Fact vs. Fiction: Decoding the Headlines About Home Buying

By now, you may have heard that the National Association of Realtors (NAR) recently lost a lawsuit, leading to significant changes in buyer agency rules and broker compensation. As with any major shift, rumors and misinformation are rampant. My goal is to help you separate fact from fiction and give you a clear understanding of what these changes mean for your home-buying journey. Let’s dive into the most common misconceptions.

Fiction:
All listings are available online, so there's no need to work with a buyer’s agent.

Fact:
While many listings are online, agents have access to Private Exclusives—off-market properties that sellers may not wish to list publicly. By working with me, you can gain access to these exclusive opportunities, potentially avoiding bidding wars and giving you the time to craft the strongest offer.

Fiction:
Buyers will shy away from using an agent if they have to sign a Buyer Representation Agreement.

Fact:
A whopping 89% of homebuyers use a real estate agent, and 91% agree that navigating the homebuying process without one would be incredibly stressful. To fully benefit from a professional buyer’s agent, a Buyer Representation Agreement is essential.

Fiction:
Only certain brokerages require Written Agreements before touring properties with an agent.

Fact:
Every buyer’s agent, regardless of brokerage, must have a signed Written Agreement before touring properties with clients. This is now a standard requirement across the board.

Fiction:
Buyer’s agents can still tour homes with clients who haven’t signed Written Agreements.

Fact:
As of August 17th, buyer’s agents are legally required to have a signed Written Agreement before they can show properties to potential clients. This isn't optional; it’s a mandatory step for all agents.

Fiction:
Since August 17th, buyers must pay the entire buyer agent commission out of pocket.

Fact:
Commission structures remain negotiable, and many sellers continue to offer compensation to agents representing buyers. Each transaction is unique, and experienced agents excel at negotiating favorable terms, especially when it comes to financial matters.

Bottom Line:
While the recent changes bring new rules, they don't overhaul the entire home-buying process. If you're considering buying a home, understanding these facts will empower you to navigate the market confidently. Feel free to reach out if you have any questions or need guidance—I'm here to help you every step of the way.