Q1 2024 Jackson Hole Real Estate Report
Last month, there was big news in the real estate world: the National Association of Realtors unveiled a $418 million settlement aimed at resolving nationwide litigation concerning broker commissions and claims from home sellers. The crux of the matter lies in two significant changes: commissions will no longer be posted in the MLS (multiple listing service), and buyers will now be required to have written agreements with their agents.
Commissions remain negotiable, as they always have been. Sellers retain the option to decide on the compensation offered to a buyer's agent. Savvy sellers understand the importance of offering competitive compensation to attract more potential buyers to their property.
Here in Wyoming, we've always been ahead of the curve because our state law requires buyer agency agreements, which explicitly outline our fiduciary responsibilities to our clients and how we're compensated. While other states may not have had such measures in place, this shift towards mandatory written agreements for buyers across America is undoubtedly a positive change.
Looking Ahead
We expect sales in 2024 to increase at a slow rate. Of course, this depends on overall available inventory this summer and fall. We also expect prices to stay at their new and elevated levels. Bottom line: until our inventory levels return to normal, it will continue to slant toward a Seller's market for the foreseeable future.
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