NAR Policy Changes Impacting Homebuying

NAR Policy Changes Impacting Homebuying

 

9 Important Takeaways for Real Estate Buyers from the New Policy Changes That Affect Homebuying

 

When significant policy changes were announced by the NAR (National Association of Realtors) in March, it left many wondering how these updates would affect the market. As a homebuyer, it's essential to understand these changes to navigate the homebuying process effectively.

 

Here are nine key takeaways from the new real estate policies that will impact you as a buyer. Understanding these can help you make informed decisions in addition to optimizing your homebuying experience.

 

1. Policy Changes Take Effect in August

Although the announcement was made in March, these changes won't take effect until August 17, 2024. This gives you some time to understand as well as prepare for the new procedures.

 

2. MLS Will No Longer Display Commission Offers

One of the significant changes is that the Multiple Listing Service (MLS) will no longer display commission offers, therefore:

 

- Listing agents are no longer required to offer compensation to buyer agents, although they can still do so.

- Offers of compensation to buyer agents will no longer be visible on the MLS.

- Compensation details will need to be discussed privately, off-MLS.

 

This change aims to bring more transparency to the homebuying process.

 

3. No Bypassing Policy Changes

The new rules prevent MLSs from using alternative methods or websites to share commission offers.

 

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