Hey Dallas, get ready for a seismic shift in the real estate world starting August 17, 2024. The traditional 6% commission structure that sellers have been paying is about to change. This change is going to have some big implications for both buyers and sellers in our market.
What’s Changing?
Up until now, sellers typically paid a 6% commission, with half going to the buyer’s agent. But as of August 17, sellers won’t need to offer that commission anymore. This means sellers keep more money in their pockets. We see home prices dip slightly as a result. But this shift also means buyers will now be footing the bill for their agent’s commission directly. On top of your down payment and closing costs, you’ll need to budget for this new expense. Plus, you’ll have to sign a representation agreement with your agent before you even start house hunting.
Buyers, Brace Yourselves
This change is going to hit buyers the hardest. If you’re in the market for a new home, you’ll need to get serious about your budget. The days of “free” buyer representation are over. This added cost makes things a bit tighter for those already stretched thin.
What Does This Mean for You?
For sellers, this be a win—more money from your sale and potentially faster transactions. For buyers, it’s a wake-up call to be even more strategic with your finances.
