NAR Changes for Sellers

What changes on August 17, 2024?

 

Beginning August 17, sellers are not obligated to offer compensation to a buyer’s broker and these offers of compensation can no longer be advertised on the MLS. While it may still be advantageous to offer concessions to a buyer for the purpose of compensating their agent and or closing cost, the amount will be negotiable at the time of purchase and included in the purchase contract. The amount or rate of real estate commissions is not fixed by law. They are set by each broker individually and may be negotiable between Seller and Broker. The seller should negotiate the fee for listing services with their agent and this fee will be reflected in the listing agreement. 

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How might these changes impact my home’s sale price?

 

While the commission structure might alter, the primary factors influencing your sale price will still be the market conditions, property value, and buyer demand.

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How can a seller incentivize buyers to come to their property?
 

Offering buyer concessions may work in a seller’s favor as it can give them flexibility in negotiations and the marketing strategy for their property. It allows us to tailor the terms in a way that aligns with your best interests and the market dynamics.

 

What are buyer concessions?
 

A Buyer Concession is essentially an amount that the seller agrees to credit the buyer at the closing of the transaction. This credit can be used by the buyer to cover part of their closing costs or other expenses associated with purchasing the property.