There was huge news in real estate on March 16 that will completely shake up the buying and selling experience. Here’s what you need to know and how it affects you.

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The National Association of Realtors has agreed to change how agent commissions work.

 

This is important because it could lower costs for both buyers and sellers.

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Traditionally, when you sell a home, part of your closing costs includes paying commissions for both your agent and the buyer’s agent.

 

This is typically 5% to 6% of your home’s sale price.

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But starting mid-July, when this case is likely ratified, sellers won’t be required to offer upfront commissions to the buyer’s agent.

 

This could mean more room for negotiation and potentially lower overall commission rates.

 

What does this mean for sellers? It could reduce the cost of selling their homes and give them more control over how they compensate agents.

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And for buyers, this change means you might negotiate your agent’s commission directly.

 

It adds a bit more responsibility but also empowers you to discuss fees openly with your agent.

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As a real estate agent, I’m here to help navigate these changes.

 

Whether you’re buying or selling, understanding how these new rules impact you is crucial.