Kelly here with a quick update on the spring market & some important real estate news! As the longer days arrive and plants start to bloom, so marks the start of our highly anticipated Spring market. After a slower Fall and Winter, it appears we are off to a good start. It's refreshing to see an influx of new listings hitting the market to supply our still, very low inventory environment.

I have experienced a lot of interesting dynamics in my 9-year career as a REALTOR®, but what is happening nationally in our industry is surely the most interesting of them all! As news circulates around the National Association of Realtors (NAR) settlement, most of you are wondering how this will impact you as the consumer. New laws and rules are expected to go into effect this July, and we want you to be informed and up to date. So, what does this mean?

According to NAR, "this settlement would preserve the choices consumers have regarding real estate services and compensation."

• "After the new rule goes into effect, listing brokers and sellers could continue to offer compensation for buyer broker services, but such offers could not be communicated via the MLS." This means agent compensation is still part of the transaction, but agents can no longer advertise what is being offered in MLS.
  
  
• "MLS participants acting for buyers would be required to enter into written agreements with their buyers before touring a home. These agreements can help consumers understand exactly what services and value will be provided, and for how much." Virginia has required these agreements to be in place for the last 12 years. As a company, we have always operated under the use of Buyer Broker Agreements so our relationship as your buyer agent is clearly explained.

As always, our team will continue to adhere to the highest level of ethical standards and continue to provide honest and clear communication every step of the way. If you have any specific questions regarding the NAR settlements, please do not hesitate to reach out to myself, Rives or John.

This may also have you thinking, is this the right time to buy or sell? It's uncertain if the previously teased rate cut will happen before summer, but experts are still projecting they will come down this year.  When they do, more buyers will be entering the market which means more competition. If you are prepared and can get ahead of that, now may be the answer. If you have questions about your specific needs, New Leaf Team is here to support you in the decision-making process. Give us a call at (434) 214-6121 to chat more about how we can be of assistance. 

Quotes about the NAR settlement sourced from:  
https://www.nar.realtor/the-facts/nar-settlement-faqs
https://www.keepingcurrentmatters.com/