The Myrtle Beach Pelicans have announced that they will now be able to serve beer at Sunday home games at BB&T Coastal Field, helping Ovations Food Service obtain a full-liquor license, necessary to begin serving beer at the ballpark immediately. Beer will be available this upcoming Sunday, August 17th, as the Pelicans host the Potomac Nationals at 6:05 PM.
Due to South Carolina state regulations which restrict Sunday beer sales to holders of a full-liquor license, the Pelicans have gone to great lengths to aide Ovations Food Service, who will serve as the liquor license holder, in obtaining the appropriate license. To properly comply with regulations, the Pelicans have made multiple renovations to the ballpark and the suite level.
“Allowing our fans the opportunity to enjoy a beer on Sunday was something we felt very strongly about,” said Pelicans’ General Manager North Johnson. “We essentially wouldn’t take no for an answer on this issue, and have gone to unbelievable lengths to help Ovations Food Service comply with the regulations to give our fans this additional option on Sunday.”
The Pelicans have remained diligent in their gaining this license due to a schedule back-loaded with Sunday games. The Pelicans have three remaining regular season Sunday home games, and will be on the Grand Strand every remaining Sunday in the month of August. Each Sunday home game at BB&T Coastal Field begins at 6:05 PM and features a post-game Fireworks Extravaganza
Pelicans Remaining Sunday Home Games:
• Sunday, August 17 – Potomac Nationals – 6:05 PM
• Sunday, August 24 – Wilmington Blue Rocks – 6:05 PM
• Sunday, August 31 – Kinston Indians – 6:05 PM
The Pelicans playoff schedule is as follows:
SOUTHERN DIVISION CHAMPIONSHIP (Best of 5 Series)
Wednesday, September 3rd at 7:05pm with gates opening at 5:30pm
Thursday, September 4th at 7:05pm with gates opening at 5:30pm
Sunday, September 7th at 6:05pm with gates opening at 4:30pm (if necessary)
MILLS CUP CHAMPIONSHIP (Best of 5 Series)
Monday, September 8th at 7:05pm with gates opening at 5:30pm
Tuesday, September 9th at 7:05pm with gates opening at 5:30pm
Saturday, August 16, 2008
Friday, August 15, 2008
Pending Home Sales Index
Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, says sales have been in a pattern of rising and falling within a fairly narrow range.
“The vacillation of data from one month to the next indicates a housing market in transition,” he says. “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”
Across the Region
Here's a deeper look at the index throughout the country:
South: jumped 9.3 percent to 92.4 in June but is 16.6 percent below June 2007.
West: rose 4.6 percent to 101.0 in June but remains 1.7 percent below a year ago.
Northeast: increased 3.4 percent to 79.6 but is 15.4 percent below June 2007.
Midwest: rose 1.3 percent in June to 79.6 but is 13.3 percent below a year ago.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, says sales have been in a pattern of rising and falling within a fairly narrow range.
“The vacillation of data from one month to the next indicates a housing market in transition,” he says. “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”
Across the Region
Here's a deeper look at the index throughout the country:
South: jumped 9.3 percent to 92.4 in June but is 16.6 percent below June 2007.
West: rose 4.6 percent to 101.0 in June but remains 1.7 percent below a year ago.
Northeast: increased 3.4 percent to 79.6 but is 15.4 percent below June 2007.
Midwest: rose 1.3 percent in June to 79.6 but is 13.3 percent below a year ago.
Home sales rose 15%
Home sales in metro Detroit rose 15% while foreclosure activity fell 3.6% during July.
The upward motion in sales was led by Detroit, with a 36% rise in sales as compared to July 2007, and Livingston County, with a 39.2% increase, according to Realcomp, the Farmington Hills-based multiple listing service.
Sales were helped in July by lower home prices that brought out bargain hunters, said Karen Kage, president of Realcomp. The median sales price in July was $105,000, down 25% from $140,000 last July, she said.
About half of the sales in July were foreclosures.
“This time of year is busier than most because people want to get settled in before school,” Kage said. “People are not willing to take the chance that prices are going to go any lower.”
Realcomp figures report home sales reported at closing by its realtor members. The figures do not include homes sold in other ways such as for sale by owner.
For the entire area covered by Realcomp, 5,436 sales were recorded in July, up from 4,723 reported last July.
And foreclosure activity fell by 3.6% from June levels and by 17% from July 2007, according to RealtyTrac Inc., of Irvine, Calif.
Still, Michigan ranked fifth nationwide for the highest state total of foreclosure related filings with 11,591. The figure includes 2,170 notices of default, 5,488 notices of sale and 3,933 bank repossessions.
Michigan had one foreclosure filing for every 389 households. That compares to a national rate of one filing for every 464 households.
In Detroit, 926 sales were reported, up from 681 a year ago. Sales in Macomb County rose to 706 from 601; Oakland County sales were 1,393 up from 1,209; St. Clair area sales were 139, up from 113; and Wayne County sales rose to 1,940 from 1,580.
And pending sales for July were up 37.9% to 7,470. Pending sales are those in which offers have been accepted but closing has not taken place.
The upward motion in sales was led by Detroit, with a 36% rise in sales as compared to July 2007, and Livingston County, with a 39.2% increase, according to Realcomp, the Farmington Hills-based multiple listing service.
Sales were helped in July by lower home prices that brought out bargain hunters, said Karen Kage, president of Realcomp. The median sales price in July was $105,000, down 25% from $140,000 last July, she said.
About half of the sales in July were foreclosures.
“This time of year is busier than most because people want to get settled in before school,” Kage said. “People are not willing to take the chance that prices are going to go any lower.”
Realcomp figures report home sales reported at closing by its realtor members. The figures do not include homes sold in other ways such as for sale by owner.
For the entire area covered by Realcomp, 5,436 sales were recorded in July, up from 4,723 reported last July.
And foreclosure activity fell by 3.6% from June levels and by 17% from July 2007, according to RealtyTrac Inc., of Irvine, Calif.
Still, Michigan ranked fifth nationwide for the highest state total of foreclosure related filings with 11,591. The figure includes 2,170 notices of default, 5,488 notices of sale and 3,933 bank repossessions.
Michigan had one foreclosure filing for every 389 households. That compares to a national rate of one filing for every 464 households.
In Detroit, 926 sales were reported, up from 681 a year ago. Sales in Macomb County rose to 706 from 601; Oakland County sales were 1,393 up from 1,209; St. Clair area sales were 139, up from 113; and Wayne County sales rose to 1,940 from 1,580.
And pending sales for July were up 37.9% to 7,470. Pending sales are those in which offers have been accepted but closing has not taken place.
real estate market showing signs of rebounding
Florida's residential real estate market is showing the first signs of rebounding from a downturn that has extended for more than a year. And in Tallahassee the story is sales records show much the same.
The Florida Association of Realtors (FAR) is reporting statewide sales of single-family existing homes rose more than 38 percent in the April, May and June compared with January, February and March, and sales prices stayed essentially the same with a slight average increase.
Sales of single-family existing homes in the Tallahassee area, which includes Gadsden, Jefferson, Leon and Wakulla counties, rose 73 percent in the second quarter compared with January, February and March, according to Greg Lane, data chairman for the Tallahassee Board of Realtors (TBR).
The Florida Association of Realtors (FAR) is reporting statewide sales of single-family existing homes rose more than 38 percent in the April, May and June compared with January, February and March, and sales prices stayed essentially the same with a slight average increase.
Sales of single-family existing homes in the Tallahassee area, which includes Gadsden, Jefferson, Leon and Wakulla counties, rose 73 percent in the second quarter compared with January, February and March, according to Greg Lane, data chairman for the Tallahassee Board of Realtors (TBR).
Wednesday, August 13, 2008
Home prices in the U.S. touch bottom 2009
Former Federal Reserve Chairman Alan Greenspan predicts U.S. house prices will begin to stabilize in the first half of next year, the Wall Street Journal reported on Wednesday.
Greenspan also offered a novel suggestion to bolster the housing market -- increase the number of potential home buyers by admitting more skilled immigrants.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview with the Wall Street Journal, reported on the newspaper's website on Wednesday.
But Greenspan cautioned that even at a bottom "prices could continue to drift lower through 2009 and beyond."
An end to the decline in house prices, he explained, matters not only to American homeowners but is a necessary condition for an end to the current global financial crisis.
Greenspan's forecast rests on two pillars of data.
One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon.
The other pillar is a comparison of the current price of houses -- he prefers the quarterly S&P Case-Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house.
As other economists do, Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.
In the past, some feel Greenspan's crystal ball has been, at best, cloudy, the Wall Street Journal noted. He didn't foresee the sharp national decline in home prices. But recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."
Greenspan also offered a novel suggestion to bolster the housing market -- increase the number of potential home buyers by admitting more skilled immigrants.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview with the Wall Street Journal, reported on the newspaper's website on Wednesday.
But Greenspan cautioned that even at a bottom "prices could continue to drift lower through 2009 and beyond."
An end to the decline in house prices, he explained, matters not only to American homeowners but is a necessary condition for an end to the current global financial crisis.
Greenspan's forecast rests on two pillars of data.
One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon.
The other pillar is a comparison of the current price of houses -- he prefers the quarterly S&P Case-Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house.
As other economists do, Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.
In the past, some feel Greenspan's crystal ball has been, at best, cloudy, the Wall Street Journal noted. He didn't foresee the sharp national decline in home prices. But recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."
Mortgage Applications
Weekly Mortgage Applications Survey for the week ending August 8, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 425.9, a decrease of 1.5 percent on a seasonally adjusted basis from 432.6 one week earlier. On an unadjusted basis, the Index decreased 2.2 percent compared with the previous week and was down 36.9 percent compared with the same week one year earlier.
The Refinance Index decreased 4.2 percent to 1074.6 from previous week and the seasonally adjusted Purchase Index remained unchanged. The Conventional Purchase Index decreased 1.2 percent while the Government Purchase Index (largely FHA) increased 2.9 percent.
The four week moving average for the seasonally adjusted Market Index is down 5.2 percent. The four week moving average Purchase Index is down 3.4 percent, while this average is down 7.9 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 35.2 percent of total applications from 35.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.3 from 6.9 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.57 percent from 6.41 percent, with points increasing to 1.14 from 1.13 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 6.17 percent from 6.02 percent, with points increasing to 1.06 from 1.02 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 7.15 percent from 7.17 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent LTV loans.
The Refinance Index decreased 4.2 percent to 1074.6 from previous week and the seasonally adjusted Purchase Index remained unchanged. The Conventional Purchase Index decreased 1.2 percent while the Government Purchase Index (largely FHA) increased 2.9 percent.
The four week moving average for the seasonally adjusted Market Index is down 5.2 percent. The four week moving average Purchase Index is down 3.4 percent, while this average is down 7.9 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 35.2 percent of total applications from 35.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.3 from 6.9 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.57 percent from 6.41 percent, with points increasing to 1.14 from 1.13 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 6.17 percent from 6.02 percent, with points increasing to 1.06 from 1.02 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 7.15 percent from 7.17 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent LTV loans.
Loan Program for Manufactured
NOW Offers the FHA 203(K) Streamline Limited Repair Loan Program for Manufactured Homes
This program allows homebuyers to finance up to an additional $35,000 to improve or upgrade their home.
Purchases & Refinances available
Standard FHA underwriting guidelines apply
For more information on FHA 203(K) Loans and our other programs for Manufactured Homes contact your local real estate agent.
This program allows homebuyers to finance up to an additional $35,000 to improve or upgrade their home.
Purchases & Refinances available
Standard FHA underwriting guidelines apply
For more information on FHA 203(K) Loans and our other programs for Manufactured Homes contact your local real estate agent.
Tuesday, August 12, 2008
Sen. Barack Obama vacationing in Myrtle Beach
ABC commentator Cokie Roberts criticized Obama on Sunday's “This Week,” saying he should be vacationing in Myrtle Beach, not an “exotic” destination like Hawaii.
U.S. banks are tightening lending standards
More U.S. banks are tightening lending standards on home mortgages and other consumer and business loans as a deepening credit crisis exerts a heavier toll on the economy.
The Federal Reserve said Monday the percentage of banks reporting tighter lending standards rose across various loan types in its July survey. In April, the central bank had found that the percentage of banks reporting tighter lending standards was already near historic highs.
The new survey, conducted in early July, found that about 75% of the banks surveyed indicated they had tightened their lending standards for prime mortgages. That was up from about 60% in the previous survey.
The Fed's July survey covered 50 banks which hold about 80% of the residential mortgages on the books of all commercial banks.
Out of this group of 50 banks, 32 said they were still originating so-called nontraditional home mortgages. Among these 32 banks, about 85% said they had tightened their lending standards, up from 75% who said they were tightening lending standards for nontraditional mortgages in the April survey.
The Federal Reserve said Monday the percentage of banks reporting tighter lending standards rose across various loan types in its July survey. In April, the central bank had found that the percentage of banks reporting tighter lending standards was already near historic highs.
The new survey, conducted in early July, found that about 75% of the banks surveyed indicated they had tightened their lending standards for prime mortgages. That was up from about 60% in the previous survey.
The Fed's July survey covered 50 banks which hold about 80% of the residential mortgages on the books of all commercial banks.
Out of this group of 50 banks, 32 said they were still originating so-called nontraditional home mortgages. Among these 32 banks, about 85% said they had tightened their lending standards, up from 75% who said they were tightening lending standards for nontraditional mortgages in the April survey.
Monday, August 11, 2008
best part of the housing bill ?
The best part of the housing bill signed by President Bush on July 30 was the section that establishes new regulations for mortgage loan originators. The regulations require all mortgage originators to be screened, educated, tested and licensed. The law also created a national registry of loan originators. And it won't cost the taxpayers a penny, a good thing considering the size of the federal deficit.
Of course, many will tout the $7,500 tax credit for first-time homebuyers. Others will point to the additional standard deduction for property taxes for taxpayers who don't itemize.
Some will say it is the $4 billion allocated to states and cities to buy foreclosed homes, refurbish them and then sell them.
The law also allows the Federal Housing Administration to guarantee refinanced mortgages on which the lender writes down the loan amount to 85% of the borrower's loan principle. An estimated 400,000 homeowners will be assisted by this program.
Another key provision of the law establishes a temporary line of credit and authorizes the purchase of stock in Fannie Mae of Washington and Freddie Mac of McLean, Va., in order to stabilize them, while creating an independent regulator to oversee them.
But the provisions that got the most attention - the tax credit, the $4 billion for local governments, the $7,500 for home buyers, etc. - were aimed at repairing the damage from the bursting of the real estate bubble.
The education and registration of mortgage brokers, on the other hand, are designed to prevent a similar bubble in the future.
Unscrupulous mortgage brokers weren't the most significant cause of the bubble, nor was the foreclosure crisis that is sweeping through many communities. The easy money policies of the Federal Reserve were far more significant.
And too many homebuyers, swept up in the excitement about the apparently inexorable rise of housing prices, bought more home than they could afford in order to try and reap some of the gains.
While some homebuyers were misled by some real estate agents and mortgage brokers, many buyers lied about their income to the mortgage brokers.
They bet that the value of their homes would rise enough for them to refinance before the mortgage burden became more than they could bear. They lost the bet.
But there is no doubt that some mortgage brokers pushed homebuyers into unsuitable mortgages — mortgages that were too large for the buyers' incomes, adjustable-rate mortgages when fixed-rate would have been better, interest-only mortgages. These mortgages have contributed to the crisis and to the economic distress of many homebuyers.
To the extent that these unscrupulous brokers can be weeded out through the licensing provisions, we will have a healthier mortgage market. Likewise, a better educated, more professional mortgage broker corps will improve the health of the real estate market for the future.
Unfortunately, Congress couldn't address another key part of the problem: the consumer side. It can't mandate the fiscal education of millions of homebuyers and would-be homebuyers.
While those who have suffered in the crisis and lost their homes to foreclosure no doubt have learned a painful lesson, it isn't at all certain that the next generation of homebuyers will have absorbed that lesson.
It will be up to the financial services industry, bankers, brokers, planners, investment advisers, etc. to try to educate the next generation of homebuyers — the generation just now entering the workforce and starting families — to live within their means and to save for the future.
The industry should start a campaign now to teach this generation about the dangers of debt and the benefits of thrift.
Of course, many will tout the $7,500 tax credit for first-time homebuyers. Others will point to the additional standard deduction for property taxes for taxpayers who don't itemize.
Some will say it is the $4 billion allocated to states and cities to buy foreclosed homes, refurbish them and then sell them.
The law also allows the Federal Housing Administration to guarantee refinanced mortgages on which the lender writes down the loan amount to 85% of the borrower's loan principle. An estimated 400,000 homeowners will be assisted by this program.
Another key provision of the law establishes a temporary line of credit and authorizes the purchase of stock in Fannie Mae of Washington and Freddie Mac of McLean, Va., in order to stabilize them, while creating an independent regulator to oversee them.
But the provisions that got the most attention - the tax credit, the $4 billion for local governments, the $7,500 for home buyers, etc. - were aimed at repairing the damage from the bursting of the real estate bubble.
The education and registration of mortgage brokers, on the other hand, are designed to prevent a similar bubble in the future.
Unscrupulous mortgage brokers weren't the most significant cause of the bubble, nor was the foreclosure crisis that is sweeping through many communities. The easy money policies of the Federal Reserve were far more significant.
And too many homebuyers, swept up in the excitement about the apparently inexorable rise of housing prices, bought more home than they could afford in order to try and reap some of the gains.
While some homebuyers were misled by some real estate agents and mortgage brokers, many buyers lied about their income to the mortgage brokers.
They bet that the value of their homes would rise enough for them to refinance before the mortgage burden became more than they could bear. They lost the bet.
But there is no doubt that some mortgage brokers pushed homebuyers into unsuitable mortgages — mortgages that were too large for the buyers' incomes, adjustable-rate mortgages when fixed-rate would have been better, interest-only mortgages. These mortgages have contributed to the crisis and to the economic distress of many homebuyers.
To the extent that these unscrupulous brokers can be weeded out through the licensing provisions, we will have a healthier mortgage market. Likewise, a better educated, more professional mortgage broker corps will improve the health of the real estate market for the future.
Unfortunately, Congress couldn't address another key part of the problem: the consumer side. It can't mandate the fiscal education of millions of homebuyers and would-be homebuyers.
While those who have suffered in the crisis and lost their homes to foreclosure no doubt have learned a painful lesson, it isn't at all certain that the next generation of homebuyers will have absorbed that lesson.
It will be up to the financial services industry, bankers, brokers, planners, investment advisers, etc. to try to educate the next generation of homebuyers — the generation just now entering the workforce and starting families — to live within their means and to save for the future.
The industry should start a campaign now to teach this generation about the dangers of debt and the benefits of thrift.
THE NEW $7,500 FEDERAL TAX CREDIT explained
Am I Eligible?
If you are a US citizen who has not owned a home in the past three years, you may qualify. To receive the maximum tax credit of $7,500, you must have an adjusted gross income (AGI) below $75,000 for individuals (or $150,000 for joint filers). If that excludes you, take note there is a reduced tax credit available for individuals with an AGI up to $95,000 (or $170,000 for joint filers). For additional eligibility requirements, visit www.federalhousingtaxcredit.com
Am I entitled to the full $7,500 tax credit?
It depends on the price of your home and your adjusted gross income (as outlined above). The credit amount is 10% of the purchase price of you home, not to exceed $7,500.
How does the credit work?
The credit acts like a loan from the government and must be repaid. The good news is you don’t have to pay interest and you can make equal installments over 15 years (or sooner if you sell your home at a gain before the tax credit is repaid).
When can I take advantage of the tax credit? How long does the program last?
The tax credit applies to homes purchased (closed) on or after April 9, 2008, and before July 1, 2009. That’s right. The first-time homebuyer credit is in part retroactive, so if you’ve purchased a home since April 9, 2008, you can still qualify for the tax credit.
If you are a US citizen who has not owned a home in the past three years, you may qualify. To receive the maximum tax credit of $7,500, you must have an adjusted gross income (AGI) below $75,000 for individuals (or $150,000 for joint filers). If that excludes you, take note there is a reduced tax credit available for individuals with an AGI up to $95,000 (or $170,000 for joint filers). For additional eligibility requirements, visit www.federalhousingtaxcredit.com
Am I entitled to the full $7,500 tax credit?
It depends on the price of your home and your adjusted gross income (as outlined above). The credit amount is 10% of the purchase price of you home, not to exceed $7,500.
How does the credit work?
The credit acts like a loan from the government and must be repaid. The good news is you don’t have to pay interest and you can make equal installments over 15 years (or sooner if you sell your home at a gain before the tax credit is repaid).
When can I take advantage of the tax credit? How long does the program last?
The tax credit applies to homes purchased (closed) on or after April 9, 2008, and before July 1, 2009. That’s right. The first-time homebuyer credit is in part retroactive, so if you’ve purchased a home since April 9, 2008, you can still qualify for the tax credit.
Sunday, August 10, 2008
You are ikely to get lower fees from independent
A study released Monday by Consumer Reports found 71 percent of sellers who negotiated for lower commissions with their brokers were successful. But only 46 percent of sellers surveyed tried.
Those who paid commissions of 3 percent were just as satisfied with their broker's performance as those who paid 6 percent, the study found.
The lesson? Haggling won't hurt.
In fact, those who paid higher commissions were more likely to have regrets about the selling experience. Nearly one-third of them said they should have been more aggressive in negotiating a fee.
Sellers were most likely to get lower fees from independent said the director of survey research at Consumer Reports.
"But they will all negotiate. Just ask for it," he said. "It's like buying a car. A lot of people think (the price) is set, but it's not."
Independent brokers may be more likely to negotiate fees since they keep their entire commission, while those who work for other brokers typically split commissions with the broker in exchange for marketing and office support.
About half of home sellers surveyed paid less than 6 percent in commission. The study will be in Consumer Reports' September issue. The issue includes tips on which home improvements offer the biggest payoff. (Hint: What's on the outside really does matter.)
The study found no significant gap in services for those who paid lower commissions. For example, 81 percent who paid 3 percent or less said the agent gave a competitive market analysis of their home, compared with 87 percent of people who paid 6 percent or more.
Such houses sell faster, meaning the agent has to spend less money on marketing the home.
"If I could sell a house in two weeks rather than six months, I'd be more willing to negotiate," Wright said.
When looking for an agent, Consumer Reports suggests asking around for recommendations and interviewing multiple candidates.
Agents should clearly explain how they plan to market your home and handle open houses and newspaper and Internet advertising.
Most respondents to the Consumer Reports study said they found service from the larger real estate chains and independent brokers to be "very satisfying."
The survey was based on 9,141 responses to a questionnaire about selling or trying to sell homes from 2004 to 2007. Despite the shift in the housing market in that time span, Kotkin said there was no significant difference in the outcomes by year.
Those who paid commissions of 3 percent were just as satisfied with their broker's performance as those who paid 6 percent, the study found.
The lesson? Haggling won't hurt.
In fact, those who paid higher commissions were more likely to have regrets about the selling experience. Nearly one-third of them said they should have been more aggressive in negotiating a fee.
Sellers were most likely to get lower fees from independent said the director of survey research at Consumer Reports.
"But they will all negotiate. Just ask for it," he said. "It's like buying a car. A lot of people think (the price) is set, but it's not."
Independent brokers may be more likely to negotiate fees since they keep their entire commission, while those who work for other brokers typically split commissions with the broker in exchange for marketing and office support.
About half of home sellers surveyed paid less than 6 percent in commission. The study will be in Consumer Reports' September issue. The issue includes tips on which home improvements offer the biggest payoff. (Hint: What's on the outside really does matter.)
The study found no significant gap in services for those who paid lower commissions. For example, 81 percent who paid 3 percent or less said the agent gave a competitive market analysis of their home, compared with 87 percent of people who paid 6 percent or more.
Such houses sell faster, meaning the agent has to spend less money on marketing the home.
"If I could sell a house in two weeks rather than six months, I'd be more willing to negotiate," Wright said.
When looking for an agent, Consumer Reports suggests asking around for recommendations and interviewing multiple candidates.
Agents should clearly explain how they plan to market your home and handle open houses and newspaper and Internet advertising.
Most respondents to the Consumer Reports study said they found service from the larger real estate chains and independent brokers to be "very satisfying."
The survey was based on 9,141 responses to a questionnaire about selling or trying to sell homes from 2004 to 2007. Despite the shift in the housing market in that time span, Kotkin said there was no significant difference in the outcomes by year.
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