ShareWMAR-TV (ABC; Baltimore, Md.)
Home sales are dropping, inventory remains low, and a national settlement could change the real estate commission process, but there’s optimism that the Maryland housing market will rebound.
But July also marks changes to the real estate transaction process. A landmark settlement with the National Association of REALTORS® will soon make Buyer Brokerage Agreements mandatory and spelling out how a buyer's agent would be paid.
“Maryland is one of only 17 states in the country that have required by law, require buyer agency agreements, written buyer agency agreements, so we've been doing this for many years already,” said Chris Hill, president of Maryland REALTORS®.