National Association of Realtors (NAR) settlement 2024

Here’s a summary of what the settlement is about:

There were a series of class-action lawsuits that alleged that the NAR’s compensation rules violated antitrust laws. NAR continues to deny that there was any wrong doing, but they settled to put the claims to rest for over one million members and other parties.

These are some of the changes that came out of that settlement:

  • Agents can no longer offer buyer agent compensation in the MLS. This is now done at the time an offer is made, or between agents prior to an offer.
  • Agents must have written agreements with buyers before showing them a property.
  • Sellers can continue to offer concessions for buyers closing costs.
  • The settlement went into effect on August 17th, 2024.

Many of the forms that we use were changed to incorporate the new way of doing business. Other than that it’s business as usual! 🙂

Below are PDF flyers from the National Association of Realtors that you can view and/or download for more information on what the settlement means for you. If you have any questions feel free to reach out to us.

Home Sellers: Here’s what the NAR Settlement means to you.

Home Buyers: Here’s what the NAR Settlement means to you.

Buy an Existing Home or Build New

This is a question that Buyers should consider before they start the home search.

Hello, it’s a beautiful day to talk about real estate.

One thing I wanted to go over today was whether
you should buy an existing home or build a new
home on your own. So here are a few quick
tips on each one.

If you buy an existing home, a few of the things that
are an advantage to that is that your rate will be a little
bit lower. A mortgage for an existing home is a little bit
lower than a new construction or construction loan.

It’s quicker. Obviously, the house is already there and
existing, you don’t have to wait for it, and there’s a little
more variety to pick from. You can look at a lot of different
types of homes compared to what you could build.

The advantages of building something new, obviously it’s
new. so that’s a great thing. You can customize some of the
things yourself so you can make some decisions.

Usually they have more storage space when they’re newer
and they’ll be less maintenance because it’ll be brand new.
It’s also usually more energy efficient than an existing home
because everything will be new and up to date.

So those are some of the advantages and disadvantages of
buying versus building. I’m going to include some
information here somewhere so you can click on it and find a
little more detail.

If you have questions feel free to reach out to us. We’d love to get
together and go over it with you, talk about it and maybe show you
some land that’s available and show you some houses that are
available and figure out which one is more for you.

So make it a beautiful day, and if you have questions, contact us.
Take care,

Karen McLinden

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