New regulations will soon impact real estate transactions. Buyers will now have the option to pay their own agents' commission instead of the seller being responsible for both commissions. This is expected to increase competition and lower commission rates. While this may initially burden buyers with upfront costs, it could ultimately save them money overall and give them more options for representation.
A recent settlement mandates realtors to disclose and negotiate commission rates upfront. This is intended to prevent hidden fees and ensure transparency in real estate transactions. However, the impact on the local housing market may be limited due to low inventory. Despite these changes, the housing crisis remains a concern, particularly for low and moderate-income individuals. Local policymakers are addressing the issue by increasing affordable housing options and assisting with property rehabilitation.
