Big Changes Ahead for Home Buyers: Seller-Paid Agent Commissions Ending in August

The way you buy a home in the US is about to change. Starting August 17, 2024, sellers will no longer be required to advertise the commission they’ll offer the buyer’s agent on the Multiple Listing Service (MLS). This means the traditional system where sellers cover both sides’ commissions is coming to an end.

For home buyers, this presents both opportunities and challenges. You’ll now have more control over how much you pay your agent, potentially leading to lower overall costs. However, you’ll also need to factor in agent fees during your search and negotiate directly with them to secure representation. Stay tuned for further updates as this significant shift in the real estate market unfolds. In the meantime, consider contacting a qualified real estate professional to discuss how this change might impact your home buying journey.