Big News in Real Estate: What You Need to Know
Just recently, a big decision was made in the world of buying and selling houses. The National Association of Realtors (NAR), the main group for real estate agents in the US, reached a new agreement. This could change how houses are bought and sold for a long time. Let's break it down in easy terms so you know what this means, whether you're looking to buy a house or sell one.
Working with a Buyer's Agent
Thinking about buying a house? This settlement is good news for you! In the past, there wasn't always a written agreement between you and the agent helping you find a house. This new agreement changes that. Now, starting in July 2024, if you work with a real estate agent, you'll sign a paper before they start showing you houses. This paper explains what the agent will do for you, how much they'll charge, and how long they'll work with you.
Money Matters
Another big change is about how much real estate agents get paid. Traditionally, the seller pays a commission (a percentage of the selling price) to the buyer's agent as well as their agent. This new agreement says that sellers can't advertise these commissions on the website most agents use to list houses (MLS). This could lead to some changes in how agents negotiate their fees.
What This Means for You (if You're Buying)
- Clear Expectations: The written agreement with your agent will make things clear about what they'll do and how much they'll charge.
- Potential Savings: With the commission changes, there might be more room to negotiate the total amount the seller pays in commissions. But remember, most sellers still offer money to attract buyers through buyer's agents.
- Do Your Research: There might be new ways agents charge their fees. It's important to understand what each agent offers before you choose one.
What This Means for You (if You're Selling)
- More Control Over Costs: You might have more say in how much you pay in commissions. But keep in mind, that offering a good commission to the buyer's agent is still important to attract buyers.
- Pick a Great Agent: With potentially more negotiation involved, choosing an experienced agent who knows the market and can fight for your interests is even more important.
The Bottom Line
This is a big change for the real estate world, and it might take some time to see all the effects. But one thing is for sure: both buyers and sellers will have more information and potentially more control over costs. By staying informed and working with a trusted real estate professional, you can navigate this new landscape and achieve your home-buying or selling goals.
Sources
- National Association of Realtors (NAR): https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers
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