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You might have seen in the news and on social posts about the proposed NAR (National Association of Realtors) settlement. There's a lot of misinformation out there and click-bait articles, so I wanted to share some information with you.
So, how does the settlement affect home sellers and home buyers?
According to an FAQ document released by NAR,
"This settlement would preserve the choices consumers have regarding real estate services and compensation. After the new rule goes into effect, listing brokers and sellers could continue to offer compensation for buyer broker services, but such offers could not be communicated via the MLS. MLS participants acting for buyers would be required to enter into written agreements with their buyers before touring a home. These agreements can help consumers understand exactly what services and value will be provided, and for how much."
Sellers may still elect to pay for buyer compensation, and a written buyer agreement is beneficial for buyers. However, articles about industry standard commissions and claims that this settlement will lower home prices can be misleading.
My goal as your real estate professional is to always lead with integrity and provide clarity to help you make informed decisions.
If you'd like to discuss this further or have any specific questions, please reply and let me know. As always, I'll continue to share up-to-date info on real estate and our local market.
*Note this info was compiled as of 3/28/2024
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