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As a homebuyer or seller, do you really understand real estate commissions? Do you know how much a real estate agent who lists a house for sale typically gets? Equally important, how much the agent who brings you in as a buyer gets paid — in other words, how the total commission pie gets sliced up?

You may have heard that the “standard” commission is 6 percent, split between the listing agent and the selling agent who represents the buyer. A portion of the agents’ splits then goes to the brokerage under whose banner they work. But 6 percent isn’t the real number. The average commission rate nationwide on home sale transactions hasn’t been 6 percent since 1992, when it was 6.04 percent, according to Real Trends, an industry publishing and consulting firm that obtains confidential transaction data from brokerages annually. In 2005, at the height of the housing bubble, it was 5.02 percent and in 2013 it was 5.38 percent.

Why bring this up? A controversy over disclosure of commission rates in listing contracts erupted in Denver recently, shedding fresh light on what can be a contentious subject, shrouded from public view. The Denver issue: A discount realty firm that offers flat fees — $2,100 to the listing agent, $3,000 to the agent who brings in the buyer — broke ranks with industry practice by publishing the commission percentages promised to buyer agents in listing agreements. Key details of listing agreements are available online to realty agents who are members of the local multiple listing service, or MLS, but not to the general public. In Denver, as in many other areas, MLS rules prohibit disclosure of the commission rates offered to agents working on behalf of buyers.

read more at: http://www.columbian.com/news/2015/mar/02/6-home-sales-fee-isnt-sacred/

disclaimer: for information and entertainment purposes only

While still healthy, the pace of home-price appreciation slowed drastically for San Diego County homeowners in 2014, the S&P Case-Shiller Home Price Index showed Tuesday.

From December 2013 to December 2014, resale single-family home prices rose nearly 4.8 percent. That’s still three times the county’s current rate of inflation, but pales in comparison to the 18 percent value gains seen from December 2012 to December 2013.

The drop off occurred as the mix of resale homes returned to normal, analysts say. In other words, after the housing market crashed, homes previously foreclosed were resold, discounted by 20 percent to 30 percent. That kept prices low. Then, once fixed and sold again for market value – along with other traditional home sales – it made overall gains look quite large.

Foreclosures hit an eight-year low in 2014, so double digit value gains are no longer possible given that discounted homes are rare and wages are only growing by 2 percent or less annually.

“We’re coming through the transition and the market is stabilizing,” said Mark Goldman, a loan officer and real estate lecturer at San Diego State University. “There’s nothing in particular that’s moving the dial on the market. There’s nothing moving the market into an over speculative mode.”

Goldman said there’s some talk that interest rates will increase in the coming months, which should get some buyers off the fence.

read more at: http://www.utsandiego.com/news/2015/feb/24/case-shiller-december-housing-real-estate/

disclaimer: for information and entertainment purposes only

Recommended apps for home decorating from Consumer Reports

Colorsmart – Ready to take on your next paint project? Start with the newly updated ColorSmart by BEHR® Mobile – a convenient, easy to use tool to help you find your perfect BEHR® color, discover new designer-coordinated color combinations, and preview your color choices in room scenes and on exteriors.

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