Summer 2024 Market Update: NAR® Settlement Changes Are Here

New rules start today, August 17, 2024. 

Change is here after a long and winding process that all started with a class-action lawsuit against NAR® in 2019 in Missouri. As of August 17, 2024, sweeping changes are in effect which not only impact how agents get paid – but how buyers can tour properties.

How we landed here and if the issues hoped to be resolved were ever a problem here in our region are discussions that could take up a book or maybe a whole series! But how we got here and what we think about it has no bearing on what it means for us today.

We will not pretend to be experts in this matter, as the deadline has just come into effect and the true weight of it all is yet to be seen. We do however want to share some resources that can summarize the changes, address frequently asked questions and empower you with knowledge as you decide what this means for you and your next real estate endeavors.

NAR® | Compensation, Commission and Concessions

This article explains the August 17th deadline with regard to 3 key areas: broker commissions, offers of compensation and seller concessions.

USA Today | How the NAR Settlement Is Changing Homebuying and Selling

In another helpful overview, this read tells you what happens August 17th, what buyers and sellers can expect and what other changes are likely to follow suit.

East Bay Times | The rules for homebuyers and sellers are changing in California. Here’s what you need to know.

With a Bay Area perspective, this local paper addresses the changes and what some Realtors® think about it (it’s not all bad!).

NAR® | NAR Settlement FAQs

This question-and-answer list is helpful for agents and consumers alike and provides simple answers to the biggest questions surrounding this topic.

While the media headlines can make this seems like a ‘doomsday’ of sorts, there are benefits to sticking to the facts and accepting how to navigate what is, rather than resent how it came to be. That is no doubt a life lesson that can be applied to real estate commissions and beyond.

Best wishes,

Bobbi