2 Truths and 1 Lie: Real Estate Edition
Feeling strong nine days into the new year? Alright then, let’s see if you can sniff out the lie in this Two Truths and a Lie: Real Estate Edition:
1. People spend more time researching a new car than they do a home loan.
2. In a real estate transaction, the agent pockets the entire commission.
3. FSBO homes sell for less than agent-assisted homes.
Got your answers? Alright, scroll to see if you were right!
1. TRUTH. Average time spent researching a new car? 11 hours. A home loan? 8 hours.
2. LIE. An agent’s brokerage takes its portion (to be able to run the company to support its agents and keep the lights on), and then the agent gets his or her split. The split varies based on the firm and business model.
3. TRUTH. According to the NAR, FSBO homes sold at an average of $58,000 less than their agent-assisted counterparts.
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