Housing market experiencing ‘something of an earthquake’
Recently, a federal court awarded $1.8 billion in damages to U.S. homeowners after The National Association of Realtors (NAR), HomeServices of America — Berkshire Hathaway’s (BRK-A, BRK-B) real estate branch — and Keller Williams Realty realtor firms were found guilty of conspiring to inflate commissions on home sales. With the housing market already in flux alongside elevated mortgage rates, potential homebuyers are unsure of where to turn to. ResiClub Co-Founder and CEO Lance Lambert and Kathy Casey, Coldwell Banker Residential Brokerage Realtor and Broker Associate, join Yahoo Finance to discuss the state of the housing market as well as give advice to potential homebuyers. Lambert is frank in the status of the U.S. housing market: “What I think is impacting buyers and sellers today is the fact that affordability has deteriorated to historic levels. When accounting for incomes, mortgage rates, and prices, last month was the most expensive of this century since 2000 and this month it looks like it will be the second most expensive now that rates have come down a little bit under 8[%].” For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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The Eron of housing market!!! Corporations are doing large illegal price fixing
Sellers always think their house is much higher than its real actual value 😅
Always has, always will
“It’s really gonna separate the diamonds from the cubic zarconiums.” ✍🏼✍🏼✍🏼
I’m glad this ruling came down. I’m sick of paying that over bloated 6% fee if I sell my home. I don’t care what any real estate agent says, they’re not any better than the current market conditions.
There is literally no requirement in any state for you to pay 6%, it’s not a law, it’s not a regulation, it’s not a state code or a statute or mandatory by any brokerage.
@Arnée I don’t think your statement is true at the grassroots level. If anything the whole “ you don’t have to pay five or 6% commission fees,” doesn’t happen in real life. Five years ago, I thought maybe I would list my house for sale. Excellent house, in an incredibly great location in West LA. I tried to interview a handful of realtors, and like mafia, no one was willing to entertain the idea of 5% commission. So while you don’t have to pay them 6% or 5%, brokerages like cartels or like OPEC collude with each other to make sure that nobody is even entertaining to the public lower commissions.
This is not good for the public or a true open market because it creates a very heavy/high cost barrier to putting a house for sale. At times it makes homeowners think twice about selling their property which in turn reduces supply.
@Armen Zehnaly lmao standing up for your own salary isn’t collusion.
@Arnée it’s great that realtors want to fight for their salary. It’s also out of touch with how much of a money grab Realtor services can be in the sale of a home and this lawsuit was helpful in pointing that out.
@Armen Zehnaly I’m very much current on realtor services and the cost. I’m a realtor and I do this every day. If you followed around a realtor for one week, you’d probably quit like the 30% who get licensed and quit within 2 months
U have to rent now not buy..especially in Southwest Florida
Same in South East too.
Congratulations to me it’s amazing that I just bought my first landed property few days ago, I feel so happy for myself and my accomplishments so far. I’m so happy I made good decisions about my finances that changed me forever❤️
Congratulations to you that’s a great, you need loads of cash to buy a nice house in a good environment, wow! congratulations once again 🎉🤗
Congratulations, what an achievement, I’m currently inspired, i’m currently saving to buy a house too this means a lot to me at this time can you share tips on how you improved your income?
I can share something that helped me
1. Plan towards it
2. Be Frugal and minimal on spending (don’t buy why you don’t need)
3. Save money towards retirement
4. Save to invest, this is most important because it’s a proven way to get rich. Very important path to financial success
Thanks for replying me, speaking of investing I have heard many people talk about it but I don’t really know how to start can you explain?
There’s a lot of investing options but my best advice is to get a professional who will guide you into a more profitable investment, that’s exactly what I did.
Just give homeowners a pink slip like the dmv for automobile. Other countries don’t have agent commission or book load of papers and they don’t hAve issue.
A scam. Fraud everywhere. This world is horrible.
The funniest part about the lawsuit is the seller can pay whatever they want, there is no law or brokerage mandate requiring a specific price.
NAR code of ethics section 3-1 states Terms of compensation, if any, shall be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation
I sold home in WA state, drove across country to NY. I own house outright now. Feels great.
The problem is the inflated prices of homes. Home prices MUST come down by a large percentage (40%+) to get the housing market back into balance. Everyone is blaming the interest rates, agent commissions, inventory, etc basically any reason they can think of to miss the elephant in the room, which are the super-inflated home prices. The housing market was artificially inflated by financial speculators and corporations who stepped in and started buying single-family homes with borrowed money to either turn them into rentals or to remove them from the market to shrink the available inventory, thus inflating home prices. But in order for the housing bubble to continue you have to keep on selling and reselling homes at higher and higher prices. But it’s all artificial, you can’t perpetually maintain a high price on an asset that is not really worth that much. Eventually, no one is going to buy those homes at those exorbitant prices, which is going to make those financial speculators and corporations get stuck with those houses, and with no liquidity. What good is an asset that is supposedly worth a fortune if no one buys it? The only solution for the housing market, and for the Economy in general is for home prices to come down by a lot to get things back into balance. Of course it’s easier said than done. Financial speculators and corporations are going to fight tooth and nail the deflation phase that we will enter into.