{"id":796,"date":"2024-04-03T17:13:15","date_gmt":"2024-04-03T17:13:15","guid":{"rendered":"https:\/\/stacygrove.com\/blog\/?p=796"},"modified":"2024-04-03T17:13:34","modified_gmt":"2024-04-03T17:13:34","slug":"my-take-on-the-proposed-nar-lawsuit-settlement","status":"publish","type":"post","link":"https:\/\/stacygrove.com\/blog\/my-take-on-the-proposed-nar-lawsuit-settlement\/","title":{"rendered":"My Take on the Proposed NAR Lawsuit Settlement"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Headlines VS Facts on the NAR Settlement\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/6-WLj1_KJWc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">You may or may not have heard about a proposed national settlement involving the National Association of Realtors (NAR) and others.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2019ve seen many headlines such as \u201cNo More 6% Commissions!\u201d and \u201cThe NAR real estate settlement could make your next home more affordable.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the bigger headlines (from my perspective):<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAll commissions are negotiable!\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou\u2019ve always been able to go at it alone!\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBuyers and sellers have always had a choice to pay a Realtor\u2019s professional fee.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the same way that you don\u2019t *<strong>have<\/strong>* to pay a CPA to do your taxes or attorney to write up your will, you don\u2019t have to pay a Realtor. But a professional brings great value to a transaction, and that\u2019s no different in real estate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are two main features of the national agreement:<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"1\">\n<li>NAR has agreed to put a new rule in place that prohibits offers of compensation on the Multiple Listing Service (MLS), effective mid-July 2024. Compensation can still be pursued outside of the MLS (on individual brokerage and agent websites, for instance.)<\/li>\n\n\n\n<li>MLS participants are required to have written buyer agency agreements.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">In Indiana, Governor Holcomb had already signed a state-level requirement for written buyer agency agreements (just a week before this settlement was announced).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What does that mean for you, a homebuyer or home seller? All real estate licensees (whether Realtor members or otherwise) will be governed by the same law on buyer agency agreements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What exactly does that mean? In the same way that a seller hires a listing broker, pursuant to the terms of their listing agreement, a buyer will now hire a buyer agent, pursuant to the terms of a buyer agency agreement. Personally, I think this is great! Now both buyers and sellers will understand, in writing, what to expect from their real estate broker, the terms of their compensation, and how that compensation can be paid. There is still an option for sellers to cooperate on buyer broker compensation, which is important to homebuyers, especially first-time homebuyers who have been squeezed by higher mortgage rates, inflation, and rising home prices\u2014one more out-of-pocket cost could push them beyond their budget or out of the market altogether.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home buyers and sellers value the services and expertise offered by their REALTORS<sup>\u00ae<\/sup>: 89% of both buyers and sellers in the most recent NAR Survey used a real estate broker throughout their transaction. 90% of buyers would recommend or use their agent again, and 87% of sellers say the same. (This is from the 2023 Profile of Home Buyers and Sellers.)&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the end of the day, our commitment is to educate you, our customers and clients. That\u2019s what Realtors do. We aim to EARN your business, today,&nbsp;tomorrow&nbsp;and forever, just as we always have!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You may or may not have heard about a proposed national settlement involving the National Association of Realtors (NAR) and others. I\u2019ve seen many headlines such as \u201cNo More 6% Commissions!\u201d and \u201cThe NAR real estate settlement could make your next home more affordable.\u201d Here are the bigger headlines (from my perspective): \u201cAll commissions are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-796","post","type-post","status-publish","format-standard","has-post-thumbnail","category-real-estate-business","entry"],"jetpack_featured_media_url":"https:\/\/stacygrove.com\/blog\/wp-content\/uploads\/2024\/04\/NAR-Lawsuit.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/comments?post=796"}],"version-history":[{"count":1,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/796\/revisions"}],"predecessor-version":[{"id":798,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/posts\/796\/revisions\/798"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media\/797"}],"wp:attachment":[{"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/media?parent=796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/categories?post=796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stacygrove.com\/blog\/wp-json\/wp\/v2\/tags?post=796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}