The Cascade Team Logo

You’ve probably heard the news that there are changes coming in terms of how real estate commissions are paid. And while the seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved it’s already sending shockwaves through the real estate industry.

This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like:

  • “Real estate commissions are being slashed!”
  • “Selling your house will now be less expensive!”
  • “No more paying 6% to real estate agents!”

But you’re also probably not sure exactly what it all means, how it will work, or how you’ll benefit from the changes.

Unfortunately, even if you ask the most…

5161 Views, 1 Comments

Read Full Post

Interest rates have decreased by 0.15% over the past month to 6.79%, and while the rate decrease is encouraging, it has yet to have a significant impact on prospective buyers’ purchasing power or prospective sellers’ willingness to give up low interest rate mortgages. For the Washington counties covered by NWMLS, March 2024 saw an 11.2% decrease in the number of closed sales year-over-year, although median sales prices have continued to steadily rise with a year-over-year increase of 7.5%.

“Northwestern markets are finally showing signs of thawing,” said Selma Hepp, chief economist for CoreLogic. “With new listings picking up the pace from 2023 lows, potential home buyers have more options to choose from.”

“Still, there seems to be more buyers…

3201 Views, 0 Comments

Read Full Post

National Association of Realtors' settlement on home-sale commissions will go into effect July if approved.

I want to start by addressing the "misinformation" involving the landmark settlement that could impact real estate practices and commissions as we know them.  There is a lot of uncertainty out there. And there are tons of people who thrive on that, they love to stir the pot and tell you “The Sky Is Falling.”

I know I speak for a lot of real estate professionals when I say that we’re upset with a lot of the misinformation that is getting circulated about the proposed settlement. What these proposed changes will do is clean up a lot of real estate agents who don’t run their business like an actual business or keep up with new rules and…

5421 Views, 0 Comments

Read Full Post

If commissions are decoupled, researchers believe the competition will drive real estate commissions down.

A groundbreaking $418 million legal agreement could drive down commission rates and shrink the number of real-estate agents.

As an example, the DOJ cites Northwest MLS (NWMLS), which no longer requires listing agents to make offers of buyer broker compensation in order to list a property. Despite this being allowed, the practice of cooperative compensation continues, and agent commissions have not changed.

“As long as sellers can make buyer-broker commission offers, they will continue to offer ‘customary’ commissions out of fear that buyer brokers will direct buyers away from listings with lower commissions — a well-documented phenomenon…

3868 Views, 0 Comments

Read Full Post

Western Washington saw one of the largest year-over-year decreases in active inventory last month. There were 3,333 properties for sale in January — a 23.2% decrease from January 2023, when there were 4,342 homes on the market. Only Las Vagas had a steeper nation drop in inventory levels.

As a result of the low housing inventory levels around Western Washington, we are returning to bidding war situations. Seattle area home sales increased by 7% in January, marking the first year-over-year increase since March 2022. Meanwhile, home sale prices increased by 3.4% year over year.

Additionally, the new commission rules are allowing Sellers to save 10’s of thousands in Buyer Agent commissions.

Cascade Team Saves Commissions For Sellers

Taking advantage of low inventory before more homes…

2517 Views, 0 Comments

Read Full Post

As Valentine's Day approaches, love is in the air. But this year, instead of focusing solely on chocolates and roses, why not consider a different kind of matchmaking? Just like finding the perfect partner, finding the perfect home can be a journey of discovery, filled with excitement, anticipation, and even a few butterflies.

1. Love at First Sight: The Importance of First Impressions Just like a first date, the first impression of a home can be a game-changer. A well-maintained exterior, a welcoming entrance, and a clean, inviting interior can make potential buyers fall in love instantly. As a seller, it's essential to ensure your property is looking its best for every viewing. As a buyer, remember that while first impressions are important,…

2584 Views, 0 Comments

Read Full Post

After a particularly rough stretch, the frozen housing market has begun to thaw.

Mortgage rates have tumbled, more homes are being listed, and sales are rising as buyers are pouncing on their sudden change in fortune.

“The worst is over for the housing market,” says Mark Zandi, chief economist at Moody’s Analytics. But “it will take a number of years for the housing market to fully normalize.”

Indeed, the signs of a gradual sea change have been abundant in the past two months.

Market Recap

Real estate market activity has remained slow in accordance with typical seasonal patterns. Interest rates held steady through the month of January to end at 6.69%; at the time of this publication, there was a slight decrease to 6.63%. For the…

2690 Views, 0 Comments

Read Full Post

On January 1, 2024, the revised “Agency Law” that governs real estate brokerage relationships (RCW 18.86) becomes effective. Among other changes, a significant revision to the law requires real estate firms to enter into a written brokerage services agreement with a buyer before, or as soon as reasonably practical after, commencing real estate brokerage services for that buyer.

These revisions to Agency Law require that brokers enter into a brokerage services agreement with their client before — or as soon as reasonably practical after — the provision of real estate brokerage services. This contract will include stipulations like length of partnership, exclusivity vs. non-exclusivity and the rate of compensation.

Looking at the law

It may…

3629 Views, 0 Comments

Read Full Post

For everyone who buys a house between now and February 29th, you're going to look at those people in the same way you look at people who bought houses at the beginning of covid.

You're going to look back and be like *darn it* why wasn't I that smart? Why was I so scared? What was I thinking?

I’ll repeat again because it’s that important….

Anyone who buys a house right now is going to get the best deal you'll see in years.

There is no competition right now. The second interest rates drop again you're going to see millions of buyers jump into the market and housing prices will never be the same...

Mortgage rates have fallen to their lowest level since May 2023. Additionally, I am optimistic regarding mortgage rates, but not overly. I…

2940 Views, 0 Comments

Read Full Post

Home buyers and sellers face the prospect of major changes to how much and in what way they pay their real-estate agents, following the historic verdict against the National Association of Realtors and large residential brokerages.

There are many new rule changes regarding “Offering” a Buyer’s Agent Compensation (We no longer use the term Commission). Those changes could range from minor tweaks to the commission system to a more radical restructuring of the residential real-estate industry, such as more people buying homes without using agents or buyers paying their agents by the hour.

By way of a quick summary, a federal jury found NAR and large brokerages conspired to keep costs artificially high and awarded $1.8 billion in damages, which…

5744 Views, 0 Comments

Read Full Post