In reviewing 469 Seattle listings, the consumer federation found that about 92% offered buyer’s agent commissions between 2.5% and 3%. About 52% offered the same rate of 2.5%. This was from a Seattle Times article
@@scientificapproach6578 In 2022 NWMLS passed a new rule that decoupled the buyer’s broker’s commission from the seller’s broker’s commission. Now the seller agrees to compensation with their listing broker. And can choose to offer or not offer the buyer’s broker a commission. This change now means it is up to the buyer to have an agreement in place that puts guardrails around what they will pay for their broker’s services regardless of the seller’s offer or non-offer of compensation. The point is that the commission was negotiable prior to this NAR ruling.
@justinmartineznyc Even before the National Association of Realtors (NAR) settlement, the seller could choose not to offer a buyer's commission, just like your Seattle comparison. I believe the NAR settlement is substantially different because it prevents the buyer's agent commission from being posted on the Multiple Listing Service (MLS) and requires the buyer's agent to negotiate the fee their buyer pays them before seeing any properties.
@@scientificapproach6578 Seattle is in Washington State, so it is the same. Regarding the rest of the country is similar, however the numbers pertaining to sellers paying the buyer's commission varies depending on the market. Commissions have always been negotiable in EVERY STATE.
Can you cover in detail what you said about Washington State.
In reviewing 469 Seattle listings, the consumer federation found that about 92% offered buyer’s agent commissions between 2.5% and 3%. About 52% offered the same rate of 2.5%. This was from a Seattle Times article
@@justinmartineznycwhat laws are different between Seatle and the rest of the country or are they the same?
@@scientificapproach6578 In 2022 NWMLS passed a new rule that decoupled the buyer’s broker’s commission from the seller’s broker’s commission. Now the seller agrees to compensation with their listing broker. And can choose to offer or not offer the buyer’s broker a commission. This change now means it is up to the buyer to have an agreement in place that puts guardrails around what they will pay for their broker’s services regardless of the seller’s offer or non-offer of compensation. The point is that the commission was negotiable prior to this NAR ruling.
@justinmartineznyc Even before the National Association of Realtors (NAR) settlement, the seller could choose not to offer a buyer's commission, just like your Seattle comparison.
I believe the NAR settlement is substantially different because it prevents the buyer's agent commission from being posted on the Multiple Listing Service (MLS) and requires the buyer's agent to negotiate the fee their buyer pays them before seeing any properties.
@@scientificapproach6578 Seattle is in Washington State, so it is the same. Regarding the rest of the country is similar, however the numbers pertaining to sellers paying the buyer's commission varies depending on the market. Commissions have always been negotiable in EVERY STATE.