Did you know there was a significant date that just passed over the weekend? As of August 17, 2024, anyone who is a Realtor had to begin doing real estate a bit differently than they had done previously.
I wanted to qualify the early part of that statement. Did you know that only about 35% of the real estate agents in Georgia are Realtors? To be a licensed agent able to sell real estate you must take a course and pass a test administered and regulated by the state of Georgia’s real estate commission. To be a Realtor you have to join the National Association of Realtors(NAR), pay dues, complete mandatory training & agree to adhere to a strict Code of Ethics. I have been a member for 25 years.
NAR was sued in a class action law suit along with many other defendants including national franchises, MLS (Multiple Listing Service) and individual companies. The lawsuit was settled but they made some concessions. In order for us to be compliant and to not be subject to another lawsuit, the way we do real estate has
changed a bit.
Here are some of the major changes:
1) You can not show a buyer a house without first having an agreement of how your represent the buyer and the buyers agent compensation before you walk in the door
2) Commission rates are no longer advertised on the MLS
3) Commission Rates paid by the buyer to their agent and seller to their agent and any cooperating agent are all negotiable. (This has always been the case in Georgia but I understand that there are some states where folks were told that there were mandatory commissions)
This is it. Real Estate is still being bought and sold. I have shown buyers this week and have written offers. I have had my listings shown and gone under contract. Closings are happening with happy clients. I haven’t really seen any real differences. The news cycle has been filled up with it but as an old Realtor working day in and day out things are just moving along.
Interest rates today are 6.5%. We are in an election year and you should expect they get better. That always seems to magically happen. Did you know that I have practiced real estate for 8 presidential elections. When I say it like that it makes me sound a little old. Bill Clinton & Bob Dole were duking it out the summer I walked into RE/MAX Center. Every presidential election people say something along the lines of “should we wait for the election to pass to buy or sell” or “do you think the election will affect the market”. I have done this 8 times and have not really seen any major difference around election time except interest rates typically get better.