I know most buyers and sellers are wondering how to navigate the new NAR rules so I thought I'd outline the way we are operating here in Maine. The lawsuit was a major issue in the midwest where buyer agents were charging their clients basically anything they wanted and they were caught over charging. Here is Maine we have had buyer and seller compensation agreements since I started back in 2005 and everything was running smoothly because we disclose to everyone what we are charging. The commission has always been negotiable and we have always explained that to everyone before entering into a contract.
So we are basically still doing business as usual with buyers and sellers but the big difference is the buyer agency compensation is no longer on the listing. Most buyers want the commission built into the price they are agreeing to pay and don't want to pay any extra, and I don't blame them. It has always been built in and we have always explained that but now we have to call a listing broker when working with buyers and ask what compensation has been built in for a buyer agent before we negotiate a price with our client. It is not the best scenario for buyers or sellers to have to negotiate that term ahead of an offer and I'm sure the results of the NAR suit will be reversed back to the way we were always doing it but for now it is certainly uncertain for a lot of buyers to sign a buyer agreement no knowing what they will be paying. Most agents are signing up buyers at a full 3% but I still feel very strongly that I'd only like to charge my buyer client whatever is being offered from the seller whenever possible.
The interest rates are supposed to be dropping soon and that will certainly spark another flurry of inventory we don't really have at the moment so buyers will need a savvy Realtor to help them jump on new listings when available so make sure you are ready with the right agent.
The election is also another big uncertainty and understandably a big concern if you are about to take a large purchase or sale. I don't think our inventory issues will change at all for whoever gets in so again just be ready to act when the right house comes along
