Changes to house hunting start this weekend. Are you caught up?

NASHVILLE, Tenn. (WKRN) — Interest rates are expected to come down a bit this fall. If you are looking to jump into the housing market, there are important rule changes you need to know. In fact, they start this weekend.

“I’ve always said in real estate, one phrase you should never say is, ‘This is how we’ve always done it,'” said Anna Altic, managing broker of RE/MAX Homes and Estate Lipman Group in Nashville. “There’s AI now, there’s technology changes. It’s always changing.”

According to Altic, one big change for buyers starts this weekend: “We, as realtors, are no longer allowed to take you into preview homes without having a written agreement in place.”

That written agreement could come in two forms. One is called a touring form.

“We kind of call that a ‘date before you get engaged’ form, and essentially that’s, ‘Hey, we’ll give you a few car rides, we’ll see if we’re a good fit for one another,'” Altic explained.

The second form is more binding, contractually tying you closer to the agent.

“It basically says for the buyer, ‘If the seller is not offering cooperating compensation or some type of concession, this is what I need to be paid,'” Altic said.

These brand new forms are the result of the multimillion dollar settlement reached with the National Association of Realtors . Buyers will now have to negotiate compensation with their agent before looking at homes.

“A good agent is going to be able to build that rapport and make that an easy, comfortable conversation,” Altic told News 2.

These homebuying changes are happening at a time when rates appear to be on the cusp of changing, as well. A new RE/MAX survey found 63% of Gen Z and Millennials are eager to buy a home, but high rates and closing costs have shut them out. Realtors see that changing soon.

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“The rates have hugely impacted it,” Altic said. “I certainly have two or three buyers that are in the wings, kind of waiting…If that rate gets down below 6%, that then becomes attainable for them.”

The RE/MAX survey also found that 56% of Gen Z and Millennials are willing to compromise on price, location, and size in order to own a home.

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