The real estate market is evolving, and with it comes new regulations that impact how buyers and agents interact. Starting August 17, 2024, significant changes in real estate rules will require buyers to sign a Buyer Representation Agreement before touring properties among other requirements. To help you understand these changes and their implications, we’ve debunked some common myths.

Myth #1: Buyer’s agents can tour listings with buyers who have not signed Buyer Representation Agreements.

Reality: Starting 8/17/24, buyer’s agents must have a signed Buyer Representation Agreement before they can tour properties with potential clients. This requirement ensures that all parties are committed and protected from the outset of the homebuying process.

Myth #2: Buyers won’t want to work with an agent if they have to sign an agreement.

Reality: The majority of homebuyers already recognize the value of working with a real estate agent. In fact, 89% of homebuyers use an agent, and 91% find the process highly stressful without professional guidance. Signing a Buyer Representation Agreement formalizes this relationship, ensuring that your agent is fully committed to advocating for your best interests and securing the best possible price for your new home. Source: NAR & Bright MLS

Myth #3: Buyers never had to pay commission, and now they do.

Reality: While a buyer may now directly compensate their agent, sellers still have the option to cover some or all of the buyer’s side commission. Typically, when the seller covers both buy and list side commissions, this cost is factored into the listing price. This means that the buyer ultimately bears the cost of broker compensation, regardless of the payment method. Understanding this can help buyers better navigate their financial obligations during the homebuying process.

Myth #4: All listings are available on the MLS, so working with a buyer’s agent isn’t necessary.

Reality: Compass agents have exclusive access to Private Exclusives, off-market listings that aren’t available to other brokerages or public home search websites. By working with Compass agents, like the Morsa Moore Team, you gain early access to these exclusive properties, helping you avoid bidding wars and giving you time to craft the best offer. This competitive edge can make all the difference in a fast-paced market.

If you’re not familiar with the MLS, or Multiple List Service, it is the local professional database where real estate agents enter all the details of their listings. Those details are then syndicated to public facing sites like Zillow, Realtor.com, Redfin, etc. for consumers to access the information about listings.  

The Importance of Exclusive Buyer Representation

Navigating the homebuying process can be complex, especially with new regulations in place. As your dedicated real estate professional, our goal is to provide you with seamless, stress-free service from start to finish. By signing a Buyer Representation Agreement with us, you ensure that you have committed advocates by your side, equipped with the tools and expertise needed to secure your dream home. To learn more about the benefits of exclusive buyer representation and how we work with our clients, click here.

If you have any questions about the new regulations or how they affect your home search, don’t hesitate to reach out. Let’s work together to make your home buying journey smooth and successful.

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