Reply to How many years until realtors are replaced by Redfin/Uber/Zillow/etc?

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Reply to "How many years until realtors are replaced by Redfin/Uber/Zillow/etc?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think there's a bit of a myth about how commissions (and transaction costs) are lower overseas.

Total round-trip transaction costs in Italy range from 8.88% to 22.70%of the property value. Registration tax is 3% for main homes and 7% for second homes. Nonresident buyers pay a fixed registration tax of 7%. The real estate agent’s commission is between 3% and 8% plus 22% VAT; typically split between buyer and seller.

France it's 1.5-5%, plus 20% VAT.

Germany is 3-6%, plus 19% VAT.

The Netherlands is 2%-4% plus 21% VAT.

Russia is 5% for properties under $2 million (it's 2% for higher value properties).

Switzerland is 3% to 5% plus 7.6% VAT.[/quote]

So U.S. realtors should extract a larger commission because the U.S. charges less in sales tax than other countries?  How does that follow?[/quote]

That isn't what I said. Someone said overseas commissions are 1%. Clearly they are not.

France, Germany, Russia, Switzerland all in the 5-6% range too.

US ranges from 0-7%. Average is about 5.5.[/quote]

In Australia, much real estate is sold by auction.  The commission rate is typically 1-3%.  [/quote]

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