This month, the rules in residential real estate are changing. The National Association of Realtors said the changes included in a settlement to end antitrust legal claims officially take effect nationwide on August 17.
The changes overhaul the informal guidelines that often led to homesellers paying a commission of 5% or 6%, which was generally shared between an agent representing the buyer and an agent representing the seller. Agents working with a buyer must now enter into a written buyer agreement specifying their compensation before touring a property.
The rules could fundamentally change the way Americans buy and sell homes. Do you have plans to buy or sell a home in the near future? If so, we’d like to hear from you as to how the changes may affect you.
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