New Rules on Buyer’s Agent Commission: Why Sellers Need to Pay Attention

Selling a home in today’s market means more than just setting the right price and staging beautifully. Recent changes in real estate rules, effective August 17, 2024, have shifted how buyer’s agent commissions are handled—and if you’re not careful, these changes could cost you a deal. Here’s what every seller needs to know about navigating these changes and staying competitive.

What Changed?

1. Buyer’s Agents Are Always Paid—But Not Always by Sellers
   Buyers in oregon after the recent changes to the rules have written agreement to pay their agents before they even start touring homes. This guarantees agents get their commission at closing, whether or not sellers help with the cost.

2. No More MLS Commission Offers
   Due to a legal settlement, sellers can no longer advertise offers of compensation to buyer’s agents on the MLS or related platforms. However, seller credits to cover commissions are legal and can still be negotiated between buyers and sellers during the deal.

3. It’s Legal for Sellers to Help, But Not Required
   Sellers are not obligated to assist buyers in covering their agent’s fees. That said, many sellers still do, recognizing the competitive advantage it gives their home in a crowded market.

The Risk of Not Offering Help

Let’s get real: refusing to help buyers with their agent fees—even though it’s not required—could hurt your chances of closing a deal. Here’s why:

• Buyers May Walk Away
  In Oregon and other competitive markets, many buyers ask for seller credits to help cover their agent’s fees. If a buyer has to pay out of pocket because you decline, they may reject your counteroffer and move on to a home where the seller is more accommodating.

• Your Home Could Be Overlooked
  Competing homes often offer incentives like credits toward buyer’s agent fees. If your listing doesn’t, buyers might perceive it as less desirable and prioritize other properties.

• Fewer Offers, More Stress
  The longer your home sits on the market, the more challenging it becomes to attract buyers. What starts as a simple decision to hold firm on commissions could turn into price reductions or extended timelines—impacting your bottom line.

Why Sellers Are Still Offering Help

Even with the new rules, many sellers understand the benefits of offering credits to cover buyer’s agent fees:

• It’s a Win-Win
  Helping with buyer’s costs makes your home stand out and simplifies the process for the buyer—two things that can seal the deal faster.

• Stay Ahead of the Competition
  In a competitive market, offering incentives like commission assistance keeps your home at the top of buyers’ lists. Without it, you risk being left behind.

A Seller’s Choice with Big Implications

Here’s the truth: you don’t have to help buyers with their agent’s commission. But the decision not to could mean:

• Losing a motivated buyer.
• Fewer offers on your home.
• Longer time on the market, possibly leading to price reductions.

In contrast, offering a credit—even a partial one—can smooth the deal, attract more offers, and position your home as a top contender in the eyes of buyers.

How to Protect Your Sale

Navigating these changes can feel overwhelming, but you don’t have to go it alone. A skilled real estate agent can help you craft a strategy that keeps your home competitive while protecting your financial goals.

Don’t let a small decision be the reason your deal falls apart. In today’s market, every edge counts.

Disclaimer

This blog is for informational purposes only and does not constitute legal, financial, or real estate advice. Real estate laws and commission rules can vary and are subject to change. Sellers and buyers should consult a licensed real estate professional or attorney for advice specific to their situation. For personalized assistance, reach out directly to an expert.

For guidance on selling your home in Oregon, call me at 971.91.JOSHY or visit tryjos.com. Let’s make sure you stay competitive and maximize your sale!