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Hello and welcome to April and the many showers we have experienced in the last week! I love this time of year as we watch our gardens come in to bloom and we can start to shed our coats and winter woolens. We are also in the middle of our spring real estate market, which brings out eager and nervous buyers and sellers, anticipating good outcomes as they start to list their homes for sale.
I feel that it is important for me to address the NAR (National Association of Realtors) proposed settlement that has been in the Media’s Headlines over the last few weeks. Many of these headlines have been overstated or are misleading. In attempt to simplify the main points, the two main takeaways from this agreement are:
- The NAR agreement does not prohibit sellers from making offers of compensation to buyer agents just that these offers cannot be displayed on the MLS.
- NAR will now require buyer agents to use representation agreements with their clients, which we believe will bring greater consumer transparency and ensure buyer agents are compensated for the valuable services they provide. (In CT we have been using these agreements for the last 15 years).
THE HEADLINES:
Home buyers and sellers won't have to pay a standard commission anymore.
THE REALITY:
There is no standard commission- commissions are negotiable, and they always have been. The changes are simply going to make the commission process more transparent, ensuring clarity between the buyer agent and their clients from the outset.
THE HEADLINES:
Sellers don’t need to offer compensation to buyer’s agents.
THE REALITY:
Choosing to help a buyer with commission or closing costs is solely the seller’s decision. Many sellers see VALUE in doing so as it can make their property attractive to a wider pool of buyers by helping to alleviate out-of-pocket costs that can be challenging--especially for first-time buyers. Sellers also recognize that buyer’s agents facilitate a faster and smoother closing.
THE HEADLINES:
Buyers no longer need agents.
THE REALITY:
Real estate agents help consumers successfully navigate one of life’s most expensive and impactful transactions- providing invaluable advocacy, support and expertly serve their clients.
I hope that the above has helped to shed some light on this important development in the real estate world. Please don’t hesitate to contact me if you have any questions about this matter and of course all your real estate needs.
I plan to continue to provide superior service to both buyers and sellers as I help them achieve their real estate dreams. I understand that buying or selling a home is one of the most significant- financial and emotional – investments in most people’s lives. I have been helping clients for over 30 years and love what I do.
Whether you want to sell, build or purchase a new home, right now is the time to do it. If you want to get the best deal, there is no time to waste so CALL ME NOW!
Get the process going by scanning the QR code below to see how much your home is worth.
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