JACKSON HOLE REAL ESTATE REPORT
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Last month, there was big news in the real estate world: the National Association of Realtors unveiled a $418 million settlement aimed at resolving nationwide litigation concerning broker commissions and claims from home sellers. The crux of the matter lies in two significant changes: commissions will no longer be posted in the MLS (multiple listing service), and buyers will now be required to have written agreements with their agents.
Commissions remain negotiable, as they always have been. Sellers retain the option to decide on the compensation offered to a buyer’s agent. Savvy sellers understand the importance of offering competitive compensation to attract more potential buyers to their property.
Here in Wyoming, we’ve always been ahead of the curve because our state law requires buyer agency agreements, which explicitly outline our fiduciary responsibilities to our clients and how we’re compensated. While other states may not have had such measures in place, this shift towards mandatory written agreements for buyers across America is undoubtedly a positive change.
As someone deeply involved in the real estate landscape, serving on the Executive Committee for the National Association of Realtors and holding the role of Region 11 Vice President, Devon represents the voices of Realtors across Arizona, New Mexico, Utah, Nevada, Colorado, and Wyoming. Advocating for our clients is paramount, and Devon works tirelessly at the national level to ensure that regulations like these ultimately benefit consumers. These changes are ultimately for the betterment of our clients.
For an in-depth discussion about these changes, and how they affect Jackson Hole and Wyoming specifically, please tune into our Podcast. Should you have any questions regarding this development or any other real estate matters, Devon’s more than happy to provide further clarification. You can also read more about the settlement at https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers.
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