New Real Estate Rules Effective Aug 17

Starting Saturday, new real estate commission rules will bar agents from negotiating fees on multiple listing services (MLS), leading to more direct negotiations between buyers and sellers and potentially more paperwork for buyers. This follows a $418 million settlement by the National Association of Realtors (NAR) over claims of inflated commission rates, with new rules requiring buyers’ agents to discuss and disclose their compensation upfront through written agreements. Experts believe this could empower home sellers to negotiate lower fees and might result in homebuyers handling more costs themselves, though it is uncertain how it will affect overall home prices. The real estate industry is experiencing anxiety and uncertainty about the impact of these changes, with some anticipating little effect on the market due to persistent high demand and low inventory. Overall, these changes aim to increase transparency and negotiation flexibility in real estate transactions.