The California Association of Realtors (CAR) has published an open letter in nearly 40 California newspapers designed to clarify the facts surrounding the recent settlements by the National Association of Realtors and several major brokerages regarding the homebuying process.
“Recent coverage by media entities, industry insiders and anyone with an opinion and a smartphone have offered up a mix of fact and fiction,” said the letter. “All this noise has caused confusion, fear and, in some instances, panic about the process of buying and selling a home.”
The letter outlines the two major changes resulting from the settlements – properties listed in the multiple listing services will no longer be allowed to include an offer of compensation to buyer’s agents, and homebuyers who want to work with an agent will need to sign a written agreement with that agent prior to touring a home.
“We come to this job because we love putting people in homes,” the letter continued. “We stay in this job because we love working with our clients, who become our friends and neighbors. As we’ve done for decades, through up markets and down markets, through periods of industry change, we will stand by our clients, serve our communities, and continue to do what we do best — work to create a future that enables homeownership for all who want it.”
Among the newspapers where the letter appeared are the Los Angeles Times, San Francisco Chronicle, Mercury News, Sacramento Bee, San Diego Union-Tribune and Orange County Register, as well as the California editions of The Wall Street Journal and The New York Times.
