Hi friends!
As you might have already heard, some changes are on the horizon for the real estate market here in Houston. I want to break down these updates to help you understand how they might affect you, and just as importantly, how they won’t.
Recently, the Houston Association of Realtors has been buzzing about a major settlement negotiated by the National Association of Realtors. This agreement, still awaiting final court approval, is set to reshape some key aspects of real estate transactions.
Starting in August 2024, there are two big changes you should be aware of:
1. Written Agreement Requirement: First, every realtor must get a signed written agreement, like a Residential Buyer's Representation Agreement, before they can show homes to clients. This document will clarify what the buyer's agent and the client are responsible for, including any fees the client might owe their agent if the seller or their broker doesn’t cover the buyer's agent's commission. While sellers typically pay these fees as part of their marketing costs, this new rule ensures everyone knows the score right from the start.
2. Compensation Details Move Off MLS: The second change affects how compensation offers to buyer’s agents are handled. These will no longer be listed in the Multiple Listing Service (MLS), the tool that Realtors use to find homes for sale and track market prices. Removing these details from the MLS doesn’t mean sellers can’t pay the buyer’s agent; it just means this must be discussed openly. It's all about increasing transparency, which is a win for buyers who want to understand all the upfront costs.
These offers of compensation can still be shared through other channels, such as the broker’s website, social media, emails, or calls.
It’s important to remember that real estate commissions are negotiable, and agents might use different payment models, from flat fees to hourly rates.
Realtors remain committed advocates for their clients, guiding buyers to the right home at the right price and helping sellers market their properties effectively. They navigate the complex legal requirements, inspections, and disclosures, ensuring nothing gets missed.
However, with more transparency required in negotiations, some buyers might need to budget for additional costs, like their agent’s fees. This could be challenging for first-time buyers and communities with historically lower homeownership rates, potentially limiting their ability to purchase homes.
The Houston Association of Realtors is proactive about these changes, launching The Reality of Real Estate campaign to provide valuable resources for navigating these waters. For more details, you can visit www.har.com/reality or the HAR.com homepage.
As the landscape evolves, one thing remains certain: Buyers and sellers in the Houston area can still rely on their real estate agents' expert, steadfast support, an essential partnership in achieving the American dream of homeownership.
Thank You!
I hope you found this blog post super helpful. When you are ready to find the perfect home in the perfect neighborhood, I look forward to being here for you. My contact information is below, or you can use this link to schedule a call with me. Hugs, Jo.
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Schedule a call at https://byjoandco.com/call or email me at [email protected].
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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If you are looking to relocate to the Houston Area, we would love to meet you, and hear your story. Below you will find all of my contact information, as well as some homes for sale in the area. We truly look forward to hearing from you! P.S. Don't forget to check out our YouTube Channel!
If you are overwhelmed…
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by clicking this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious about what to look at next! Thank you for trusting us.
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