Florida Real Estate Agents Getting Full Commission Despite Housing Lag
Weston Title is at the pulse of the Florida real estate market. Even though low home values continue to cause Florida homeowners grief in the real estate market, people looking to sell their homes are paying the full commission rate demanded by Florida real estate agents.
The Sun Sentinel reports that in spite of the high Florida foreclosure rates and steadily declining home values, sellers are forking over the six percent commission to have a real estate agent sell their home for them.
This represents an interesting turn of events for brokers who, just a short six years ago, had to give sellers hefty discounts in order to stay competitive. At that time, the number of agents in the market had swelled to almost unsustainable rates as people wanting to get a piece of the housing boom opted for the career choice by the thousands. Homes were selling fast and sellers weren’t convinced they needed an agent. Fast forward to 2011 and many homeowners are saying they can’t do without their broker.
Sellers are recognizing that Florida real estate agents have the resources and experience needed to move homes in a tough economy. For Florida homeowners who are underwater and/or facing foreclosure this can be a lifesaver.
“They’re not quibbling with five or six percent,” said Scott Agran, head of Boca Raton-based Lang Realty. “They’re saying, ‘What can you do to sell my house for the highest price and in the quickest amount of time?'” [Read Entire Article]
Surprisingly, it isn’t just home sellers who are cutting checks without asking for a discount. Some agents are reporting that even banks with Florida foreclosures and short sales are also paying the full rate so agents will work hard to turn over homes and help them recoup their losses as quickly as possible.
The truth is sinking in. Homes are not going to sell themselves. When you need to move a home fast, a Florida real estate agent can be your lifeline.