At this time last year, we learned that the real estate business structure was changing nationally and were thinking about how that would relate to our local business and be implemented. I’m happy to say we are past that, new procedures and structures are in place, it is all working smoothly, and buyers and sellers generally are saving money in commissions and fees.
The changes to the industry were substantial. Buyers must now enter into a formal written agency agreement with their agent and are ultimately responsible to pay the agent/company that they are contracted with. Sellers pay their own agent and can help the buyer pay their agent via concessions in the purchase offer. Buyer’s agent compensation can no longer appear on the MLS. That’s basically it!
So, will 2025 be a good time to buy or sell a home? On top of saving commissions and fees, it seems interest rates are starting to stabilize. And inventory of homes on the market, at least in our area, is slowly rising. We are still in what can be considered a “buyer’s market”, but that can change rapidly should interest rates continue to drop and inventory continues to rise.
Thank goodness I do not have the ability to see into the future. If so, my husband and I would have never purchased each house we lived in! There were hidden problems, increases in taxes and insurance, rebuilds and rehab we weren’t expecting, etc. But each property became a “home”, the sanctuary for our family and extended family, a place of love and growth and hope.
We are so thankful we had the opportunity to purchase the “American Dream”. It is still obtainable for just about everyone who desires it, with the right guidance. Real estate professionals such as agents, attorneys, lenders and title companies work together to help you get there. Ask your friends or relatives who they recommend and start your journey today! Close your eyes, hang on, and don’t be afraid of the ride!
Published in Louisville Neighbors 11/2024
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