Impact on Homebuyers

If you’re a homebuyer in Phoenix, the NAR settlement brings several important changes that you need to know:

• Clearer Commission Disclosure: You’ll now see exactly how much your real estate agent is earning in commissions. This transparency allows you to understand the true cost of purchasing a home in Phoenix, giving you the opportunity to negotiate or adjust your budget accordingly.
• Potential for Direct Payment: While it’s still common for sellers to cover the buyer’s agent’s commission, the settlement allows for more flexibility. In some cases, you might be asked to pay your agent’s commission directly, which could influence your purchasing decisions.
• Requirement for a Formal Agreement: Before you can start viewing homes, you’ll need to sign a formal agreement with your buyer’s agent. This contract outlines the services your agent will provide and the commission they will earn, ensuring you’re fully aware of the costs involved before proceeding.

Why it Matters:

• • Increased Transparency: As a first-time homebuyer in Phoenix or someone looking to buy a home in North Phoenix, understanding these costs upfront can save you thousands.
  • More Control: With detailed commission information at your fingertips, you’re in a stronger position to negotiate favorable terms and avoid surprises.
  • Expert Support: A real estate agent’s guidance can be invaluable in understanding these changes and how they affect your home-buying journey.

“Buyers who work with a real estate agent are 87% more likely to successfully close on a home compared to those who go it alone.”

Contact us today at Tim@swhres.com, call us at 602-805-7787, or visit our website at www.WhatIsOnYourHorizon.com to start your journey.