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.........Real Estate Protocols Have Changed..........
Effective August 17, 2024
The new rules impact all residential sales of 1-4 units across the country for all Association owned MLS's. The Santa Barbara Association of Realtors (SBAOR) owns our MLS.
For more than one hundred years the total sales commission in a residential real estate transaction was wrapped up in the Listing Agreement between the Seller and the Listing Agent. The Listing Agent shared the total sales commission with the Buyer's Agent. The total sales commission was always in the sale price and a part of the economics of the deal.
Beginning August 17, viewing a property with an agent will require a signed Buyer Representation Broker Compensation Agreement (BRBC). You will have flexibility in how you structure this agreement. Options include setting the broker representation period for as short as one day, up to three months (the maximum allowed in California), or even making it property-specific.
The terms of compensation/commission for your agent will be clearly outlined in the BRBC.
Any commission (compensation) to the buyer's agent will be addressed in the buyer's offer.
For open houses, be careful what you sign as there are several different forms, ranging from a classic sign-in sheet to potentially an exclusive buyer representation agreement.
There is a new listing agreement that no longer includes a line item for offering a buyer's agent a selling commission/compensation. The listing agreement will only specify the commission agreed to for your listing agent. You may still compensate the buyer’s agent if you feel it is in your best interest. Additionally, your listing agent can no longer advertise a buyer's agent commission on your behalf in the local MLS even if you wish to offer one.
However, your listing agent can advertise in the MLS that you are willing to consider "Concessions" (which can include commission) to the Buyer's Agent.
Your listing agent will be able to advertise your offer of a selling commission through other platforms and marketing material. The Compass platform will allow a listing agent to advertise the offer of a selling commission to the buyer's agent.
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.................................................................................................................................................
Market Trends July/August
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Price changes are a regular occurrence.
Median price is relatively flat.
July 2024 was slower than July 2023.
July 2023 had been the slowest July on record.
The market seems to be softening - more listings but fewer sales. Sellers are showing more motivation to work with Buyers, and Buyers are often finding success in negotiating.
Propeties on the market for 13 days or longer are consistently selling for less than the list price.
If a property hits the market and goes under contract within the first 12 days, odds are it's selling at full price or over. We continue to see some properties quickly receive three to five offers, but they have to be priced right for that kind of response. Price and perceived value matter. Today's Buyers are deliberate and choosey.
We are back to inventory levels last seen in early 2020 - pre-pandemic. Inventory has increased 39% year over year. Sales were up the first five months of the year, flattened in the MLS in June, and dropped in July.
The FED meets in September. Their is evidence the economy is slowing. Layoffs are increasing..........and yet Wall St. is on another tear. Is this impacting psychology? or has affordability finally hit the proverbial wall? Have enough buyers tapped-out with housing prices and interest rates combined? Time will tell...
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Rates dropped dramatically the last week of July. They seem to have stabilized around the 6.5% mark for now.
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Median Sales Price Combined: $1,803,000 +6%
Median Sales Price House: $2,000,000 -5%
Median Sales Price Condo: $954,750 +6%
Median Days On Market: 15
Average Sold to List Price Ratio: 97.5%
Inventory Supply: 3.15 months
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4BD/3BA, 2715 SF, Built in 1980. Set on 1.12 acres with mountain views. Mountian View Elementary School. Rural living in the heart of South County Santa Barbara. Walk to Tucker's Grove. Five minutes to groceries, coffee, the beach, and the airport.
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Detached Converted 2-Car Garage
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Other things found on the Mesa
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Some small, some large... :-)
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Maximize the value of your home with Compass Concierge.
You don't have to sell your home as a fixer-upper. Use our money - up to $40K - to make needed repairs and updates with no upront out of pocket expense.
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If I can do anything real estate for you, please reach out.
Thank you for your continued trust and referrals!
...........................................................................
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. 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.
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