Ready to start the conversation about moving to Montgomery County, MD, DC or Northern VA? Click the link below to schedule your private Zoom video call to learn more about these areas: calendly.com/caryn01/buyer-seller-consultation?month=2024-04

Now that lawyers know that buyers don’t have an agent they’re gonna jack up their prices. I’m not a realtor but I’m too busy to deal with the crap that buying entails.

Hi Caryn! lots of updated info for me to digest on my end, thank you. That being said, if the settlement does get approved I would simply FSBO and use either a lawyer or a flat fee company (like the ones showing up in CA) for the paperwork. Would I do this in Potomac? absolutely not, so, like always, it comes down to the state and market you are selling at. Excellent video and I hope you are doing very well.

@CarynGardiner

3 ай бұрын

Thank you. It will definitely be interesting to see how this pans out in different markets. I hope you’re well!

Is inventory up in Montgomery County as compared to last year.

You said the reason why home prices will go down yourself, unaffordable plus higher hurdle. This will price out even more potential buyers making for even less competition on top of giving a better chance to make a good profit from selling your home with lower realtor fees. Won’t crash the market but could be the start of a correction

@CarynGardiner

3 ай бұрын

Possible. Every metro is different. We need more inventory. Where are you located?

@LockedUpLarry

3 ай бұрын

Buyer’s agents are already listing their “fees!” Let the price wars begin!!! You pay for what you get right? Well, do very good research on the market…. and pay 100 bucks for paperwork and a brokers lawyer stamp! lol. A bit of extreme, but you see where this is going.

I have a lawyer, and my offer is contingent on an appraiser. Why do i need an agent???

@CarynGardiner

3 ай бұрын

You may not need one. Totally depends on the situation. Where are you located?

@LockedUpLarry

3 ай бұрын

Well, and as part of possible future litigation, you “needed” one to gain access to certain lock-box listings. The whole thing tilts towards YEARS of job security. It took record price increases and extreme greed to bring it to light. 💡

Nice Video! I just got a Job in Maryland (Baltimore) and I will be moving there in the coming months. I have a 10 year old so I wold like to live in a good area to raise my kids. I'm also not Rich....any recommendations? Thank You!

I've bought and sold several houses and the buyer agents representing me in the past have been underwhelming. I would never pay a 3% commission for a buyer agent, the seller agents seemed to be much better.

@CarynGardiner

3 ай бұрын

I appreciate your empirical knowledge. Thank you for commenting 🙏🏼

@LockedUpLarry

3 ай бұрын

I’ve asked a TON of realtors on YT to tell me the difference between a “good” and a “bad” realtor. I never ever get a real response. They always say, “sorry you had xxxx experience!” Caryn, care to elaborate. So we know what we are paying for. 🦗

@CarynGardiner

3 ай бұрын

I assume we're just talking about buyer's agents. In that regard, here is what I do for my clients: Explain buying process/agency/transaction Introduce them to several legit lenders to compare rates Search for properties on and OFF the market. (30% of Compass's sales are off market) Show properties, point out visible defects and possible problems based on my 21 years experience Once the buyer has chosen a property, we strategize on how to write the contract depending on the specific house and current market. I have several different strategies...won't go into them here Write a STRONG offer and communicate it to the listing agent (adds credibility to it from my history as a realtor in this area) Provide comps to assess how the property is priced to give buyer an idea of where it will appraise Provide inspectors who have been vetted and licensed for inspection (either pre or post ratification depending on market) Negotiate inspection. Provide licensed contractors for estimates on any repairs from inspection Track loan and appraisal and assure they meet contract time contingencies Ask listing agent/seller to provide owner's title insurance for reissue rate. If they cant provide it, I track it down from the property's last settlement. Do Walk through with buyer and point out any possible flaws Review and approve Alta before settlement Organize and accompany buyers to closing or organize virtual settlement. Give Keys and AWESOME Closing gift. Follow up in a few weeks and every quarter thereafter to see if they need any contractors or any help with anything. ** I may be forgetting something, but this is what I can write top of mind from my car :-)

@LockedUpLarry

3 ай бұрын

@@CarynGardiner I guess that’s needed for some buyers?! I’d argue that while it’s awesome you’d do that….most of that buyers do anyway. The days of phone books are over…. meaning your list of contractors maybe cool… but the internet!!! I’ll stop, because you’re taking any points personally. I’m sure you’re an awesome person. Hope you’re not driving. Good day.

@CarynGardiner

3 ай бұрын

In my experience, I do everything I wrote for my buyers. Not taking anything personally. Just trying to answer your questions :-)

How are buyers screwed? The price point for a buyer’s agent will now be competitive. Most “buyers” today are stretched very thin, and FOMO buy with fha even. So, if anything, buyer’s agents are screwed. Buyers, of the before mentioned, will go with the cheapest and newest developments to come out of this change. E-Buying and discount brokers will replace the current system. Stop spreading fear because your bottom line will/might be affected.

@CarynGardiner

3 ай бұрын

Did you watch the whole video? 😉

@LockedUpLarry

3 ай бұрын

@@CarynGardiner always! But only because of that gorgeous face of yours.

Absolutely. Sellers wont budge, at least not voluntarily. However, investors will now see housing as a much more liquid asset, thereby actually driving a lot more buyers into the market.

@JohnJohnCrusher

3 ай бұрын

But what if they want to make the sale? If I were a seller I'd reduce my ask by 3% and be the lucky one who actually makes the sale.

@grownupgaming

3 ай бұрын

@@JohnJohnCrusher yeah in places where it's a buyers market i could totally see that happening.

@LockedUpLarry

3 ай бұрын

Sellers have to consider the price point they are in. If you are selling a 500k and up home…. the buyer dosent care about funding their own agent. If you are selling 500k and below….. you will be competing for FOMO buyers and buyers without cash. So, yes, the seller who offers assistance with agents (pretty much the old system effectively) will do better. lol. I’m just happy that most buyers agents are having to itemize their services, and compete on price. Lol

I honestly feel the buyer is getting screwed multiple times. Buyer needs a huge down payment, higher interest, inflated home prices and now needs to pay an agent. Wth…..when in reality it’s been the buyer paying the commission all along when they buy a house where the commission is built into the price. Does no one get it?!

As I game this out in my head how this might work, I don't see a benefit to the buyer. I don't believe the architects of this new process understand the true impacts of what this might create. Honestly none of us actually know until we go through this for a year.

@CarynGardiner

3 ай бұрын

agree 100%

Just one more realtor trying to convince people that the sky is green. She knows that markets are efficient.

If the buyers are required to pay their realtor, let's say 3%. Many buyers are stretched as far as buying as much home as they can, then the buyers have 3% less money to spend on a purchase.

Talked with a local agent last week about this. She said she has talked with other agents and their sellers. The sellers said it won’t change anything, they will pay the commissions . “When you want your home sold, you want it sold.”

I am posting this on all the real estate, financial type KZread channels. Let's just call this real estate market what it is right now, GREED! If we can use all these channels to get the word out to “Us” would be homebuyers, to just STOP BUYING! If we can get enough people on board with this, it absolutely would bring home prices down. The only reason prices are as high as they are right now, is because people continue to buy at these ridiculously high prices! Let's all do our part to get the word out, STOP BUYING. Spread the word! We will all be able to buy much more affordable homes in no time! It's only logic. I believe a good rule of thumb is that we do not begin buying until we start approaching the early 2020 prices. Thank you and good luck to all of you, soon to be home buyers.

@corey_watsonkyagent

3 ай бұрын

I heard of this a few years coming from builders. “Due to the inflation of costs… profits margins are shrinking at an unmanageable rate, unless costs are transferred to the consumer.” Agents don’t control this folks!

There is no hope for must buyers especially in the DMV, so crazy how bad its gotten, makes me just want to move to another country lol

@CarynGardiner

3 ай бұрын

Sometimes I feel the same!

I know in our area in New England with extremely limited inventory, sellers will never reduce their price. They'll gladly pocket the 2 to 2.5% net from the sale. This just makes it that much more expensive for buyers... having to pay more at closing because the buyers will have to pay their agents out of their pocket. Sure, one could ask for a credit equal to the percentage needed to pay the buyer's agent, but that means the price of the house increases even MORE for the buyer on top of having to overpay for the house due to bidding wars. Of course, this can hurt the sellers, too, if they are in the market to buy a bigger home. They in turn will have to pay their agent's commission as buyers. I'm not sure if that's going to be cheaper in the long run for sellers who become buyers who are looking to upsize.

@CarynGardiner

3 ай бұрын

Very well thought out response. Thank you 🙏🏼

Caryn, why is their no rock on that finger? there should be a big ole rock on that ring finger. great video!

Beta test.

Realtors are obsolete.

@corey_watsonkyagent

3 ай бұрын

As a person of color, we’ve only been at the table for 50yrs. People in my community need to be most informed about the process and possibility of home ownership. The added distrust for agents only reflects on the times of deed restrictions and redlining to marginalize minority communities. PEOPLE ALWAYS RUN TO SUPPORT THE BRAINWASH AND MISINFORMATION!

@CaptainCaveman1170

3 ай бұрын

Not yet but what Silicon Valley did to taxi cab drivers, they are desperately trying to do to Realtors too. That's 100% what this change was about.

Property prices are way too high and the interest rates are high. Payments are too much for me. So I don't care what Realtors make. I going to be a renter the rest of my life.

So much for Biden building back better!!! The average American can't afford to put a roof over there head!!!!! 😒

This will reduce the number of buyers, and sellers will get less.

@zracrental7466

3 ай бұрын

Not really

“Comps” lol. Y’all let the comps game get way out of control. This will be the next settlement. “Fudged comps settlement”

@CarynGardiner

3 ай бұрын

This makes no sense. Data is data. I’m not sure what terrible experience you had but I’m sorry you went through it

@LockedUpLarry

3 ай бұрын

@@CarynGardiner I haven’t had any that I’ve not walked from. I’ve personally seen a few bad appraisals more recently. Only during years 21-current. But yes, I get that you are making a point that “comps” are a service provided….. but let’s be real. Can you itemize your services as a buyers’ agent? Do you think a buyers agent will have to in the future? I don’t think buyers are screwed. I think a lot of buyers agents are though if they think what they are doing will fetch 3% on most deals. Time will tell.

@LockedUpLarry

3 ай бұрын

@@CarynGardiner “selective data” makes sense. Have you never seen an over zealous appraisal? Where the math doesn’t add up? Or you wonder why certain properties were selected for comparison? You know exactly what I mean, and it makes a lot of sense. NAR held the line until they took the settlement, too! Let’s play dumb then. If you had to itemize and put a price on putting together a comps sheet…. what would you charge? Is that a competitive price point? Maybe I’ll hire ya

@CarynGardiner

3 ай бұрын

No need to be rude “play dumb”. Have a great day 😊

@LockedUpLarry

3 ай бұрын

@@CarynGardiner thanks, hon! You too. Good luck out there!

Get a real job

@CarynGardiner

3 ай бұрын

Rude

can i talk to you for 5 minutes