03/23/2024
I know I promised y'all a video with me explaining what's going on with the NAR settlement, but there has been so much misinformation out there y'all. I just have not been able to wrap my head around a lot of this so I don't feel I can do a good job of explaining it, but I want to be informative because y'all deserve that.
So basically, the NAR wants to remove offers of compensation from the MLS. They are not saying sellers can't offer, but we're already seeing sellers declining to offer any. If a buyer cannot afford to pay their agent, they are going to find a different home to buy where the seller is offering it.
Here's a fact straight from the NAR website: 89% of buyers used an agent to purchase a home in 2023. Not only that, VA buyers aren't allowed to pay agent commissions so military buyers are doing to have an even harder time. I just don't get it, because it's always been the buyer who pays in reality.
Imagine going to a restaurant. When you order a meal, the price you pay covers not just the cost of the ingredients, but also things like the chef's salary, rent for the space, and other expenses the restaurant has. Similarly, when you buy a home, the seller is the one offering the product for purchase and has set the price, which includes his equity, commissions, taxes, etc. The buyer is who brings the cash to the deal. Without the buyer the house sits unsold and any equity remains untapped
This guy does a good job of breaking it down, just keep in mind this is just a proposed settlement. Nothing is set in stone yet.
Tune in to this special interview with America’s #1 Realtor, Jason Mitchell, as he shares his thoughts on the recent NAR settlement and his solution, which h...
