Real Estate News 08/23/2024

Today’s News Synopsis:

On Saturday, a new set of rules governing how most real estate professionals do business in the US officially take effect — and the changes could potentially upend how Americans buy and sell homes.

In The News:

 CNN – “Big changes to how you buy and sell a home go into effect today: What you need to know“ (08-19-24)

“Beginning this week, seller’s agents will no longer be allowed to advertise commission fees to buyers’ agents on multiple listing services that Realtors use to list and find homes for sale and to facilitate transactions.”

CBS News –  “New rules Saturday change how realtors get paid” (08-17-2024)

“New rules that went into effect on Saturday are changing how people buy and sell their homes. The National Association of Realtors’ antitrust lawsuit settlement changes how buyer agents get paid.”

ABC News –  “Harris unveils economic plans on inflation, housing. Here’s what economists think” (08-17-24)

“The plans include eye-catching proposals such as a ban on grocery price gouging and a $25,000 subsidy for first-time homebuyers.”

Redfin – “Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record” (08-19-2023)

“Nearly 60,000 home-purchase agreements were canceled, equal to 16% of homes that went under contract—the highest percentage of any July on record.”

CBS News – “Here’s the mortgage interest rate forecast for fall 2024” (08-19-2023)

“In an effort to keep inflation at bay, the Federal Reserve raised its benchmark rate several times — and now it remains near a 23-year high. As a result, this increased the interest rates for many consumer loans, including mortgages, making it too expensive for many people to buy a home.”