Blog > The Cost of Buying A Home: How The NAR Settlement Impacts Homebuyers
In the whirlwind of headlines and big settlements, it's natural to wonder how it all impacts you as a buyer, if you're gearing up to purchase a home in the near future. Let's unpack what these changes mean for you:
⌛Best Time To Buy: Despite the changing landscape, the message is clear – if you're considering buying a home, now is the time to act. While the process may be different, the end goal remains the same: helping you find your dream home.
🎖️VA Buyer Concerns: Veterans face unique challenges if sellers aren't covering broker fees. It's crucial for VA buyers to plan ahead and explore alternative financing options to ensure a smooth homebuying process.
👨🏼💼Seller Co-op: While most sellers are expected to continue paying a co-op to the buyer's agent, some may choose not to. This highlights the importance of understanding the financial implications of each home you're interested in.
✒️Buyer Brokerage Agreement: Starting July 1st, signing a buyer brokerage agreement before viewing a home will be mandatory. This new norm aims to provide clarity and protection for both buyers and agents.
💰True Cost of each home: Understanding the true cost of ownership for each home is essential. Factors like concessions, buyer broker compensation, and out-of-pocket expenses can vary significantly and impact your overall budget.
🏦Lender Financing and Concessions: Lenders are exploring creative financing solutions, and some homes may offer concessions. However, it's crucial to negotiate these terms upfront to avoid any surprises later in the process.
Proactive planning, understanding the financial nuances, and exploring various financing avenues are essential steps for homebuyers navigating the current real estate market.
