Marana, Arizona
The real estate world is turning upside down today, August 17, 2024. Remember all those lawsuits against the National Association of Realtors (NAR)? Well, the dust has settled, and we’re seeing big changes.
Here’s the scoop: NAR was accused of playing dirty with commissions. Apparently, their rule forcing sellers to offer a cut to buyer’s agents when listing on Multiple Listing Services (MLS) wasn’t sitting well with folks. Critics said it jacked up prices and squashed competition.
Fast forward to April, and a judge in Missouri gave the green light to a massive settlement. NAR’s coughing up $418 million, with other big names like Anywhere Real Estate and Keller Williams also shelling out millions.
But here’s where it gets interesting for buyers and sellers:
No more commission field on MLS listings. Instead, there’s a new “Seller Concessions Offered” box. It’s optional, but sellers can use it to advertise perks for buyers. Funny enough, buyers could use these perks to pay their agents. Sound familiar?
Listing agents can still advertise buyer’s agent commissions elsewhere: think brokerage websites, social media, or good old-fashioned phone calls.
The kicker? Starting today, if you want to tour a home (even virtually), you’ve got to sign a Buyer Rep Agreement. No signature, no tour – unless you catch an open house or sweet-talk the listing agent into showing you around.
This Is Marana has chatted with several local realtors and the responses are all basically the same. “It’s a whole new ballgame. Some folks are excited, others are nervous. We’re all just trying to figure it out.”
So, whether you’re buying or selling, buckle up. The real estate ride just got a lot more interesting.