3 tips for homebuyers to navigate the new era of commissions

. On one hand, buyers could face more financial hurdles on top of exorbitant financing costs and elevated home prices. On the other hand, they stand to gain greater price transparency and negotiating power as the new norm rolls out.

Look for an agent who offers the elements that can help you find the right home: a local neighborhood expert if you are moving to a new city, a financing guru if you have limited cash, or a strong negotiator if you want a good deal. Maybe even all three. A new housing development in Middlesex Township, Pa., is shown on Oct. 12, 2022. The cost of hiring a real estate agent to buy or sell a home is poised to change along with decades-old rules that have helped determine broker commissions. Instead of hiring a full-service agent who manages every step of the purchase process, find someone who offers reduced service by stepping in after you have found your home.

If you don’t know how to negotiate a home purchase — and most people probably don’t — ‘a la carte’ provides the option to hire an agent to do just that. They would take charge of getting you benefits like closing cost concessions, earlier moving dates, and repair credits. "Sometimes some buyers shop around for a weekend, and they find a home they like, and they make an offer,” Wedge said. “In such cases, buyers should negotiate for lower fees because this is not much work for the agents, so it's not fair for the agents to get paid 3%.""If is buying a $2 million home, can get 1% because that would still be $20,000. That’s enough money,” Wedge said.

Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and moreWhen Zahid Mahmood bought a house in Oshawa, Ont., in 2021, he hoped rental income would help him and his wife save money to pay for post-secondary education for their three children. Walking into the house last month, Mahmood says he was faced with piles of trash, bottles of urine, rodents and dog feces — the mess left behind by former tenants.

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