August 2024 Newsletter

AUGUST 2024

Get Real (Estate) with Liz & Ellie

Compensation Rule Changes

As you may know, a recent settlement has resulted in several significant changes to how real estate compensation (commissions) will be handled. Adjustments to the way we do business are nothing new; we at Liz & Ellie Local have been doing this for a long time and we've seen a lot of changes. And as we've done with new systems in the past (the advent of Buyer Agency, the mortgage crisis and resulting regulations, etc) we're here to help it all makes sense. Here are the main take-aways:

Commissions are now, and have always been, negotiable across the industry. You have choices about who you work with, what your agent will do for you, and at what cost.

Buyers, we are now required to have a written agreement with you before touring a home, so you understand exactly what you can expect, what the cost will be, and where that money comes from. As always, we don’t collect a fee unless you close on a property.

While sellers have never been required to offer compensation to buyer agents, the settlement has made this much more explicit, and buyers may see  more listings with no offer of compensation, moving the burden to the buyer.

Sellers may offer buyer concessions, such as covering closing costs, to offset the buyers' fee.

Changes have been made to how and where real estate professionals may communicate with each other about offers of compensation.

These practice changes went into effect on August 17th, and are a work in progress! Please reach out to us with questions; we are here to guide you.

Happenings

Celebrate Your Pup!

Join us on September 8th at the Somerville Dog Festival! The festival is an opportunity to try new things with your best canine friend. Training, games, getting your steps in, and good company, all for a good cause. And, there are no calories at a dog festival, so enjoy the food trucks and dog treats! Click here for more info.

Mortgage Rates Continue to Fall

We keep a careful eye on mortgage rates because of how much changes can affect your buying power. As of close of business on August 22, according to our trusted loan partners at Guaranteed Rate, the national average for 30-year fixed mortgage was 6.39%—the lowest it's been in over a year. Good news for the fall market! Reach out to find out what your buying power is right now.

Coming Soon

somerville

25 Atherton Street, # 24

2 BD   1 BA   1031 SF   1 PKG

Very special, upper-level corner unit in the coveted Carr Schoolhouse. Flooded with natural light, this home offers a perfect blend of historic details and modern amenities.

cambridge

192 Holworthy Street

3 BD   2 BA   1510 SF   2 PKG

Enter the Cambridge market in this spacious home in Strawberry Hill. Extending over two floors, the unit offers a lovely combination of open plan and discrete areas.

Liz & Ellie Local

Liz Lyster and Ellie Botshon
Residential Advisors
M: 617.444.9644
lizandellie@compass.com
lizandellie.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.