NAR settlement is in effect now
Summary of how NAR's settlement impacts homebuying
As a part of the large NARs settlement, the 2 big changes in buying or selling real estate are in effect as of 08/17/2024.
Historically, realtor commission fees (to both the buyers’ agent and the sellers’ agent) were paid by a home seller.
Assuming that the sales price of the home is $450,000, 5-6% would be baked into it, which would equal $27,000.
2nd issue was that some Sales agents would only show homes to buyers with the highest commission.
Per current change, MLS removed seller commission from the site to give equal showing to all homes.
The second change is that Buyers must now sign a legally binding representation agreement with the broker for a limited period of time(even a week), agreeing on the fees payable to the agent.
The rule creates a tougher competition for buyers agents to bid the commission down to represent the same buyer, and therefore potentially drive the overall property price down as a side effect.
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Summary of how NAR's settlement impacts homebuying
As a part of the large NARs settlement, the 2 big changes in buying or selling real estate are in effect as of 08/17/2024.
Historically, realtor commission fees (to both the buyers’ agent and the sellers’ agent) were paid by a home seller.
Assuming that the sales price of the home is $450,000, 5-6% would be baked into it, which would equal $27,000.
2nd issue was that some Sales agents would only show homes to buyers with the highest commission.
Per current change, MLS removed seller commission from the site to give equal showing to all homes.
The second change is that Buyers must now sign a legally binding representation agreement with the broker for a limited period of time(even a week), agreeing on the fees payable to the agent.
The rule creates a tougher competition for buyers agents to bid the commission down to represent the same buyer, and therefore potentially drive the overall property price down as a side effect.
Our social networks:
• Youtube
• Protitleusa.com