Home Buyers Information

As of August 17, 2024, new Federal rules regarding how real estate agents get paid have been put into law, changing the way people buy and sell homes. Here’s a simple breakdown of what these changes mean:

• Buyers and Sellers Negotiate Commissions: Previously, the person selling a house (the Seller) usually paid the real estate agents for both themselves and for the person buying the house (the Buyer). Now, Buyers and Sellers can negotiate who pays the agents and how much they get paid. This means Buyers might have to pay their agents directly, or they can agree with the Seller to share the cost.
• Changes to Offers on MLS: The Multiple Listing Service (MLS), a tool that helps real estate agents see all the homes for sale, used to automatically show how much a buyer’s agent would be paid. This is no longer allowed. Now, any payment offers need to be discussed and agreed upon separately.
• Buyers Need Agreements with Agents: Buyers now have to sign a contract with their real estate agent before looking at a house in person or via a video tour. This contract will explain how the agent will be paid. It’s important for Buyers to understand these terms so they know what they are agreeing to.

These changes are intended to make the process fairer and clearer for everyone, but they also mean that both Buyers and Sellers need to be more informed and prepared when they enter the real estate market.

We are continuously working to stay informed as this new process unfolds and gets implemented. We’re here to help you navigate these changes so you can make informed decisions that best fit your home buying or home selling needs.