Here we go..Since the NAR settlement announcement there's been a TON of misinformation out there.
I'm going to try and shed a little bit of light on this and clear up the "fake news".
❌ “The NAR settlement forces brokers to reduce their compensation and eliminates
the 6% fee.”
✅
NAR does not set commissions, and commissions were always negotiable
long before this settlement. Commissions are and will remain entirely
negotiable between brokers and their clients.
❌ “The NAR settlement will allow sellers to no longer pay compensation for an agent bringing the buyer.”
According
to HousingWire: "The mandate restricts properties with an offer of
buyer agent compensation from displaying on association-owned MLS, yet
the practice can’t be restricted in any other form of marketing. Sellers
may still elect to pay buyer agent compensation to differentiate their
properties. While sellers can elect not to pay buyer agent compensation,
that doesn’t mean they will avoid the economics as buyers may write
into any offer a contingency requiring the seller to cover the cost or
request other concessions."
✅ There has never been an obligation for a seller to pay buyer agent compensation.
The settlement preserves cooperative compensation — as long as such offers of compensation occur off of the MLS.
❌ “The settlement will serve to meaningfully lower prices and make home ownership affordable again.”
✅ Values in real estate are determined by supply and demand. Low inventory has cause increased demand, causing prices to to up.
Think
about it...IF a Seller decides to not offer a buyer's agent 2%
commission, is he/she going to reduce his price by 2%? And will happily
give the difference to the buyer? Not likely.
Great article by HousingWire:
https://tinyurl.com/4aanyfmh
It
will be interesting to see how this whole thing plays out in the coming
months and years. But for now...it's business as usual.
If you
have questions bout the NAR settlement and how it could potentially
impact buyers or sellers, please do not hesitate to contact me!
.
.
.
.
.
#BoulderREALTOR
#BroomfieldREALTOR
#BroomfieldColorado
#SellersMarket
#BuyersMarket
#NAR
#BuyersAgent
#SellersAgent