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It's been a big summer for real estate in Texas and America. According to recent data, the number of homes for sale across the country sits at a post-pandemic high. This is welcome news for buyers as the housing market slowly but surely finds its footing.
But homebuyers and sellers should know that even bigger changes have just gone into effect nationwide. These changes will empower consumers as they work with real estate professionals to navigate one of the most significant and complex transactions of their lives.
As a second-generation real estate broker, real estate is in my blood. I've always been passionate about the American dream, helping people buy and sell real property for decades. So, I speak from experience when I say that these changes in our practice add transparency and choice to the process where homebuyers and sellers compensate agents for their hard work and expertise.
First, a little background on the changes. They resulted from the proposed settlement of litigation brought by home sellers related to broker commissions. While our organization continues to deny any wrongdoing, we entered into the settlement with two non-negotiable goals in mind: (1) resolve claims for as many of our members as possible and (2) preserve the choices consumers have regarding real estate services and compensation.