My husband and I spent two weeks in the Italian Dolomites visiting our daughter. What an amazing place to ski! We logged 56 miles on skis one day traversing multiple resorts and alpine vistas. Spectacular.
Sun Valley Round Up
Real Estate sales for 2024 are starting very strong compared to 2023. If you can remember back a year, many were predicting a prolonged real estate slow down due to rising interest rates and inflated costs, which never materialized.
The BIG REAL ESTATE SHAKEDOWN!
If you read any national publications regarding real estate you have certainly heard about the multibillion dollar settlements this year. I’ve had several clients reach out for an explanation, and while I don’t have all the details yet, I’ll give you my two cents.
Multiple successful lawsuits against the National Association of Realtors and Brokerages have resulted in major changes to the practice of real estate beginning July 2024. The Seller will no longer be responsible, or allowed within the MLS, to set a commission rate for paying a Buyer’s Broker.
If a Seller agrees to pay a Buyer’s Broker, it will be negotiated specifically with each deal.
It is unknown how this will change the world of real estate.
*I am so thankful I run an independent business and can easily adapt in a time of market uncertainty and change.
Prediction #1: Homes will become for affordable because Sellers no longer have to pay a 3%ish fee to the Buyer’s Broker.
I am skeptical this will occur. Home prices are escalating in 2024 and I don’t see this bringing prices down.
Prediction #2: Many Buyers will forgo a Buyer Agent. Buyers will use sites such as Zillow and Realtor.com to identify their new home and negotiate on their behalf.
I DO BELIEVE we will see more of this; especially for properties priced under $1M. These Buyers can hire a real estate attorney to assist with paperwork and contracts for a nominal flat fee.
Prediction #3 Optimists within the Real Estate Community believe Buyers will step up in mass to pay for their own representation at 2-3% of transaction values.
I DO NOT see this happening. At property price points over $2M, I do anticipate many Buyers stepping up to pay for representation. But these savy Buyers will negotiate a flat fee or discounted rate such as 1% of purchase price,
Please reach out if you have any questions regarding Real Estate Changes.
208-721-4131
New on the Market
I toured this home on Wednesday and before I could write about how much I liked it, its PENDING. This 1970’s one level Gimlet home has a lot of offer.
Talk soon,
Kirsten
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