Posts from August 1st, 2024
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Buyer Beware: The Process for Buying a Home is About to Change
Buyer Beware: The process for buying a home is about to change
This Spring, the National Association of Realtors (NAR) agreed to do away with rules that have for decades caused agent commissions to be paid by the seller. This agreement will help to settle lawsuits against NAR that claim that the rules have caused sellers to pay artificially inflated costs to sell their homes.
Right now, the seller of a home typically pays both the seller's agent and the buyer's agent commission. This settlement could potentially change that, opening up the door for the buyer to pay their buyer's agent commission if the seller isn't offering one or is offering a reduced buyer's agent commission. While the settlement is not completely finalized, NAR has agreed to implement the changes effective August 17th and it will result in the biggest change we've seen in the real estate industry in decades.