There’s been a lot of news lately about the NAR settlement. What does it all mean for those looking to buy a home?
Here are a couple of key facts:
-> Commission has always been negotiable. While 7% was a common commission percentage charged traditionally to the seller via a listing agreement when I became a Realtor in 2007, that commission was also traditionally split between seller’s and buyer’s brokers. That percentage has steadily decreased over time, unlike all other costs of living, which have steadily increased over time. Since these commissions have always been negotiable, and remain so today, these costs can, and often do, vary.
-> Under the ruling, sellers may still offer a commission to buyers’ agents, but they may no longer publicize in the MLS what that commission amount/percentage is. Sellers and agents must get creative to get the word out that sellers will still offer a cooperating buyer broker commission, if the seller chooses to do so.
-> If a seller chooses not to offer a commission to the buyers’ agent, the buyers will need to pay their agent’s commission. That added expense will effectively decrease the buying power of many buyers.
For details on the above & much more, check out Darryl Davis’ full explanation at https://lnkd.in/gJn7Hpgr
