April 2024: NAR Settlement Explanation

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  Y'all, the real industry is evolving and there has been a lot of confusing real estate news regarding a $418M Settlement by the National Association of Realtors.  There's been a lot of buzz and a fair share of confusion about the recent developments.   Understanding the Settlement The  National Association of Realtors (NAR) has recently settled  an alleged price-fixing lawsuit that’s been a significant talking point across our industry. While the court’s final approval is pending, it’s crucial to  grasp the potential implications  anticipated to take effect by mid-July 2024.    As soon as I have additional -- and accurate -- information as to how this will affect you as a Buyer or as a Seller, I will send out a separate email. But as of now, this is the best information that I can find to summarize all the "hoopla". ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ This might sound exciting and like a potential game-changer for you as a home selle
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Buying a Home Right Now: Easy? No. Smart? Yes.

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Buying a Home Right Now: Easy? No. Smart? Yes. | MyKCM


Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry's leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:
“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”
Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?
Here are three reasons for this uptick in activity:
1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.
2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:
  • View homes
  • Meet with mortgage professionals
  • Consult with their agent throughout the process
All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.
3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments. Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.
Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last December and purchasing one now (see chart below):Buying a Home Right Now: Easy? No. Smart? Yes. | MyKCM

Bottom Line

Many families have decided not to postpone their plans to purchase a home, even in these difficult times. If you need to make a move, let’s connect today so you have a trusted advisor to safely and professionally guide you through the process.

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