03/19/2024
In Real Estate News:
So, the news is actually saying that the “automatic” 6% commission that REALTORS charge has been thrown out by NAR. For the consumers out there: 6% has never been “automatic.” It has always been negotiable. NAR has never “set” commission rates. Sellers and agents have always negotiated the price paid out. Please don’t listen to MSNBC or any other outlet that’s literally making up the story to get more clicks. If they bothered to actually read the 100+ page document about the settlement they would see that.
Here is what is changing: The MLS will no longer indicate how much (if anything) the seller is willing to pay an agent who brings a buyer. If a seller wishes to only pay their agent, they can choose to do that. There will be some instances where a buyer will now have to pay their agent to represent them should they want separate representation. The amount that the buyer agent is paid will be negotiated between the buyer agent and the buyer. That will be agreed upon and entered into a buyer representation agreement which will now be required by law.
But at the end of the day, just speak with your local real estate expert In your area If you are looking to buy or sell. They are the ones who have the actual, FACTUAL 411 about how It affects the consumer In a real estate transaction.
Leah Younan Realty
United Realty Group
336-338-8859
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