It’s time to reveal the truths about the recent NAR settlement.
The real estate industry is abuzz with discussions surrounding the National Association of Realtors settlement, particularly in light of its potential implications for buyers, sellers, and agents. As news of this ongoing court case continues to unfold, it's essential for individuals involved in real estate transactions to grasp the key details and understand how it may shape the future landscape of the market. Here are the four truths you need to know about this ongoing court case and its implications for buyers and sellers.
1. The NAR settlement in Missouri is still in progress, with final resolution expected around mid-July. This means there's still uncertainty about its impact on the market. While it's essential to stay informed, it's equally important not to jump to conclusions until all details are finalized.
2. Commissions have always been negotiable, and this remains unchanged. Whether you're selling to family, friends, or neighbors, you have the freedom to negotiate fees on a deal-by-deal basis. The misconception that commissions are fixed or non-negotiable is simply not accurate.
3. Sellers can still offer compensation to buyer agents, even without direct MLS advertising. You have the flexibility to decide how much to offer as compensation, ensuring that you can attract qualified buyers without constraints.
4. For buyers, having a buyer agency agreement is highly needed. This agreement outlines the agent's payment and fiduciary duties, ensuring transparency and representation throughout the transaction. By establishing clear expectations from the outset, buyers can navigate the market with confidence and clarity.
If you have any questions or need guidance on selling or buying property, feel free to call or email. We'll keep you informed every step of the way.
