Real Estate Is Changing: What Buyers & Sellers Need to Know - August 17th

In this episode, we dive deep into the evolving landscape of real estate, focusing on the significant changes that took effect in August 2024, affecting both buyers and sellers.

For Buyers:

It's now mandatory to sign a buyer agency contract before viewing homes with an agent. Gone are the days when agents would show homes based on good faith alone. This shift requires buyers to formally "hire" an agent as part of their home-buying process. Additionally, the way agents are compensated has undergone a major overhaul. The National Association of Realtors (NAR) has removed the requirement to market buyer broker coop compensation. While sellers may still offer compensation to buyer agents, it won't be listed on the MLS (Multiple Listing Service). Buyers might now have to cover their agent's fees out of pocket as part of closing costs. With these changes, understanding real estate commissions and negotiating with informed agents is more crucial than ever.

For Sellers:

The new rules prohibit the marketing of cooperating broker compensation on the MLS, the primary platform where realtors market properties. However, sellers can still offer compensation through other means, such as word-of-mouth, websites, or social media. "Seller concessions" are another tool that can effectively accomplish the same goal. As these changes take hold, selecting a seasoned listing agent who knows how to price and market your property effectively is critical. The goal is to attract multiple qualified buyers, negotiate the best terms, and close with a solid plan in place for the proceeds.

We explore how these shifts may lead to fewer but more experienced agents dominating the market, and why it’s more important than ever to have an informed and strategic approach to buying or selling a home. Tune in to learn how to navigate this new era of real estate and ensure you make the best decisions for your financial future.

This podcast is meant to brief you on the topic, if there are more questions you email me quinshalaway@gmail.com