Median sales prices of single-family homes throughout the Bronx and lower Hudson Valley all saw gains, with Sullivan County at an 18.3% hike from last year’s $299,998 to $335,000.
Under practice changes that will take effect Aug. 17, real estate professionals will no longer be able to communicate offers of compensation in the MLS.
NAR Chief Legal Officer and Chief Member Experience Officer Katie Johnson explained the deadline will provide a three-month window for NAR members and MLSs to prepare to implement the policy adjustments.
Under the new staff and member leadership, NAR is communicating more deliberately, sharpening its focus on the core mission of serving its members, and moving toward becoming a nimble organization.
The listing broker retains the right to determine the amount of compensation offered to subagents, buyer agents, or to brokers acting in other agency or nonagency capacities, which may be the same or different.”
In the settlement, we have agreed to require MLS participants working with buyers to enter into written representation agreements with their buyers. This change will go into effect in mid-July 2024.
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