selling your home

Social media posts categorize relationships as married, single, etc. One category is “It’s complicated.” For most of us, that’s a problem because we prefer avoiding complications.

If you’re considering selling your home and you are waiting for interest rates to fall in 2025, now might be less complicated than later. In March 2024, the National Association of Realtors settled its real estate commission lawsuits involving 18 states, including South Carolina.

The lawsuit’s settlement changes may be beneficial to homebuyers and sellers alike. But for a while, selling your home may become more complicated.

Historically, the seller’s agent would engage in cooperative compensation with the buyer’s agent by negotiating a commission split. The plaintiffs in the NAR lawsuit argued that this commission split was a conflict of interest; it incentivized buyers’ agents to steer potential homeowners toward more expensive properties to generate higher commissions.

The settlement is anticipated to take effect in August 2024. After that time, listing brokers should not offer compensation to cooperating buyers’ brokers without complete disclosure and approval. All brokers’ fees will be more transparent and negotiable (a good thing for sellers and buyers), but changes in the buyer/broker agreement may become more complex.

Also, in April 2024, Fannie Mae and Freddie Mac revised buyers’ agent commissions/fees plus the real estate commissions sellers may pay at closing. What this might mean is even though interest rates may be lower, “…higher-cost mortgages and non-qualified mortgage (QM) loans” may increase for homebuyers.

The fear is real estate buyers may avoid seeking professional representation. They may attempt negotiating home purchases without the knowledge and experience of their own Realtor, and this could cause problems. Sellers who refuse to pay buyer-brokers may see lower offers. One mortgage lender said, “As the details of this settlement and following lawsuits are finalized, industry stakeholders and consumers will have a clearer understanding of how to navigate this new mortgage landscape.”

Meanwhile, as with most transformations, the long-term advantages should prove to be worth the pain of adjusting how we do things. But it might be confusing during the period of change. This means that now is as good a time as later for selling your home. Maybe better.

If you’d like to learn more about selling a home in South Carolina, contact Randy Lindsey.

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Randy has enjoyed over 32 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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Real Estate in Rock Hill,

Fort Mill and surrounding

York county

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"Randy was very easy to work with. He was open and honest, and always there to answer any questions or concerns we had. He was available and worked ... more "
5.0/5.0
by Diana Holliday
1422016
"My wife and I worked with Randy to sell our home located in the Lake Wylie area. Great job of preparing the information and advertising for the ... more "
5.0/5.0
by Bruce Dycus
1421990
"Randy actually helped us sell our old house and buy our new house. He was honest and hardworking and sold our home in a week. We were pleased with ... more "
5.0/5.0
by Jennifer Tobin
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