(WASHINGTON, DC – July 16, 2024) – In the near future, the home buying process will undergo significant change, particularly in the dynamics between homebuyers, sellers, and the real estate agents facilitating the transactions. These changes, stemming from a potential court case settlement, will redefine how home sellers compensate agents for the buyers of their homes. The National Association of Real Estate Brokers (NAREB) wants to assure Black families and individuals that our Realtists, who often represent buyers, will continue to offer exceptional advice and service. These changes could potentially affect the affordability and accessibility of homeownership for Black families, and NAREB President Dr. Courtney Johnson Rose.
NAREB is committed to mitigating these impacts.
Since 1947, NAREB has been at the forefront, training real estate professionals to provide Black consumers with sound advice on home sales and purchases. Our consistent and unwavering advocacy for policies and practices that promote Black homeownership is a testament to our commitment. We have launched the Building Black Wealth Tour, which in less than a year has already hosted over 100 events in communities nationwide, equipping Black consumers with the knowledge, counseling, and guidance they need to become homeowners and start building intergenerational wealth that will strengthen our families and communities.
It is important to note that, despite the whirlwind of conflicting voices from consumer groups to industry representatives, the proposed settlement allows home sellers to continue choosing to offer compensation to the buyer agents/brokers. It must be done outside the MLS system and can no longer be mandated. Compensation offers can help make the homeownership process smoother and more efficient. Further, it can make the benefits of professional representation, like that received from Realtists, more accessible to buyers, including first-time home buyers. More importantly, savvy counsel can increase homeownership opportunities for Black families and other historically underserved groups and benefit sellers by expanding the potential buyer pool.
Amidst the chatter about proposed changes in seller and buyer agreement forms, it’s crucial to focus on the trusted advisers, NAREB Realtists. These real estate professionals, who often represent buyers, are your best bet in achieving the American Dream of owning a home. With their wealth of data and information, they will guide you through the changes and ensure you make informed decisions. We can’t allow the changes dictated by the courts to become new barriers in our quest to increase Black homeownership and build Black wealth.