Market Update and NAR Decision Insight!

Market Update and NAR Decision Insight!

Over the past three days, interest rates have dropped by three-quarters of a point on the median house price in San Diego.

What Does This Mean for You?
The median purchase price remains at $925,000, but your monthly payments have decreased by $367. This reduction significantly boosts your buying power and makes properties more affordable. While this trend might vary as prices fluctuate, it’s a great time to jump into the market before prices potentially rise.

Changes from the National Association of Realtors (NAR)
Another important update is the recent decision by the National Association of Realtors (NAR), which changes how closing costs and commissions are handled.

Previously, sellers paid listing agents who then paid the buyer’s agent, often leaving buyers out of the negotiation loop. Now, sellers and buyers will directly discuss closing cost concessions, including commissions. This upfront negotiation ensures transparency and fairness for both parties.

Listing agents will negotiate commissions with sellers, while buyer’s agents will do the same with buyers. This change encourages more direct and fair negotiations, aligning with the interests of both parties involved.

What to Expect
As your dedicated real estate agent, I’m committed to negotiating the best terms for you, whether it’s the sale or the condition of the property. However, you may encounter agents who prefer not to handle all aspects of the transaction, from marketing and staging to advanced 3D virtual tours.

Our goal is to provide you with the best possible service, ensuring you get the most equity when selling and the best value when buying. With the recent drop in interest rates and the NAR’s new guidelines, now is an excellent time to take advantage of the market conditions.