New Real Estate Agent Rule - How does that affect you

Ready to buy or sell a home? Well, there are some new rules you’ll want to know about that went into effect on August 17, 2024. The real estate market is shaking things up, and both buyers and sellers will need to adjust. But don’t worry – we’ll break it down for you in a way that’s easy to understand.

What’s Changing?

Traditionally, when you sold a house, you (the seller) paid for both your agent’s commission and the buyer’s agent’s commission, splitting a total of about 5-6%. Well, not anymore! Under the new rules, sellers don’t have to cover the buyer’s agent commission. Now, buyers are responsible for negotiating and paying their own agent.

Another key change? Agents working with buyers now have to get a signed agreement before showing homes. This means buyers will know exactly how much they’ll be paying their agent from the start – no surprises later.

What Does This Mean for You?

For Sellers: You might think, “Great! I don’t have to pay the buyer’s agent anymore.” But hold up – to attract buyers, you might still want to offer something. It’s like offering free snacks at a party; sure, you don’t have to, but it makes your house look more appealing, right? Instead of listing this payment on the MLS (where homes are listed for sale), these details will now be negotiated in private between agents.

For Buyers: Time to get your budgeting hat on! You’ll now need to plan for your agent’s fee, but the good news is you’ll have more control. You can negotiate the fee with your agent directly, and there are creative ways to work this into your budget, like adjusting your down payment or finding other savings. It’s a bit more upfront work but gives you a clearer picture of the costs.

The Brightide Perspective

Here at Brightide, we think these changes are pretty exciting. Yes, they might seem like a lot to take in at first, but they could lead to more transparency and control for both buyers and sellers. Sellers can customize their offers to make their homes stand out, while buyers can make sure they’re not caught off guard by hidden fees. It’s all about making the process smoother and smarter for everyone.

The Final Wave:

The real estate world just got a little more interesting. Sellers, you get more flexibility, and buyers, you get more control over your costs. It’s a win-win – as long as you stay informed and plan ahead.

Got questions or want help navigating these changes? Reach out to the Brightide team – we’re here to help!