How Will the NAR Lawsuit Affect Home Sellers?

Wondering how the National Association of Realtors lawsuit could affect home sellers? Today, I’ll walk you through the potential changes coming from the commission lawsuit settlements. Here are three important ways home sellers may be impacted:

1. Compensation will not be posted in the multiple listing service. The most significant change is that cooperating compensation will no longer be listed on the MLS. Traditionally, when sellers sign a listing agreement with their agent, they specify the total commission and how it’s split between the seller’s agent and the buyer’s agent. Moving forward, this information won’t be included in MLS listings anymore. However, sellers can still pay this commission, and it can be advertised at open houses or on company websites.

2. NAR impact will facilitate early conversations. Since the cooperating compensation will not be posted on the MLS, this will facilitate early conversations between sellers and agents to discuss commissions and other fees. This will leave no room for miscommunication or failed expectations on both sides.

3. Paying the buyer’s agent commission could increase your home’s sale price. Buyers will be signing contracts agreeing to pay their agent’s commission, so they may avoid homes where the seller isn’t covering this cost. This can lead to fewer potential buyers, fewer people at open houses, and fewer offers. This means that by offering to pay the buyer’s agent commission, you can attract more buyers and increase the likelihood of receiving higher and better offers.

So, if you’re planning to sell your home this year and you want to discuss these changes further, please don’t hesitate to reach out by calling 857-210-9925 or email me at lou@c21revolution.com. I look forward to talking with you!