patrick.net

gabbar says

zzyzzx says

Because buyers really don't need agents.

Right, it seems to me that the goal of the buyers agent is to sabotage the buyer.

There doesn't seem to be any incentive for a buyers agent to negotiate a lower price if they are working for a percentage. If a buyers agent gets 2% of a $500,000 transaction they earn $10,000. If they talk the seller down to $450,000 they only get $9,000.

I wonder if it would work if you offered your agent 2% if you have to pay $500,000 or $20,000 if they can get the price down to $450,000?

gabbar says

I hear you. A important lesson that I learned someone at this site is this; buy the smallest house that will fit your needs and not the biggest one that you are technically qualified for.

Something has to break here in the East Bay. A 2 bedroom shack on a postage stamp sized lot next to the refinery is asking over $600,000. Loan costs would be over $3000 a month! A nicer place in a nicer neighborhood rents for $2,600. CoCo county average household income is $104,000.

Onvacation says

I wonder if it would work if you offered your agent 2% if you have to pay $500,000 or $20,000 if they can get the price down to $450,000?

No because the system is not set up to make this possible. In other words, the system incentives unethical behavior of buyer agent.

Right now is not the time to invest in housing. Prices may continue to climb for a while as it continues to be a tight market. If you are a homebuyer, or a young person looking to buy a home, you need a bit of a reset. We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again. - Federal Reserve Chairman Jerome Powell, June 14, 2022