Fee for Service Real Estate Changing the Way People Buy and Sell Homes
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Written by: sarawilliams
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Word Count: 512 |
Date: Thu, 25 Jun 2009 |
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The current economic downturn has consumers looking for ways to trim their budgets and create a financial safety net to make it through the recession. Real estate is still one of the areas of the economy struggling to keep a toe hold. Many areas of the country have been wounded by significantly declining property values. A lot of homeowners in those markets have less equity in their homes or have loans that are larger than the price of their properties now. Foreclosure rates have continued to increase, which has exacerbated the surplus of unsold homes on the market. The new government stimulus bill aimed at the housing sector has many optimistic that it will be enough to encourage potential buyers to jump into the real estate market and get that part of the economy moving again. One of the main goals of the plan is to help responsible consumers and their lenders make mortgage payments more manageable, thus reducing the number of defaults and foreclosures. The one welcome change in all the real estate tumult has been interest rates. Many consumers who had previously put their home purchasing decisions on hold, are now encouraged by historically low interest rates. Some penny wise consumers in the current economy, however, are choosing non traditional fee for service real estate alternatives, representing themselves and trying to find the best deals.
The way people buy and sell houses in this post bubble economy will likely be very different than ever before. Realtors were king during the housing boom. In many markets, they were able to easily sell houses in multiple offer scenarios. The way people buy houses, however, was slowly changing even prior to the economic downturn. Ten years ago, there were no fee for service real estate options or online homes databases. You had to rely on a realtor to find listings and see homes. The only model back then was paying a realtor a commission to help you buy or sell a house. The internet has empowered both buyers and sellers. You can preview houses, plot them on a map and compare prices from the convenience of your living room. In addition, fee for service real estate is empowering buyers and sellers. Fee for service real estate is a model that charges a consumer for real estate services, in lieu of a commission percentage. Different companies offer different fee for service real estate choices. It can range from a pay as you go model to a base price with various additional options at a cost. The advantage of fee for service real estate options is that it allows buyers and sellers the option to choose the specific services they want. Real estate agents who support the model believe it shows the value of their work more than a strict percentage commission model does.
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