Three Things to Know About the $418 Million NAR Settlement

As a team of dedicated full-time real estate professionals in Kansas City, it's our responsibility to keep you informed about significant events that may affect your home buying or selling journey. In fact, we have taken the time to read the entire 108 page $418 million dollar settlement! #realestatenerds 

Today, we want to touch on the recent National Association of Realtors (NAR) settlement and what it means for you as a future Buyer and/or Seller.

**And just to clarify, all of these potential changes are PENDING federal court approval in July of 2024.**

This settlement is a pivotal moment for the real estate industry, reflecting a commitment to transparency and fair practices.

For home sellers, it could lead to more flexibility in how buyer agent commissions are handled, potentially changing the traditional model of commission payments.

For buyers, the increased transparency may offer clearer insights into how agents are compensated, which can help in making more informed decisions when selecting an agent and understanding the true value they bring.

Here is what we know today that the settlement calls for:

  1. You can no longer input a Buyer’s Agency Commission on MLS
  2. There will be a place where a Buyer’s Agent Commission can be listed as a Sellers Concession in MLS
  3. A Buyer’s Agency Agreement will need to be signed before any homes can be shown to a Buyer

The exact implications are still unfolding, and it's important to stay current as details emerge. As always, we're here to navigate these changes with you, ensuring your real estate experience remains positive, fully transparent and rewarding!

Feel free to leave your comments and questions below. We're sure you have a lot!

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