ForSaleByOwners.com’s recently put out some interesting real estate predictions for 2009. A couple segments of this article really strike my attention. They talked about how home buyer tendencies and agent commissions rates will change in 2009.
According to the article from marketwatch.com, here are few of the predictions from ForSaleByOwner.com’s…
“Commission Rates Continue to Increase: As homes stay on the market longer and fewer homes are sold, real estate agents will look to increase commission rates to compensate for lower sales volume. Real estate agents typically lower their commission rates during a seller’s market, and increase their rates during a buyer’s market. Prediction: Real estate commission rates will increase from 5.12% in 2007 to close to 6% in 2009, or nearly $18,000 for a home sold for $300,000.
The Internet Becomes More Effective Than Agents in Helping Buyers Find Homes: According to the 2008 NAR Profile of Home Buyers and Sellers, 32% of buyers in 2008 said they first learned of the home they purchased by seeing it on the Internet, up from 29% in 2007, and from just 2% in 1997. In 2008, 34% of buyers said that they first learned of the home they purchased through a real estate agent, compared with 34% in 2007 and 50% in 1997. Prediction: In 2009 – for the first time — more buyers will find the home they purchase by seeing it first on the Internet rather than learning of it from a real estate agent.
Source: What’s Ahead For Real Estate In 2009? ForSaleByOwner.com’s Predictions - By ForSaleByOwner.com
If these predictions hold true, I believe online real estate services such as DoorFly.com will be leveraged by home buyers and sellers to help relieve the higher real estate agent fees expected in 2009. DoorFly.com’s services provide a platform where home buyers can negotiate real estate agent fees as well as providing a comprehensive agent directory for locating a potential rebate Realtor.
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