Happy August!  I hope you have found ways to beat the heat this summer!

Since my last email I have done some work on my website. I have added a Resources page and a Blog section. As of now the blogs consist of recent newsletter letters. In time this will grow and will include more topics. Your feedback and suggestions, for the website or content, are always greatly appreciated!

Until recent weeks the National Association of Realtors (NAR) lawsuit had little impact on how we conduct business. The result of the lawsuit has changed the standard contract and required forms, which are already updated semiannually. However, the biggest change, the one people want to understand most, is how buyer representation is paid. Since this information is no longer permitted in the Multiple Listing Services (MLSs) and therefore will not feed to the commercial sites, how do buyers know whether a seller intends to pay for this expense?

We ask! The standard Northern Virginia Association of Realtors (NVAR) contract now has language to account for buyer representation. Like all other aspects of the contract (i.e. price, contingencies, dates), it is part of negotiations. Meanwhile, lenders will be factoring it into the buyers’ closing costs and it will be reflected on the American Land Title Association (ALTA) statement as a payment from the buyer to the buyer agent’s broker. Any version (i.e. the seller pays for the expense or for part) will be outlined in the ALTA accordingly.

Some believed changing the structure of buyer agency compensation would lower sale prices. It will take some time to determine if this factor alone can reduce sale prices. There is still a lack of inventory (not enough homes for sale) and the interest rates have dropped a bit. Historically, a large shift in prices one way or the other is a result of multiple factors. The results of the suit remain to be seen.

As many of you know, I frequently work with downsizers.  Often people want a simpler living situation, and for some, that does not involve moving. Reston for a Lifetime recently published resources to help prepare your home to meet new challenges. There are comprehensive lists of considerations for you, or someone you know plans to “age in place.”  click here

Another resource I recently learned of is Honor Flight. The Virginia Hub is a local nonprofit organization creating ways to transport veterans to our nation’s memorials. The next mission will be on September 28 in Harrisonburg. To check for eligibility and/or find way to support the cause, check out their website!

Best wishes as you wrap up your summer! Sending my teacher friends and parents good vibes! I’ll be in touch again soon. And don’t forget, I am just a phone call away in the meantime.