Zillow Advice: Home Selling - Why the NAR Has So Much Political Influence

Krismer,I don't know how ...

Wed, 03 Oct 2007 18:05:00 GMT

Krismer,

I don't know how zero minutes of watching 60 minutes is too much. So you say there is no database for the MLS? Interesting! LOL

Irrelevant issues aside, I could see all agents working off of a flat fee in the future. The pressure for lower transaction prices due to technological change is going to forcing something to give. Perhaps the broker-agent relationship is the breaking point. There may be simply too much overhead given the current model for RE professionals.

Don.C, the NAR doesn't own ...

Sat, 15 Sep 2007 03:24:00 GMT

Don.C, the NAR doesn't own the MLS database (in fact there isn't a MLS database). And I'd guess that many discount brokers and agents are part of the NAR. You watch too much 60 Minutes.

"I really would preffer to ...

Fri, 14 Sep 2007 14:24:00 GMT

"I really would preffer to use an agent, but I would also preffer to pay that person hourly."

Yes, hourly wages or an "authentic" flat fee.....not a %...would be more in line with what many home sellers/buyers today would prefer. (Actually the first time home buyers wouldn't like that since technically they aren't paying the agents at all. They figure that out years later when they go to sell their starter home!)

As a pretty busy person who ...

Thu, 13 Sep 2007 19:31:00 GMT

As a pretty busy person who is ...uninterested.. in the nuts and bolts of the home buying process (points, documents..blah blah blah) I do hope there will always be services that can walk you through that. Six percent seems a little steep to me (in Ca that could be like 30-40,000$), so I would be glad to see some competition bring that down. Being an RE agent does not require a PHD, the commision percentage should reflect that. I really would preffer to use an agent, but I would also preffer to pay that person hourly.

Don......very ...

Thu, 13 Sep 2007 10:41:00 GMT

Don......very well-stated.

The Georgia Association of ...

Thu, 13 Sep 2007 03:53:00 GMT

The Georgia Association of Realtors is being investigated by the State Ethics Commission for violating political contribution laws.

One comment worth making: any industry that spends millions upon millions of dollars trying to influence politics is doing so to try and reduce competition within their industry (of course they will spin their efforts in as positive a light as possible for self promotion). The NAR is battling the increased competition brought on by technological change over the past 15 years, making it easier (i.e. less costly) to distribute information. They used to have monopoly powers on the industry via the MLS database. But now, with discount brokers, the internet, and For Sale By Owner companies the NAR faces much more competition than it used to. Otherwise they would have no reason to fall back from the old 7% commission rates of yesteryear. Still, 6% is a huge additional cost added onto the transaction.

Things are changing Joanna, slowly but surely. We are all greedy though. That is just human nature. LOL

There are plenty of sources ...

Wed, 12 Sep 2007 23:28:00 GMT

There are plenty of sources of information it is not surprising that a trade group has its own perspective.

Here's to hoping that the ...

Wed, 12 Sep 2007 19:49:00 GMT

Here's to hoping that the media begins publishing more truths about a system driven on greed.

This is a big change. Most ...

Mon, 10 Sep 2007 18:35:00 GMT

This is a big change. Most of the time these "journalists" do nothing but go after Lawrence Yun and David Lereah. Maybe they got tired of Yun so now they are going after other parts of NAR.

"FHASecure is designed for ...

Mon, 10 Sep 2007 17:47:00 GMT

"FHASecure is designed for families who are good borrowers but were steered into high-cost loans with teaser rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "These homeowners, many of whom are minorities, need a safe, affordable mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."

FHASecure will also bring much-needed liquidity to the mortgage market. FHA anticipates more lenders will offer FHA-insured loans, pool them, and securitize them with the Government National Mortgage Association (Ginnie Mae), which has the full faith and credit of the U.S. government. This guarantee makes Ginnie Mae's mortgage-backed securities the safest on the market and helps to channel greater capital into the housing market, benefiting U.S. homeowners.

Since its inception in 1934, FHA has helped almost 35 million people become homeowners, making it the largest insurer of mortgages in the world. The 109th Congress introduced the Expanding American Homeownership Act in June 2006 which would enable FHA to be a safe option for more underserved low- and moderate-income and minority families so they can achieve the American Dream of homeownership. Today, President Bush also urged Congress to quickly pass the Administration's FHA modernization proposal to help more families in need.

For more information about FHASecure and other FHA products, please call 1-800-CALL-FHA or visit www.fha.gov or www.hud.gov. For a list of your local homeownership center or a HUD-approved housing counseling center, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm