NAR Regulations

As I mentioned in my June newsletter, the real estate market has stabilized significantly compared to previous years when a "Seller's Market" was observed, particularly in the Greater Austin Area and Surrounding cities. 

This difference is due to inflation and mortgage interest rates, which have resulted in more inventory of houses available for sale with more days on the market, lower list prices, and more buyer incentives and attractive interest rates, with mortgage programs that offer even lower and more competitive rates.

Despite the current imbalance with more buyers than houses, we are witnessing a gradual shift towards a more balanced market. This trend is a positive sign for potential buyers and investors, indicating that the market is evolving in their favor. 

Now, we add to all this the new regulations that govern real estate agents regarding buyers; this may cause more apprehension, confusion, and insecurity when deciding to buy a home or any other type of real estate investment.

Given these favorable conditions, I confidently assert that this is an opportune time to purchase. Properties in the desired area can be found at a better list price, providing potential buyers and investors with a sense of security and confidence.

In my opinion, waiting for next year, when the forecasts are more encouraging, is not advisable because, in this way, everyone will go out to buy, generating a more aggressive market and greater demand again.

Regarding the National Association of Realtors (NAR) New Regulations. Effective on August 17:

The most recent media coverage concerns the National Association of REALTORS® (NAR) and an extensive legal settlement regarding the real estate agent's compensation in a sales transaction.

• How does this change the home-selling process?
• What does this mean for buyers?
• And how can this affect me as a seller or buyer?

The truth is that the NAR settlement brings greater transparency and fairness regarding the vital services real estate agents provide, and that's good news for Central Texans.

Here's what Central Texas homebuyers, sellers, and renters need to know:

FOR BUYERS AND RENTERS

• Your agent will empower you by asking you to sign a written agreement that clearly explains the breadth and pricing of their services before you tour a property. This allows you to talk openly with your agent about how they are compensated and how you will work together, giving you a sense of control and confidence from the start
• A written agreement is required regardless of what kind of real estate you're interested in (including land and commercial properties) and whether you're touring a home in person or virtually.
• A written agreement is not required if you speak to an agent at an open house or ask them about their services.

FOR SELLERS

•  If you want to sell or rent your home, your listing agent will ask you to confirm, in writing, what monetary concessions you would be willing to offer a buyer.
• As the seller, this gives you a complete understanding of your options when deciding how to price and market your property with your agent.

FOR EVERYONE

• Real estate compensation remains entirely negotiable on both sides of the transaction.
  These changes give you the space to have an empowered, upfront conversation about working with a professional agent—no matter what side of the transaction you're on. When finding an agent to work with, ask about compensation and the value of their services.
• Working with an agent is critical to making informed, confident decisions about what may be the biggest asset you own in your lifetime—your home!
• A real estate agent not only uses the largest and most accurate database of Central Texas housing data, but they have a fiduciary duty to represent your needs and negotiate on your behalf.
• Buying a home is the single most significant driver of generational wealth. It is the largest asset that most people will purchase in their lifetime. With an agent in your corner, you can be confident that you're putting your most muscular foot forward in finding the home of your dreams.

To search Central Texas property listings, visit

www.LileaMyRealtor.com

For more information about the NAR settlement, visit

www.nar.realtor/the-facts.com