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  • Writer's pictureJeff Grant

The Hub" Newsletter - March 2024

BROKER COMMISIONS LAWSUITS


As we embark on another month in the dynamic world of real estate, I want to take a moment to address some recent developments that may have caught your attention. You've likely heard about the ongoing commission lawsuits making waves across the industry. The National Association of Realtors recently announced a substantial $418 million settlement agreement aimed at resolving litigation surrounding broker commissions. Amidst the flurry of headlines and discussions, misinformation has proliferated, leaving many uncertain about the implications of these legal proceedings. Allow me to shed some light on the matter and provide clarity on what these changes mean for you. For years, our industry has operated under a familiar framework, where commission rates were negotiable, and the division of commissions between listing and buyer agents was determined by the listing agent in consultation with the selling party. However, with the pending settlement, slated for resolution in July, significant adjustments are on the horizon. Listing documents will no longer include a specified percentage for buyer agent compensation, marking a departure from the traditional practice. While this may seem like a seismic shift, it's important to note that sellers can still opt to offer compensation to buyer agents, albeit without explicit mention in the listing. For sellers, it's wise to uphold a form of compensation for buyer agents, especially in markets where it's customary. Prospective buyers should expect discussions with their realtor about compensation before embarking on their home search. A formal agreement will cement the partnership with your chosen realtor. Crucially, I'm dedicated to ensuring fair and mutually beneficial agreements for everyone involved, even when seller-paid compensation isn't an option.


 

Growth


  • Average Sale Price: Reflecting a commendable 3.2% increase from 2023, with the average sale price climbing to $571,100.

  • Median Sale Price: Similarly, experiencing a healthy 3.8% uptick, reaching $519,000.

 In the face of evolving landscapes and shifting paradigms, rest assured that I am dedicated to navigating these changes alongside you, always with your best interests at heart. Should you have any questions or wish to discuss further, I am here to provide guidance and support every step of the way.


 

News


Residential Highlights:

  • New Listings: A notable increase of 18.2% compared to February 2023, with 2,085 new listings entering the market.

  • Pending Sales: A promising uptick of 16.8% from January 2024, with 1,742 offers accepted.

  • Closed Sales: While down by 10.5% from February 2023, closed sales saw a healthy rise of 14.6% from January 2024, totaling 1,284 transactions.

  • Inventory: February saw a decrease, resulting in 2.8 months of inventory, while total market time increased to 89 days.

 


Year-to-Date Summary:

  • New Listings: Showing an encouraging increase of 8.5% compared to the same period in 2023.

  • Pending Sales: Despite a slight decrease of 6.9%, pending sales remain robust.

  • Closed Sales: A modest decline of 4.1% compared to the previous year.


 

Inspiration


In the past month, I've been touched by the health struggles facing some of my family members. It's led me to deeply ponder life, health, and the passage of time. Reflecting on this, I urge you all to continue showing love and compassion to those around you. A simple compliment or expression of love can mean the world to someone. We often envision a long and fulfilling life, but reality can quickly change, reminding us of life's fragility. Take moments to slow down, cherish time with loved ones, and express your affection for them. As Easter weekend approaches, may you all bask in the warmth of love and embrace the sunshine ahead.


 

Copyright © 2024 Gerritz Realty Group, All rights reserved.


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Our mailing address is:


Gerritz Realty Group

1915 NE Stucki Ave. Ste 250,



Hillsboro, OR 97006

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