Impending Changes in Real Estate

If you are not in the know, The National Association of Realtors (NAR) was hit with a major antitrust lawsuit that accused the organization of anti-competitive practices, including steering consumers towards agents who offer higher commission rates. This dubious behavior and now lawsuit, began in Missouri in lower income rural areas showed seller Realtor’s inflating their fees. As a result, real estate transactions will have more transparency and options for consumers.

The lawsuit has prompted many real estate agents to reassess their practices and be more transparent about their fees and commissions. Consumers now have more information about the costs involved in buying or selling a home.

The court still needs to approve the settlement and language tweaked, it remains to be seen if the Dept of Justice claims these actions against the industry are going to be alleviated… I hope this becomes an aspect of this.

Its been customary for sellers to pay a fee to the sellers agent, who then shares that fee with the buyers agent. Overall, sellers paying the buyer’s fee can lead to a more efficient and transparent transaction process, benefiting both parties involved in the real estate transaction.

1. Less financial burden on buyers: Buying a home is already a significant financial commitment, so having the seller cover the buyer’s fee can alleviate some of the financial strain on the buyer, especially in today’s market and for lower income and/or first time buyers.
2. Attracting more buyers: By covering the buyer’s fee, sellers are able to attract more potential buyers who may have been deterred by additional costs. This could lead to a higher number of offers, top dollar, great terms and potentially a quicker sale.
3. Smoother negotiations: When sellers pay the buyer’s fee, it eliminates the need for negotiation over who will cover the cost. This can streamline the process and make for a more amicable transaction.
4. Increased transparency: When sellers pay the buyer’s fee, there is more transparency in the transaction process. Buyers are aware of exactly how much they are paying and can make more informed decisions.
5. Encourages more competitive pricing: With sellers paying the buyer’s fee, buyers may be able to afford more expensive properties and sellers may be more willing to competitively price their homes to attract more buyers.

Overall, the NAR lawsuit has sparked a significant change in the real estate industry, leading to more transparency, competition, and consumer empowerment in transactions. .

The focus remains on providing top-notch service to clients and ensuring that all transactions are fair and above board. Tri-state area professional Realtors will continue to conduct business with integrity and transparency, and while the industry may be evolving, the commitment to ethical practices and exceptional service will continue with myself and Home on the Hudson Team. We strive to bring customer care to every transaction, powered by the Coldwell Banker network and technology, 

Interested in learning more about how I can help you navigate this real estate market in your area, let’s set up a time to connect. And don’t hesitate to reach out if you have any other questions.