08/18/2024
•Changes today in the real estate market•
Although I do notice that the real estate market has slowed recently and will likely continue to slow down until the end of the year(based on prior years), today there have been some big changes in the real estate market. Here is what you need to know as a consumer:
-If you are purchasing a home and working with a real estate agent, you will need to sign a contract with them going forward before seeing any homes(if you are already working with me I will send you the contract). The contract will outline the duration of the contract and the percentage of commission paid to the buyers agent at close of escrow.
-Commissions offered by a seller to pay a buyers real estate agent will no longer be listed on the MLS(multiple listing service).
-Buyers can negotiate the commission paid to their real estate agent from the seller in the offer they put in on a home.
-Sellers may still offer a commission to incentivize the sale of their home, but they may not post it on their listing of their home.
Lastly, if you are a buyer looking to purchase a new home, from now until the end of the year could be a great time as there is less competition and sellers may be more open to a lower price. Historically the real estate market has become more competitive after an election, so I expect more competition for buyers in the new year.
