My friends and I don’t really do business with each other so no one feels obligated or think they are getting hosed. My wife’s family/friends are the opposite.
Housing market
- Thread starter simply1
- Start date
It should be a higher percentage the higher the value, right? It makes sense for the tax code so why not here?
We did this when we sold our house. We sold it for 5%. But also, buyers agents in our area are only getting 2-2.5%.
Yeah we definitely look at this differently. For me if the work is the same the fee should be the same. So using your examples I would say $6K should be the fee for any house unless there is some extra work realtors have to do I am not aware of as the home price increases.
As to your wife’s best friend realtor situation… yeah it’s best you just take it and smile lol. Maybe even offer a tip lol
For all but a single day, interest rates spent the entire month of October above 7.5%, topping out at 7.80% on Oct. 25, according to our ICE U.S. Conforming 30-Year Fixed Mortgage Rate Lock Index,” said Walden. “Mortgage rates haven’t been that high in 23 years, which continues to hammer affordability. The situation was already dire, but recent weeks have seen rates climb to where it now takes nearly 41% of the median monthly income just to make the P&I payment needed to purchase the median-priced home. That payment has risen by $144 over the past 30 days and now sits above $2,500 a month for the first time in history. Keep in mind, that record-high payment doesn’t include taxes, insurance or any HOA fees that may be part of the homeowner’s monthly expenses. For the last 35 years, the share of income needed to cover P&I has averaged below 25%. Affordability pressure is not coming from interest rates alone, though. The last time affordability was this bad in the 80s, rates were in the double digits and the average home was about 3.5 times median income, in stark contrast to today’s price-to-income ratio of nearly 6-to-1.
That 25% DTI number seems hella low, but I'm probably used to California lending. 25% is a dream for most.
Doesn't count taxes or insurance which looking at my bill is nearly 30% of it on a 15-year mortgage. So more like 35% historically with that included.
