NAR Settlement - For Buyers And Sellers

The NAR settlement is in the final stages of approval and will
likely go into effect in the middle of July 2024.

It is not an understatement when I say that this change to how
buyers agents are being compensated will introduce chaos into
the real estate world until the systems in place adapt to this
new reality.
BUYERS HIT HARDEST

These changes will leave Buyers having to directly pay their
agents themselves. However, none of the current systems in
place, including lending, are ready for this change. While it
will lead to many more options for buyers in terms of
representation, it also introduces risks to Buyers that they
are likely not going to be aware of.
SELLERS MAY NOT BE OFF THE HOOK

While the new rules prevent Sellers from openly offering
compensation to Buyers agents, there are methods that can be
used for Sellers to contribute to "Closing Costs", which would
then be used to compensate Buyers agents. Why would Sellers do
this? The bottom line is that it will get their property more
attention and also insure that their Buyer has representation
that can protect the Seller for future litigation.


 



FASTEN YOUR SEATBELT


The bottom line is that we are about to see a complete upending
of how the real estate market works and it will take at least a
year for this work out. In the meantime, an already difficult
market for buyers will become even more difficult to navigate.


 


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A case study in how I get better results than other real estate
agents or brokerages:
https://soldbyrobert.com/2020/08/breaking-every-record-for-my-clients/3444
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My goal is to share my insights and opinions relating to real
estate so that you can make the best possible decisions in
achieving your real estate dreams. If you are interested in
buying, selling or investing anywhere in Silicon Valley, Morgan
Hill, San Martin or Gilroy - I would love an opportunity to
discuss with you what I can do to help you get the best outcome
possible!