Real Estate Blog for Buyers and Sellers - Jennifer Schurter

6 Things You Need to Know About Upcoming Changes to the Real Estate Industry

A little backstory: Back in March, the National Association of Realtors (NAR) agreed to a settlement deal. The organization agreed to both a monetary settlement as well as real estate practice changes aimed at providing more transparency regarding how real estate agents are paid. But how exactly does that change things for you? There are two main differences you may be hearing about: Offers of compensation for buyer brokers or buyer agents can no longer be made on the Multiple Listing Service (MLS). Real estate agents must enter into a written agreement with a homebuyer before giving them a tour of a property. Headlines might make these changes seem overwhelming. And while some of the paperwork is new, the reality is that the majority of professionals in the industry will continue to provide the same service they always have. To help you get a better understanding of what this means for you, here are six key things home buyers and sellers should know about the changes going into effect on August 17, 2024. What Changes Mean For Homebuyers #1—Homebuyer Agreements Your real estate agent needs to have a written agreement signed before they can show you homes. This doesn’t mean you are locked in for life—some agreements can be for one property, some for one week, and some for a longer period of time. Be sure to ask about the different options available when interviewing buyer agents, and make sure you understand exactly what services are included. #2—Know What You're Paying For This agreement will clearly outline your agent's compensation. If the agreement is not specific, or if you have questions, ask for clarification (and get it in writing) before signing anything. And, just like before, agent fees are negotiable. This settlement doesn't change that. #3—Seller Deals Still Exist Sellers can still offer to cover some of your closing costs, and even the buyer agent fees, as an incentive. While you won't see the seller’s offers to buyer agents on the MLS listings anymore, that doesn't mean they're gone. Your agent can find out if the seller is offering buyer agent compensation (or negotiate for it should you decide to make an offer on a property). What Changes Mean For Home Sellers #1—The Power of Choice You’re still in control! You can decide if you want to offer compensation to buyer brokers. When interviewing your listing agent, ask about the pros and cons of offering buyer agent compensation to help you determine what the best option is for your situation. #2—Transparent Terms Your listing agent must obtain your approval before making any offer of payment to buyer brokers. If you choose to offer compensation, the terms must be transparent and made in writing—including how much and how it will be paid. #3—MLS Dos and Don’ts As a seller, you can no longer put offers of buyer broker compensation on the MLS. (This must happen off MLS.) However, you can still offer buyer concessions on the MLS, like buyer closing costs. Final Thoughts These changes are designed to make the process of agent compensation when buying or selling a home more transparent. That being said, there are going to be different options available, so it’s important you take the time to understand them all. By working with a knowledgeable real estate agent, you can ensure that your home buying or selling experience is positive and successful. For more information about these changes, visit facts.realtor or schedule a discovery session with me here.

Why You Can't Compare Now to the 'Unicorn Years' of the Housing Market

Why You Can’t Compare Now to the ‘Unicorn’ Years of the Housing Market [INFOGRAPHIC] Some Highlights Comparing housing market metrics from one year to another can be challenging in a normal housing market – and the last few years have been anything but normal. In a way, they were ‘unicorn’ years. Expect unsettling housing market headlines this year, mostly due to unfair comparisons with the ‘unicorn’ years. Let’s connect so I can share the data that puts those headlines in the proper perspective.

Relationships Matter

I remember being young and starting out in the career world. So many things to look forward to! All the opportunities and ideas to apply my ambitions! It was so easy to see people living their Chapter 30 and think that I, merely at the Preface to the novel of my life, should suddenly be operating at that level. Someone told me that I should forge relationships with people, join organizations and get to know folks. So I did. I went to networking events, I joined groups like the Chamber of Commerce, and never had any idea of what that would actually do for my career or life. I was told to do it, without any context. If successful people were out there doing this, I should too! I'm gunning for Chapter 30, here, as soon as possible! That was over a decade, two kids, two homes, three dogs, and a career change ago. Thanks to tools like LinkedIn, I am able to stay in touch with people that I met in these professional settings. Some of the folks I met are lost to the ether of time, and I vaguely remember who they are. But we met, and enough of an impression was made to connect to some level. The thing is, you never know what those past relationships will actually bring to your future. Treat people right, and those good efforts become time traveling assets that come to visit you in the future. The light you impart upon people really does make a difference, and makes you memorable. When you think about what we really have in life, it's people and relationships. It's fellowship and connection that bring meaning to life. Just as I suspected, these connections I have been cultivating for 20+ years are still around, and still in contact! I recently had the privilege (and pleasure!) of helping a long-time connection in the home search process. It's been a lot of fun to see where life has taken this person in the last several years, and the great things that are in store. The satisfaction is not in the transaction of real estate, but rather that the home search is the medium for building a relationship. A partnership. A friendship. Either way, I'm still aiming for that Chapter 30. And to get there, it's really going to take a village.

Worth the Wait

"Nobody wants to take me seriously when I ask about buying a home because it's going to be a while." Imagine my surprise when I hear this statement after speaking to folks who are first time homebuyers, or have a challenging situation that is going to require more effort or time to get through. OR even those folks that are waiting for the right property, and that might mean we're hunting for a unicorn. When it comes to a large investment like real estate, sometimes it takes a while for the wheels to really get turning. There are down payments and closing costs to save for, credit scores to improve, and sometimes life events that need to happen before a home purchase makes sense. If you fall into that category where it will be some time before you are able to make a purchase, your business and your relationship is JUST as important as someone who is buying today. If someone doesn't have the patience or ability to take you seriously or guide you through the process when it's going to be awhile, will they have the patience to help you when the time actually comes to buy? Jennifer Schurter is a real estate agent and expert marketer serving the Greater Portland, Oregon Metro Area and Willamette Valley of Oregon. If you're looking to start the journey to buying a home, selling a home, or investing in real estate assets, you may reach Jennifer at jen@jenschurter.com.

When Is The Best Time To Buy a Home?

If you're looking to make a home purchase, whether for the first or umpteenth time, this is a question I hear a lot. If you're like most people, this might also be on your mind. When is the best time to buy a home? My answer to that is simple and the same for everyone I speak with: the best time to buy is when it makes the most sense to you, your situation, and your finances. Often, life changes and circumstances are what drives a real estate transaction. Here's where that gets dicey: a lot of folks attempt to "time" the market. Think of this as time IN the market rather than trying to time the market. The more time you have invested in anything, the more benefits you see to your overall net worth. It's not a short term game. I talked to many people over the last few years who were going to wait until things cooled off. This was in the heat of the low interest rate, multiple offer frenzy that we saw coming out of the 2020-2022 real estate market. Some of these same folks are now saying they wish they took advantage of the low interest rates that were available then. Have things cooled off? Sure. Interest rates are playing a part in that. According to the latest data, the average sale price is down 4.3% in the Portland Metro area (March 2022 vs. March 2023). That has ushered in the opportunity for a lot of folks to actually negotiate with a seller for a lower price, closing cost credits, and repairs. And we're STILL seeing multiple offer situations in many places! At any point in time you look to buy you will find benefits and downfalls. But I advise you to look at the big picture: real estate is NOT a short term investment. Rather, take the long view and think of it as something (an asset) you're going to hold for many years. If you're curious about what that might mean for you, and where you could start, let's connect. Jennifer Schurter is a real estate agent and expert marketer serving the Greater Portland, Oregon Metro Area and the Willamette Valley of Oregon. If you're looking to get started on the journey to buying a home, selling a home, or investing in real estate assets, you may reach Jennifer at jen@jenschurter.com.

Keeping Up With The Joneses

I am on social media a lot. More than I probably should be. A lot of business is promoted on social media channels. Heck, you feel like you have to become somewhat of a (haphazard) social media influencer to stay in front of people. In our fragmented, busy world, it's hard enough to remember to text my family members back about Sunday dinner let alone remind my family and friends that a) I'm still alive, and b) my kids are growing, and c) did you know I am in real estate? Social media has enabled us to keep in touch with people who live far from us, and has made loneliness less severe for so many. However, I would say we all can likely agree about the challenges that social media brings to the table for our world. I won't argue with that. Especially that we keep up with the Joneses on social media. Today, that attitude has turned our simple, lovely, comfortable homes into something that is in constant need of updating, improvement, modernization, and more. We see so many beautiful images of homes that people have lovingly remodeled in their gleaming glory, with pristine white countertops and cabinets and not a fingerprint, dog booger, or greasy toddler handprint in sight. It's easy to think that hey, if I updated my home, I am bound to be happier. Right? RIGHT?! But whatever happened to simply living in--and enjoying--our homes just the way they are, through the seasons of life, which seem to be no less enjoyable just because a home is still cosmetically rooted in the 1990s (or 80s, or 50s, or other so-called "ugly" decade)? Isn't it about the people that fill these spaces? The joy and memories that are made? Yes, a beautifully updated or brand new home gets a lot of attention when an owner goes to sell it. This is certainly not a knock on a lovely remodel that brings light and joy to a home. But don't let that detract from you enjoying the home you have today or feel "less than" because your home isn't someone's idea of Pinterest or Instagram worthy right now. Live your life, and love your home. Jennifer Schurter is a Real Estate Agent and expert marketer serving the Greater Portland, Oregon Metro Area and Willamette Valley of Oregon. If you're looking to get started on the journey to buy a home, sell a home, or invest in real estate assets, you may reach Jennifer at jen@jenschurter.com.