ABC13 spoke with Tricia Turner to explain the new real estate rules for people in the home-buying and home-selling market.Realtors are bracing for the biggest shakeup to their business in decades. Starting Saturday, Aug. 17, their commission structure will change.
The new rules result from a settlement announced in March by the National Association of Realtors. They eliminate the long-standing 6% commission sellers pay, which could potentially lower home prices.A seller's agent typically charges the seller 6% and shares the fee with the buyer's agent. Starting Saturday, sellers won't be expected to make commission offers to buyer agents. That gives them the potential to pocket more money from selling their property.Starting August 17, new rules will roll out that overhaul the way Realtors get paid to help people buy and sell their homes."We'll see how this goes," Tricia Turner with Tricia Turner Properties said. "Right now, buyers don't have extra money. They have to come up with their closing costs and downpayment.
Under the new rules, home buyers will also be required to sign a representation agreement with an agent before even touring a home.A new report finds that in nearly half of US states, buyers will need a six-figure household income to afford a median-priced home in their state.HCSO finds mom of baby found dead in garbage truck in NW Harris Co.