Buyers Be Aware of Changes Coming End of July 2024

As part of a settlement announced Friday, the National Association of Realtors agreed to make some policy changes in order to resolve multiple class-action lawsuits brought on behalf of home sellers across the U.S.

Currently, when selling a home, the seller's agent usually splits a commission with the buyer's agent, typically, but not always, around 5-6% of the sale price. This is called "cooperative compensation."

Under a proposed rule change, sellers' agents couldn't automatically offer this to buyer's agents through MLS listings. However, sellers could still negotiate with buyer's agents separately. If sellers choose not to pay the buyer's agent commission, buyers would need to find and pay for their own agent, which will be challenging for those with limited finances.

For more information, check out the article linked here.