What's Real About the Recent Real Estate Headlines?
As you may have seen or heard, there is a proposed settlement by the National Association of REALTORS® (NAR). While the settlement still requires final approval, there have been plenty of headlines in the media causing confusion.
To clarify some of the misinformation about the settlement,
I want to provide a few facts:
FICTION
The 6% commission on buying or selling a home is gone
FACT
Commissions have always been negotiable in real estate transactions. Listing agents and sellers can continue to offer compensation outside of the National Association of Realtors affiliated MLSs.
FICTION
Sellers no longer need to compensate buyer’s agents
FACT
Offering buyer agent compensation or concessions is a choice made by a seller in consultation with their listing agent. The commissions have always been negotiable.
FICTION
Buyers no longer need a buyer’s agent
FACT
Buyers are best protected by professional real estate agents. When making one of the most significant financial transactions of their lifetime, buyers deserve a trusted advisor to guide them through the process and represent their interests.
FICTION
The settlement will change the way Americans buy and sell homes
FACT
Real estate professionals will continue to help buyers and sellers navigate one of the most costly and complex transactions of their lives
FICTION
Sellers are now prohibited from offering buyer’s compensation
FACT
Offering a buyer’s agent commission has always been up to the seller. The guidance and expertise of a buyer's agent increase the likelihood that you are moving forward with qualified buyers who are informed and ready to transact. What does this mean? It translates to a lower potential for the deal to fall apart and a more efficient, painless sales process for you.
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