In this episode of the ROCC Pod produced for the Royal Oak Michigan Chamber of Commerce, Jon Gay from JAG in Detroit Podcasts and Lisa Bibbee, a realtor with Keller Williams Advantage, discuss the misconceptions surrounding the recent Supreme Court ruling on the National Association of Realtors (NAR) and its impact on real estate transactions. As misinformation spreads, particularly highlighted by a podcast from the New York Times, Lisa aims to set the record straight.
Lisa explains the origins of the NAR lawsuit, initiated by sellers who felt they had overpaid in realtor commissions. She emphasizes that while hiring a realtor is not mandatory for selling a home, doing so typically nets sellers a significantly higher sale price due to the complexities involved in real estate transactions. Realtors not only facilitate better deals but also navigate through inspections, appraisals, and negotiations, which can be overwhelming for the average person.
The discussion also covers the legal outcomes of real estate transactions, noting that a majority of lawsuits stem from deals where no realtors were involved. The lawsuit in question ended up benefiting the attorneys significantly more than the plaintiffs, with each receiving minimal payouts while attorneys earned substantial fees.
Addressing media portrayals of the NAR, Lisa argues that they often overlook the benefits that NAR has introduced, such as buyer representation. Previously, buyers often faced negotiations without any representation, which NAR changed to ensure fairness and transparency in transactions.
Furthermore, Lisa debunks several myths about realtor commissions and the buying process, highlighting that commissions have always been negotiable and that the seller traditionally covers these. She points out that upcoming changes will require clearer agreements between buyers and their agents, emphasizing the importance of transparency and trust in these relationships.
The episode concludes with Lisa urging buyers and sellers to work with trusted agents who are well-informed about ongoing changes in real estate regulations. This ensures that they have expert guidance through what can be one of the most significant financial decisions of their lives.
Learn more about the Royal Oak Chamber of Commerce: https://www.royaloakchamber.com/
Connect with our hosts:
Jon Gay from JAG in Detroit Podcasts - http://www.jagindetroit.com/
Lisa Bibbee from Keller Williams - http://soldbylisab.com/
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