ACCURATE UPDATE: The Proposed NAR Settlement Agreement and How WA State Stands Out

You’ve probably caught wind of the buzz surrounding the NAR (National Association of Realtors) Class Action Lawsuit settlement proposal. Let’s cut through the glossy headlines together, shall we? It’s crucial to spotlight that our WA state scene might see fewer changes compared to the rest of the country if this settlement gets the green light. Why? Unlike most of the country’s MLSs (Multiple Listing Services) that are under NAR’s wing, our NWMLS here is flying solo. It’s not part of the settlement since it’s not owned by NAR. Should the settlement pass, NWMLS could opt in, but that decision is still up in the air, pending a board vote.

Diving into local waters, WA introduced new laws on January 1, 2024, already addressing many points the settlement proposes. WA brokers and NWMLS have long championed transparency in broker compensation. The practices these new laws call for? We’ve been on it! If you need a refresher, my early February blog detailed these changes. Happy to share that adapting to these laws has proven beneficial for both consumers and brokers.

As for the NAR Settlement’s court approval, I’ll keep you in the loop on its impact on our local real estate pulse. Speaking of pulse, Q1 2024’s market vibe has been nothing short of upbeat! Price growth? On the rise. Buyer demand? Stronger than ever. And inventory? Still playing hard to get, which means seller equity is through the roof – we’re talking an average of 60% in King County and 57.5% in Snohomish County, based on December 2023’s snapshot. Interest rates are eyeing the 6% range, expected to dip but still a tad unpredictable. Curious for more insights or know someone who is? I’m all ears and ready to guide. Staying informed and making empowered decisions is the goal, always.