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Sunday, February 18, 2007

Saving money is possible

Today, Everett Herald reporter Debra Smith shows how Laura & Jon Ward saved $9,000 by using Redfin. The caveat is that they did most of the legwork in finding their home to buy. How much work would you be willing to do if you could save thousands? Some have the time, some don't.

"Taking $20,000 in commission? That's absurd. If I'm willing to do the work, I don't want to pay full commission."

- Jon Ward, Mountlake Terrace Homeowner.

The National Assoc. of Realtors projects that the majority of people start their home search online. My personal experience coincides with this too. I found my own home via the internet (at the Seattle Times.) But back in 2004, Redfin didn't exist, nor Zillow, or Shackprices.

It appears the frontier of financing is changing too. The problem is that many consumers are unaware where to get information to help keep money in their wallet. Web logs are probably blowing those doors wide open. Doors that have been kept closed for so long.

-S-Crow

11 comments:

Jillayne said...

Hi S Crow (Tim),

Redfin is now offering mortgage lending services with the same transparency: disclosing the amount of money they earn, and then refunding part of that back to the consumer.

S Crow said...

Jillayne, go to the Money section of The Everett Herald and see how you can become a millionaire.

-Tim K.

Jillayne said...

S Crow/Tim K,

I've got guests coming at 2 and don't have time to dig through the site. From the Herald home page, I don't see a "money" section and there's no link from the business menu. Do you have a link?
Thanks!

witzend said...

"Skilled real estate companies shouldn't feel threatened by Redfin, said Ken Bacon, a director of the Northwest Multiple Listing Service and a managing broker for Windermere Real Estate.

People will always want the professionalism and knowledge a full-service agent brings to a transaction, he said".

hmm,

It looks to me that these on-line businesses are adapting quickly to a sizeable potential market.

They offer some things that could scarcely be imagined, only a short time ago (say, 10 yrs ago):

* "free, instant market evaluations of homes" (+ accuracy and dependability are very likely to improve over time)

*When customers are ready to buy, they can draft an offer online.(!)

*The agent guides the buyer through the negotiation, paperwork and sale (Isn't this currently, the realtors main function?)

And yet the gentleman says:
"I tell our agents not to be defensive with Redfins" ...
"Embrace them."

and,

"It makes what a good traditional agent has to offer all the more clear"

Ok, don't bother to elaborate, or even offer any support for these wishfull statements.

I see executive privelege has it's down-side. I say: "hey buddy, time to put away the scotch!"

dalas said...

Information is a double edge sword...

You as the escrow agent should know first hand.

The Tim said...

Jillayne,

I'm pretty sure S-Crow is talking about this article: Mr. Nest Egg.

Dude's logic sounds vaguely familiar, like I've heard it somewhere before...

witzend said...

dalas,

so is the ability to easily afford charging 12-year Macallan by the case load on ones corporate card
(courtessy of the recent market)...........



..... "double edged sword" that is.

Jillayne said...

The Tim,

Who was the person who had the "thereisnohousingbubble" blog?

The Tim said...

I wish I knew. He (or she) appeared, blogged for a few months, and then disappeared. I thought the blog was a riot, and was pretty disappointed when it went offline. Which is why I grabbed the Google Cache and created a backup copy for everyone to access.

Jillayne said...

and thanks for the link.
Purchasing a second home for the purpose of becoming a millionaire isn't something everyone can pull off. What would have made the article more balanced was if the author had interviewed a couple of folks who went to his seminars and were not successful.

B said...

I know some "future millionaires" who are on their third investment home.

Neither of them can afford to quit the day job now, because that "nest egg" debt has to be serviced.

I figured that's just their definition of "freedom".

Debt is wealth! I keep forgetting that. I'd better sign up for a few more lines of credit.