The NAR rule changes are finally in effect, wanted to make this post to discuss.
Here's what changed for anyone out of the loop:
- Buyers must sign a contract (brokerage disclosure to buyer or an exclusive right-to-buy listing contract) before an agent can show them any properties
- Agents can't advertise their compensation offers in the MLS anymore. Commissions are now to be negotiated
For buyers, this means it's ultra important to find an experienced agent and develop a relationship with them before touring any home. Sellers should probably expect some offers lower than the listing price now as buyers need to factor in the agent commission.
Moving forward we might start to see some of the effects of this new change, including more hesitant buyers and concerned agents. What changes have you seen so far?