Hahaha. These guys have no idea whats coming or how to sell in a down market.
If prices are going down what seems like a fire sale today will look like a genius move in 6 months to a year. Exactly the opposite happens when prices are going up.
This is a real skill and this time there won’t be any buyer-agents around to help you.
A listing agent needs to find their own buyers now, when most are used to inputting a listing and then going on vacation the next day.
George
on July 17, 2024 at 11:30 am
“ A listing agent needs to find their own buyers now, when most are used to inputting a listing and then going on vacation the next day.”
Well put, Jim. The residential real estate market is entering uncharted territory, but very few real estate agents are talking about it. Ignorance or denial?
Can’t be ignorance when agents are be emailed several times per day by NAR, CAR, management, and hucksters selling the latest solution for just a few bucks.
All of the forms are being revised and they are creating dozens of new ones to cover the associations. They just expect that agents will adjust. If they were actually interested in helping us they would go back to 1-2 pages so the consumers might read and understand them. It’s a bigger problem than anyone realizes because in a rapidly appreciating market, buyers shrug it off once they figure out how hard it is to win a lawsuit against a realtor. We should see more disputes as the market flattens.
If values were to go down, God help us. It will be full chaos.
Ahead of the August 17 implementation of NAR’s practice changes, we wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:
We recommend all MLSs implement practice changes by August 17. REALTOR® MLSs (those owned exclusively by one or more REALTOR® Member Boards) must implement the changes by this date to remain in compliance with NAR policy.
Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms. NAR policy does not dictate terms of buyer agreements, but NAR has created resources to assist with implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice—including our “Written Buyer Agreements 101” resource, available here.
The practice changes are detailed here, and clarifying information is available in our FAQ on facts.realtor.
We also want to make you aware of several recent updates to facts.realtor including:
Question #70 has been updated to provide additional clarity on what it means for compensation to be “objectively ascertainable and not open-ended” in written buyer agreements.
Our financing FAQs have been updated and added to our full FAQ (#92-98) (Please note: these questions are no longer a standalone document).
We’ve added a resource with tips on Broker-to-Broker agreements.
The latest legal updates on the settlement and DOJ engagement can be found in our video here.
Thank you,
Hahaha. These guys have no idea whats coming or how to sell in a down market.
If prices are going down what seems like a fire sale today will look like a genius move in 6 months to a year. Exactly the opposite happens when prices are going up.
how to sell in a down market.
This is a real skill and this time there won’t be any buyer-agents around to help you.
A listing agent needs to find their own buyers now, when most are used to inputting a listing and then going on vacation the next day.
“ A listing agent needs to find their own buyers now, when most are used to inputting a listing and then going on vacation the next day.”
Well put, Jim. The residential real estate market is entering uncharted territory, but very few real estate agents are talking about it. Ignorance or denial?
Can’t be ignorance when agents are be emailed several times per day by NAR, CAR, management, and hucksters selling the latest solution for just a few bucks.
All of the forms are being revised and they are creating dozens of new ones to cover the associations. They just expect that agents will adjust. If they were actually interested in helping us they would go back to 1-2 pages so the consumers might read and understand them. It’s a bigger problem than anyone realizes because in a rapidly appreciating market, buyers shrug it off once they figure out how hard it is to win a lawsuit against a realtor. We should see more disputes as the market flattens.
If values were to go down, God help us. It will be full chaos.
Today’s missive:
Hello all,
Ahead of the August 17 implementation of NAR’s practice changes, we wanted to provide a few reminders of actions that are required to obtain a release of liability and protect your organization from claims related to broker commissions:
We recommend all MLSs implement practice changes by August 17. REALTOR® MLSs (those owned exclusively by one or more REALTOR® Member Boards) must implement the changes by this date to remain in compliance with NAR policy.
Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms. NAR policy does not dictate terms of buyer agreements, but NAR has created resources to assist with implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice—including our “Written Buyer Agreements 101” resource, available here.
The practice changes are detailed here, and clarifying information is available in our FAQ on facts.realtor.
We also want to make you aware of several recent updates to facts.realtor including:
Question #70 has been updated to provide additional clarity on what it means for compensation to be “objectively ascertainable and not open-ended” in written buyer agreements.
Our financing FAQs have been updated and added to our full FAQ (#92-98) (Please note: these questions are no longer a standalone document).
We’ve added a resource with tips on Broker-to-Broker agreements.
The latest legal updates on the settlement and DOJ engagement can be found in our video here.
Thank you,
Katie Johnson, NAR Chief Legal Officer
From Ryan the appraiser:
https://sacramentoappraisalblog.com/2024/06/12/an-open-letter-to-overpriced-sellers/