So when’s the housing bubble bursting?

[praetor]

Quick question for the definitely more informed than I am about this new real estate game. I am listing my house and using a flat fee listing service. They are trying to keep the old guard of seller pays buyer's agent even after this new ruling. And the general is between 2-3%. They say it would keep me competitive and that buyer's agents will pass me by and not show my home.

The question is isn't that steering? And can I pursue any legal action? Should I pay 2-3% for someone to just show my home even though they should be getting that from the buyer now?

Ok, I guess quesions plural.

I don't have answers to all of your questions, but as far as is it steering, the answer is no. Steering is defined by the Fair Housing Act to be discrimination based on a protected class such as race, color, religion, gender, disability, familial status, or national origin.

Steer Clear of "Steering"

A recent investigation revealed that "steering" continues to be pervasive despite being illegal under the Fair Housing Act. Check out NAR’s guidance and learn how to avoid the prohibited practice here.

www.nar.realtor

The Fair Housing Act

www.justice.gov

 

[cap213]

Thanks for the answer. I thought it was something else entirely.

I don't have answers to all of your questions, but as far as is it steering, the answer is no. Steering is defined by the Fair Housing Act to be discrimination based on a protected class such as race, color, religion, gender, disability, familial status, or national origin.

Steer Clear of "Steering"

A recent investigation revealed that "steering" continues to be pervasive despite being illegal under the Fair Housing Act. Check out NAR’s guidance and learn how to avoid the prohibited practice here.

www.nar.realtor

The Fair Housing Act

www.justice.gov

 

[Keyz]

Quick question for the definitely more informed than I am about this new real estate game. I am listing my house and using a flat fee listing service. They are trying to keep the old guard of seller pays buyer's agent even after this new ruling. And the general is between 2-3%. They say it would keep me competitive and that buyer's agents will pass me by and not show my home.

The question is isn't that steering? And can I pursue any legal action? Should I pay 2-3% for someone to just show my home even though they should be getting that from the buyer now?

Ok, I guess quesions plural.

As a seller, you will want to have the largest buyer pool available to secure an offer on your home. Yes, you aren't required to pay the buyer’s agent but if your competitors are offering it, your home will likely sit on the market longer as they will gravitate towards those other homes. The line if thinking is buyers already have to put down a boat load of money with down payment, closing costs, reserves etc., adding and additional buyers agent commission on top of that makes the house unaffordable due to the additional thousands they have to come to the closing table with, especially first time home buyers.

As far as steering, if the buyer directs their agent to only show them homes that are offering to pay some or all of their agent's fees, that's their right and not considered steering.

 

[cap213]

As a seller, you will want to have the largest buyer pool available to secure an offer on your home. Yes, you aren't required to pay the buyer’s agent but if your competitors are offering it, your home will likely sit on the market longer as they will gravitate towards those other homes. The line if thinking is buyers already have to put down a boat load of money with down payment, closing costs, reserves etc., adding and additional buyers agent commission on top of that makes the house unaffordable due to the additional thousands they have to come to the closing table with, especially first time home buyers.

As far as steering, if the buyer directs their agent to only show them homes that are offering to pay some or all of their agent's fees, that's their right and not considered steering.

Thanks! Much appreciated information and yeah I guess that is what I will have to accept. People can't afford the extra.

 

[Keyz]

Thanks! Much appreciated information and yeah I guess that is what I will have to accept. People can't afford the extra.

No problem. Good luck!

 

[cap213]

No problem. Good luck!

Thanks, I decided to just list with a local realtor. Going to lose a lot of money but less headache for me. Appreciate the insights from both Praetor and you.

 

[Helico-pterFunk]

Homeowners scramble after Calgary tiny-home builder folds

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calgary.ctvnews.ca

 

[praetor]

 

[Helico-pterFunk]

Coquitlam couple can't sell manufactured home due to loophole

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[Helico-pterFunk]

B.C. court rules on real estate dispute between sisters who haven't spoken since 2016

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[Helico-pterFunk]

Real estate expert reveals greatest crises in coming years

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www.dailymail.co.uk

 

[praetor]

 

[Helico-pterFunk]

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[Helico-pterFunk]

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[Helico-pterFunk]

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[Helico-pterFunk]

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[praetor]

 

[havelcok]

 

[Helico-pterFunk]

Sask. consumer watchdog investigating local company selling luxury vacation condos

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[praetor]

 

[praetor]

 

[Helico-pterFunk]

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[praetor]

 

[Helico-pterFunk]

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[Helico-pterFunk]

https://www.cnbc.com/2024/10/12/look-inside-abandoned-properties-turned-multimillion-dollar-dream-homes.html

 

[Helico-pterFunk]

‘They stole our dream’: Couple’s retirement plans scuttled after thieves stole their vacant Massachusetts property and sold it for half its worth

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[ArsenalCannon357]

 

[ArsenalCannon357]

 

[darth frosty]

 

[Helico-pterFunk]

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[Helico-pterFunk]

New condo sales in GTHA fall 81 per cent in third quarter of 2024: report

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[Helico-pterFunk]

Rustad’s plan to raise rent caps could cost renters hundreds of dollars a month

Rustad’s plan to raise rent caps could cost renters hundreds of dollars a month [ link ]

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[ArsenalCannon357]

 

[thismybgolname]

The amount of foreclosures in the two cities (Atlanta & Tulsa) where I live has gone up tremendously the past few years.

 

[praetor]

The amount of foreclosures in the two cities (Atlanta & Tulsa) where I live has gone up tremendously the past few years.

Oddly enough, Atlanta metro and Miami metro have similar population sizes and similar foreclosures on Zillow (single family homes, multi family, townhouses, etc)

Once you add condo foreclosures, South Florida's number jumps big time (nearly 100% increase).