Key Real Estate Changes in 2024: What Home Buyers and Sellers Need to Know

So, Here’s the Scoop... I wanted to give you a quick heads-up about some important changes coming to the real estate world. The way we buy and sell homes is getting a bit of a “tune-up,” and I want to make sure you’re in the know. Starting on August 17th, 2024, if you're looking to buy a home, you'll need to sign a written agreement with your Buyer’s Agent before you can even tour a property. This agreement will clearly lay out what your agent will do for you and how they’ll get paid, making sure everything is clear right from the start. Another big change is how agents get paid. Instead of the old system where the seller’s agent and the buyer’s agent split a commission, the new rules require that the seller and/or buyer pay their own agents directly at closing. This puts more control in your hands, which is definitely a plus. Finally, you won’t see offers of compensation for Buyer’s Agents on MLS listings anymore. But no need to worry—your agent will take care of all the details and keep you updated on what’s being offered.   Jeff Galindo Broker B.0042565 What’s Changing in Real Estate This Year? So, here’s the lowdown: The old ways are out, but don’t stress—the goal of buying or selling a home is still the same. The new changes are all about making the process smoother and easier to understand for everyone. Here’s what you need to know: 1. New Requirement for Buyers:Now, if you're buying a home, you’ll need to sign a written agreement with your Buyer’s Agent before you start looking at houses. There are different types of agreements, but they all must clearly explain your agent’s responsibilities and how they’ll be compensated. It’s just a way to ensure everything is on the table from the beginning. 2. Who Pays What?We’re moving away from the old system where agents “shared” commissions. Now, the seller and/or buyer will pay the Buyer’s Agent’s commission directly at closing. This change gives you more control over how things are handled. 3. MLS Listings Changes:You won’t see automatic offers of compensation for Buyer’s Agents on MLS listings anymore. Instead, your agent will get that information directly from the Listing Agent as needed, making sure you’re always kept in the loop. The Three Key Agreements in a Real Estate Transaction When you’re buying or selling a home, there are three main agreements you’ll come across: 1. Listing Agreement:This is the contract between the Seller and the Listing Broker, setting out the terms for selling the home. 2. Buyer Broker Representation Agreement (BBRA):This is the agreement between you, the Buyer, and your Buyer Broker. It outlines how your Broker will help you find and purchase a home and explains how they’ll be compensated for their work. 3. Purchase Agreement:This is the official offer and agreement of terms between you and the Seller once you’ve found the right home. What About Buyer Representation Compensation? Moving forward, you won’t see offers of compensation for Buyer Brokers on the MLS. But don’t worry—your Buyer Broker will handle this for you. They’ll talk to the Listing Agent to get all the details and keep you informed about what’s being offered. Plus, they’ll help you include any necessary requests for compensation as part of your offer. Other Important Things to Know Transparency is Key:Right from the start, your agent will explain how compensation works. It’s important to know that broker commissions are negotiable and not set in stone by law. Written Agreements:Before you start touring homes, you and your Buyer’s Agent will have a clear, written agreement that spells out how they’ll be compensated. Key Dates to Keep in Mind Before August 17, 2024: Home Sellers signed a Listing Agreement with their Listing Broker for exclusive representation. Home Buyers could work informally with a Buyer Broker without needing a formal agreement. After August 17, 2024: Home Sellers will still sign a Listing Agreement with their Listing Broker. Home Buyers now need to have a written agreement in place with their Buyer’s Agent before they start looking at homes. Understanding the Shift in Compensation Before August 17, 2024: Here’s how it used to work: The Seller would agree to pay the Listing Broker a commission as part of their Listing Agreement. The Listing Broker might share a portion of that commission with the Buyer Broker through a system called “cooperation compensation.” For example, if the Seller offered $1,000 in total commissions, the Listing Broker could choose to keep $600 and share $400 with the Buyer Broker. After August 17, 2024: Now, things have changed a bit: The Seller agrees to pay a specific amount to the Listing Broker. The Buyer agrees in writing to pay their Buyer Broker a separate amount. Negotiation: The Buyer might ask the Seller to cover the Buyer Broker’s fee as part of the offer. If the Seller agrees, this amount is included in the closing process. If not, it becomes part of the negotiations. In this new setup, the total compensation might still be $1,000, but it’s all managed directly by the Seller and the Buyer, without any “sharing” between brokers. Considering Purchasing a Home? Let Us Help You Navigate the New Process If you're thinking about buying a home, we'd love to work with you and guide you through these new changes. My Buyer’s Agents and I are part of one of the top buyer’s agency teams in Las Vegas, with tons of experience helping clients find the right home at the right price. We’re here to make sure your experience is smooth and successful. Feel free to give us a call, contact us, or stop by—we look forward to helping you find your dream home!

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Jeff Galindo: Celebrating Excellence as a Top Latino Real Estate Agent in 2024

Jeff Galindo, the dynamic owner and broker of New Door Residential, has once again demonstrated his prowess in the real estate industry by being recognized as the #4 Latino real estate agent in the United States and the #1 agent in the Northwest region for 2024. This prestigious recognition, awarded by the National Association of Hispanic Real Estate Professionals (NAHREP), highlights Jeff’s unwavering dedication to excellence and his significant contributions to the real estate market. With over 30 years of experience in real estate, Jeff Galindo has established himself as a leader in the field. His commitment to providing exceptional service has earned him a stellar reputation among clients and peers alike. Specializing in homes priced between $500,000 and $1,500,000, Jeff’s expertise and strategic approach have consistently delivered outstanding results, averaging over 200 transactions per year. Jeff’s journey in NAHREP’s Top 250 has been marked by remarkable achievements, having previously secured the coveted #1 spot in 2014 and 2018. His current ranking as #4 nationally and #1 in the Northwest region is a testament to his continued success and leadership in the real estate sector. Beyond his professional accomplishments, Jeff Galindo is deeply committed to giving back to the community. A portion of proceeds from every sale supports local charities, reflecting his belief in making a positive impact beyond real estate transactions. This dedication to community service underscores Jeff’s holistic approach to his work and his commitment to creating meaningful change. Operating in Summerlin, Las Vegas, North Las Vegas, and Henderson, Jeff specializes in representing sellers, achieving an impressive ask/close ratio of over 98%. With over 2,000 personal transactions under his belt, Jeff’s mastery in both selling and buying real estate sets him apart as one of the most trusted and experienced agents in Las Vegas. As the owner of New Door Residential, Jeff leads a boutique real estate brokerage committed to delivering unparalleled service and professionalism. His team’s client-focused approach ensures that each client receives personalized attention and the best possible outcomes. Choosing Jeff Galindo as your real estate partner means choosing a professional who truly cares about your goals. His approachable demeanor, vast knowledge, and proven results make him the perfect choice for anyone looking to buy or sell in Las Vegas. Experience the difference with Jeff Galindo—your trusted partner in real estate.

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“New Home” Buyers feeling the pain of the “New Home” Builders

We have had many clients buy BRAND NEW homes this year and almost all have suffered through challenges, construction delays, changes to features and specifications and more.  It’s been hard.  Having personally lived in the new home space for many may years, I have a bit of a unique perspective on what goes on behind the scenes at the home builders. In many cases I have been disappointed in the way some have things, especially customer communications and concerns. That said, what the home building industry has been dealing with since COVID is unprecedented.  This article for the National Association of Home Builders really paints the picture of the problems they have had with supply chain and the impact it has had on pricing.  Take a Look            

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