Understanding the New NAR Changes in Arizona Real Estate:

Understanding the New NAR Changes in Arizona Real Estate: What Sellers and Buyers Need to Know

As of August 1, 2024, important changes have taken effect in the Arizona real estate market due to a recent settlement involving the National Association of REALTORS® (NAR). These changes impact how sellers and buyers handle broker compensation, making the process more transparent and giving you more control. Here's a breakdown of what these changes mean for you, whether you're selling or buying a home.

For Home Sellers:

1. Compensation Flexibility:
• As a seller, you now have the flexibility to decide whether or not to offer compensation to buyer brokers. Offering compensation can still be a strategic way to make your listing more attractive, but it’s no longer a standard practice that must be followed.
2. Clear Disclosure Requirements:
• If you decide to offer compensation to a buyer’s broker—or if a Buyer asks you to pay their Broker--your listing agent will provide you with clear, written disclosure of this payment. This disclosure must happen before any agreement is made, ensuring you are fully informed and have control over the terms. 
3. Changes to MLS Listings:
• While you can still offer compensation, this information can no longer be included directly on the Multiple Listing Service (MLS). Your agent will now promote any compensation offers through alternative platforms like social media, websites, and flyers.

For Home Buyers:

1. Understanding Broker Compensation:
• As a buyer, these changes give you a clearer understanding of what compensation your buyer broker may receive. The buyer broker can be compensated from the sellers broker, seller, you the buyer or combination of both. It’s important to discuss this with your agent to understand how it might impact your home-buying process.
2. Signing a Contract Before Tours:
• A new requirement is that you must sign an agreement before touring the property. This could be a  one-time buyer broker agreement showing agreement or a buyer broker exclusive agreement. This is another reason why it's crucial to work with a professional local agent. They can guide you through these agreements and ensure you're making the best decisions for your situation.
3. Transparent Costs:
• The new rules ensure that all compensation is disclosed and agreed upon in writing, giving you a clear picture of the costs associated with buying a home. This transparency helps you make more informed decisions.

Learn more when Dori and John discuss the latest changes on YouTube 

Why You Should Consult Your RE/MAX Sun Properties Agent

Navigating these changes can seem overwhelming, but that’s where your RE/MAX Sun Properties agent comes in. Our professional agents are here to guide you through every step of the process, whether you’re selling your home or looking to buy.

• For Sellers: We’ll help you understand how to best position your home in the market with the new rules in mind. From setting the right price to deciding on buyer broker compensation, we’re here to ensure your home sells quickly and for the best price.
• For Buyers: Our agents will walk you through the entire buying process, helping you understand all the costs involved and making sure you find the perfect home that fits your needs and budget. With the new requirement to sign a contract before touring properties, it’s more important than ever to work with an agent who truly knows the community and can provide expert guidance.

Conclusion: The new NAR changes are designed to give both sellers and buyers more control and transparency in the real estate process. By working with your RE/MAX Sun Properties agent, you can navigate these changes with confidence, knowing you have a trusted professional by your side. Contact us today to learn more about how we can help you achieve your real estate goals in Arizona.