How the NAR Settlement Impacts Home Buyers and Real Estate Agents

Hey there! I’m a real estate agent, which means I help people buy and sell houses. You know how in some TV shows, real estate agents have funny and busy days? Well, it’s kind of like that in real life, too!

There’s a big change happening with real estate agents because of something called the NAR settlement. NAR (National Association of REALTORs) is a group that many real estate agents belong to. They got in trouble and had to make some changes. These changes might make it harder for people to buy and sell homes.

Here’s what’s changing:

1. How Agents Get Paid: Before, the money for the buyer’s agent (the person who helps the buyer) was included in the home price. Now, buyers have to know exactly how much they’re paying their agent and sign a special agreement.
2. More Work for Buyers: Buying a house might get harder. Buyers might have to do more things on their own, like meeting inspectors and contractors without their agent. They might also use more online tours instead of in-person ones.
3. How This Affects Prices: We don’t know if home prices will go up or down because of these changes. It’s like trying to guess if it will rain tomorrow – we have some ideas, but we’re not sure.
4. Less Fun Tours: Buyers will need to sign an agreement before looking at homes. This means no more just looking at houses for fun without a plan to buy.

What This Means for Real Estate Agents:

• Some agents might leave their jobs because it’s getting tougher to earn money.
• Agents will have to work even harder to help their clients.

Advice for Buyers:

• If you’re thinking of buying a house soon, try to close the deal before July 1st, because the changes will happen after that.

Remember, even though things are changing, having a real estate agent can really help you when buying a house. They do a lot of important work to make sure you find the right home and everything goes smoothly.