Buying real estate in the US is about to experience a big change come August of 2024! As a result of the SitzerBurnett class action lawsuit settlement, potential home buyers will be required to sign a buyers representation agreement before an agent is allowed to show them any houses. The only way to see a house without signing an agreement will be to wait for an open house or contact the listing agent. Buyers may also have to pay their buyer agent at closing if the seller does not offer compensation. Offers of compensation will also be removed from the MLS making it much harder to determine if a seller is offering compensation which may complicate buyers' home searching budgets. While it has always been optional for sellers to offer compensation to buyers' agents, it is still yet unknown if these changes will lead to more sellers opting to not offer it.

Moving to, from or around Iowa? I can help: https://emilyfarber.com/

Have questions about real estate in the greater Iowa City area?
❤ If you'd like to talk with me about BUYING or SELLING real estate in the greater Iowa City or Cedar Rapids areas, feel free to call/text 3195944455 or email me at [email protected]
I'd love to talk with you!

⭐ Interested in working with me but want to know what others are saying? Read my reviews here! https://bit.ly/44mOR1S

Thinking about buying a house? Grab your FREE Home Buyer's Guide here:
✅ Thinking about BUYING a home in the Iowa City area? Grab a copy of my home buyer guide here! https://homeiowacity.com/freehomebu...
Thinking about relocating or selling real estate in the greater Iowa City area?
✅ Thinking about RELOCATING? Be sure to download my free Iowa City area relocation guide here: https://homeiowacity.com/iowacityre...
✅ Thinking about SELLING a home? Grab a copy of my home seller guide here! https://homeiowacity.com/sellerguide...

00:00 Real Estate Is Changing for Buyers
00:12 How The System HAS Been Operating
01:15 Compensation Offers To Be Removed From MLS
01:27 Required Buyer Rep Agreement
02:14 Who Pays the Buyer's Agent?
02:57 Why is Knowing the Amount of Compensation Important?
05:23 Will This Make Homes Prices Decrease?
05:45 Should You Just Go Through the Listing Agent?
06:31 IndustryWide Uncertainty
06:50 Further Changes and Restrictions Possible
07:52 Viewer Questions
08:17 Are you Prepared (and able) to Pay Your Agent?