, a real estate brokerage on a mission to streamline real estate tech, discovered that a vast proportion of them are underprepared to invest in their first home.
Building on his company's research, Homie cofounder and CEO Johnny Hanna shared with Business Insider the most shocking findings from his survey. "Many millennials aren't aware how much realtors charge when they're buying or selling, and it ends up really costing them," Hanna said. When you're dealing with large numbers, a percentage point doesn't seem like a big deal, but it could mean thousands of dollars in hard-earned equity.
Of those surveyed, 65% of millennials didn't know that the typical amount of commissions paid when selling a home is 6% of the price of the home. "That's $18,000 for a $300,000 home!" Hanna exclaimedBuying or selling a home for the first time can feel like a daunting task. The survey found that 42% of millennials generally believe it's "free" to use a buyer's agent to purchase a home.
"This myth has helped keep real estate commissions artificially high because the current system has made it difficult for sellers to negotiate the buyer agent commission," according to Hanna. The fact is that the buyer's money is typically used to pay both the listing and the commission for the buyer's agent in the transaction. "Only 13% of millennials feel completely confident that they understand the process of buying and selling a home.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Quibi is working with influencers, inside its strategy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Take a look inside Rihanna's summer Hamptons rental - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Thank you rihanna . And people tell others that they are privileged? That's at least two units for the homeless. jakejrh12 Is she Crazy?
Source: BusinessInsider - 🏆 729. / 51 Read more »
US banks seek guidance on PPP loan forgiveness - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. fiverr com/s2/1800e25d03
Source: BusinessInsider - 🏆 729. / 51 Read more »
Why I have term life insurance even though I don't have kids - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. poop canisters
Source: BusinessInsider - 🏆 729. / 51 Read more »
America's education system needs a pandemic bailout - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. JoseFerreiraEDU No it does not... we are number one in $$$ spent per student.. Find the $$ leak JoseFerreiraEDU It needs restructuring as apart from STEM it’s pretty much unfit for purpose using edu tech which is at least 200 years old JoseFerreiraEDU They can’t test the kids and the isolate them except for school?
Source: BusinessInsider - 🏆 729. / 51 Read more »