According to abc7news.com, the landscape of buying and selling homes is evolving with recent changes to real estate transaction rules. The National Association of Realtors has introduced a new class action settlement agreement that alters how commissions are negotiated between buyers and sellers.
Key Changes to Real Estate Commission Negotiations
Effective immediately, the Multiple Listing Service (MLS) will no longer display compensation commission details, including historical data. This significant shift means that buyers and sellers will now need to directly negotiate who pays the commission and how much it will be.
Barbara Clemons, President of the Bay East Association of Realtors, noted, "The buyer and seller are more involved in the transaction, which allows for greater transparency about compensation. Expect more forms for both parties."
Impact on Open Houses and Buyer-Agent Relationships
During open houses, buyers will be required to sign forms. Without an agent, they may face difficulties obtaining additional property information. Buyers will need to negotiate their agent's commission, while sellers might choose to incentivize a sale by covering part or all of the buyer’s agent commission.
David Stark from the Bay East Association of Realtors said, "Buying or selling a home is a major decision and can be intimidating. However, the increased transparency should help alleviate some anxiety."
Uncertain Impact on Housing Market
The long-term effects of these changes on housing commissions and the real estate market remain uncertain. Thomas added, "There is no crystal ball. I don’t believe this change alone will significantly impact housing prices."
Navigating these new rules will present a learning curve for everyone involved in real estate transactions.
Together, we will navigate the changes to rules and regulations in our industry while continuing to provide the same exceptional service we always have. Don’t hesitate to contact Marks Realty Group if you have any questions.
Source: abc7news.com
