Major real estate changes could affect your home-buying experience

BECKLEY, WV ( WVNS ) — August 17, 2024 sees some big changes coming to national real estate policies.

These changes come on the heels of a settlement in a national lawsuit filed against several large real estate companies as well as the National Realtor Association.

But what does this mean for your average home buyer or seller?

For sellers, the biggest change is that they will no longer be responsible for paying both their agent and the buyer’s agent, as they have done until now.

Sellers will only be charged their own agent’s fees.

However, sellers still have the option of continuing to cover commission for both agents, as they have done in the past, to help their homes possibly sell faster by attracting a wider pool of eligible buyers.

Brian Brown, broker for Transcend Realty, said this new change could cause problems for home buyers, however.

“Buyers will have to sign a buyer’s representation agreement that involves a compensation piece. In particular, in West Virginia, we have a lot of people who are working very hard to achieve the goal of homeownership and this could potentially present another obstacle to overcome, being able to compensate their agent in the representation for a home purchase,” said Brown.

Brown said in addition to a down payment, home inspection fees, appraisal fees, and closing costs, buyers will now be required to retain and pay a licensed realtor to represent them in their purchase.

Even before they walk into the first house they will view, buyers must have this agreement.

More information on the new policies that will being being implemented on August 17, 2024 can viewed on the National Association of Realtors website .

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