03/20/2024
I’m sure you’ve watched the news about real estate…it all sounds confusing but actually makes it all clearer. One of my lender friends has explained it well. See below:
Dear Homebuyers,
There has been a lot of confusing real estate news lately. I wanted to address recent industry developments, particularly concerning commission structure changes and their potential impact on buyers and sellers. As you know, my customers are the heart of what I do, so I am sending this today to clear up any questions you may have about what you see in the media.
The NAR lawsuit doesn’t change anything about our business except give you more transparency. The buyer has always paid the buyer's agent a real estate commission. They just financed it by building it into the price. This will continue to be done the same way, by way of sellers’ concessions. When a buyer's agent makes an offer on the house, they’ll say, “Buyer, do you want to pay my fee directly to me, or would you prefer to have it built into your offer price, requesting the seller pay it with seller concessions?”
It's essential to understand that buyers, not sellers, ultimately bear the financial burden of all transaction costs, including commissions. Despite this, the current system often creates the illusion that sellers cover all commission expenses, leading to confusion among buyers.
The thought of buyers navigating the complex homebuying process alone is deeply troubling, considering the myriad responsibilities involved, from property search to negotiation and transaction coordination. Dedicated real estate agents like me and my team work on your behalf to do many things when buying or selling a home, not the least of which is ensuring that offers, inspections, repairs, and closing are done with integrity and in the best interest of our customers.
Experience matters regarding a shift in consumer behavior, and I will always protect your interests. Please don't worry; my commitment to exceptional service and support remains unwavering. In the coming months, my team will closely monitor these changes and implement strategies to ensure we continue serving you effectively.
Thank you for entrusting us with your real estate needs. Please don't hesitate to reach out with any questions or concerns. We're here to support you and anyone you know who is ready to buy or sell a home every step of the way.
Thank you!
Amber Brittain | Branch Leader
NMLS # 459933
Barbara Turbville
Red Camellia Group @ eXp Realty