they don't realize that we pay 4,000.00 a month for health care alone etc.. and we don't get pensions etc.. I always figured though when it's time to hang it up you can sell whatever businesses and assets you have as your retirement though?

I'd rather go out on my own every time then try to work some corporate gig, or for someone else.

RD

 

[COCA COLA COWBOY]

Hey listen, I get it. If this is how you or others earn a buck more power to you. You are right, there are a lot of moving parts and a good realtor's expertise is invaluable. I respond only because I have been on both sides of the coin. I get it, it's the internet, and things can easily be taken out of perspective. I am certainly not trying to slam realtors, you, or anyone else on this thread. However, with that said, you make a lot of generalizations about "Most Folks" and "Most People." I don't think that's accurate anymore. Most of the information regarding real estate transactions can be found on a Google search and anyone with a little common sense can educate themselves enough to get through the process. We all know at least one or two realtors, because for a while many people were trying to become one, so it's easy to get some guidance and advice if needed. And you are right, the higher the value, the smarter the buyer, and the more potential for a layman's error. But I still argue that with a well-written contract, a realistic approach to price/ amenities, etc., and the advice of a real estate attorney if desired(1-2K consult is far less than a 6% commission) FSBO can be done safely and at far less expense. I will add that this may not always be the smartest and is always dependent on the complexities of the deal.

That is until a wholesaler or crooked person/buyer gets your home into escrow with a well written contract that you failure to adhere to so they can put a lis pendens on your property. Now your home is locked up for 6-18 months in the court system. Now, if the market goes up that buyer can wait to see if the market goes up 15-20% and double escrow the property down the road for a profit and you are stuck! That 5-6% may sound pretty good about now right? This is just one scenario in infinite ways that a transaction can go wrong. Early on in my career I worked for a developer that would lock properties up in escrow and either wholesale them or develop them. I don't do those types of things because I believe in ethics, karma, and God. There are a lot of guys out there that will do anything they can to screw you over.

 

[COCA COLA COWBOY]

Last week at SEMA, every business decision-maker I talked to (Mostly owners and CEOs) Said almost verbatim the exact words. "Any product you can sell me that will eliminate a person is worth a discussion." "I want solutions that will eliminate people." "I don't want to deal with labor". "My goal is no employees."

Lucky for me, I work in just such a space. I figure I will be eliminated in about the next ten years. Hopefully, I make it twelve.

The employee's short-lived leverage is expiring. If you have GenZ kids, you better get them into a decent educational institution because the War Pigs are coming.

If every company's solution is to eliminate employees, eventually you will eliminate the economy. That is pretty much common sense.

 

[Sportin' Wood]

Just curious why you'd suggest educational institutions.. It seems most educational institutions stifle not encourage creativity and entrepreneurship?



RD

Avoid a draft. If drafted, you might have a fighting chance at a job away from the slaughter with a degree. Solid trade skills would be a close runner-up to obtaining a decent role.

FWIW, I am not college educated, nor have I ever served in the military—pretty much just a hard worker who would have likely been sent to the front lines. I have grave concerns about the state of geopolitical affairs.

The War Pigs always send the poor.

 

[Sportin' Wood]

If every company's solution is to eliminate employees, eventually you will eliminate the economy. That is pretty much common sense.

Socialism?
Plenty of things that are leading to a decrease in population.

I'm just parroting what I was told, manufacturing employers are fed up with the labor force.

This game was always only going to have a small amount of winners and lots of losers, it is the nature of it.

 

[badgas]

https://www.amazon.com/Negativity-Fast-Techniques-Increase-Positivity/dp/1119985889

This a great read for those addicted to doom porn.

 

[mbrown2]

https://www.amazon.com/Negativity-Fast-Techniques-Increase-Positivity/dp/1119985889

This a great read for those addicted to doom porn.

RD should have a section called Doom Porn.......it would be hotly contested and full of MRE banner advertising..

 

[DWC]

RD should have a section called Doom Porn.......it would be hotly contested and full of MRE banner advertising..

Pretty sure it has one. Just called P&G. Occasionally the threads and inmates make it up here.

 

[shintoooo]

Barnett J Walker on Instagram

You just gotta get used to it, that’s all. [Follow for more content like this] . . #realtormemes #realestatehumor #realtorlife #reelestate #realestatereels #realtorsofinstagram #loanofficers

www.instagram.com

 

[OldSchoolBoats]

Still wondering when the 2 years of downturn is going to happen.

I mean we get one week of rates dropping from 8% to 7.5% and look what happens.

Can't imagine when we get back to a 6%-7% range. I might be able to eat again......lol. Here is the Anaheim house for $800k....

View attachment 1298087

Update on this one!! I made a mistake because the agent has 2 listing and I thought this was the Anaheim one for $800k, but it is not. This one is actually in Santa Ana and is a 2bed 2bath 528 SF fixer. She had it listed for $449,900

https://www.realtor.com/realestateandhomes-detail/1918-Halladay-St_Santa-Ana_CA_92707_M21139-87615

She went into escrow on it this week. They got 26 offers and the winning offer is $100k over list.