the.irvine
Active member
eyephone said:
Redfin sells for 1%
HOMES REDUCED PRICE
- Thread starter Mety
- Start date
NEW -> Contingent Buyer Assistance Program
Redfin sells for 1%
According to REX website:
?Redfin advertises a 1% -2% seller commission, but unlike REX, Redfin sellers are also responsible for paying the buy side agent commission, because the houses are listed in the MLS. This means that most Redfin sellers end up paying 3.5%-5% in commissions. REX charges a 2% total fee.
REX lists and markets homes outside of the MLS, targeting buyers directly by using Big Data and Artificial Intelligence, so you sell faster, with a licensed agent and much lower fees.?
https://www.rexchange.com/compare/Rf
This is a game changer. Disruptor!!!
So basically the listing commission is 2% but they are cutting out paying the buyer agent commission to provide the savings. How will they get their listings onto all the various websites when it's not going onto MLS since all those real estate websites pull from MLS? Wonder if buyers will know that the seller is only paying only paying a 2% commission and try to get a better deal on the homes. Also, will buyers be comfortable representing themselves or pay Rex (listing agent) represent them?
Isn?t this service aimed at those without a buyer agent? Or do they pay the agent a fee from the 2%?
It seems these days most people do their house hunting online and only really need the buyers agent to make the offer. I don?t think people are dumb enough to get steered away from a house because their agent gave them some BS reasons so they can get their commission. It?s only a matter of time before most agents are out out of business. Only the strong like USC will survive.
I forget who posted that thorough response on how to change the whole real estate buying/selling process (all offers submitted online for full visibility to the owner,etc) but that seems like that will be happening in the near future as owners realize paying 5-6% to sell their house doesn?t make sense with the level of effort involved by the agents. The agent shouldn?t be the gatekeeper if the process, the owner should be.
If buyers are that gullible, then they deserve to be bamboozled. There is a great deal of flim-flammery that always goes on in the brokerage business. How about if buyers had to pay their agents out of their own pockets. Sellers pay their agents upon close of escrow, and buyers pay their agents separately, however they agree. That would certainly change the system, wouldn't it.
I read that 5 times over, and over again, I think it written in Greek.
Redfin sells for 1%
the.irvine said:
According to REX website:
?Redfin advertises a 1% -2% seller commission, but unlike REX, Redfin sellers are also responsible for paying the buy side agent commission, because the houses are listed in the MLS. This means that most Redfin sellers end up paying 3.5%-5% in commissions. REX charges a 2% total fee.
REX lists and markets homes outside of the MLS, targeting buyers directly by using Big Data and Artificial Intelligence, so you sell faster, with a licensed agent and much lower fees.?
https://www.rexchange.com/compare/Rf
irvinebullhousing
Well-known member
eyephone said:
This is a game changer. Disruptor!!!
usctrojancpa
Well-known member
eyephone said:
So basically the listing commission is 2% but they are cutting out paying the buyer agent commission to provide the savings. How will they get their listings onto all the various websites when it's not going onto MLS since all those real estate websites pull from MLS? Wonder if buyers will know that the seller is only paying only paying a 2% commission and try to get a better deal on the homes. Also, will buyers be comfortable representing themselves or pay Rex (listing agent) represent them?
qwerty
Well-known member
aquabliss said:
Isn?t this service aimed at those without a buyer agent? Or do they pay the agent a fee from the 2%?
It seems these days most people do their house hunting online and only really need the buyers agent to make the offer. I don?t think people are dumb enough to get steered away from a house because their agent gave them some BS reasons so they can get their commission. It?s only a matter of time before most agents are out out of business. Only the strong like USC will survive.
I forget who posted that thorough response on how to change the whole real estate buying/selling process (all offers submitted online for full visibility to the owner,etc) but that seems like that will be happening in the near future as owners realize paying 5-6% to sell their house doesn?t make sense with the level of effort involved by the agents. The agent shouldn?t be the gatekeeper if the process, the owner should be.
StarmanMBA
Active member
aquabliss said:
If buyers are that gullible, then they deserve to be bamboozled. There is a great deal of flim-flammery that always goes on in the brokerage business. How about if buyers had to pay their agents out of their own pockets. Sellers pay their agents upon close of escrow, and buyers pay their agents separately, however they agree. That would certainly change the system, wouldn't it.
irvinebullhousing
Well-known member
eyephone said:
I read that 5 times over, and over again, I think it written in Greek.
$785k to $735k in a monthhttps://www.redfin.com/CA/Irvine/70-Kestrel-92618/home/143914995
$995k to $975k in a monthhttps://www.redfin.com/CA/Irvine/51-Midnight-Sky-92620/home/5959240
$800k to $779k in a monthhttps://www.redfin.com/CA/Irvine/239-Tall-Oak-92603/home/5945468
$798k to $768k in 2 monthshttps://www.redfin.com/CA/Irvine/139-Overbrook-92620/home/58556139
$1.19m to $1.09m in 3 monthshttps://www.redfin.com/CA/Irvine/74-Borghese-92618/home/51681127
Boy, what's going on here?
$995k to $975k in a monthhttps://www.redfin.com/CA/Irvine/51-Midnight-Sky-92620/home/5959240
$800k to $779k in a monthhttps://www.redfin.com/CA/Irvine/239-Tall-Oak-92603/home/5945468
$798k to $768k in 2 monthshttps://www.redfin.com/CA/Irvine/139-Overbrook-92620/home/58556139
$1.19m to $1.09m in 3 monthshttps://www.redfin.com/CA/Irvine/74-Borghese-92618/home/51681127
Boy, what's going on here?
aquabliss
Well-known member
In the words of USC, homes that require price reductions are just examples of those that were overpriced to begin with.
Doesn't mean the sky is falling in Irvine. Keep track of the closed price $/sq ft in the same neighborhood, once those start reducing over a period of time then you might be on to something.
Doesn't mean the sky is falling in Irvine. Keep track of the closed price $/sq ft in the same neighborhood, once those start reducing over a period of time then you might be on to something.
I agree with some being overpriced clearly needing to come down but what you see that is left likely has more fleas or is a little less desirable. If the house is priced well and location is right, the house will sell. Period. For example, the house below was reduced BUT also broke a record for the track and a very high Price Sqft (558).
https://www.redfin.com/CA/Irvine/20-Chenile-92614/home/4697170
https://www.redfin.com/CA/Irvine/20-Chenile-92614/home/4697170
My point is this:
Just couple months ago, ridiculously over priced homes were selling fine. People were grabbing at whatever cost.
Now, that's not really working anymore.
They probably list homes so high wishing that some dumb buyer might grab one, but someone who is spending that much money will not be as dumb as you think.
I'm not predicting crash or anything, but simply pointing out the overpriced homes will suffer long on the market.
Just couple months ago, ridiculously over priced homes were selling fine. People were grabbing at whatever cost.
Now, that's not really working anymore.
They probably list homes so high wishing that some dumb buyer might grab one, but someone who is spending that much money will not be as dumb as you think.
I'm not predicting crash or anything, but simply pointing out the overpriced homes will suffer long on the market.
nothing wrong with things just going sideways for a while, while market decides the path of least resistance at a future point - that future point could be well into next year.
in equity market charts this is referred to as channel "consolidation" - so we may zig zag around here while the economy is still good and until the point either incomes start to rise meaningfully to make buyers on the fence continue to bid up, or we enter a cyclical soft patch and supply goes up prompting panic from builders and tightening lending standards from banks.
As I have said before several times, if you are a buyer with ample liquidity you may use the stalemate to generate a better deal for yourself (more discount, better lot, design studio credits, etc.) but don't fool yourself that by sitting completely on the sidelines you are being savvy and smart. You don't know the future and no one here does either.
in equity market charts this is referred to as channel "consolidation" - so we may zig zag around here while the economy is still good and until the point either incomes start to rise meaningfully to make buyers on the fence continue to bid up, or we enter a cyclical soft patch and supply goes up prompting panic from builders and tightening lending standards from banks.
As I have said before several times, if you are a buyer with ample liquidity you may use the stalemate to generate a better deal for yourself (more discount, better lot, design studio credits, etc.) but don't fool yourself that by sitting completely on the sidelines you are being savvy and smart. You don't know the future and no one here does either.