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Understanding the New Real Estate Commission Rule: A Guide for Homebuyers and Sellers
Understanding the New Real Estate Commission Rule What Homebuyers and Sellers Need to Know Learn more Let's Break It Down If you’ve been keeping an eye on the real estate market, you might have heard about the recent changes to how real estate commissions are handled. This new rule is shaking up the industry, and whether you’re a homebuyer or seller, it’s important to understand what these changes mean for you. Let’s break it down in simple terms. What’s Changing? Traditionally, in many real estate transactions, the seller was responsible for paying both their agent’s commission and the buyer’s agent’s commission. This amount typically ranged from 5% to 7% of the home’s sale price, split between the two agents. However, a new rule is altering this arrangement. Under the new guidelines, buyers may now be more directly responsible for paying their agent’s commission. This shift is designed to make the commission structure more transparent and to ensure that buyers have a clearer understanding of the costs involved in their home purchase. Why the Change? The change stems from concerns that the traditional commission structure could potentially lead to conflicts of interest. Some argue that when the seller pays the buyer’s agent, it could inadvertently encourage agents to steer buyers toward higher-priced homes, increasing the overall commission earned. By making the buyer more responsible for their agent’s fee, the goal is to align the agent’s incentives more closely with the buyer’s interests. How Does This Affect Buyers? For buyers, this means you might need to budget for your agent’s commission separately, rather than it being factored into the sale price of the home. It’s crucial to discuss this with your agent early on, so you understand how their commission will be handled and what it will cost you. Some buyers might be able to negotiate the commission or find agents who offer alternative pricing models, such as flat fees. What About Sellers? For sellers, this change could potentially reduce the overall cost of selling your home since you may no longer be responsible for paying the buyer’s agent. However, it could also impact how competitive your listing is if buyers have to cover more costs on their end. This makes pricing your home accurately more important than ever, as buyers will be looking at total costs when making their decisions. What Should You Do Next? • Talk to Your Agent: Whether you’re buying or selling, it’s important to have a conversation with your real estate agent about how these changes will affect your transaction. • Reevaluate Your Budget: Buyers, make sure to factor in any additional costs when planning your budget. Sellers, consider how this might influence your pricing strategy. • Stay Informed: The real estate market is constantly evolving, and understanding these changes can help you make more informed decisions. Keep an eye on further updates and how they might impact you. The new real estate commission rule is a significant change that could affect how buyers and sellers approach transactions. While it introduces more transparency into the process, it also requires everyone involved to be more aware of the costs and their responsibilities. By staying informed and working closely with your real estate agent, you can navigate these changes with confidence. Don't Miss Out on More St. Louis Fun! Sign up for our newsletter today! Sign up Featured St Louis Homes Great Ladue Property 4 Bedrooms 3 Bathrooms 4,292Square Footage Learn more ➛ Welcome Home, this Amazing Home 3 Bedrooms 2 Bathrooms 1,692 Square Footage Learn more ➛ Walkable to ALL Brentwood Schools 4 Bedrooms 3 Bathrooms 2,800 Square Footage Learn more ➛ Life's Taking You Places. We'll Help You Get There. 2024 © All rights reserved Contact (314) 614-4377 damian.gerard@evrealestate.com
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Your Ultimate Guide to Enjoying St. Louis This Month!
Your Ultimate Guide to Enjoying St. Louis This September Learn more As September rolls in, St. Louis comes alive with a host of events that showcase the city’s vibrant culture, beautiful outdoor spaces, and delicious food scene. Whether you're a local or just visiting, there's something for everyone this month. Let’s dive into some of the must-do activities that will make your September in St. Louis unforgettable! 1 The Great Forest Park Balloon Race One of the city’s most iconic events, the Great Forest Park Balloon Race, is a must-see this September. Held in Forest Park, this event features colorful hot air balloons lighting up the sky in a spectacular race. Perfect for families or a fun day out with friends, you’ll want to bring a blanket and settle in for an evening of awe-inspiring views and entertainment. 2 Saint Louis Art Fair From September 6 to 8, the streets of Clayton will be filled with vibrant colors and artistic flair at the Saint Louis Art Fair. This event is not just for art lovers—everyone can enjoy the lively atmosphere, sample local cuisine, and maybe even find a piece of art that speaks to you. 3 AppleFest at Eckert's Orchards Autumn means apple season, and Eckert's Orchards in nearby Belleville, Illinois, is the place to be! Every weekend in September, AppleFest offers apple-themed food, live music, wagon rides, and more. It’s a family-friendly event that’s perfect for enjoying the cooler weather and taking part in a local tradition. 4 The Taste of Black St. Louis From September 13 to 15, Memorial Plaza will host The Taste of Black St. Louis, the largest Black-owned food festival in the Midwest. This event celebrates the rich culinary talents in the region with dishes from Black-owned restaurants and food trucks. It’s a great way to explore new flavors and support local businesses. 5 HOP in the City Beer lovers, rejoice! Schlafly’s HOP in the City is back on September 14. This annual event is a beer tasting paradise with over 40 brews, live music, and great food. Held at Schlafly’s Historic Tap Room, it’s the perfect way to kick back and enjoy the best of St. Louis craft beer. 6 Balloon Glowdeo at Brookdale Farms For a unique experience, check out the Balloon Glowdeo at Brookdale Farms on September 13 and 14. This event combines the excitement of a rodeo with the beauty of a hot air balloon glow. It’s an evening filled with entertainment, including farm animals, inflatables for the kids, live music, and fireworks to close the night. St. Louis is packed with exciting events this September, from art fairs to food festivals and beyond. Whether you’re looking to enjoy the outdoors, taste some local flavors, or simply have a great time with friends and family, there’s no shortage of things to do. Make sure to mark your calendar and get ready to explore everything this vibrant city has to offer this month! Don't Miss Out on More St. Louis Fun! Sign up for our newsletter today! Sign up Featured St Louis Homes Historic Updated Webster Groves Century Farmhouse 5 Bedrooms 3 Bathrooms 3,640 Square Footage Learn more ➛ Nestled in the Historic District of Webster Groves 3 Bedrooms 2 Bathrooms 1,812 Square Footage Learn more ➛ Nestled in the Heart of Kirkwood 5 Bedrooms 4 Bathrooms 3,065 Square Footage Learn more ➛ Life's Taking You Places. We'll Help You Get There. 2024 © All rights reserved Contact (314) 614-4377 damian.gerard@evrealestate.com
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Understanding the New Buyer Commission Rule in Real Estate
Hey there! If you've been hearing buzz about a new rule in real estate regarding buyer commissions and are wondering what it's all about, you're in the right place. We're here to break it down for you in simple, easy-to-understand terms. Let's dive in! What is a Buyer Commission? First, let's start with the basics. When you buy a house, there are various costs involved. One of these costs is the commission paid to the real estate agents who help you buy and sell the home. Traditionally, the seller's agent and the buyer's agent each get a commission, which is a percentage of the home's sale price. This commission is usually paid by the seller out of the proceeds from the sale. What's Changing? The big change is in how these commissions are handled and disclosed. The new rule aims to make the process more transparent and fair for everyone involved. Here’s what’s happening: Transparency: Buyers will now see exactly how much commission their agent will receive. This means you’ll know upfront how much your agent is getting paid for their services. Negotiation: Buyers might have more say in how much commission their agent gets. Previously, this was typically set by the seller’s agreement with their agent, but now there’s more room for discussion. Choice: With more transparency and negotiation, buyers can better understand and choose the services they’re getting for their money. Why the Change? The goal is to create a fairer and more open market. By knowing exactly what you’re paying for, you can make more informed decisions and potentially save money. It also encourages competition among agents to provide the best service for the best price. How Does It Affect You as a Buyer? Here’s what you need to know: Be Informed: You’ll get a clearer picture of the costs involved in buying a home, including what your agent earns. Ask Questions: Don’t hesitate to ask your agent about their commission and the services they provide. It’s your right to know! Negotiate: You might have the opportunity to negotiate the commission rate with your agent, especially if you feel it’s too high or if you’re not getting enough value for the cost. Practical Example Let’s say you’re buying a home for $300,000. Traditionally, if the total commission is 6%, $18,000 would be split between the seller’s agent and your agent. Under the new rule, you’ll know exactly how much of that $18,000 is going to your agent. If you feel that amount is too high, you can discuss it with your agent and possibly negotiate a lower rate. The new buyer commission rule is all about making the home-buying process clearer and fairer. By understanding these changes, you can make smarter decisions and feel more confident in your real estate transactions. Remember, your agent is there to help you, and now you have even more tools to ensure you’re getting the best service possible. Feel free to reach out if you have any questions or need further clarification. Happy house hunting!
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Testimonials
- Katie HardRyan is by far the agent you need on your team. I assure you in this insane market you need someone who is top of the line, and will get you that home! He is that guy. We sold our house and accepted an offer on the same day after only a couple days IN THIS MARKET.
- Clare & PhillipThank you so much for your help in finding our DREAM house! You were thoughtful and understanding at every step of the process. You listened to what we wanted and ensured we were comfortable, even in a difficult market. Thank you for the candle. It makes our home feel much homier. We are so happy with our house and look forward to many happy memories here. We will certainly recommend you to our friends when they are ready to buy homes!
- Edward SAlfonso Giganti of Damian E&V St. Louis assisted me in searching for and buying a condominium is West St. Louis County He assisted me in all aspects of the process, showing me various properties, guiding me through negotiations, helping me select a home inspection service, and assisting me through the closing process, and any needed followup. During that process I met other E&V St. Louis people and they were all helpful and friendly. I would gladly recommend them to anyone needing a real estate agent.
- Anne Marie GI was buying and selling at the same time, I was a very difficult buyer and Damian never gave up, never wasted my time, and was always looking out for my best interest. He was very honest with the value of my home, what I should expect, how showings would work, and made the process easy. He sold my house and I finally found my dream home and the process went much better than the stories I have heard from friends who didn’t use Damian. I have recommended Damian to friends who have also had tremendous success in this weak market which speaks volumes about his skill.
- Josh & Jordan BAlfonso is a life saver! He helped my family out so much. We just moved to St. Louis from Louisville Kentucky. We had no idea where to start and he helped out a ton. He was knowledgable in the area and was a help getting us the price that we were asking to spend. I would highly recommend Alfonso to anybody.
- Jamie GeoffroyEngel & Voelkers is a great company to work with. Our realtor Ryan was amazing! He was extremely friendly, experienced, transparent, reliable, and very responsive throughout the whole process. He really cared about us and understood our needs from the very first virtual home viewing. We had a very unique experience, not only working through COVID, but also moving from another state. We trusted Ryan’s thoroughness and attention to detail that we were able to purchase our home virtually without ever stepping foot in it. Ryan found us an amazing home, neighborhood, and school district. We couldn’t be any happier. We highly recommend Ryan!
- Tad DaviesThese are especially unique times and being being able to rely on your expertise in the market as well as construction was critical. What most impressed me, though, was how you immediately focused on listening to Clare and Phillip and then discerned their needs. Your calm and steadfast approach helped them to remain encouraged. The relationship was more authentic rather than transactional which I believe we experienced before. We are confident that our daughter and future son-in-law have found the house they were meant for.