NewsLocal NewsIn Your NeighborhoodNorthwest Omaha

Actions

Homebuyers, sellers and agents navigate new real estate rules

Posted at 5:31 PM, Jul 08, 2024

OMAHA, Neb. (KMTV) — New homebuyers are trying to act sooner rather than later before an anti-trust settlement goes into effect regarding real estate commissions.

  • A seller will be able to choose whether they compensate a buyers' agent, that has always been negotiable but will be more transparent with the new law.
  • Buyers may be asked to sign an agreement with an agent to work with them which includes having to pay them for their services.
  • Amanada Adresen shares her home buying experience and how this new rule has been a factor in finding a home now.

BROADCAST TRANSCRIPT:

It's the American dream to buy and own your own home. In recent years, prices and interest rates have gone up, leaving homebuyers wondering if buying a home is truly a dream. Now - new homebuyers are trying to act sooner than later before new real estate rules come into play in August.

"It's a constant struggle for us..."

in the market for a new house since February, Amanda Andresen has come to the conclusion that she needs to get into contract with a seller before the month is up.

"We just want to have that capability of saying that we own a home. We get to fix it up the way that we want to either like paint the walls or, or make it our own,” said Andresen.

But why the sense of urgency now? One reason - her townhouse lease is almost up. Another, because a new change is coming to the world of real estate.

After an anti-trust settlement was reached by the National Association of Realtors earlier this year.

A seller will be able to choose whether they compensate a buyers' agent, and that payment won't be included in the sale price.

"A buyer could be submitting an offer for a house not sure if they're going to be paying $1000 more in commission fees until it gets accepted,” said Marie O’Hara, a realtor with Nebraska Realty.

Also, buyers may be asked to sign an agreement with an agent to work with them which includes having to pay them for their services.

O’Hara thinks the change is creating more uncertainty among buyers and sellers.

"It's hard enough to explain to you, how this whole thing is going to roll out and it's hard enough for our brokerages to explain to the real estate agents how this is going to roll out. Now, imagine trying to explain it to your buyer,” she said.

So, while these changes will impact future real estate transactions, Andresen no longer has to worry about it because only an hour after we talked, she told me her latest offer on a home was accepted.

"I am so so relived,” said Andresen.

Now, she can just worry about sorting out her moving boxes.