By contracting with House X Labs instead of using traditional real estate agents, home buyers and sellers can potentially save a significant amount on the transaction of a home or property in America. Here’s how the savings break down:
Typical Realtor Fees
In a traditional real estate transaction, realtor commissions are usually around 5% to 6% of the home’s selling price. This commission is typically split between the buyer’s agent and the seller’s agent.
Median Home Price in the U.S.
As of mid-2024, the median home price in the U.S. is approximately $416,100.
Potential Savings
If a Home Seller Doesn’t Use a Realtor:
If a seller opts to sell their home through House X Labs, they could potentially avoid paying the traditional 5% to 6% realtor commission.
On a $416,100 home, this could translate to a savings of $20,805 to $24,966
If a Home Buyer Doesn’t Use a Realtor:
Buyers typically don’t pay the realtor’s commission directly, but it’s often factored into the overall cost of the home. Without the need to cover the buyer’s agent’s commission, sellers might be willing to reduce the price or offer other incentives.
The House X Labs consulting services can potentially save buyers a comparable amount, or result in better terms or incentives that equate to significantly more savings.