August NAR Settlement Update

There is a National Association of REALTORS® proposed settlement agreement based on a class action lawsuit and related changes have already been implemented. These practice changes took effect last week. One of the biggest changes coming from this settlement agreement is the requirement for more disclosure to sellers and buyers related to real estate broker compensation. Real estate broker compensation is fully negotiable and not set by law. Contracts have all been updated to make this more clear.

Another practice change is that compensation being offered to brokers working with buyers will no longer be advertised on the MLS where homes are listed for sale. This is something that will now be discussed broker to broker based on what is outlined in the signed Exclusive Right to Sell Listing Contract. This will lead to more discussion about who will be paying a buyer broker's compensation and how much will be paid.

One of the goals of the settlement is to encourage more discussion about how real estate brokers are paid and how much they are paid in any given transaction, so please reach out if you want to discuss more or have any questions.

Thanks,

Rich

Quick Summer Market Update

We are now two years out from the top of the real estate market which was in June 2022. A year ago, I was reporting that prices had dropped slightly from the peak. Now, prices have recovered and are right about where they were at the peak. The chart below shows that the number of active listings has increased dramatically, yet prices are up slightly and the number of sales is up slightly. Buyers have more choices and are taking more time to make a purchase decision, but prices are stable. Because inventory is up and the market has become more competitive, not all sellers will get their home sold. For sellers, you will need to price your home more aggressively in order to get it sold. For buyers, there are more homes to choose from, interest rates have come down and are forecast to come down further in September, so this is a great time to buy.

With lower interest rates on the way, I'm predicting a busy 4th quarter. Please reach out if you want to discuss the current market and how I can help make it work for you, whether you are buying, selling or both. 

All the best,

Rich

2024 Summer Market Update

The summer real estate market is in full swing and this year there are more choices for buyers. Higher interest rates have caused a slow down in the Boulder County real estate market and properties are staying on the market longer as a result. Having more time to make a purchase decision is a welcome change for buyers after years of our market moving so rapidly. There are always opportunities in any real estate market and in the current market there are ways for buyers and sellers to work around the higher interest rates. Sellers can pay loan closing costs on behalf of buyers which results in a lower interest rate for the buyer and results in a sale for the seller - a Win-Win Situation!

Please contact me to today to discuss how to make the current market work for you- whether you are buying, selling or investing!

All the best,

Rich