I’ve heard that change equals growth, and that may certainly be true. Now that the national real estate procedures, edicts, mandates, laws and changes have taken effect and after months of preparation, most of us real estate professionals are, quite frankly, exhausted! But I’m anxious to see it all implemented and welcome clearer, common-sense practices for the industry.
Moving forward, most real estate clients won’t notice a lot of change. To make a long story short, the sellers will pay their agent to list and sell their home and the buyers will pay their agent to help them buy a house. For many decades, the sellers have paid both agents. Sellers will enter into a contract to market their property with their listing agent for a specified period of time at a negotiated fee or cost. Likewise, buyers will also enter into a contract for a specified time frame and negotiated fees or costs with an agent for help in finding and purchasing a home. The buyer can ask the seller to help pay their costs. As long as the seller receives what they need or want in the end, they are generally willing to help. That’s it in a nutshell. It’s a pretty simple concept and the industry will get used to it! And as a reminder, commissions are always negotiable and are never dictated by any association, organization or local, state or national laws.
So, should you try to sell your property or even buy one? Absolutely! If you choose to sell, there is still a lack of inventory keeping prices propped up, but beware! Price adjustments and “days on the market” have all increased substantially in 2024. If it’s priced too high “just to see” and languishes too long on the market, buyers become wary, wondering what’s wrong with it! If it’s priced correctly and with realistic expectations, it will sell faster and generally be higher without numerous price reductions. If you decide to buy a home, interest rates are still within the 40-year average and are not expected to rise above that range. Help from the seller for your closing costs and other buying expenses can be negotiated within the purchase offer. And ALWAYS get preapproved or prequalified before looking and contracting with a good real estate agent to guide you in the process. Then, when the right home comes along, you are ready to jump on it! In this market, no one is going to wait around while you get your “ducks in a row”, they will just sell to the next person in line.
After 25 years as an agent, broker and real estate professional, I’ve seen change. With each change comes growth, knowledge and experiences that help me navigate the next hurdle. A real estate purchase or sale is complicated at best and having an experienced agent on your side can make the difference between a successful smooth transaction or one that will break your wallet and your heart!
Published in Louisville Neighbors 09/2024
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