The Future of Real Estate in Arizona

By Rebecca Durfey

Rebecca Durfey brings over 20 years of experience in real estate transactions within Maricopa County. Despite managing multiple clients simultaneously, her primary focus is to provide a personalized experience that makes you feel like her sole priority. Rebecca and her team are dedicated to efficiently achieving the desired outcomes for each client they serve.

If you’ve been following the news, you might have heard about the significant changes coming to the real estate industry in Arizona, largely due to a recent settlement by the National Association of Realtors (NAR). These changes are set to bring more transparency to real estate transactions, particularly in how realtors are compensated. While this news might seem overwhelming at first, I’m here to break down what these changes mean for both buyers and sellers:

• Impact on buyers. One of the most notable changes for buyers is the requirement to sign an agreement with their real estate agent before viewing any homes. This document is essentially an employment contract, ensuring that the agent you work with formally represents you in the transaction. It’s crucial to understand that by signing this agreement, you are committing to that agent, and they will be compensated for their services, either by you or by negotiating with the seller to cover these costs.

   

  As a buyer, it’s important not to sign multiple agreements with different agents, as this could lead to conflicts and complications. Make sure you fully understand the terms of the agreement, and if possible, have a clear discussion with your agent about how their compensation will be handled. This conversation is particularly important in today’s market, where affordability is a concern for many buyers, and additional costs could impact your purchasing power.

• Impact on sellers. For sellers, the changes primarily revolve around how you choose to compensate both your listing agent and the buyer’s agent. Previously, sellers would agree to a total commission amount, which the listing agent would then split with the buyer’s agent. Now, you have the option to decide whether or not to offer compensation to the buyer’s agent and, if so, how much.

   

  In my experience, every seller I’ve worked with since these changes took effect has chosen to offer compensation to the buyer’s agent. This strategy makes their property more attractive to potential buyers, who may otherwise be deterred by the prospect of additional fees. This decision can influence how quickly your home sells and the overall appeal of your listing in the current market.

These changes are all about creating a more transparent and straightforward real estate process where buyers and sellers clearly understand who gets paid and how. However, it’s also important to recognize that not all agents will approach these changes in the same way, so it’s best to partner with a reliable and experienced agent like myself.

If you have any questions or need further clarification, I’m always here to help. Don’t hesitate to reach out through phone or email. Just call (623) 297-4536 or email rebeccaudrfey@kw.com. I look forward to hearing from you!