Oct

1

You’ll pay but you’ll pay less

Filed Under denver post, real estate 

As the weather and the leaves turn, for some reason the Denver Post and the Rocky Mountain News have had a blitzkrieg of real estate and mortgage articles. This latest one called, Commission remission regarding the the declining commission for real estate agents is a doozy.

Commission rates last year averaged 5.2 percent nationwide, according to Littleton-based Real Trends newsletter, whereas in 1991 that number came in at about 6.1 percent.

That’s 5.2% of your home price. So if your house sells for $250,000 or $500,000, you’ll be shelling out 5.2% of that amount. However, the article discusses that real estate agents are willing to negotiate their commissions:

…real estate clients can haggle over more than just a home’s asking price. They might just work with their Realtor to find a mutually agreed upon commission rate too.

What makes this article somewhat interesting is this quote:

Too many mortgage lenders will do anything to get a loan through…

Actually once I read that quote, I went to read the entire article.

What do I think? If a real estate agent charges 6% to sell your home and sucks, fire him/her. If they charge 4.6% and kicks ass, refer them to everyone you know.

Is your rate too high? If you're looking to compare mortgage rates or to get a rate quote on a FHA loan start here


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