Idaho home sales are once again in the news. Unlike other parts of the country, homes continue to be bought and sold. However, the days of homes being bought or sold without a home inspection, or a tour are over. During the boom times, Idaho real estate agents made much money. Thousands left their careers taking classes and cashing in on Idaho’s housing boom.
The market has slowed down, and the mortgage market in our state and across the country has taken significant hits. Many folks who were rolling in the money have left the real estate business and the mortgage businesses.
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The market has slowed down, and the mortgage market in our state and across the country has taken significant hits. Many folks who were rolling in the money have left the real estate business and the mortgage businesses.
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Gallery Credit: Kevin Miller
Economic concerns have not stopped home builders from continuing to build homes throughout the Treasure Valley. Commercial construction continues as new shopping and retail centers emerge in Star, Nampa, and Middleton.
Real estate agents get paid a commission ranging from one to three percent. If an agent represents a buyer and a seller, their commission could be as high as six percent. Six percent of a million-dollar home is a nice chunk of cash.
Home for Sale
However, the lucrative way real estate agents are being paid could change rapidly due to a not-so-well-known significant court ruling. The Wall Street Journal reports that a federal jury awarded damages of $1.8 billion against the National Association of Realtors and massive residential brokerages.
The $1.8 is only the beginning of the amount that could be paid out. The Journal says that antitrust rules allow the judge to triple the damages possibly. For many years, folks have complained about the cost of commissions and how they keep home prices elevated.
The front of the courthouse
A Bigger lawsuit involving twenty cities from Philadelphia to Miami could total forty billion dollars in damages. Idaho real estate agents have been very successful at keeping the value of their services. Online agencies have tried to flood the market to drive sales to their websites. Agents with experience who know the area are well worth their commissions’ price.
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10 Cities Where Homes Are Selling Faster Than Last Year
To find the housing markets where homes are selling briskly, Realtor looked at the median days on the market in the first week of October in the 100 largest metropolitan areas. Realtor compared those figures with those a year earlier. We selected only the metro with the largest decline in each state to provide geographical diversity. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
Gallery Credit: Kyle Matthews
