- Sep 25, 2001
As home prices soared during the pandemic, people started racing toward the real estate sales industry seeking to cash in on the housing gold rush.
Because the pandemic, 130k people got a real estate license. (it's a low bar for entry.)
There are now 1.5 million members of the National Association of Realtors.
however, there were just a little more than 1.3 million homes for sale, down 27% compared to the same time last year.
Sellers are still paying 6% real estate fees for larger real estate firms. (3% to his real estate firm, 3% to the buyer's agent)
(yes, some smaller firms are only charging 4.5% (1.5% to his real estate firm, 3% to the buyer's agent)).
it's been 6% for like forever.
why is it still so high??
Shouldnt competition drive the costs down, especially with skyrocketing housing prices?
Why is still the norm?!
Why isnt it down to 1% (up to $10k max) for each side as the norm?