Buying a Home is About to Change FOREVER

Big changes are coming to the real estate industry effective August 17. The way realtor commissions are going to be paid is changing and now buyers are going to be on the hook to pay for their real estate agent. In this video I’m going to explain what these changes are, how it effects buyers, and how to navigate this change. I’ve been getting a lot of questions about this so I’m answering them here.

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Jacqueline "Jackie" Baker
NJ License 1541448
Coldwell Banker Realty
Allendale/Saddle River

#realestate #jackiebakerrealtor #jackiebakersellsnj #homebuyingtips #homesellingtips #realestateinvesting

[Olivia-zc]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[sarawilliam]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[DonaldMark-nese]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[tonysilke]

I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

[DesertScorpionKSA]

To many vultures are feeding off the carcass of a real estate sale. The costs for buying and selling are too high. Things need to change.

[jacquelineglitter]

I'm not selling my home. All the fees are ridiculous. Most of my income went into my home for 30 years. I talked to a realtor and I would have to pay them 35k. That didn't include other fees like closing and moving fees. I'm just going to stay in my home. I worked too hard to give someone over 40 k to move to a smaller home and pay more fees. People are smarter now.

[fancyfeast]

I bought my last home directly from the seller. He posted a “for sale” sign. Since he found the buyer, there were no commission fees. He hired a local real estate agent to do all the paperwork (title, etc.) for a small fee. It was seemless and easy. I am going to sell my house the same way. The seller saved tons of money. The house was sold for $560, 000. Commission would have been $33, 000!

[tommykukulka]

selling a $250, 000 at 6% is $15, 000 I've bought over 50 houses over the years and the only thing a real estate agent ever did for me is they unlocked the front door

[kentschrader]

I was a mortgage lender the last 6 years of my career and worked with a lot of first-time buyers. I would say virtually none of these clients would have been able to buy a property where they had to pay a buyer agent commission as most were already tight on cash. They could reduce their offer to compensate for the additional cost of the commission but that won't generate any cash and you can't "cash out" with a purchase mortgage for up front costs. And buyers who COULD pay commissions wouldn't, as they'd rather use those funds for something where they see a benefit such as paying points to buy down their interest rate (especially in this rate environment). I am thinking that for the vast majority of transactions, the seller will have to pay all the commissions or the buyer won't buy and the seller won't be able to sell. So we end up right where we started.

[NarisaBana]

❤️Success is not built on success.. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life...🇺🇸

[GLeon-ovyu]

I remember when the combined buyer & seller Realtor commission was only 4% then it got raised to 6%. That 6% always felt like a rip off!

[freddaniali]

My most favorite real estate agent is the one that I bought my luxury home from in 2015 where he represented both the me and the seller. We are still very good friends and I laud him for his honesty and integrity. Sadly, he is a dying breed.

[lucyluo]

This is a great change, 6% on commission is ridiculous amount for showing my houses, most of my friend here sold our houses on our own and it will continue to do so. If you can’t afford to buy a home and pay your agent, then looking for a house on your own, they’re not that difficult.

[Deuce_Dufresne]

Seems fair. Having bought and sold several homes I’d have no problem just going to the seller’s agent and handling it myself.

[Norrieey]

just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains within months, I'm really just confused at this point.

[raphael]

Buyers, you do not need to hire a Realtor. Hire an attorney.

[barfo]

Nobody became a realtor to help people, they became realtors to make money.

[Pomp]

If you hire someone for services, you should pay them. This is a change that is needed. I’m not paying any extra fees. If you want my house, you could pay 2% to your rep representing you. I’ve been in sales for 25 years, guess agents are going to have to be real salespeople now and “Earn” a buyers business.

[ianrooney]

I hope the sellers agent is ready to work with regular people trying to buy and asking questions. Nobody is going to pay for a buyer agent, housing is already completely unaffordable in NJ.

[aheat]

15+ years ago, being a realtor was a lot of hard work. Sitting by your land-line phone to make and receive clients' calls. Creating ads and buying space in magazines. Driving all day for 3 or 4 days with ONE home buyer. Copying hundreds of papers for client info, negotiations, and closings.
Now, clients have Zillow, etc. Ads are online and mostly free. There are almost no expenses for paper and copying. Everything is done at your convenience online. You can live your life outside of your office with your cell phone. Etc.
But, realtors are still getting 6% of a home's sale price. For what?
It's time for homeowners to insist on some changes. This buyer's fee should be just a start.