Real Estate News 09/05/2024

Today’s News Synopsis:

Many experts predict the National Association of Realtors’ new rules may eventually spur increased price competition in the real estate industry.

In The News:

CNN – “How buyers and sellers are navigating real estate’s seismic shake-up“ (08-19-24)

“Traditionally, home sellers in the US have been responsible for paying real estate commissions. The standard 5% or 6% commission was usually split between the seller’s broker and the buyer’s broker, referred to as cooperative compensation. ”

East Bay Times –  “California homebuyer contract bill heads to Gov. Newsom’s desk” (09-04-2024)

“A bill limiting homebuyer contracts to three months passed the state Legislature last week and is on its way to the governor’s desk.”

Redfin –  “Florida and Texas Condo Supply is Piling Up As Sales Slow Amid High HOA, Insurance Costs” (09-04-24)

“Condo inventory is soaring and pending sales are dropping in major Florida and Texas metros like Miami, Jacksonville, Austin and San Antonio, causing prices to decline. Surging HOA fees, high insurance costs and destructive natural disasters are making buyers question the feasibility of owning a condo. ”

Yahoo Finance – “US Mortgage Rates Continue to Ease on Expectations of Fed Move” (9-04-2023)

“Mortgage rates have fallen recently on expectations that the Federal Reserve will begin cutting interest rates at its next meeting in two weeks.”

Redfin – “Falling Mortgage Rates Have Yet to Improve Home Sales, With Buyers Uncertain About NAR Settlement, Election” (08-29-2023)

“Pending home sales posted their biggest decline in nearly a year, despite the median U.S. housing payment dropping to its lowest level in five months. Would-be homebuyers are waiting for clarity about the NAR settlement, the presidential election and whether mortgage rates will fall more. ”