The National Association of Realtors (NAR) reported that they have reached a settlement in multiple copycat lawsuits around the country involving home sellers claiming the association's policies surrounding Realtor compensation artificially increased their costs. This settlement must first be approved by the federal court before it goes into effect. The highlights of this settlement include:

• Offers of compensation must be removed from the MLS beginning July 2024
• Buyer representation agreements will be mandatory starting July 2024
• The payment of $418 million in damages over 4 years to the plaintiffs

Key Rule Changes (Not Finalized)

• Offers of compensation to buyers' agents will not be allowed in the MLS
• Buyer agreement must be signed before showing properties and that the buyer agreement must specify the payment amount, formula, dollar amount or specific percentage

How Will This Affect Omaha?

Prior to July 2024, nothing will change. Once the terms have been approved by a judge and the Department of Justice (anticipated date of July 2024), buyers will be required to sign a buyer's agreement with a Realtor prior to viewing any properties.

This does not change the fact that sellers can still negotiate commissions on their listings. The seller can offer to pay both the listing agent and buyer agent commissions, but it just can't be publicized in the MLS.

Bottom Line 

No changes yet. Talk with your trusted real estate advisor to understand what will be changing in the future. Let's connect to talk through your real estate options.