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The Power of Perception: How Pricing Strategies Shape Buyer Behavior in Real Estate
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September 13, 2024
Big Changes Coming: What The NAR Settlement Means For The Future Of Buying & Selling Your Home
How New NAR Settlement Brings Transparency and Fairness to Real Estate Transactions
Last month the National Association of Realtors (NAR) sent shockwaves through the real estate industry with their proposed settlement - A landmark decision that's set to reshape the landscape of how homes are bought and sold in the U.S. This decision marks a pivotal moment, promising greater transparency, fairness, and innovation in real estate transactions, affecting everyone in the market - from first-time homebuyers to seasoned sellers.
What's Changing and What it Means for You:
- Transparency with Commission Structures: Starting in July 2024, broker compensation offers can no longer be made through the MLS. Up to now, the listing agent dictated the buying agent's compensation and advertised it in the MLS listing. This move aims to prevent agents from steering buyers away from homes based on commission offered, promoting fairness and openness in real estate transactions.
- Direct Buyer Agency Agreements: The settlement encourages direct negotiations between buyers and their agents, ensuring agents clearly communicate their value, the services provided, how much those services will cost, and how their compensation will be handled. This shift fosters a clearer, more transparent relationship between agents and their clients.
- Emphasis on Negotiation: With MLS-listed compensations removed, agents and clients are pushed towards more personalized and tailored agreements. This change encourages and highlights the importance of buyers and sellers negotiating services and commission with their agents.
- A Step Towards a More Accessible Market: The settlement is part of broader efforts to make the real estate market more accessible and equitable, benefiting everyone involved.
Exactly how these changes will be rolled out is yet to be seen, but we believe that more transparency is always a good thing.
If you're interested in knowing more about what this settlement means for you, please drop us a line and we'd be happy to answer any questions you have.
