With the change in how commissions are structured (and paid out), I think the market will be finding a new normal over the next 6-12mths.
Will there be a massive change in prices, or a huge reduction in commissions? I don’t think so, but only time will tell.
This new approach is more clear: 1) Seller’s pay their agent. 2) Buyer’s discuss how their agent will be paid. Both sides have multiple options.
Some buyers may be OK paying their agent. Some buyers (and their agent) might agree to ask the seller to contribute, or maybe pay all of it if there’s a strong offer provided.
We can’t be 100% sure, but there will become a new set of standards and a common way of doing business.
Want clarity on the the changes that are taking place? Let me know and I’d be happy to jump on the phone or email/text.