Published August 28, 2024
NAR Update: Understanding the Homebuying Process
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Homebuyers’ guide to understanding NAR’s impact on the real estate market.
Today, I will talk about how the recent legal ruling against the National Association of Realtors has declared the current system for paying buyer's agents illegal, prompting significant changes. Starting in mid-August 2024, the way buyers' agents are compensated will require transparency and pre-negotiated agreements. Soon, buyers and agents will be legally obligated to formalize their compensation arrangements before viewing listings.
Historically, sellers covered these fees, but that will change now. The new policies will promote upfront communication and negotiations, making transactions and fees more transparent. However, it may lead to sellers offering concessions to remain competitive. In this case, unrepresented buyers are at risk of making costly mistakes, which emphasizes the value of real estate professionals.
If you’re on a tight budget, don’t worry—we offer flexible options in our commission menu to give buyers the chance to have representation that fits your budget. Just call (480) 415-1341. We look forward to helping you!
Katie Evans
Lead Agent | Katie Evans | Living 48 Real Estate Team
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