Tulsa Realtor Explains Changes In Home Buying After Major Settlement

After a landmark settlement, there's been a lot of talk about realtor commissions, home prices, and changes in the housing market. To help break it all down, local realtor Ronda Butler from Keller Williams spoke to News On 6's Dave Davis to explain it in simple terms.

Dave: Let's start with the settlement that was announced this summer. How does it change the way we buy and sell homes?

Ronda: First of all, I’m not an attorney, and I don’t want to play one on TV! So, let me just make a quick disclaimer: the attorneys are still trying to figure out how this will all play out. In August, we had to make some changes to comply with the NAR settlement agreement, and while we’ve started implementing those, it still has to be approved by a judge in November, or it could be amended. So, things are still changing.

That said, there’s been a lot of miscommunication. Even our president mentioned that, for the first time ever, commissions are negotiable. But that’s not true—they’ve always been negotiable. I think that’s the biggest misconception I’ve had to clear up. It’s not going to change much, other than ensuring we follow the legal requirements.

Dave: From a seller's point of view, has it historically been true that sellers paid both the buyer’s and seller’s realtor commissions? Is that going to change?

Ronda: It could change, but I still think it’s in the seller’s best interest to offer some payment towards the buyer’s realtor commission. It helps attract more qualified buyers and guides them through the process.

Dave: As a homebuyer, will this change much for them?

Ronda: What’s changing most is how things work for buyers. The goal of the settlement is to provide more transparency and clarity for everyone in the transaction. Whether that happens remains to be seen.

For a long time, buyers could call a realtor and say, “Hey, I want to see this house,” and the realtor would jump to show it. But that’s never been in anyone’s best interest. Best practice is to sit down with the buyer first, explain the process, and go over the various costs involved, like title, lending fees, and down payment.

Also, for safety reasons, I won’t show a house until I’ve met the buyer. Now, no one in the U.S. is going to walk into a house without signing a buyer-broker agreement, which says, “I’m willing to work with you.” You can negotiate the terms of that agreement, like for 30 or 60 days. Part of that agreement also states that the buyer may be responsible for part or all of the realtor’s commission.

Dave: That’s important. To wrap this up, you’ve been in this business for a long time. What’s the market like right now in Tulsa? Nationally, we hear about high home prices, but they’re not as expensive here as in bigger cities. What’s your take on the local market?

Ronda: It’s been a very strong seller’s market for the past three or four years, as most people know. We are now steadily moving towards a more balanced market, which is probably unsettling for sellers who’ve gotten used to putting their house on the market and receiving ten offers within minutes.

Dave: That’s been the reality recently, right?

Ronda: Yes. But now, I think it’s a good thing for the industry because realtors will need to showcase their skills again—marketing homes and proving their value. So, while homes might stay on the market a bit longer, around 30 to 60 days, it’s still not too long. Plus, we’re expecting some rate decreases. However, it’s an election year, and things tend to get unpredictable with interest rates during election years.