April 2024 Newsletter

Featured Investment Property

A new community in north central Phoenix is offering a Model Leaseback Opportunity.  This small enclave of 17 luxury homes is located in a gated, exclusive area of central Phoenix just west of Central Avenue and Northern Avenue.  

National Association of Realtors Changes

Big changes are ahead for how buyers and their agents work together.  If you’ve seen the news lately, you probably have read about the recent National Association of Realtors lawsuit and proposed settlement.  The settlement will change the way buyers and sellers work with real estate agents, and we want to keep you fully informed about what this may mean for you, moving froward. 

The proposed new NAR Commission Settlement has three main practical effects:

First, buyers agent fees will no longer be published in MLS,

Second, buyers who are working with buyers agents will need to sign a buyer broker agreement outlining what both parties expect for agent compensation.  This generally will result in the buyer guaranteeing the agent commission where sellers decline to pay.  This process must happen before buyers are shown houses, and it protects both the buyer and the agent by outlining duties and fiduciary responsibilities. 

Third, buyers agents will need to negotiate directly with the listing agent any possible commission or concessions being offered by the seller.  

Questions about this settlement tend to revolve around whether sellers should still offer to pay buyer’s agent commission or concessions.  Many opinions have been floating around but what we still understand is that commission or concession offerings do help broaden the audience of a listing.  The more people a listing is exposed to, the higher likelihood it will get sold nearer list price and in less time.  We do still encourage our sellers to allow us to share commissions with buyers agents. 

So what is a buyer’s motivation to work with the buyer’s agent?

• Expertise: Buyers agents have specialized knowledge of the local real estate market, including trends, pricing, and neighborhoods.
• Negotiation skills: They negotiate on behalf of the buyer to secure the best possible deal, including price, terms, and conditions.
• Access to listings: They have access to a wide range of properties, including those not publicly listed, through their professional networks and multiple listing services.
• Time-saving: Buyers agents handle the legwork of searching for properties, scheduling viewings, and coordinating inspections, saving the buyer time and effort.
• Guidance and advice: They provide guidance throughout the entire buying process, from selecting properties to making offers, inspections, and closing.
• Advocacy: They represent the buyer's best interests throughout the transaction, ensuring they get what they want and need in a property.

Things to Do in May 

Cinco de Mayo - Phoenix Festival  Many restaurants celebrate Cinco de Mayo, but a great place to take in the experience is at the downtown Phoenix festival. Live music, great food, activities for kids and adults - it’s all there.  Visit https://cincophx.com/ for more info. 

Diamondbacks Baseball games are in full swing.  Be sure to check out a game under the dome with the AC cranking.  https://www.mlb.com/dbacks

Mother’s Day The weather is still amazing in May so get outside for a picnic at the Farm at South Mountain - https://thefarmatsouthmountain.com/best-mothers-day-picnic-phoenix-2024/

Or book a brunch cruise on Lake Pleasant: https://www.lakepleasantcruises.com/brunch-cruises

And you can’t go wrong with a special Mother’s Day tea service at the Phoenician Resort - tables book fast! https://www.thephoenician.com/dine/afternoon-tea/