When the impact from the NAR settlement was coming into focus in April, the NSDCC active listings that offered a 2.5% commission to the buyer-agent was at 57%.
Of the last 105 NSDCC listings, 36% are offering 2.5% or more commission.
The new rule hasn’t gone into effect yet, but more listing agents must be confident that lowering the incentive to buyer-agents is a good idea. In ten days, there won’t be any commission offered on the MLS, and you can tell by the way it is going that any possible ‘seller concessions’ will be minimal. Of the 64% who are offering less than 2.5% in today’s count, NINE of them are offering zero percent already – and the rule isn’t even in effect yet!
I think that the whole idea of seller concessions paying for the buyer-agent commission will be toast within six months. If buyers want their own representation, they will have to pay for it out of their own pocket.
The buyers with limited cash available will be forced out of the market until they can come up with more capital. Or go direct to the listing agent, which is going to become a lucrative option for many.
Now that rates have come down close to 6%, the next ten days should be a real sprint!
After that, there should be a lengthy adjustment period. Random twitter post:
