NAR Settlement – What Does This Mean for Bozeman Real Estate? - Bozeman Real Estate Group
BOZEMAN REAL ESTATE BLOG
NAR Settlement – What Does This Mean for Bozeman Real Estate?

NAR Settlement – What Does This Mean for Bozeman Real Estate?

On Mar 22, 2024

There has been a lot of discussion since the National Associate of Realtors (NAR) announced their settlement. It sent the media and real estate world abuzz with speculation on what this means for home buyers, sellers, and agents nationwide and here in Bozeman. To get a better understanding of the situation, let's take a look at the current facts.

  • Realtor commissions have averaged between 5.5-6% for decades in the U.S, split between buyer and seller agents
  • Several class-action lawsuits have been brought against NAR across the country over the past few years regarding commissions 
  • On March 22, NAR reached a settlement to end the ongoing litigation. Under the settlement, NAR will pay $418 million over four years 
  • As part of the settlement, agents will not be allowed to advertise an offer of compensation to buyer agents on MLS
  • The agreement doesn’t bar seller agents from advertising buyer broker commissions on other platforms. Consumers can continue to have cooperative compensations as an option, it just can’t be advertised on MLS
  • The settlement is waiting for court approval and once it does the agreement will bring changes, effective mid-July 2024
  • MLS agents working with buyers must enter into a written representation agreement with the buyers before showing properties. Compensation will need to be handled directly between all parties for each transaction

Many unknowns exist about how this will unfold and what this will mean for the real estate industry. The one thing we do know is changes are coming and time will tell how it impacts real estate in Bozeman and across the country.

Have questions? Contact us and we'll do our best to get you answers!

We will update this post as we receive new information. 

MORE POSTS


https://s3.us-west-2.amazonaws.com/breg-2022/_rectangle/Downtown-Bozeman-Ellen.jpg
The Latest Developments in Downtown Bozeman
Bozeman Real Estate Market Development

It has become difficult to keep up with all the changes in downtown Bozeman these days. There are new businesses opening their doors, real estate for sale, and many development...

LEARN MORE
https://s3.us-west-2.amazonaws.com/breg-2022/_rectangle/4-3.jpg
Are Home Prices Dropping in Bozeman, Montana?
Bozeman Real Estate Market The Selling Side The Buying Side

Bozeman, Montana real estate has been strong since 2020. Now that the market has slowed down, are home prices dropping in Bozeman, Montana?...

LEARN MORE
https://s3.us-west-2.amazonaws.com/breg-2022/_rectangle/1_2024-04-05-021500_mgpk.jpg
New Listings | April 2024
Bozeman Real Estate Market

Here are the Bozeman Real Estate Group new listings for April....

LEARN MORE

© 2024 Bozeman Real Estate Group | All Rights Reserved