Understand the current market and the latest NAR settlement policy changes.
The Twin Cities real estate market is going through some changes. Today, we are going to discuss some market updates and the latest developments in the NAR lawsuit, which will take effect in mid-August. Generally, even though there are fewer new listings and slower sales in June 2024 compared to June 2023, home prices are relatively stable, showing a balanced market. With regards to NAR settlement policy changes, restrictions on advertising buyers agent commissions and a mandatory written agreement between buyers and buyer’s agents will take effect on August 17.
For more details, watch the whole market and NAR settlement updates in the video above or skip to a topic that interests you by using the timestamps below:
0:00 — Market summary and NAR changes
0:31 — June 2023 vs. June 2024 market statistics
0:48 — Listings
1:13 — Pending and closed sales
1:34 — Days on market
1:48 — The market is balancing out
2:01 — Appreciation
2:30 — Summary of the NAR lawsuit
2:51 — Two requirements of the NAR settlement
2:59 — Sellers cannot offer compensation to a buyer’s broker on the MLS
3:29 — Buyers must sign a written agreement with a Realtor
3:48 — The policy will take effect nationally on August 17
3:57 — We are happy to discuss these changes
4:31 — Important dates to remember
4:54 — Give us a call
Working with an expert real estate professional is more important than ever, especially with the shifts happening in the industry. If you have any questions or want to have a discussion about the market or your plans to buy, sell, or invest in real estate, call us at (952) 212-3597. We are more than happy to assist you.
