Big Changes in Real Estate: What Buyers and Sellers Need to Know

If you're thinking about buying or selling a home, it's important to know about some new rules that are coming to real estate on August 17, 2024. These changes are from the National Association of REALTORS® (NAR), and they're designed to make the process better for everyone. Let’s take a closer look at what these changes mean for you.

1. Buyers Need to Sign an Agreement Before Looking at Homes

Starting soon, if you're working with a real estate agent to buy a home, you'll need to sign a Buyer Representation Agreement before you start touring homes. This agreement is like a contract that explains what your agent will do for you, how long they'll work with you, and how they'll get paid.

Why This Is Important:

• Clear Understanding: This agreement makes sure that you and your agent are on the same page. You'll know exactly what to expect from them, and they'll know what you’re looking for.

• Dedicated Help: When you sign this agreement, your agent will be fully committed to helping you find the perfect home.

  
  

At Team Pimentel, we think this new rule is a great way to make sure buyers get the best help possible.

2. Changes to How Agents Get Paid

Another big change is about how buyer’s agents (the agents who help people buy homes) get paid. Right now, the amount they earn is usually listed on a website that agents use called the Multiple Listing Service (MLS). But starting soon, that won’t be the case. Instead, agents will need to discuss and agree on payment directly with each other.

Why This Is Important:

• More Fairness: By talking directly, agents can make sure they’re paid fairly for the work they do.

• Better Communication: Buyers and their agents will have more control over how much the agent gets paid, and they can negotiate a deal that works for everyone.

  
  

This change means that talking and negotiating will be more important than ever. Our team at Team Pimentel is ready to help you with these conversations so that everything goes smoothly.

What These Changes Mean for You

These new rules are meant to make buying and selling homes easier and clearer for everyone. By having a signed agreement with your agent and discussing how they get paid, you can have a better experience when buying or selling a home.

If you're planning to move soon, it’s a good idea to work with a real estate team that knows about these changes and can guide you through them. At Team Pimentel, we’re here to help you every step of the way.

Have questions or want to learn more? Contact us today! We’re always here to help you with your real estate needs.