Those Real Estate Changes Arrive Saturday
Sellers will no longer pay agent commissions on both sides of the transaction. Now, across the country but not everywhere, buyers will negotiate their agent’s fee.
Good Morning!
Here are today’s highlights:
Should every business offer merch?
When employees don’t take vacation, it can actually cost employers.
Eliminating taxes on tipped income would be complicated and expensive.
With inflation cooling more than expected, that rate cut may finally arrive.
REAL ESTATE
Here’s what you need to know about the coming real estate changes: “For the past 30 years or so, the seller has typically paid the agents on both sides of a transaction and decided how much both agents get paid. Usually, sellers agree to pay their agents a certain amount—often 5 percent or 6 percent of the sale price—and the seller’s agent splits that amount with the buyer’s agent. When a home is listed for sale, the listing says how much the buyer’s agent can expect to be paid.”
“Two main changes are happening now. First, listings in local databases called multiple-listing services will no longer show whether a seller is offering to pay a buyer’s agent, or how much. Second, buyers will be required to sign agreements specifying how much their agents will be paid. Buyers will do this before they start touring homes with agents.”
“The rule changes don’t automatically mean that real-estate agents’ commissions will go down. That will be up to buyers and what fees they negotiate with their agents. If commissions do fall, buyers could benefit by paying lower home prices or sellers could benefit by keeping more profit, depending on how competitive and fast-moving the market is.”
“As a buyer, you will be responsible for coming to an agreement with your agent about how much the agent will get paid. But you can always ask the seller to cover that cost so you don’t have to. If the seller says no, you can sweeten your offer by raising the price. You can also walk away.” READ MORE
