BEAUMONT, Texas — People who are in the market to sell their home, big savings could be coming their way. It involves a new rule on how real estate agents are paid.
12News spoke with a local realtor and a home seller to help better understand how it could affect both buyers and sellers.
"It can help them save more money you know by not offering to pay a commission or compensation to the buyers agent," said Kiki Coney, Broker Associate/ realtor for the the Firm Realty Team.
Typically someone selling their home would would split 6% commission between their listing agent and the home buyer's relator.
"Commission is negotiable now the way it always has been before," said Coney.
After a National Association of Relators settlement last March, the rules were changed to give sellers the option to not pay out commission to the buyers agent.
"If the buyer has to pay for their own compensation for the realtor, then they may or may not be able to afford that property because of all the other fees that the buyer has," said Coney.
From appraisal fees to interest rates and insurance, this puts the financial burden on Southeast Texas buyers.
"They would do the work for me to sell my house the fastest, the best I can and also help me get the most money out of it as well," said Christopher Bates who is selling his home.
Bates says this new rule gives sellers more choices.
"If you are tight with what you're trying do as far as getting a certain price point, then those negations can go into play with this new settlement change with the law," said Bates.
He looks forward to the interest rates going down to give home buyers a chance to afford more homes.
"Then that will kind of help the aspect of the final price, and what people are really buying houses for because that's a part of the equation as well," said Bates.
This now makes it mandatory for relators and home buyers to have a discussion before looking at homes.