“We cannot change the wind, but we can adjust the sails.” ~ D.P.
Change is here. If you have been reading the news at all, chances are you have seen a variety of hype and headlines surrounding the real estate industry changes that went into effect on August 17th, 2024. As the result of a lawsuit that started in 2019 in Missouri, the entire nation is now impacted by new home buying & home selling practices related to how agents are paid, and as such, how homes are shown.
As always, Homes of Silicon Valley is moving forward with the goal of empowering our community and helping individuals and families thrive within it. The act of ‘doing the next right thing’ has driven our business for over two decades, and that practice will not change. We have sought out several helpful articles below which we believe offer a good foundation of where the changes stem from and what they mean for you.
In actuality, however, much remains to be seen. Typically, when change emerges, there is a period of pause and fear, then a cautious and slow-moving path forward. Whether you have a real estate move planned or not, we encourage you to reach out to us with any questions, at any time. We will answer honestly with how this has changed our own perspective and practices, and what we are doing to ensure our clients have access to the best opportunities for them. Together – we have got this!
Let's talk soon,
Mark Barber & Team
Homes of Silicon Valley, a division of Christie's International Real Estate Sereno
216 Los Gatos Saratoga Road, Los Gatos, CA 95030
License #: 01220031
408-316-8112 Direct/Txt | mark@homesofsv.com | www.homesofsiliconvalley.com
RESOURCES
Compensation, Commission and Concessions (Realtor® Magazine)
While technically an agent-focused article, Homes of Silicon Valley believes in transparency and clarity. This article breaks down the changes implemented on August 17th via a breakdown of 3 key areas: broker commissions, officers of compensation & seller concessions.
Real Estate Commission Rules Just Changed—Will That Help You? (House Beautiful)
This article offers a good overview of the ‘steering’ aspect of the NAR® settlement in paragraphs 3 and 4. If you are looking for a brief overview of how a buyer’s agent used to get paid and how they may get paid now, this read could be helpful.
How the NAR Settlement Is Changing Homebuying and Selling (USA Today)
If you want a quick and almost overly-simplified summary, find it here. USA Today starts off with 3 key take-a-ways, namely that:
- Starting Aug. 17, new rules will roll out that change how real estate agents are paid to help people buy and sell their homes.
- Buyers will need to sign contracts before touring any homes.
- Sellers will no longer automatically cover the costs of agents fees for buyers.
NAR® Settlement FAQ’s (The National Association of Realtors®)
For those wondering exactly how we got here, what the impact could be and anyone with a specific question – this list of 119 questions and answers is likely to cover it! With questions such as “Does this settlement mean that NAR is admitting that plaintiffs’ allegations are true?”, “What MLS policies have changed?” and “How does the settlement affect home sellers and home buyers?” – this is a lengthy but informational resource.