03/20/2024
Commissions in Ohio are not set at a "fixed rate" -- rather they are negotiated between the sellers and the brokerage representing them in their listing agreement. It's a "Negotiated Fee" -- not a "Fixed Fee." The BIG question to answer, now that this mess has been created, is HOW will the buyers come up with the money to pay their buyer's agent since the sellers are NOT AUTOMATICALLY paying the buyers' agent commission? (a traditional system that has worked favorably for a long, long time) Most Buyers may not have enough down payment now, due to this NEW change of the buyers having to pay for their buyer's agent's commission. Clearly, this hasn't made things easier for the buyers but rather, has created a potential major train-wreck for buyers and sellers of real estate. And that's just the tip-of-the-iceburg. Think of how the seller are going to market their house! Will their asking price reflect covering the buyer's agent commission or not? If you are looking for answers to the questions this debacle is creating please call, text or email me and I will help you with your questions and concerns. I believe time will help this shake out and once the dust settles, calm will return to the housing marketplace. Until then, we will figure out how to make these new guidelines work for buyers and sellers. Look to an informed agent that works for a reputable brokerage to help you with these new challenges. I'm here to Help. I look forward to your calls.
Commissions were already negotiable before the resolution was reached and will continue to be negotiable as they have been. NAR appreciates President Biden's continued focus on the affordable housing crisis.
