The National Association of REALTORS®, along with many states including Indiana, effective July 1,2024, now require A Wriiten Contract Between A Buyer and a Buyer's Agent

Before agents can show buyers any property, the potential buyer must already be under contract with the agent who is showing the buyers a property.

Along with the Agent's Responsibilities, this contract must include a predictable and fixed amount of compensation that the agent will receive for representing this buyer in the purchase of a property. The amount of this compensation can not change, regardless of any amount paid by the buyer or the seller, without an amendment to the buyer agent agreement that has been signed by both the the buyer and the buyer's agent.

Because Of This Agreement, A Buyer Can Ask The Seller To Pay Their Buyer Agent Commissions As Part Of Any Offer!

The only time a buyer can be shown a property, and not already under be under contract with the showing agent, is when the agent is representing ONLY the sellers, like during an open house.

The amount of any Buyer's Agent Commission, being paid by the seller, will not be visually apparent as part of the MLS known locally as the BLC.

While Seller’s can, and likely will, still offer to pay Buyer’s Agent Compensation for an agent that’s 100% representing ONLY the buyer’s interest, this amount will not be visually apparent as part of the MLS known locally as the BLC. Additionally, any offers of this compensation by Sellers can NOT be made using any MLS related service like through the showing service that’s connected to the MLS/BLC. So, effective July 1, 2024, the Buyer’s Agent will need to determine what amount, if any BAC, the seller has included as part of the List Price so that the Buyer(s) can then determine if they even want to look at the property, or alternatively consider the property with the intent to ask the Seller(s) to pay the BAC as part of any offer.

To address this change as a Listing Agent, ToHelpUmove will now include a “BAC QR code” that will be shown on every for sale sign, and on all marketing literature, that easily directs and connects users to www.ListingsBAC.com where Buyer’s agents can see the BAC that’s included in the list price.

What Northern Community / Indy Area Do You Want To Explore

Carmel	Lawrence
Castleton Area	Noblesville
Fishers	Geist Area
Westfield	Whitestown

Zionsville

What Eastern Community / Indy Area Do You Want To Explore

Fortville	Geist Area
Greenfield	McCordsville
New Palestine

What Part Of Marion County's Indy Area Do You Want To Explore

Downtown	Mid North
Far North	North West
North East	East Side
South Side	West Side

What Western Community / Indy Area Do You Want To Explore

Avon	Brownsburg
Clermont	Eagle Creek
Plainfield	Speedway

What Southern Community / Indy Area Do You Want To Explore

Beech Grove	Greenwood
Indy's South Side	Homecroft / Southport

Comparative Market Analysis (CMA)

This is an indication of the property’s value based on a detailed and adjusted analysis of the 4-6 most relevant and similar properties that have recently sold in your development and/or nearby.

A CMA should also increase or decrease the value based on the current market conditions including, interest rates, and the supply and demand at that moment in time. Most real estate agents will perform a CMA before listing a home for sale and great Buyer’s Agents will also complete a CMA when working for a buyer who is considering submitting an offer on a property.

An Appraisal

State-licensed appraisers will walk through a property and write an official appraisal report. While appraisals offer a little protection for buyers regarding the value of a property, the customer for the appraiser is the mortgage lender not the buyers. Banks typically require appraisals when refinancing your home, or getting a mortgage for a new home, to minimize the lender’s risk by making sure the bank is loaning no more than what the property could be resold for if the buyer was unable to repay their mortgage loan.

Instant Online Value Estimators

These are easy, convenient, and, best of all, free. There are many real estate and lending websites offering estimators out there. You can use this if you want a general estimate of your home may be worth. While these can help you decide if it’s worth considering selling or refinancing, these sites tend to dramatically undervalue or overvalue property values. So, using these when selling or purchasing a new place could create unrealistically high or unreasonably low expectations that could cost you thousands of dollars as both a seller or a buyer!

Price Per Square Foot Calculations

Price per square foot calculations are often used by sellers, buyers and unfortunately even by some real estate agents to determine the value of a property in comparison to other recent sales. This approach divides the sale or list price by the above ground square feet to arrive at a price per square foot.

If you are comparing to identical floor plans, with identical finishes and features, built at the same time, by the same builder on lots next to each other and both places have continued to have identical updates, then this approach might yield a meaningful value. However, this is rarely the case since price per square foot calculations do not reflect the many differences in properties like, bed and bathroom configurations, land value and location, garage spaces, finishes, updates and improvements, the year the place was built or any of the hundreds of differences between homes.