Real Estate Shakeup! How the NAR Settlement Impacts You Starting July 2024
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Published 2024-06-14
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Big changes are coming to the real estate world, and Explore55Plus is here to help you navigate them. In this video, we dive into everything you need to know about the recent NAR settlement. We'll cover how these changes will impact buyers, sellers, and agents starting July 2024.
Stay ahead of the game and get ready for these changes with us! Don't forget to like, comment, and subscribe for more exciting updates and expert tips on the real estate market!
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CHAPTERS:
0:00 - Introduction & Disclaimer
0:30 - Overview of the NAR Settlement
1:40 - Changes to Multiple Listing Service (MLS)
3:12 - Mandatory Buyer Broker Agreement (BBA)
3:50 - Potential Outcomes and Speculations
5:00 - Impact on First-Time Home Buyers
7:00 - Real Estate Transaction Costs
9:00 - Importance of a Buyer's Agent
10:00 - Possible Market Scenarios
11:17 - Negotiating Commissions in a Buyer’s Market
12:04 - Real Estate Pricing and Market Conditions
14:00 - Transparency and Loyalty to Agents
15:30 - Future of Real Estate Transactions
18:00 - Impact on Various Loan Types
19:00 - Final Thoughts and Opinions
20:00 - Explore55Plus Impact & Call to Action
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All Comments (21)
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😅 JM's rant. Totally understand. In reality, people need advocates and a buyers agent is an advocate for their home needs. Sell by owner works only so far. Having a buyers agent gives added security to the property and to the overall sale. Remember everything can be amended and negotiated. (Congrats on the left ring finger JM!)
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Hello!! Missed you two!! It's been a hot min. since you've done a video!
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You are not going to like this but I think the percentages should change with the times. my first house was 55K and 6 percent was a fair price. but now at 700K it seems like 6 percent is something that allows you to make a half a years pay to sell 1 house. how about just dropping the fees to 2 %.? that's 14K on a sale. 7K after splitting it. at 2 houses per month you make way more than the average Joe.
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I’m sure your mom was not happy with how you expressed your opinion J Michael, but you’re right, the little guy always ends up paying the higher price.
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I always thought the whole percentage thing was sketchy. Realtors should QUOTE their price based on what they think their costs will be to get the job done. And i think the buyers should have to pay realtors to show them homes as well. Putting it all on the seller is kind of bullshit.
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It's not just the lawyers, it's the people that are suing to make easy money.
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I really enjoy you both. Always good information
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Even as a broker, I would not represent myself on a home purchase in an area whose market I don't understand fully. In making an offer in this case, I would definitely consider incorporating a buyer side commission, though. Buyer's agents are worth it by far--knowledge of area, personal time spent on investigating/showing/driving around/etc.. Bottom line: buyer and listing agents must become master negotiators. It is posited that this will positively impact a seller if they opt to not offer a buyer agent commission--but how competitive will a seller/listing be against other listings if they are not offering a buyer side commission? Nothing has changed; all is negotiable on both sides. The sellers in Florida (and many other states) who pay closing costs (including commission) was instituted specifically to generate incentive for buyers to buy homes.
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Love this so much! Great info and fun to watch! 😂
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A good buyers agent is worth their weight in gold. He can get deals done, things repaired, and HOA rules the buyer needs to know about.
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Do I think an agent would steer clients to higher commission homes? Heck yeah!
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Excellent video! I'm sick and tired of the little guy getting the short end of the stick. Well done Nikki and J Michael!
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Epic rant JM!
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“We haven’t kept any secrets “ 🤔
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I love the English system concerning civil lawsuits. You lose, you pay.
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And that’s why I loooove J Michael!!! 😂😂😂
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NAR settlement is good
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Do you have offices in Myrtle Beach area?
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Did JM get married? He played with that ring like he's not quite used to it. How could he be married . . . he's not old enough to vote.
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If you dont List, you wont Last
