Real Estate Crash thread

[XXX-er]

they can't afford to live hear to you gotta do it yourself
we gen-xers arent the pull yourself up by the bootstrap crowd
we want everything handed to us cheap and easy

My Tennant likes to garden so she buys all the stuff and plants, i think it gives her a sense of whatever gardeners find appealing so she doesnt trash the place, the opposite in fact she bought paint and did the whole basement but I had to subtract that from rent

[Foggy_Goggles]

Hanging out on TGR, whining that the internet is on rewind...so good.

New shit from mountain towns...let me think...this is hard

The bank takes an hour for lunch and closes at 4

City Market closed the deli counter

Parking lots are campgrounds and nobody tents it

People say they paddleboard but they just drift around on the lake

Granby is trying to be a tourist town

Kremmling is an expensive bedroom community of Summit County

So, yeah, not much

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[yeahman]

In amongst all the whining there is a lot of good useful info in this thread, current real world stuff. That's why we all read it. (That and the fact that we secretly love the whining.)

[Kevo]

I appreciate the Rexburg-ites working as cashiers at Broulims. My wife and I have had the strangest interactions with them over the past few years, like truly bizarre behavior.

Speaking of, what do they do when the road is closed? Do they have a dormitory for them in the back somewhere?

There were a few blizardish days last winter where they preemptively closed early and bussed the entire store back to Rexburg before the road closed.

I'm not sure they have ever been stuck in Driggs overnight, but if they were I bet they would be able to crash in the gym at the LDS stake center building in Driggs.

I'd be interested to hear about your interactions. There are definitely some characters that work there. They come from a very different world compared to most present day Teton Valley residents and tourists.

[Danno]

Yup, if lease made yard Danno's problem, get a gardener.

I don't have a lease, just friendlords who look at me askance and say "please pull the weeds".

[Red7]

Can we talk about the RE Agent / Brokerage industry…..

Its 2023…. Why is it still standard to use an RE Agent?

Did you feel like your agent brought you $XX,XXX in value during your last transaction?

How responsible is the RE Agent / Brokerage industry for the current price of things. 15 years of “Oh, your gunna have to offer $100k over because……” certainly has had an affect…

Anyone bought/sold outside of an agent / brokerage?


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I rarely use an agent. Yes, there are some good ones out there, and they could certainly provide value in an unfamiliar market, but it's really not rocket science. It's actually a fairly rubber stamp process most of the time. If you've bought a few homes over the years, saving 3% can add up if you represent yourself. The NAR contracts are written in a way that Realtors are encouraged by the board (and their brokers) to let the contract stand on its own language, and only make changes or add clauses if really necessary. You can get the same State specific contract online or from most Realtors.

The buyer's agent does most of the leg work by scrolling through the listings to find a list of houses to meet your needs and then chauffer you around to show them. Anyone could put together a similar list from Zillow/Realtor.com. The last couple houses we've bought, I've contacted the listing agents directly, scheduled the viewings, wrote up the contract and negotiated the deal (and I'm no genius). It's surprisingly easy and most buyers/listing agents have no problem reducing the price by the 3% buyer's agency commission as the seller still nets the same. If you aren't a licensed agent, you legally aren't able to get paid a commission in most states, but you can write in a 3% price reduction in lieu of it.

Outside of listing the home, the listing agent doesn't do a lot of leg work so if you call around, it's not hard to find someone that will list the property for 1% (vs the usual 3%) if you are doing all of the showings, open houses, etc. In the listing, you still need to offer 3% (or 2% at minimum) to the buyer's agent or they'll ignore your listing (even if it is the dream home they have the fiduciary responsibility to help their client find). Saving 3% on the purchase and at least 2% on the sale adds up in today's market. I can't say I'll never again use an agent as the seller, but as a buyer, I don't anticipate ever "paying" 3% to a buyer's agent again. It may not be for everyone, but it's gone really smooth for me representing myself in the last few deals.

[Red7]

I also think the 6% commission model needs to change given the cost of homes, and the access buyer's and seller's have to data. Maybe AI will play a role in the future.

[Mazderati]

AI already plays a role in descriptions. I wouldn't count on any cost savings being passed to the consumer. See NAR lobby above.

[Danno]

Hey bot, buyers don’t pay RE agent commissions. The sellers do and the listing agent splits it with the buyers agent.

a 2015 registration date and ~150 posts across the forums and you think it's a bot?

[mcphee]

Deleted. Sure sounded like a bot post

[Foggy_Goggles]

The "I know what's best for this place" dirt pimps, politicians, business owner an such becoming less mentally and physically invested sending there kids to school in the front range, buying houses in Costa Rica, attending meetings remotely and generally cashing checks and exiting stage left...is that new?

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[Danno]

Deleted. Sure sounded like a bot post

not really. And FWIW, if you really think "buyers don’t pay RE agent commissions" I got a bridge to sell you in Brooklyn. They don't pay it directly out of pocket, but they sure as hell pay it as baked into the price.

[Ted Striker]

Yeah, AI is writing a lot of listing descriptions. Turns out it's quite adept at bullshit.

As for the 6%, it's down to 5 for most listings in my overheated town.

As for selling ones own house and pocketing the commission, there's a metric shit-ton of data showing that FISBOs leave money on the table. Usually more than what they would've paid an agent. And that's not even taking the value your time into account.

[J. Barron DeJong]

not really. And FWIW, if you really think "buyers don’t pay RE agent commissions" I got a bridge to sell you in Brooklyn. They don't pay it directly out of pocket, but they sure as hell pay it as baked into the price.

mcphee needs to bone up on tax incidence:

https://en.m.wikipedia.org/wiki/Tax_incidence

[snapt]

There were a few blizardish days last winter where they preemptively closed early and bussed the entire store back to Rexburg before the road closed.

I'm not sure they have ever been stuck in Driggs overnight, but if they were I bet they would be able to crash in the gym at the LDS stake center building in Driggs.

I'd be interested to hear about your interactions. There are definitely some characters that work there. They come from a very different world compared to most present day Teton Valley residents and tourists.

Two of my personal favorites:
The kid with Down's calling all the customers Puta's with no idea what it meant.

Another time I was in line behind a very attractive J1. The cashier engaged asking where she was from, turns out Russia, where he did his mission. He spent god knows how telling her about how his mission got ruined by some fellow missionaries who got kidnapped and what a shithole her home was and how shitty the people were etc. He was about halfway through checking her groceries out and she just walked out of the store. It was hilarious.

I stopped by the Shelley Broulims the other day in a pinch. Prices were much less expensive and produce way better.

[east or bust]

Hanging out on TGR, whining that the internet is on rewind...so good.

New shit from mountain towns...let me think...this is hard

The bank takes an hour for lunch and closes at 4

City Market closed the deli counter

Parking lots are campgrounds and nobody tents it

People say they paddleboard but they just drift around on the lake

Granby is trying to be a tourist town

Kremmling is an expensive bedroom community of Summit County

So, yeah, not much

Sent from my Turbo 850 Flatbrimed Highhorse

Ha, would love to hear Djongo’s Jackson version of this

[mcphee]

not really. And FWIW, if you really think "buyers don’t pay RE agent commissions" I got a bridge to sell you in Brooklyn. They don't pay it directly out of pocket, but they sure as hell pay it as baked into the price.

Thanks!

[Danno]

As for selling ones own house and pocketing the commission, there's a metric shit-ton of data showing that FISBOs leave money on the table. Usually more than what they would've paid an agent. And that's not even taking the value your time into account.

I suspect that is in large part because people tend to think they know as much or more than the agents. And not only do they probably not, they also probably don't do all the work necessary to get top dollar than an agent might. For my one sale, I think I could have made it pay out slightly to do it FSBO (if we ignore the hesitancy that other agents might have dealing with a FSBO) but it would have entailed a lot of time and brain damage to do so. And I was VERY tuned into what the market would bear for my house. So even though my agent kind of sucked, I don't regret hiring an agent (I just regret hiring him).

[XXX-er]

A very good agent I used back in the day said " see this book of MLS listings that # in the corner is the commission, to myself and all the other agents that is THE most important thing we check, if you really want to sell fast offer 1000$ to the agent who brings you the buyer but if I sell it your don't have to pay the 1K " she sold my house in 3 weeks to some clients looking at town houses they weren't even looking for a house BUT I didn't have to pay

my ski bro who built the Hankin/ evelyn BC project was a sucessful agent he told me 20 % of the agents write 70 % of the deals, after all is said & done the agent ends up with 1/8th of the commmission, I don't know how he ended up with a fraction but he had a grade 10 educaton

[rideit]

Nah, bro, I said nothing about converting it into a "tiny home" with actual fixtures. No need to expend any of your precious money. Be a real old economy Steve and gouge those Gen Z workers to rent an unpermitted, waterless storage shed. It's like a jail cell but with no toilet. You can add some dumpster quality furniture and tell yourself you are doing a real mitzvah.

Mitzvoh, my old friend.

[Ted Striker]

A very good agent I used back in the day said " see this book of MLS listings that # in the corner is the commission, to myself and all the other agents that is THE most important thing we check, if you really want to sell fast offer 1000$ to the agent who brings you the buyer but if I sell it your don't have to pay the 1K " she sold my house in 3 weeks to some clients looking at town houses they weren't even looking for a house BUT I didn't have to pay

Sounds fishy as hell, but can't say I'm surprised.

...after all is said & done the agent ends up with 1/8th of the commmission, I don't know how he ended up with a fraction but he had a grade 10 educaton

Well, that's two more years than Ricky.

Typically, the "listing" and "selling" (buyer's) agents split the commission, and then have to pay out their managing brokers/offices. So that's four ways. Add that some agents have a team (basically one agent with a few working under their umbrella) so if co-listed with a junior agent there would be an additional split.

[zion zig zag]

Two of my personal favorites:
The kid with Down's calling all the customers Puta's with no idea what it meant.

Another time I was in line behind a very attractive J1. The cashier engaged asking where she was from, turns out Russia, where he did his mission. He spent god knows how telling her about how his mission got ruined by some fellow missionaries who got kidnapped and what a shithole her home was and how shitty the people were etc. He was about halfway through checking her groceries out and she just walked out of the store. It was hilarious.

I stopped by the Shelley Broulims the other day in a pinch. Prices were much less expensive and produce way better.

Two recents from me:
My wife was getting rung up with her groceries and the last thing on the belt was a bottle of wine. The cashier was too young to ring it up so my wife knows he'll have to find someone else to ring it up. But he asks her if she still wants it, of course she is like, yeah, I want it. He immediately grabs a towel from underneath the register and uses it to pick up the wine like it's something dirty, and then runs several lanes over and stashes it somewhere. By the time he finds someone who will scan it, they have to go looking for it, all while she's standing there with a line built up behind her.

A couple of weeks ago I'm checking out and they ask for my phone number and I give them my wife's number since she is the one in the rewards system or whatever. He proceeds to tell me I don't look like a Martinez and doesn't think I'm a Mexican. His next line is about how he would handle someone who was breaking into his home?

I'm always a little excited for the trip just to see what they will say.

[Foggy_Goggles]

Can we get back to the Broulim's humor? My friends usually shop it Rexburg but I pay the premium for the laughs.

Bonus for Jackson/TV friction. I saw some chick unload on a bro from Jackson at the 4way in Victor with a legendary, "take your flat brim, WY plates and attitude back to the tram line" type of rant.

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[Foggy_Goggles]

Nice ZZZ! I always find it hilarious that my All State everything friend has 3 blond boys and could totally pass for Mo. I'm pretty sure it's part of his game and how he gets along with everyone.

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[Ted Striker]

So even though my agent kind of sucked, I don't regret hiring an agent (I just regret hiring him).

Been there.

And people tend to think they know as much or more about flying than I do. Same goes for mechanics. Hell, same goes for doctors with the "own research" crowd, smh.

There's a human shield aspect to both sides being represented too. No weird creep showing their own property, no "your house is a dump" insults, etc.