The New Era of Buying and Selling Real Estate — And How It Affects You
The National Association of Realtors® (NAR) has reached a historic settlement that could transform the home sales market in the U.S. This agreement, which includes $418 million in damages, does away with the standard 5%-6% real estate agent commission.
Here’s why this change is significant:
A Buyer’s and Seller’s Market for Commissions
In accordance with the settlement, sellers are not obligated to cover the buyer’s agent commission. This could lead to a change in contingencies for both buyers and sellers.
For example, the seller might want to make a commission offer to the buyer’s agent; or, the seller might ask the agent to lower their commission if the price is over a certain amount. So while this could be a good thing for buyers and sellers in the long run, the changes could leave more room for advanced negotiation tactics.
In addition, agents must inform their clients that commissions are negotiable. These changes go into effect on August 17, 2024.
Market Shift and Strategic Moves
This shift promises to be one of the most significant in recent housing market history. Lower commission rates could potentially lead to a decrease in home prices, further altering the buying and selling dynamics. For home sellers considering listing soon, waiting for the new commission models to become established might be a prudent strategy. Alternatively, aggressive negotiation with your real estate agent could lead to immediate savings.
Work with Your Real Estate Dream Team
In this evolving market, having a solid real estate team is more important than ever. Collaborate with your favorite mortgage broker and a trusted closing attorney to navigate the new market conditions effectively. We can offer essential guidance and support, ensuring a smoother, more cost-effective transaction process.
The NAR settlement signifies a new era for real estate, offering cost savings and a wider range of options for both buyers and sellers. As the market adjusts, remaining informed and consulting with your support team will be your key to real estate success.
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Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.
New Year’s Resolution Recommitment Day
New Year’s Resolution Recommitment Day, observed on June 1st, serves as a reminder that the year is almost halfway through.
This day encourages us to revisit and recommit to the resolutions we set at the start of the year (if we did at all).
As the initial excitement of the New Year wanes, so does the momentum to maintain resolutions, whether they be related to fitness, personal development, or professional goals.
New Year’s Resolution Recommitment Day is a perfect opportunity to evaluate progress, reassess goals, and perhaps redefine the strategies needed to achieve them.
This mid-year check-in can significantly boost your motivation, providing a 6-month sprint to achieve what was originally envisioned, making the second half of the year as productive, if not more, than the first.
Let’s have a productive second half of 2024, whether you make resolutions or not.
Home Improver: Do HEPA Filters Reduce Pollen Allergies?
Now that spring cleaning is over and it’s warming up outside you may have been hesitant to open your windows because of the high pollen counts that come at this time of year.
One way to enjoy a late spring/early summer breeze without sneezing and wheezing is to use a HEPA air purifier. According to WebMD: “HEPA stands for High-Efficiency Particulate Air. A HEPA filter is a type of mechanical air filter; it works by forcing air through a fine mesh that traps harmful particles such as pollen, pet dander, dust mites, and tobacco smoke.”
Choosing the right air purifier takes a little research. The prices range from portables under $100 to large-room units over $500, depending on the size of your space.
Check out this article from Wirecutter/NY Times to see which brands and models they recommend.