Shocking Real Estate News: Your Home Could Sell For Thousands LESS!
š Wanna save THOUSANDS? Find out how the NAR settlement could lower home prices and put more money in your pocket! š°š„ #realestate #homeselling #moneysavingtips
Rochester, Minnesota – In a surprising turn of events, the National Association of Realtors (NAR) has agreed to a settlement that could change the game for home sellers across the country. The settlement, which comes in response to multiple lawsuits, eliminates NAR’s rules on sales commissions, potentially leading to lower costs for homeowners looking to sell their properties.
What’s the Deal with Real Estate Commissions?
When you sell your home, you typically pay a commission to the real estate agents involved in the transaction. This commission is usually around 6% of the sale price, which can add up to a hefty sum. For example, if you’re selling a home for the current median price in the U.S. of $412,778, you’d be looking at nearly $25,000 in commissions!
How Much Could You Save?
While no one expects real estate agents to work for free, experts believe that the new rules will make it easier for buyers and sellers to negotiate commissions. Economists estimate that commissions could drop by as much as 30%, which would translate to significant savings for home sellers.
Let’s say you’re selling a $1-million home. With the potential 30% reduction in commissions, you could save around $18,000. If you’re selling a home at the median price, you could pocket an extra $7,000. That’s a lot of money that could be put towards your next home, a dream vacation, or even your retirement fund.
When Should You Sell Your Home?
If you’re thinking about selling your home, you might want to hold off until mid-July 2024. That’s when the new rules are set to go into effect, assuming they’re approved by the court. By waiting until then, you could take advantage of the potentially lower commissions and keep more money in your pocket.
What About Other Real Estate Groups?
It’s important to note that this settlement only involves the National Association of Realtors and their Multiple Listing Services (MLS) database. Some other groups, like Keller Williams Realty, Anywhere Real Estate Inc., and Re/Max, have already settled similar lawsuits and agreed to change their agent guidelines. However, the settlement does not include real estate agents affiliated with HomeServices of America and its related companies.
While some real estate agents warn that you get what you pay for, the truth is that the 6% commission has always been negotiable. The new rules simply make it easier for buyers and sellers to have those conversations and potentially save thousands of dollars in the process.
š£ How do you think this real estate news will affect you? We’d LOVE to hear from you in the comments section below. ā¬ļø
