Realtors & Fake News

SAN ANGELO NEWS

It has been almost a week since real estate agents were made famous across the national news for the NAR lawsuit settlement. The facts are now out and it was a terrible job of "reporting" by most of the news outlets. There are definitely going to be changes but nothing like initially reported.

  • ARE REAL ESTATE COMMISSIONS ARE GOING AWAY?!?! NO!! Sellers are still going to be able to offer compensation to a buyer's agent the same way they always have. They will still be able to negotiate with the listing agent and buyer's agent commission the same way they have been for years. The change is how the commission is communicated to buyer's agents. Offers of compensation have always been done through the MLS, ranging from zero to infinite amounts, but the new rule does not allow this communication. It will be up to Realtors to add their office listing commissions to their websites or just let the buyer's agent know when asked. 
  • ARE BUYERS AGENTS ARE GOING AWAY?!?!  NO!! Buyer's agents have been around for decades and will continue to help buyers realize their homeownership goal. Going forward, they will have a Representation agreement in place before showing homes. The buyer's agent fee will be negotiated in this buyer's contract. These agreements have been around just as long as buyer's agents but they were not mandatory. Our agents will continue to protect their clients during the purchase process. 

There are a few other smaller rules but I have covered the main two. In my opinion, our market in San Angelo will continue to be a great place to buy and sell homes for years to come.  If you are a homeowner, the equity you have built over the years is safe! If you are a home buyer, it is still possible to have an agent represent and protect you while purchasing a home and starting to build your equity. 

Here are a few good articles, social media posts, and videos that go into much more detail. 

Herald Tribune
Jared James with NAR President
Lawyer reviews every change in the settlement

MARKET REPORT

We have hit the 200 Club! San Angelo now has over 200 homes currently under contract waiting on closing. It has been a while (last summer) since we have had this many closing dates set at the same time. Over the last week, there have been over 80 new homes hit the market, and well over 50 go under contract. At the same time, we have had around 50 properties close. I have been saying this but we are still short on inventory. As things pick up we will start to see even more multiple-offer situations for homes that are clean, maintained, and priced right. 

A local builder we represent asked me this week if all buyers are asking for closing cost assistance when purchasing a home. I knew many buyers were but I decided to run some stats looking for this. In San Angelo only, out of the 107 closings that have happened in the last 30 days, less than half have received closing cost assistance. There were a good number of these sales that were cash transactions so over half of the loans still received help. 

San Angelo has 374 active homes for sale as of 3/5/24. Here is a breakdown of price ranges as well as a link to check them out..

Under 100k 
100 - 200k 
200 - 300k 
300 - 400k 
400k+ 

INTEREST RATES

Mortgage rates have stayed about the same since last week. They went up and down just a little every day. At the end of this week, we will get some new inflation data that could make a difference. As of right now, it looks like there is a 70-75% chance that there will be a Federal Rate cut at the June meeting. I am optimistic but not banking on it. These seem to be too unpredictable. In January, we were going to see a cut this month and it did not happen.

I had a local Broker call yesterday looking for a hard money lender for an investor. After asking a few questions I think he just needed the right lender. Hard money loans are extremely risky for the buyer due to very high interest rates and not-so-great terms. If you are in the market to invest in real estate you owe it to yourself to give our professionals a call. Not only can we help analyze the deal (which is really where the money is made) but we can also put you in touch with a lender that best fits your scenario. 

- Janet Ridgway, REALTOR® 325-212-9451

-Samantha Tarr, REALTOR® 325-340-7252

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