Moving in 2024: What Buyers and Sellers Need to Know About Changes in Buyer Agency and Market Opportunities

Whether you’re planning to move across town or across the country, 2024 brings some fresh dynamics to the real estate market. From changes in buyer agency to new opportunities in buying and selling, there’s a lot to consider. To help you navigate these shifts, let’s break down what you need to know whether you’re on the buying or selling side of the equation.

For Buyers: Navigating Changes in Buyer Agency and Spotting Opportunities

The Shift in Buyer Agency: What It Means for You

If you’ve bought a home before, you might remember the traditional model where your agent worked on your behalf, often paid through a commission split with the seller’s agent. In 2024, the landscape has changed a bit, particularly in terms of how buyer agency is structured and compensated.

Here’s the scoop:

• More Transparency: With recent legal changes, the real estate world is shifting towards greater transparency. Buyers now have a clearer picture of who their agent is representing and how they’re getting paid. It’s no longer just assumed that the seller is covering the buyer agent’s commission. Now, you might see more scenarios where buyers are directly responsible for compensating their agents.
• Negotiating Agent Fees: This doesn’t mean you’re out more money; it’s an opportunity to negotiate. Since buyers might be more directly involved in paying their agent’s commission, it opens the door for discussions about what services are being provided and how much they cost. This can actually work in your favor, giving you more control over the home-buying process.
• Customized Service Levels: With buyers possibly footing the bill, agents are more likely to offer tiered service levels. Need someone to hold your hand through every step? Or are you a savvy buyer just needing contract assistance? You can tailor the service to your needs—and budget.

Opportunities in the 2024 Market

The changes in agency aren’t the only things working in your favor. The market itself presents some unique opportunities this year:

• Increased Inventory: After years of tight inventory, more homes are expected to hit the market in 2024. New construction is picking up, and some homeowners who’ve been sitting on low-interest-rate mortgages are finally deciding to move, adding to the options available.
• Price Adjustments: With interest rates stabilizing after a volatile period, prices in some markets are leveling off or even slightly dropping. This creates a window where you might get more home for your money than in recent years.
• New Mortgage Options: Lenders are rolling out innovative mortgage products to attract buyers. From adjustable-rate mortgages with caps to buy-downs that reduce your interest rate for the first few years, there are more tools at your disposal to make your dream home affordable.

For Sellers: Adapting to a New Buyer-Savvy Market

Understanding the New Buyer Agency Dynamics

As a seller in 2024, the changes in buyer agency impact you too. Here’s how:

• Shifts in Commission Structures: You might notice more buyers negotiating their agent’s fees directly, which can influence how much commission is expected on your end. It’s crucial to have a clear conversation with your listing agent about how these changes could affect your net proceeds and to strategize accordingly.
• Informed Buyers: Buyers are entering the market more informed and with higher expectations. They’re aware of how commissions work and are more likely to scrutinize the value they’re getting. This makes it essential to ensure your home is priced right and presented in the best possible light.

Seizing Market Opportunities

Even with these shifts, 2024 offers great potential for sellers:

• Strong Demand in Key Areas: Certain regions are seeing high demand, especially those with growing job markets and amenities that appeal to remote workers. If your home is in one of these hotspots, you could see strong competition among buyers.
• Prepping Your Home Pays Off: With buyers being more selective and well-informed, homes that are move-in ready will stand out. Investing in those final touches—like fresh paint, landscaping, or even staging—can yield a higher sale price and quicker sale.
• Leverage Low Inventory in Some Segments: While inventory overall is rising, some market segments—like mid-priced homes in desirable neighborhoods—remain tight. If your home falls into one of these categories, you might have the upper hand when it comes to negotiations.

Closing Thoughts for Sellers

In this evolving market, working closely with an experienced listing agent is more important than ever. They’ll help you navigate the changing dynamics, from understanding how buyer agency affects your sale to positioning your home to attract the right buyers.

Whether you’re buying or selling, 2024 brings a fresh set of challenges and opportunities. Staying informed and partnering with a knowledgeable real estate agent will ensure that you make the most of this year’s market. If you’re considering a move or just curious about your options, feel free to reach out—I’m here to help guide you through these exciting times!