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Change is in the air this August, and the real estate industry is feeling it too. It all boils down to this: when interest rates are higher and the market is slower, it’s easier to buy a house. Now, we have lower rates and more competition, and to add to that, sellers are no longer required to pay your realtor fees. This means buyers are responsible for paying their buyer’s agent.
What do these changes entail? From the very beginning, your agent will likely have you sign a Buyer Broker Agreement (BBA), even before viewing homes. This is an agreement that demonstrates your commitment to work with the agent and pay for their services. Even if you find your perfect home at an open house, the agent hosting it won’t be compensated unless they have a BBA with you.
The right agent is someone with strong communication and negotiation skills. Someone who is trustworthy and is capable of negotiating and fighting for your best interests as well as working to secure seller concessions to help cover their fees.
We understand the changes that are coming into the real estate industry, with all the paperwork and rules that seem to change almost daily. But don’t worry, these changes won’t completely upend the market; the core of buying a home remains the same. It’s simply a matter of adapting to the new process.
It’s a matter of finding competent agents like us to simplify your life by staying on top of these changes. Our team constantly talks about these changes and how to minimize their impact on you. If you have any questions, please reach out to us. Contact Home Buyers Realty at (209) 834-2680 or ron@homebuyersrealty.com. We’re here to help you sell your home and sleep well at night.
