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Understanding Colorado Real Estate Commissions in 2024
Navigating real estate commissions can be a complex part of buying or selling a home, and recent changes in Colorado aim to provide greater transparency for everyone involved. At Team Yazbeck, we believe informed clients make confident decisions, so let’s break down what these updates mean and how they can impact your real estate journey.
What Are Real Estate Commissions?
Real estate commissions are fees paid to agents for their expertise and services during a home transaction. Traditionally, the seller covers both their agent’s fee and the buyer’s agent’s fee. These fees, expressed as a percentage of the sale price, are typically paid upon closing.
Key Changes in 2024
Effective August 17, 2024, buyers must now agree to their agent’s commission rate in writing before viewing homes. While sellers can still negotiate to cover some or all of the buyer’s agent commission, this change fosters transparency by clarifying financial expectations upfront.
Additionally, agent commission details may no longer appear on MLS listings in some markets, shifting discussions about fees to direct conversations between clients and their agents.
What This Means for Buyers
Buyers now have a clearer understanding of their agent’s fee structure early in the process. You can still negotiate for the seller to cover part of the commission during the offer stage, but it’s essential to discuss these terms with your agent to build a competitive offer.
What This Means for Sellers
Sellers continue to negotiate commission terms with their listing agent, including how much, if any, of the buyer’s agent commission to cover. These decisions are part of broader negotiations during the sale.
Can You Negotiate Real Estate Commissions?
Yes! Commissions are not fixed by law and can vary depending on factors like market conditions, the complexity of the transaction, and the agent’s services. Sellers may have more negotiating power if their property is in high demand, while buyers should compare agent fees to ensure they’re receiving valuable service.
Why Choose Team Yazbeck?
At Team Yazbeck, we understand that every client’s situation is unique. Our team provides personalized service, market expertise, and innovative strategies to help you navigate commissions and maximize value. Whether you’re buying your dream home or selling to achieve your goals, we’ll guide you every step of the way.
Questions? Let’s Talk!
Understanding commissions is just one piece of the puzzle. If you have questions about these changes or need help navigating the Steamboat Springs real estate market, reach out to Team Yazbeck today. We’re here to elevate your real estate experience!