What You Need to Know About Real Estate Changes in 2024

By Lee A. Bennett Jr.

Lee Bennett is a licensed Real Estate Broker Associate in the state of Florida who is passionate about working with home buyers and sellers in finding their dream property. Lee understands that a client who invests in real property makes an investment of a lifetime. Thus, Lee treats the process of identifying and choosing the right property as both an art and a science that deserves utmost attention and care.

Have you ever felt like the real estate game was stacked against you? Don’t worry—starting August 17, new rules are changing how real estate transactions are being made to put you, the buyer, in control of your home-buying journey. Here are the key changes that you need to know:

• Changes in MLS listings. Seller payment offers to buyers will no longer be visible on the MLS. This change provides a clearer picture of how your agent is compensated, allowing you to be more directly involved in negotiating the terms that work best for you. While the MLS will no longer display seller payment offers, sellers can still communicate these offers through other channels such as flyers, emails, or their broker’s website. This opens up new avenues for you to explore deals that suit your financial needs without any hidden surprises. Additionally, while sellers can still cover costs like closing fees—offers that will remain visible on the MLS—this will no longer be tied to how your agent is paid. This means you have more freedom to negotiate directly for deals that benefit you, ensuring a more transparent and personalized home-buying experience.

• Mandatory written agreement. Another critical change is that before you start looking at houses, you’ll need to sign an agreement with your agent. This document will clearly outline how your agent is compensated, eliminating any surprises down the road. These updates are designed to give you more control and transparency in the home-buying process, allowing you to negotiate agent payments directly with the seller or include them in your purchase agreement. By understanding upfront how your agent is paid, you can focus on finding the best home and deal without any confusion or misunderstandings.

• More transparency, more control. These new rules put more power in your hands. By being fully aware of how your agent is compensated, you can take a more active role in the negotiation process and ensure that every aspect of the deal aligns with your goals. This also provides a clearer framework for understanding what you’re paying for and helps avoid any potential conflicts of interest.

Now is the time to take control of your real estate journey. With these new changes, you have more power and clarity than ever before. Reach out today if you have any questions or if you’re ready to make your next move. Just call 813-316-6224 or email bennettlee24@yahoo.com. My role is to ensure that you get the best possible deal in this evolving real estate landscape.