How Does the NAR Settlement Impact Buyers?

by Michele Williamson, Designated Broker & Partner The National Association of REALTORS® (NAR) lawsuit came out in October 2023 followed by a major settlement in March 2024. As part of the settlement, NAR agreed to change its practices to increase transparency and communication. As a buyer, the changes coming forth from this settlement offer you more opportunities to choose the right agent for your situation. This is the time for you to pick a highly skilled person to be in your corner. You don't want somebody's cousin’s neighbor’s best friend who just got licensed. You want to vet a true professional because realistically, this is one of the largest purchases that you may ever make in your life. Highly skilled professionals get paid, and now you are part of that equation. You get to be part of how your agent gets paid – and there are a few new formalities within the paperwork that your agent is going to be able to sit down and talk and discuss with you. They are here to help you through the entire process of not only purchasing your home but also being involved in the numbers of purchasing your home. Your agent is going to be your guide throughout this entire transaction. Moreover, this is someone that you're going to talk to every single day. You're going to talk to them while you're dreaming about what your new home is going to look like, when you're looking for a home, and you're definitely going to be talking to them every day when you're working through the negotiation process negotiating through the process. Your agent, your REALTOR®, is your biggest advocate. But at the end of the day, with the transparency and the education that you're going to get through the home buying process, you're going to be a better and more informed buyer than potentially somebody who bought six months, a year ago, five years ago.

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