Helping buyers make sense of upcoming changes
Upcoming changes in real estate transactions are imminent following the resolution of significant class action lawsuits involving sellers and the National Association of REALTORS� along with numerous leading real estate firms nationwide. These changes will have implications for sellers, buyers, and agents alike. There has been a lot of news coverage in the past few weeks but unfortunately, much of it has added to the confusion on how things will change rather than clarify it. It was reported that since the seller will most likely be paying only their commission, the price of homes will come down. That is very unlikely to happen. The value of a home is not determined by whether a commission is paid nor the amount of it. In the terms of the settlement, which is still to be approved by a court, the change will go into effect on August 17, 2024 but some companies will implement the changes earlier. The following excerpts are taken from the NAR Settlement Fact Sheet .