NAR Settlement Explained: Big Changes in Real Estate 😳. Attention Arizona Home Buyers & Sellers! The National Association of Realtors (NAR) just reached a settlement that will change how realtor commissions are shown on the MLS. This video explains what it means for YOU and how to navigate buying or selling a home in this new landscape. In this video, I discuss how the NAR settlement aims to resolve claims related to broker commissions.
So, if you are thinking of buying or selling a home in Arizona you will want to listen in to today's video. The National Association of Realtors (NAR) just reached a settlement (still subject to court approval that could come as early as July 2024), that aims to further clarify how commissions are paid. This video explains what Buyers and Sellers need to know.
We'll break down a couple key points of the NAR lawsuit and understand the changes proposed in the settlement, including restrictions on displaying commission information on the MLS (Multiple Listing Service), and learn how this could impact your experience as a buyer or seller. Michelle simplifies complex concepts, ensuring viewers grasp the significance of these changes, and empowering them to make informed decisions in their real estate endeavors.
Remember, consumers always have a choice when it comes to compensation - that has not changed. Offers of broker compensation can and will be pursued off-MLS through negotiation and consultation with their real estate professional.
New rules will be enacted requiring MLS participants working with buyers to enter into written agreements with their buyers (Buyer Broker Agreement). This agreement ensures consumers understand the services and value that is being provided along with the associated costs.
So, whether you're considering a move to Arizona or elsewhere in the U.S., staying informed about industry developments is crucial. Join Michelle Seymour as she navigates through the intricacies of the NAR settlement, offering invaluable insights for both seasoned homeowners and first-time buyers. Don't miss out on essential updates in the world of real estate-subscribe now and stay ahead of the curve!
Chapters:
00:00 - Introduction
00:16 - Background on the Lawsuit
00:39 - Changes in Realtor Commissions
01:25 - Impact on Sellers
02:45 - How Will this Effect You as a Buyer?
03:41 - Negotiating Commission Fees
04:37 - Seller Negotiations and Concessions
05:23 - Conclusion on NAR Settlement and the Real Estate World
05:54 - Wrap up & Contact Information
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