Buying real estate in the US is about to experience a big change come August of 2024! As a result of the Sitzer-Burnett class action lawsuit settlement, potential home buyers will be required to sign a buyers representation agreement before an agent is allowed to show them any houses. The only way to see a house without signing an agreement will be to wait for an open house or contact the listing agent. Buyers may also have to pay their buyer agent at closing if the seller does not offer compensation. Offers of compensation will also be removed from the MLS making it much harder to determine if a seller is offering compensation which may complicate buyers’ home searching budgets. While it has always been optional for sellers to offer compensation to buyers’ agents, it is still yet unknown if these changes will lead to more sellers opting to not offer it.
00:00 Real Estate Is Changing for Buyers
00:12 How The System HAS Been Operating
01:15 Compensation Offers To Be Removed From MLS
01:27 Required Buyer Rep Agreement
02:14 Who Pays the Buyer’s Agent?
02:57 Why is Knowing the Amount of Compensation Important?
05:23 Will This Make Homes Prices Decrease?
05:45 Should You Just Go Through the Listing Agent?
06:31 Industry-Wide Uncertainty
06:50 Further Changes and Restrictions Possible
07:52 Viewer Questions
08:17 Are you Prepared (and able) to Pay Your Agent?
