NAR Settlement
Does the NAR settlement mean more flexibility for you?
A settlement with the National Association of Realtors regarding agent commissions and listing prices may go into effect July 2024.
What does this mean for homebuyers and sellers?
Current Rules:
- NAR requires the seller to compensation both the selling and buying agent, paying anywhere up to 5% to 6% usually.
- Selling agents must include listings and the buyer’s agent fee on the NAR’s Multiple Listing Service (MLS)
New Rules:
- Sellers are no longer required to compensate the buying agent although they may choose to do so
- The buyer’s agent fee will no longer be listed on the MLS
- Sellers and buyers may potentially negotiate lower commission costs and home prices
Homebuyers and sellers will still be required to compensate agents for their services, but the new changes allow for flexibility with negotiations.
Your local GMFS Mortgage Loan Officer can talk to you about how these changes may impact you and of any future changes.
Contact us today! www.gmfsmortgage.com/get-started