Make the right decisions and avoid costly mistakes!

Housing markets are localized––not just the counties or cities, but also specific neighborhoods. Having accurate data is a crucial starting point. You then have to figure out how best to use that data to your advantage. The median price of a house is well above a million dollars in most desirable neighborhoods. Buying or selling a home may appear to be a simple process, but it is relatively complex. That’s why more than 98% of residential real estate transactions involve licensed professionals.

If you are a home buyer, you must find the right house at the right price and in your desired neighborhood. Once you have accomplished this cumbersome task, you must manage the maze of financial, legal, procedural, and related matters that involve five entities in each real estate transaction. Of course, you also must be able to comprehend and fully control each aspect throughout. When you find the right home, you must act decisively.

As a home seller, you must determine exactly what steps to take to obtain the best price. Pricing your home just right remains crucial. Knowing how to choose the best offer and handle complex negotiations during the offer and acceptance phase is also critical. The buyer’s home inspection follows this and frequently involves even more vital renegotiations. Then come the appraisal issues and other escrow-related matters.

There are many pitfalls in each of these phases––every error can be very costly.

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This article outlines specific changes that Northwest Multiple Listing Service (NWMLS) is implementing by revising its forms and Rules on buyer brokerage compensation and the options available to sellers. These changes clarify and simplify these provisions. Here is that Critical information for homebuyers and home sellers.

Real Estate transactions involve a great deal of paperwork. Whether buying or selling, you will complete and sign several forms. At the core of every real estate transaction is an offer to purchase that converts into a Purchase and Sale Agreement (P&S) when mutually accepted. Numerous addenda accompany this P&S. The revisions are in the P&S and some of these appendices.

BN Real Estate is committed to keeping potential and current clients fully informed. Consumers must be fully aware of every aspect of their acquisition. I often say to my clients that I want to deal only with informed clients, and if they are not informed, we will ensure they become fully informed. I have written this article with that approach in mind. The writer is making the same information available to consumers as is available to brokers. If you require further clarification, please reach out.
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We have previously written about the proposal of the National Association of Realtors (Broker Nadir has never been a member of this association) for a settlement in a much-publicized lawsuit.

BN Real Estate has consistently upheld a policy of unwavering transparency, adhering to industry best practices, and safeguarding the interests of our valued clients. Due to this steadfast commitment, the lawsuit has not impacted BN Real Estate or NWMLS.

NWMLS published the following article on May 28, 2024, to announce that it will not “opt-in” to NAR’s Proposed Settlement Agreement. We post it here without modification so our esteemed clients remain fully informed.

NWMLS has led the industry with initiatives that afford sellers and buyers transparency, meaningful choice, and clear opportunities to negotiate their broker’s compensation. NWMLS has seized every opportunity to enhance the quality of real estate brokerage services in the Northwest and will continue to do so.

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Northwest MLS just released its Annual Report on sales and listing activity for 2023 within the 26 counties it covers in Western Washington. As the old saying goes, all real estate is local. This article contains numbers about the 2023 housing market in Western Washington only. An accurate market snapshot will help you stay better informed. Whether buying or considering putting your home on the market, the most essential tool is current, accurate, and relevant information. We provide you with this information every month. This article is the annual review for 2023, based on the numbers supplied by NWMLS. You will find crucial information in these most current real estate stats. If you need specific information about your neighborhood or the one you may be considering living in and don’t see it here, reach out, and we will get it for you.
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Real Estate Agency Law governs all real estate brokerages in Washington State. For the first time since 1997, the state legislature has made significant changes to this law that go into effect on January 01.2024. These changes are made to strengthen already robust consumer protections provided by the Department of Licensing. 

All licensees must provide the pamphlet Real Estate Brokerage in Washington State when they start providing services to any consumer. This pamphlet provides general information about real estate brokerage and outlines the laws related to real estate brokerage. You can access that pamphlet here. If you wish to review detailed and complete information about real estate brokerage relationships (Resl Estate Agency Law RCW 18.86), you can access that here.

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