Inside the Game-Changing NAR Decision on Buyer's Agent Commission-Unveiling the Future of Real Estate

Dated: March 21 2024

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Simple Organic Blog Post Instagram Template 2 by Rebecca Bouknight

There's a breeze of change blowing through the real estate landscape of our beloved Charlotte region, and it's bringing with it a wave of transformation that promises to reshape how transactions are conducted. If you're in the market to buy or sell a home, you'll want to pay close attention to the recent landmark ruling from the National Association of Realtors (NAR) regarding buyer's agent commission.

Gone are the days when the buyer's agent commission was prominently displayed in the Multiple Listing Service (MLS), serving as a benchmark for negotiations. Instead, under this new ruling, the focus shifts to the value that buyer's agents bring to the table and what sellers are willing to offer. It's a paradigm shift that aims to enhance transparency, encourage fairer negotiations, and ultimately, empower both buyers and sellers.

For buyers, this ruling could open up a world of opportunities or not! With buyer's agent commissions no longer set in stone, you have the chance to work more closely with your agent to determine their value and negotiate accordingly. Buyer agents would now be required to enter into a written agreement with their buyers before touring a home. Sellers have always been able to negotiate a buyers agent commission however with the ruling buyers may be in the hot seat to pay their own agent which has the possibility to present its own set of challenges with populations such as minorities who are already behind the curve on homeownership and first-time homebuyers. This means you can rest assured that your agent is truly working in your best interests, rather than being swayed by predefined commission structures.

Sellers, on the other hand and their agent can continue to offer compensation to a buyer agent. It simply won't be listed on the MLS. Sellers who choose not to may face their home sitting longer on the market as many buyers are not prepared to pay their agent commission. Savvy sellers may continue to offer what compensation they can to foster a quicker sale. Buyers agent has only been around for the past 26 or so years.

What are your thoughts?

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Rebecca Bouknight

Rebecca has helped families to sell and buy land as well as assisted for sale by owners to achieve their financial goals by selling their most valuable asset. Rebecca is also dedicated to assisting ho....

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