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HOUSING: Real estate agents bailing out, except in Southwest Riverside County (CA)
North County Times ^
| May 19, 2012
| Eric Wolff
Posted on 05/21/2012 8:43:21 AM PDT by C19fan
Real estate agents are getting out of the profession in California ---- except in Southwest Riverside County, according to the California Department of Real Estate and the Southwest Riverside County Association of Realtors.
A housing crunch left real estate agents faced with selling houses for less than what homeowners owed in mortgages, working with lenders suddenly terrified to give out loans, and otherwise battling headwinds that dramatically reduced their sales.
(Excerpt) Read more at nctimes.com ...
TOPICS: Business/Economy; US: California
I put real estate agents in the same league as our politicians and pimps. What other item does one buy that requires the use of an "agent"? I remember during the housing bubble in CA and seeing lots of agents driving around in fancy luxury cars earning tens of thousands of dollars for doing nothing.
posted on 05/21/2012 8:43:30 AM PDT
A lot of "real estate agents" are part timers with a full time job who took a couple of classes, took a test and are now selling houses. You could do that when banks would give loans to anyone with a pulse and prices were galloping upward. It's not so easy when people can't sell because they are under water with their mortgages and the rest don't want to hear that their demand is $50,000 above the market rate in the neighborhood and will have to be dropped. It was a lot easier when the realtor could say "$500,000? I think we can get $650,000 for it. Now give me my 6%."
posted on 05/21/2012 8:49:53 AM PDT
(You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
“I put real estate agents in the same league as our politicians and pimps”
...that’s nice. Put us all in your little “pimps” club. I’ve saved clients thousands of dollars via offer and inspection negotiations. People simply don’t know how to negotiate real estate. I just closed a deal where the sellers refused to have a moisture issue in their crawl space taken care of for my buyers. I told them that if they don’t fix it for us, they’ll have to disclose to the next buyers. We backed out even though my buyers wanted to stay in. In 2 weeks they called me and begged for my buyers to come back, as I figured. They not only fixed the crawl space but I got the price down another 10K from 290K. When a house goes back on the market it loses value because people don’t want to buy something that someone else backed out of. Too many unanswered questions. There are a lot more details but I wouldn’t want you to try and
comprehend too much in one sitting.
posted on 05/21/2012 9:08:04 AM PDT
Nobody has to have an agent to sell a house. You can hang out a sign and try to sell it yourself. No commission necessary.
posted on 05/21/2012 9:08:51 AM PDT
(...please make it stop. Shake a can of pennies at it.)
The Economist did a good article on US Real Estate trade a couple of weeks ago.
Bottom line: in the US we pay too much for real estate transactions. More than in Europe / Canada etc. as a per centage.
They were surprised that the internet did not destroy the MLS monopoly and theorize the we enjoy the idea of paying more to access the agent as a partner. Go figure.
posted on 05/21/2012 9:24:30 AM PDT
IIRC there was a time when every 8th adult in California was a licensed real estate agent. Hahahahaha! Maybe those that remain should learn Mandarin and Cantonese....
posted on 05/21/2012 9:34:56 AM PDT
(Ich habe keinen Konig aber Gott)
Mine was worth every penny... She is a buyer's agent and saved me tons. There are bad apples in every barrel...
posted on 05/21/2012 10:20:54 AM PDT
(The ultimate result of shielding men from the effects of folly is to fill the world with fools ~HS)
Good news. There was a time no so long ago in SoCal that every little mother around was getting a RE license. It was like Tupperware parties...........
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