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If Hines are selling at or above asking price in just 2-3 weeks, it seems clear that people are underpricing the list price. Especially since more people are paying cash, waiving inspection contingencies, etc. Who benefits? Real estate agents who are making commissions on elevated prices with less work to get the job done. You don’t need to show a home 5-10 times to get nice offers Jen the price is set too low. They would argue that their interests are aligned with the owner’s. But for every $10,000 they underprice a home, it costs them only $700 (split among 1-2 other agents/agencies) but it costs you $9,700. So your collective interests aren’t really aligned very well, are they? Put another way, a $300,000 sales price garners $21,000 of commissions to be split among the agents for 2-3 weeks of work. Do they really care if they could have earned an extra $700 but had to work for 2-3 months to get the sale?
Dear IBJ editors – please allow commenters to edit their comments. Readers, pardon my sloppiness while posting from my cell phone: 1st sentence: “If *homes* are selling…”. 5th sentence: “… to get *nice* offers, then the price is set too low”.
7th sentence: “…but it costs you *$9,300*”.
Every county needs more affordable housing units. Get it together people. Workers make cities viable.
I get constant calls from cash home buyer companies . How many homes are going to investor funded buyers ? Who are these investors ? Are they foreign oligarchs amassing their wealth in American real estate. Does anybody care about who is buying up property in our country ?
95% are locals just trying to take advantage of people in a pinch.
Wholesalers are a stain on society.
Out of state investors should be taxed at double those who are local investors
I like the idea James. If we can cap taxes for owner occupied residential at 1% and rentals at 2%, why not a 6% cap on out-of-state ownership of residential? When they can’t make money, they can sell to locals who will either occupy it or be more likely to responsibly rent and manage it. And if they don’t, at least they’re easier to locate and deal with.