There's been a lot of misinformation in the news lately about pending changes to the real estate industry and what they mean for home buyers and sellers.
As Santa Clara County real estate professionals, we would like to clear up any confusion for our readers.
A recent settlement between real estate brokers and the National Association of REALTORS® is changing two things.
First, properties listed on the Multiple Listing Service (MLS) will no longer include offers of compensation to buyer agents.
Second, home buyers who wish to work with an agent must sign a written contract with that agent before touring the home. This means that before homebuyers start looking for a home, they need to talk to their agent and agree on what the agent will do for them, and they need to decide how much and how they'll pay the agent.
Historically, nearly 9 out of 10 homebuyers choose to work with a real estate agent or broker for perhaps the most important purchase of their lives.
That's because we help buyers and sellers navigate mazes of forms and complex paperwork. Coordinating with lenders, inspectors, other agents, escrow companies, title companies, appraisers, and other professionals. We ensure that our clients' interests are reflected in pricing, negotiation, and closing.
The pending changes do not affect the values of real estate agents, their commitment to working in the best interests of their clients.
Our state's real estate agents will continue to serve their customers every day and help all Californians who want to own a home achieve homeownership.
michelle perry
Santa Clara County REALTORS® Association President
