Impact fees and property transfer taxes are being considered to increase funding for schools. I'm all for impact fees, although I'd bet whatever taxes are collected will be used by our county officials to pour the same amount into other pet projects. Transfer taxes are a bit more troublesome.
The N&O ran a story today describing the ad campaign which is being launched by local reators to fight this tax. I got the easy answer... implement the 1% tax and have the realtors lower their commissions from 6% to 5%.
Real estate sales is one of the last market sectors in which a true monopoly exists. Simply, if you are not listing your house in the network of realtors, you have a slim chance of selling. There are a few discount brokers out there, I tried one once. I watched realtors drive their clients right by my house to show them other similar homes on the same street.
Don't get me wrong, real estate agents do work hard. But, when they sell a house for $400K, the seller pays $24,000 in commissions. Those are split between buying and listing agencies, but 3 or 4 transactions and you've made what a Wake County teacher does.
Here's a chance to give a little back, show us the money.
The N&O ran a story today describing the ad campaign which is being launched by local reators to fight this tax. I got the easy answer... implement the 1% tax and have the realtors lower their commissions from 6% to 5%.
Real estate sales is one of the last market sectors in which a true monopoly exists. Simply, if you are not listing your house in the network of realtors, you have a slim chance of selling. There are a few discount brokers out there, I tried one once. I watched realtors drive their clients right by my house to show them other similar homes on the same street.
Don't get me wrong, real estate agents do work hard. But, when they sell a house for $400K, the seller pays $24,000 in commissions. Those are split between buying and listing agencies, but 3 or 4 transactions and you've made what a Wake County teacher does.
Here's a chance to give a little back, show us the money.
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