New Real Estate Agency Law: A Game Changer for Buyers and Sellers
The real estate industry is about to experience a significant shift as the New Real Estate Agency Law comes into effect. This introduces several changes that will impact both buyers and sellers. Here’s what you need to know:
1. Buyer’s Agency Agreements are Becoming Law
In the past, buyers often worked casually with multiple agents. However, under the new law starting on August 17, 2024, a signed agency agreement will be required for every showing. This change encourages single-agent relationships, leading to better service, stronger trust, and overall smoother transactions.
2. Buyer Agent Commissions are Always Negotiable
Under the new law, the compensation for the buyer’s agent can be paid directly by the buyer, OR by the seller through ‘buyer concessions’. Importantly, the amount of compensation will no longer be displayed on apps or listing platforms. This change brings more control to buyers and buyer agents, along with additional flexibility to the negotiation process.
3. Clear Picture of Compensation from the Beginning
All parties involved will decide what commission will be paid before any homes are toured. Depending on the property selected, the seller may or may not offer a concession toward this amount. This ensures that buyers and agents have a clear understanding of the financial aspects from the outset.
4. List Your Home at a Price that Includes Buyer Concessions
We are advising Orange County home sellers to list their homes at a price that includes buyer concessions. This means factoring in necessary repairs and compensation upfront, so it’s factored into your listing price. This strategy gives cash-crunched buyers additional options, which will likely net sellers more offers.
The New Real Estate Agency Law is set to bring about more transparency, personal accountability, fairness, and clarity in the real estate market. As we navigate these changes, it’s crucial for buyers and sellers to work closely with their agents to understand the implications and make the most of the new rules.
Please be reminded that listing agents in CA have accountability to the sellers first, so if buyers want the purest form of representation, it’s absolutely critical to work with a buyers agent.
Don’t let the upcoming changes catch you off guard! Stay ahead of the game by familiarizing yourself with the New Real Estate Agency Law. Whether you’re buying or selling, now is the time to partner with a knowledgeable agent who can guide you through these changes and help you navigate the evolving landscape of real estate transactions. Reach out to Angie today at 949-338-7408 or fill out the form below and let’s start strategizing for success in the new era of real estate!
4 Tips To Actually Enjoy the Process of Buying A Home in California
Buying a home in Orange County or anywhere in California is a significant milestone in anyone’s life. It’s a complex process that requires careful planning and decision-making. Here are four tips to help you make your strongest offer on a home.
1. Understand CA Home Budget and Costs of Buying a Home
Before you start house hunting, it’s crucial to understand your budget. This includes not only the purchase price of the home (through a mortgage preapproval) but also other costs such as home insurance, property taxes, closing costs, and maintenance costs. It’s also important to consider your long-term financial goals. Remember, buying a home is a long-term investment, and you don’t want to stretch yourself too thin, OR, wish you had stretched a bit further. This leads us to point #2 when it comes to enjoying the real estate process.
2. Partner with the RIGHT California Real Estate Buyer’s Agent
Are you aware of the new real estate laws changing in 2024? It affects every buyer & seller. A real estate agent is an invaluable partner in the home-buying process. They have the expertise and experience to guide you through the complexities of the real estate market. Buyer’s agents keep your goals and best interest in mind, and help you weigh out options so you are well informed and comfortable moving forward. At AskAngie Team, we can provide insights into multiple offer situations, market trends, help you find homes within your budget, and negotiate on your behalf. We’ll accommodate your unique needs and preferences, helping you find a home that suits your goals the best.
3. Make a Strong, but Fair Offer
Once you’ve found a home you love, the next step is to make an offer. Local comparable properties can help you determine a fair offer price based on value, the local market conditions, and your budget. A strong offer is competitive but also within your means. It’s important to be realistic and not let emotions drive your decision-making process. It’s also important to know Southern California properties frequently sell with multiple offers, above the asking price during the spring and summer seasons. To win the bid, you will likely have to be flexible, close fast, and respond to counter offers quickly and with confidence.
4. Trust Your Agent During Negotiations and the Homebuying Process
Negotiating a home purchase can be stressful, and can cause so many emotions. At AskAngie Team, we will guide you through this process. We will help you navigate counter offers, handle inspections and appraisals, and ensure that all the necessary paperwork is in order.
Enjoying the experience while buying a home involves careful planning, understanding your budget, choosing the right team, making a strong offers, and trusting your real estate agent during the process. With these tips in mind, you’ll be well on your way to securing your dream home with a smile.
Ready to take the next step? Contact Angie today at 949-338-7408 or fill out the form below to start your home-buying journey!
Orange County Real Estate Success 