So, you've probably heard a bit about this year's shake-up in the real estate world, right? I've been chatting with you all about it as we meet and see properties, list properties, etc, so for many of you this is not new! On August 17, 2024 a few new real estate policies were established, and here's the lowdown in a nutshell:
WHAT'S CHANGED?
For years, when a home or property was sold, the Seller would pay a commission, usually between 6% and 10% of the sales price, which was split between the Seller's agent and the Buyer's agent. But some folks thought this prices artificially high, or there was confusion about why a seller should pay a buyer's agent fee, which led to a plethora of lawsuits. The National Association of Realtors® (NAR) ended up settling, and now we have a few new policies, which enforce the best transparency policies, and these are applicable nation-wide, not just in Alaska.
WHAT IS NEW?
- Sellers: You can't just list a commission for the buyer's agent on the MLS anymore. If you want to offer one, you'll have to negotiate that off-platform. It is important to note, that if you are not interested in offering to pay a buyer's agency fee, some buyers may choose not to view your property.
- Buyers: Now, before I can show you any homes or trek on any lands with you, you'll need to agree on agency compensation. This means signing a contract that outlines everything. Before, we didn't need this contract, we always went over the consumer pamphlet and waiver, but a Buyer's agreement was not required... now it is.
WHAT DOES THIS MEAN FOR YOU?
- Continued Transparency: We have always had to review the Consumer Pamphlet and waiver, outlining buyers and sellers relationships in the deal, so you know where everyone stands. The difference now is that a buyer has to sign a representation agreement prior to viewing a property.
- Standardized Forms: To keep things clear and fair, the Alaska MLS has updated our standard contract forms that relate to these changes protecting your interests.
- Better Protection: These rules aim to educate you and define all fees clearly, as well as shield you from shady practices like hidden fees or misleading ads.
WHY YOUR REAL ESTATE AGENT IS STILL YOUR BEST FRIEND: Having a great agent is like having a guide through a maze. Because I know the ins and outs, I can keep you updated on all these new rules, and help make the whole buying or selling process less of a headache. I've got your back, and I will make sure everything is on the up-and-up and help you navigate through negotiations and paperwork. So, if you're diving into the real estate market soon, it might be a good time to me a call, your trusted agent about how these changes affect you. Feel free to ask me any questions - as your Seldovia Connection, I'm here for you!
