Nearly half of home sellers overpaid their broker fees in 2020

first_img(Getty)In a historically tight housing market, people are falling over themselves to purchase homes — so why are nearly half of American home sellers overpaying brokers who represent buyers?The average commission sellers offered to buyers’ agents was 2.7 percent of the final sale price in 2020, according to a new report by Redfin. But 45 percent of Americans selling their homes last year didn’t get the memo and extended the conventional fee of 3 percent or higher.That’s an improvement from previous years; in 2012, about 60 percent of Americans paid 3 percent or more to buyers’ agents, while the national average was 2.8 percent.But if you’re a seller who paid more than the average, those fees represent thousands of dollars that ended up in someone else’s pocket.It’s also bad news for homebuyers. Broker’s commission fees are traditionally paid by the seller — both for the agent they hire and the buyer’s agent — so are often baked into the price of a home. In a market where prices are rapidly climbing thanks to historically low mortgage rates and inventory, the last thing buyers want is another reason for higher costs.Even the savviest sellers would be hard-pressed to figure out whether they are paying too much or too little in commissions.The industry’s longtime rule of thumb is that agents representing buyers and sellers evenly split a 5 to 6 percent commission off the final sale price, so both walk away with 2.5 percent to 3 percent. But until last year, there was no publicly available record of what sellers actually paid real estate agents to sell their homes.It took a landmark settlement between the Department of Justice and the National Association of Realtors to mandate that brokerages and Multiple Listing Service systems publish sales commissions for agents who represent buyers. (There is still no public record or requirement for disclosure of commissions paid to agents representing sellers.)Redfin has quickly embraced the new transparency requirements — and as a discount brokerage that’s baked under-market-rate broker fees of 1 percent to 1.5 percent into its business model, doing so is in its best interest. Earlier this month, it published agent commission data for 700,000 of its listings.The company’s chief economist, Daryl Fairweather, noted that greater transparency will allow all participants in the housing market to better advocate for themselves and get the best deal.“When a homeowner can see that their neighbor offered a 2.5 [percent] buyer’s agent commission rate, it makes it much easier to justify offering a similar rate when they sell their home,” she said in a statement.On the flip side, when buyers can see that their agent is getting paid thousands of dollars more if they purchase one home over another, “it makes it easier for the buyer to ask their agent for a refund of a few thousand dollars if they opt for the home with the higher commission,” Fairweather explained.Redfin’s analysis was based on data provided by MLS systems, so a market like New York City with no MLS will not have comprehensive accounting. The analysis also excluded commissions over 10 percent or under 0.5 percent as outliers. Contact Erin Hudson hamptons-weeklyredfinResidential Real Estate Email Address* Message* Read moreRedfin to publish broker commissions on 700K listingsRedfin, CoreLogic and CoStar’s love triangleNAR hit with another antitrust lawsuit over commissions and MLS rules Tags Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlinklast_img read more

In a .anything world, the race is on to protect your brand

first_imgby: Ken HarrisAs the Internet expands, the familiar .com, .net and .org domain names are making room for thousands of .anythings. Financial institutions used to operating in a yourbrand.com world must decide how to react to new Internet real estate that will soon include .bank and .creditunion. New .bank domains are available for purchase June 24, which means the race is on to secure your brand.The Internet Corporation for Assigned Names and Numbers (ICANN) – the agency that regulates and governs domain name policy and allocates top-level domains, or TLDs – has opened up this new Internet real estate. ICANN has determined an expansion in the number of TLDs – the unique identifiers immediately to the right of the last dot in an Internet URL address – is essential for the continued health of the Internet.New .bank domains are available for purchase June 24, which means the race is on to secure your brand.Does securing additional second-level domains make sense for your organization? New generic domains include .pizza, .paris, .insurance, .payment and hundreds more. Several brand owners are also launching TLDs, including .allstate, .americanexpress and .jpmorganchase. Although yourbrand.pizza is not a likely candidate, yourbrand.nyc may make sense for a New York-based financial institution, for example. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Best Gold Coast suburbs to buy a house for under $500K

first_img Gold Coast suburbs rank in top 20 Homesites are selling fast in Mirvac’s Gainsborough Greens community in Pimpama.The Gold Coast’s most affordable suburbs have been revealed, with five suburbs presenting the best chance of buying a house for under $500,000.CoreLogic’s Top Affordable Suburbs report for March 2020 identifies the top 100 suburbs across Australia where the median house value is under $500,000.Homes in the Hinterland suburb of Lower Beechmont are the lowest on the Gold Coast, with a median value of $450,993. But with only 21 homes sold there in the past 12 months, budget buyers may be wise to consider other options. Pimpama is the next best thing when it comes to affordable housing — the median value of a home there is $469,855 — and budget home buyers are onto it. Gainsborough Greens by Mirvac at Pimpama on the Gold Coast.The latest release of homesites in Mirvac’s Gainsborough Greens community in Pimpama saw 70 per cent sold within two weeks.Sized from 400sq m and priced from $260,000, 46 of the 61 homesites in Habitat Release were snapped up for a total of $13 million.Warwick Bible, Mirvac General Manager, Residential Development Queensland, said affordability, access to the highway for commuters, Pimpama City shops and services, and a proposed train station made the suburb a smart option.“The northern Gold Coast continues to be one of the fastest-growing areas in the city and it is easy to see why, with the ability to build a brand new and relatively affordable home with everything you could need in easy reach,” he said. MORE NEWS: Mums births twins then bids at auctioncenter_img The neighbouring suburb of Coomera is the Gold Coast’s third most affordable, with a median house value of $472,149. And with 252 homes changing hands in Coomera in the past 12 months, buyers have plenty of stock to choose from.In Nerang, house values have a median value of $475,710, while in Ormeau Hills buyers pay around $493,957 for a house. More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoFor those with a little more in the budget, several suburbs offer a median house price that’s under $550,000.Canungra ($507,851), Ormeau ($516,709), Upper Coomera ($518,877), Coombabah ($522,185) and Labrador ($530,725) rank among the top ten most affordable suburbs on the Gold Coast.Highland Park, where the median house value is $536,609 also represents good value, as does Merrimac where a house will set you back around $545,951.At the other end of the scale, Mermaid Beach is the most expensive suburb in which to buy on the Gold Coast, with a median house value of $1.389 million.Hot on her heels is Surfers Paradise where you can expect to pay around $1.307 million for a house, while $1.132 million is the median for houses in Broadbeach Waters.Eliza Owen, Head of Australian Research at Core Logic, said affordability metrics showed property on the Gold Coast was more affordable than the Sunshine Coast and the Richmond Tweed region, but less affordable than greater Brisbane.“As of February 2020, the median house value across Brisbane is $551,770, compared with $661,560 on the Gold Coast,” she said.“Prices across the Gold Coast have risen since September, and this will have weakened the affordability position in recent months.”last_img read more

Mauricio Pochettino: Tottenham could do with another striker

first_img Pochettino has previously argued that Son Heung-min, Clinton Njie, Nacer Chadli and even Erik Lamela could step in up front but all those players are more comfortable playing wide as attacking midfielders. Kane’s excellent form and unwavering fitness have made light of Tottenham’s vulnerability but Pochettino admits it is an area the club may look at again. “We have offensive players who can play like Harry. There is Sonny or Chadli or Clinton – they can play like a striker,” Pochettino said. “But maybe it’s true. I recognise they are not a specific striker so maybe we work to try to find such a player we can add in the next transfer window or in the summer to try to help the team. “We are trying to follow players now, but it is very difficult. What is most important is that we do not rock the balance of the team. It is important we find someone who is very specific. “For me, always you want to find a striker that scores a lot of goals and who has good physical condition, good characteristics, can press, work hard and is a nice guy too.” Berahino was Tottenham’s number one target at the end of the summer but they failed to agree a fee with West Brom, who repeatedly made public their frustration regarding Spurs’ bids. Pochettino may get to see Berahino up close on Saturday, when his side face West Brom at the Hawthorns, but the Argentine played down suggestions the forward may raise his game. “You never know because it is impossible to be in that player’s mind,” Pochettino said. “West Brom have a lot of good players. You can’t be more worried about some players because of rumours or what happened in the summer.” Mauricio Pochettino admits Tottenham could do with buying another out-and-out striker in the January transfer window to help Harry Kane. Spurs failed to land a centre forward in the summer, despite making a series of bids for Saido Berahino, leaving Kane to shoulder the burden almost single-handedly so far. Kane has played in all of Tottenham’s 20 fixtures this season and started every game but two, coming off the bench in Europa League matches against Qarabag and Anderlecht. center_img Press Associationlast_img read more

Smaller, more efficient cars more attractive to buyers

first_img “The last three weeks have been horrible,” he said. “Did people call each other and say, ‘Don’t buy a car this month?’ I don’t know.” It wasn’t unexpected. Oliff said the aggressive summer discounts had likely cut into the fall buyer pool. “That took a lot of business from these coming months,” he said. “People that would buy cars now have already bought.” While Oliff expects sales to stabilize before year’s end, these lean months are taxing times – sales people need to be paid, and a wrong move could mean more problems. “If the dealerships continue to spend money on advertising … it’s going to be even worse,” he said. “We have to wait out the storm. “But it’s good for customers to buy cars right now. We’re going to be really aggressive to make a deal.” As for any perceived impact on consumer behavior from high gas prices, Oliff believes SUVs are still king in Santa Clarita. “People are not buying cars based on economy or gas prices,” he said. “A few are, but most people, they don’t think that way. You think minivan sales would be up in Valencia, but they’re buying Hummers.” Despite seeing subtle changes at his auto fair, Shaw agreed. “People are more likely to buy what they’ll get away with than think about the full potential of something,” he said. “In the used car market, people buy what they need. The families need a big SUV, the younger people need a smaller car. “The demographics in the community are mostly families. The necessity for an SUV still exists.” Eugene Tong, (661) 257-5253 [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! VALENCIA – Persistent high gasoline prices may have dented some car buyers on the prowl – rather than a big, bad ride, many are considering smaller engines or even smaller cars. At the Santa Clarita Auto Fair, a weekend community display in a College of the Canyons parking lot, organizer Tyler Shaw noticed a trend: Passenger cars are fetching better prices, while large sport utility vehicles and trucks require a trim to unload. “People are getting better prices for smaller cars,” said Shaw, who has staged the direct buyer-to-seller market since 1999. “To sell the bigger SUVs, the sellers have to price them more aggressively.” A large truck or SUV could sell for $8,000 to $16,000 a year ago – now it’s closer to $6,000 to $15,000, depending on condition, Shaw said. For passenger cars, a 1992 to 1996 Honda Civic or Toyota Corolla could now fetch $3,000 to $5,000, compared to about $2,000 the same time last year. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week “It seems more of an issue whether a car is a four, six or eight cylinders – that relates more to the gas prices than what’s on people’s mind when they’re buying,” Shaw said. Though fuel prices have taken a dip – a gallon of regular unleaded averaged $2.89 Friday in Los Angeles/Long Beach compared to $2.95 a month ago, according to the Automobile Club of Southern California – it’s still 44 cents higher than the $2.45 recorded a year ago. Some industry analysts have identified changes in consumer behavior as both Ford and General Motors reported sales decreases in September of 20 percent and 24 percent respectively for the 2005 model-year vehicles. Especially hard-hit were large SUVs and pickups, though GM had a strong summer when it offered employee-pricing discounts. Meantime, Japanese automakers reported double-digit percentage growth in September: 12 percent for Honda, 16 percent for Nissan, 10 percent for Toyota. In Santa Clarita, new car sales slipped at some lots by as much as 40 percent, said Kevin Oliff, president of the Santa Clarita Auto Dealers Association and general manager at Power Chrysler Jeep in Valencia. last_img read more

2010: South Africa’s watersport winners

first_img20 December 2010Blessed with a beautiful coastline almost 3 000 kilometres long, South Africa is a watersports playground – and in 2010 the country’s watersport athletes shone in a variety of disciplines.Durban surfer Jordy Smith made the headlines for a brilliant year on the ASP World Tour which finished with him as runner-up to the legendary Kelly Slater for the world title.He delighted South African fans by winning back-to-back events in the country, capturing the Mr Price Pro and then the six-star-rated Billabong Pro at Jeffreys Bay, one of the world’s most revered surfing venues.In addition, he placed second in the Quiksilver Pro on Australia’s Gold Coast and was also runner-up in the Rip Curl Pro in Peniche, Portugal.By claiming second spot behind the 10-time world champion Slater, Smith relegated 2007 and 2009 ASP World Tour champion Mick Fanning to third place.Surfing in the snowIn April, Royden Bryson scored a superb victory in amazing conditions at the six-star-rated O’Neill Coldwater Classic in Thurso, Scotland. During the event there was the remarkable spectacle of surfers catching waves while snow fell about them.After claiming victory, Bryson commented: This was one crazy day. I’m not sure if I’ll ever get a chance to surf in the snow again! So, on top of winning, this makes it one very special day for me.”Big wave surfer Chris Bertish scored the biggest win of his career when he captured the Mavericks Surf Contest at Half Moon Bay in California.The conditions were epic, with waves estimated to be in excess of 40-feet high. There was even an incident where a monster wave knocked down a viewing platform, resulting in serious injuries to 13 people, including broken limbs.Bertish, though, gutsed out a tough win and remarked afterwards: I took the worst beating of my life out there.”Rider of the YearGrant “Twiggy” Baker, a winner of the Mavericks Surf Contest in 2006, and acknowledged as one of the world’s leading big wave chargers, was rewarded for his efforts at the Billabong XXL Big Wave Awards. He won the Ride of the Year and with it pocketed a cheque for $50 000.In November, both Bertish and Baker received invites to the most prestigious big wave event in the world, the 2010/11 Quiksilver in Memory of Eddie Aikau.It wasn’t just the younger generation of surfers that excelled, either. South Africa finished second in the 2010 ISA World Masters Surfing Championship at Santa Catalina in Panama, picking up three gold, one silver and two bronze medals.Cowes Week winAlso out on the oceans, in August, for just the second time in the 168-year history of Cowes Week, one of the largest and most prestigious sailing regattas in the world, a South African yacht, Jeraboam, won its class.Competing in the very competitive J-109 class, the team from the Royal Cape Yacht Club raced to an easy class victory with a race to spare.The Durban Surfski World Cup underlined South Africa’s status as a powerhouse of the surfski world, with Dawid Mocke outsprinting Matt Bouman to take victory. Mocke’s brother, Jasper, rounded out the podium places.South Africans also claimed all the podium places in the women’s event, with Nikki Mocke winning from Michele Eray and Michelle Eder.Swimming starsSouth African swimmers continued to prove themselves world class competitors, excelling in the Fina/Arena World Cup and the Commonwealth Games.They led South Africa’s medal push at the Commonwealth Games in Delhi, winning 16 of the 33 medals the country totalled. South Africa won 12 gold medals to finish fifth on the medal table and seven of those came from three swimmers.Natalie du Toit led the way with three victories: in the S9 50 and 100 metres freestyle, as well as in the 50 metres butterfly.Teenager Chad le Clos announced himself to the world with victories in the 200 metres butterfly and the 4 by 100 metres individual medley.Cameron van der Burgh, meanwhile, confirmed himself as the world’s fastest man in the breaststroke, taking victory in both the 50 metres and 100 metres against very strong opposition.Roland Schoeman, although not a winner in any event, deserves special mention. He won three medals to take his Commonwealth Games haul over the years to 11.South Africans also shone in long-distance events for the first time since Ryk Neethling, in the days before he turned his attention to shorter events: Wendy Trott won a silver medal in the women’s 800 freestyle and Heerden Herman picked up silver in the men’s 1 500 freestyle.Natalie du ToitNatalie du Toit also starred at the International Paralympic Committee’s Swimming World Championships in Eindhoven, Holland, by winning six gold medals, one silver and one bronze.Her long-time excellence was recognised when she was named the Laureus World Sportsperson of the Year with a Disability at a gala ceremony in Abu Dhabi in March.In South Africa, the Midmar Mile, which in 2009 had entered the Guinness World Records as the largest open water swimming event in the world, produced even more finishers in 2010, with over 14 200 swimmers making it compared to the 13 755 of the previous year.Hank McGregor wrote his name into the record books by winning the 228-kilometre long Berg River Canoe Marathon, regarded by some as the toughest canoe marathon in the world, for a record seventh time.On a sad note, the paddling community said goodbye to Dusi legend Graeme Pope-Ellis, who won the race an incredible 15 times in three different decades. He was tragically killed in a farming accident.Would you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

2018: a year to nurture opportunities for growth

first_imgA New Year message from Brand South Africa’s CEO, Dr Kingsley Makhubela.Dr Kingsley MakhubelaA new year always ushers in a sense of renewal – a renewal of purpose and collective commitment to excellence in strengthening our country, accordingly helping to build a more resilient Nation Brand.For all of us, 2018 brings opportunities for forgiveness, tolerance and unity. As we close the pages of 2017 and turn the opening chapter of this brand new year, we have much that gives us hope. In our journey as a nation we have accomplished a great deal, however there is so much more to be done.As a collective, we in Brand South Africa, together with government, business and civil society need to strengthen our collaborative efforts to ensure that we get back on our development trajectory of improving the climate for investment and business expansion, which consequently translates into conducive conditions for economic growth and job creation in South Africa.There are encouraging indications that 2018 will be a year of continued positive transformation for South Africa and its people. The confidence of local and international investors remains high as attested by various reputable international investment bodies.According to the 2017 World Bank’s Africa Competitiveness Report, South Africa is positioned at No.2 in the Africa Competitiveness Report, which sees the country’s global ranking for 2016-17 improved by nine places – from 56 in the 2014-15 47 out of 138 countries worldwide.South Africa also ranks No.4 in the most attractive investment destination in Africa, based on the growth factor of the gross domestic product (GDP), ease of doing business in the country and significant population, according to the 2016-2017 Africa Investment Index 2016 by Quantum Global Research Lab.The recently released 2017 Mo Ibrahim Index of African Governance states that South Africa ranks No.6 of 54 African countries for its quality of governance, with the 2017 Ernst and Young Attractiveness Programme indicating that South Africa continues to be the top Foreign Direct Investment (FDI) destination in Sub-Saharan Africa and in 2017 attracted the bulk of FDI projects destined for the continent with a share of 20.6%, Egypt at 11.7%, Morocco at 12%, Nigeria at 7.5%, and Kenya at 5.9%.South Africa’s reputation ranks 45 out of 71 countries and is among the BRICS countries, positioned in 3rd place with Brazil and India in first and second place respectively, reports the 2017 Country RepTrak® study conducted by Reputation House. With these indicators comes the firm resolution to achieve desired results and meet deliverables, forthe past year has seen us make momentous decisions that have set the nation on a new direction.This year let us promise ourselves that we will maintain a positive attitude throughout the year – whatever the challenges. I envision a South Africa where we exhibit values and attitudes that foster peace and goodwill – a country where citizens are actively involved in their communities, and most of all, a nation that is deepening its democratic dispensation and strengthening its systems of governance.Let us nurture opportunities and possibilities for progress and new achievements for ourselves, our families, our communities and our country.As we look ahead to a year of greater opportunities and unity, let me wish you and your families a peaceful, prosperous and happy New Year.Notes to the EditorAbout Brand South AfricaBrand South Africa is the official marketing agency of South Africa, with a mandate to build the country’s brand reputation, in order to improve its global competitiveness. Its aim is also to build pride and patriotism among South Africans, in order to contribute to social cohesion and nation brand ambassadorship.About Play Your PartPlay Your Part is a nationwide programme created to inspire, empower and celebrate active citizenship in South Africa. It aims to lift the spirit of our nation by inspiring all South Africans to contribute to positive change, become involved and start doing.A nation of people who care deeply for one another and the environment in which they live is good for everyone.Play Your Part is aimed at all South Africans – from corporates and individuals, NGOs and government, churches and schools, from the young to the not-so-young. It aims to encourage South Africans to use some of their time, money, skills or goods to contribute to a better future for all.Join the conversation:Facebook: Official Brand South AfricaTwitter: @Brand_SAFor more information or to set up interviews, please contact:Tsabeng NthiteTel: +27 11 712 5061Mobile: +27 (0) 76 371 6810Email:[email protected] www.brandsouthafrica.comlast_img read more

NBA Finals tip off with Jordan Bell at center for Warriors

first_imgTwo-day strike in Bicol fails to cripple transport LATEST STORIES 🇶1⃣’ Jordan Bell 🔔@Warriors | #NBAFinals pic.twitter.com/aee1zbGM8X— NBA France (@NBAFRANCE) May 31, 2019FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsThe first NBA Finals outside the U.S. have tipped off, with Jordan Bell doing the honors for Golden State.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next ‘Rebel attack’ no cause for concern-PNP, AFP Private companies step in to help SEA Games hosting Tune-In NOW to watch Game 1 of the #NBAFinals Presented by @YouTubeTV between the @warriors and @Raptors on ABC & Sportsnet! https://t.co/Bd6CzG5qLD— NBA (@NBA) May 31, 2019Andre Iguodala was also back in the Warriors’ lineup after missing the last game of the Western Conference finals with left calf tightness.ADVERTISEMENT Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue Catholic schools seek legislated pay hike, too Don’t miss out on the latest news and information. center_img PDEA chief backs Robredo in revealing ‘discoveries’ on drug war View comments Cayetano: Senate, Drilon to be blamed for SEA Games mess Witness claims NBP medical ward used as drug trade ‘communications center’ PLAY LIST 05:25Witness claims NBP medical ward used as drug trade ‘communications center’01:08Smash hit? Tesla suffers broken glass mishap at launch of new truck04:11Robredo accepts Duterte’s drug czar post appointment02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss DA eyes importing ‘galunggong’ anew Train in Spain DeMarcus Cousins was active and available after recovering from a torn left quadriceps, but coach Steve Kerr opted to go with Bell as his starting center — or centre, as it’s spelled in Toronto. Kerr says he expects he will have to use Cousins in shorter stints in his first game since getting hurt in the first round. MOST READlast_img read more