Upcoming Events

Goodyear Lakeside Music Festival 

Saturday, April 13, from 4:00 - 9:00 PM
North Lake Amphitheater
FREE

Ruff-A-Palooza 

Saturday, April 20, from 10:00 AM - 2:00 PM
North Lake Amphitheater
FREE

Goodyear Night Market 

Sunday, April 28, from 5:00 - 9:00 PM
Goodyear Civic Square
FREE

Household Tip

Simplify Your Space: The Daily Declutter

In the hustle of everyday life, our homes often become a collection of clutter that can overwhelm our space and minds. But fear not! Implementing a simple, daily decluttering routine can transform your home into the serene oasis you deserve. Start small – dedicate just 10 minutes each day to tackle a specific area. It could be as simple as clearing off a countertop, organizing a drawer, or sorting through that stack of mail that's been piling up. This daily practice not only keeps your space tidy but also brings a sense of order and calm to your daily life.

Remember, decluttering doesn't mean parting with cherished possessions. It's about creating a more functional and pleasing living environment. Over time, these small daily actions can lead to significant changes. Your home will not only look more organized but will also feel more inviting. Embrace this daily decluttering ritual and watch as it brings renewed energy and harmony to your home and life.

Local Market Update

The market trends are in your favor with a Median days on market of 62 and a strong List to Sold Price percentage of 98.4%.

Real Estate Headlines

The Big One: NAR’s Settlement on Commission Rules

Here are some news headlines you may have come across recently:

“Realtors’ settlement could dramatically change cost of housing sales”

“The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement”

“Should you sell your home now or wait for the Realtor settlement this summer?”

I’d like to start by highlighting the terms of the proposed settlement that could have generated these headlines.

1. Offers of compensation prohibited from the MLS

2. Written agreements for MLS participants acting for buyers

It’s important to note that none of this has been approved by the court, and if it is approved, it’s scheduled to go into effect in mid-July 2024. The below is also my opinion and should not be construed as an official NAR stance on the issues.

Will Housing Sales Costs Change?

The short answer is no, but there is some nuance to costs that may adversely affect the ability of home buyers to purchase a home.

When the MLS (Multiple Listing Service) was created, it was designed to market available homes online from real estate brokerages to other brokerages. Part of that service also offered what is known as Clear Cooperation. This meant that a listing broker would share a portion of their commission on the sale of a home with a broker who was able to bring a well-qualified buyer for the transaction.

As time went on, this form of cooperation led to the belief, perhaps rightfully so, that sellers were being asked to pay both the listing broker commission and the buyer broker commission. Regardless of the broker cooperation genesis where a listing broker shared their commission, sellers were, in essence, taking on the costs for both sides of the transaction. An evolution of the listing agreement between the listing broker and the seller then occurred, and the question was specifically asked if the seller would like to set the buyer broker commission as a separate line item from the listing broker commission. While the seller could choose not to provide any buyer broker commission, it did, and still does, provide a mechanism for broadening the market of available buyers to purchase the home.

One of the terms of the proposed settlement is to remove the broker cooperation field from MLS listings. This will make the use of what is known as a Buyer Broker Agreement more widespread among home buyers. This Agreement forms a contract between a prospective buyer and their chosen brokerage to work for an agreed-upon fee. It lets the buyer know up front what their cost will be if a seller chooses not to offer a buyer broker commission for the sale of their home. This is not a newly created agreement and has already been available for use. In fact, I have used this agreement with all of my buyer clients since I started my business. The agreement currently states that the buyer agrees to pay a negotiated amount to their representing broker OR the amount offered by the seller’s broker, whichever is greater. If the amount on the Buyer Broker Agreement is greater, then the buyer would only need to pay the difference.

6% Commission is gone

Perception and reality are at odds on this one. To start with, commissions were always negotiable. I’m not naive enough to say that there wasn’t a perception that there was a 6% standard commission. There were agents who perpetuated this thinking by simply charging a 6% commission and then splitting that commission with the buyers broker. We may see a larger trend of sellers now agreeing to pay the listing broker a commission but offering no compensation to the buyer’s broker. The buyer would still be under a Buyer Broker Agreement so in the end, the total commission isn’t gone, the costs may just be more evenly distributed between the buyer and seller.

Sell Now Or Wait For The Settlement

There are many factors to consider when selling your home, this isn’t one of them. The reality is that a seller can already choose not to offer a buyer commission on their home sale so waiting is not a reason to delay your home sale.