, 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.
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