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I’ve been getting a lot of questions recently from people thinking of buying a home, specifically about the changes to realtor commissions and what’s happening with the National Association of Realtors. That’s why today, I will explain how these changes will work.
Previously, the buyer’s commission was negotiated on behalf of the seller, pre-negotiated, and paid by the seller. However, after August 5, the commission that the buyer’s agent receives will sometimes be paid by the buyer and sometimes by the seller. This shift is intended to bring more transparency to the process. Buyers will clearly know if they are responsible for paying their agent and how much they’re paying, while sellers will understand that they are not obligated to pay the buyer’s agent.
From our experience, most sellers still prefer to offer a commission to the buyer’s agent because they want to sell their home efficiently. Based on numerous conversations we’ve had with sellers, we estimate that 85% to 90% of sellers will continue business as usual, including covering the buyer’s agent commission. On the other hand, buyers will have to pay the commission when sellers refuse to do so.
Whether you’re buying or selling, working with a reliable agent like myself will give you a total advantage. At our company, we are committed to working with buyers to ensure that the commission structure fits within their budget. Our goal is to make homeownership dreams come true, match buyers with the right home, and continue serving our community excellently.
If you have any questions, feel free to contact us through phone or email. Just dial (843) 619-0401 or email sales@mattoneillteam.com. For more information, you can also visit our website at www.MattONeillRealEstate.com. We’re here to support you through this transition.
