Real Deal Column

It's been three weeks and two days (yes, I’m counting) since the National Association of Realtors announced a proposed settlement agreement in the Sitzer Burnett case. 

There is a lot of buzz about a proposed settlement agreement in the Sitzer Burnett case announced by the National Association of Realtors. And some of the headlines make it sound like a game-changer, promising almost-free transactions, consumer protection, and more affordable homeownership.

It has been just over a week since the National Association of Realtors (NAR) unveiled a proposed settlement agreement aimed at resolving litigation regarding broker commissions on behalf of home sellers. But what does this mean for you, the consumer?

In the national economic landscape, the latest job figures paint a mixed picture. According to Dr. Lawrence Yun, the Chief Economist at the National Association of Realtors, February saw a solid addition of 275,000 net new payroll jobs.

As the Greater Nashville housing market continues to march forward into 2024, the momentum from January shows no signs of slowing down. Despite facing challenges such as severe weather disrupting a full week of activity last month, February's data once again showed gains in the number of closings, median sale prices for both single family and condos, and inventory compared to the same month last year.

As we transition from the winter chill to the warmth of spring, the real estate market in Greater Nashville is also showing promising signs of thawing soon. The momentum gained during and after the holidays has carried over into the new year, with existing home sales witnessing a 3.1% increase from December to January nationally, as reported by the National Association of Realtors.

In the bustling world of real estate, navigating the intricacies of buying or selling a home can feel like traversing a labyrinth without a guide.  Enter the Realtor - bound by a strict Code of Ethics that does not apply to other real estate licensees.

It's no secret that the housing shortfall has been a pressing issue for more than a decade. Since the mid-2000s housing boom, the U.S. has consistently been underbuilt compared to historical averages. Last year, we saw interest rates hit a 23-year high, exacerbating the low inventory issue and contributing significantly to affordability challenges.