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U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
- Single Family Closed Sales were up 6.9 percent to 1,516.
- Townhouse-Condo Closed Sales were down 4.3 percent to 403.
- Adult Communities Closed Sales were up 5.9 percent to 54.
When buying or selling a home, you’ll encounter different types of professional relationships—agency and non-agency—between buyers, sellers, and real estate professionals. These relationships are defined by state law and vary depending on where you live. Here’s what you need to know:
What Does It Mean for a Real Estate Professional to Be My "Agent"?
A licensed real estate professional acts as your agent when you hire them to represent you in buying or selling a home. This relationship creates specific responsibilities and duties:
- Seller’s Agent: A seller’s agent works on behalf of the seller to achieve the best price and terms. Sellers typically formalize this relationship through a listing agreement. The agent has fiduciary duties to the seller, meaning they must act in the seller’s best interests.
- Buyer’s Agent: A buyer’s agent represents the buyer’s best interests throughout the home-buying process. Often, buyers sign a written agreement outlining the terms of this relationship before touring homes.
What Types of Agency Relationships Are There?
Here are some of the most common agency arrangements:
