New Rules for Home Sellers. What You Need to Know.

The National Association of Realtors (NAR) is implementing new practice changes in August 17, 2024, including changes to commission structures and other policies:

• Compensation offers

  Offers of compensation will be moved off the MLS, and it will be up to the realtor and their client to determine compensation upfront. This could make it more difficult for buyers without a lot of savings to navigate the housing market. For example, a buyer might make a lower offer if they know the seller won't reimburse their agent. However, some say that buyers might have to negotiate with more sellers before finding a deal they're satisfied with, which could extend the house-hunting period.

• Buyer agreements

  Written buyer agreements will be mandatory, but the NAR won't dictate the terms of the agreement, such as the duration or services to be provided. MLSs and brokerages will have some flexibility to work out those details, as long as the agreements are in line with state laws.

• Other changes

  The NAR will also focus on having deliberate conversations with buyers and sellers, clarifying services and value, and meeting fair housing requirements.