I’m Nathan Derry, your local Realtor for the historic Jefferson Park neighborhood, 90018. The real estate market in this area continues to offer exciting opportunities, and today I’m breaking down the key trends for August 2024. Whether you’re looking to buy, sell, or simply stay informed, this information will help you better understand the current landscape.

Absorption Rate: 30%

One of the key indicators of a market’s health is the absorption rate, which shows how fast homes are selling relative to the number of listings available. For August 2024, Jefferson Park’s absorption rate came in at 30%. This reflects a balanced market, with just under one-third of available homes being sold during the month.

Key Market Statistics

Let’s dive into the specific numbers that defined the market in Jefferson Park for August:

• Active Listings: There were 40 active listings on the market, giving buyers a solid selection of homes to choose from.

• Homes Sold: 12 homes were sold, indicating a steady flow of transactions.

• Average Sales Price: The average sales price for homes in Jefferson Park was $912,500, showcasing the neighborhood’s accessibility and ongoing demand.

• Days on Market (DOM): Homes were on the market for an average of 28 days. This tells us that properties are moving at a moderate pace, giving buyers some time to consider their options but also requiring sellers to price competitively.

The New NAR Law Regarding Commission: How It Could Reshape Real Estate

As of 2024, one of the most significant changes in the real estate industry is the new law from the National Association of Realtors (NAR) concerning commission disclosure and structure. This regulation aims to increase transparency, but it could also reshape how buyers, sellers, and agents interact during transactions.

Here’s how this new law might impact the real estate landscape:

1. Clearer Commission Disclosure: Under the new NAR law, commissions must be disclosed upfront to both buyers and sellers early in the process. This means buyers will have full transparency on what their agent is being paid, which could lead to more informed decision-making.

2. Possible Shift in Buyer’s Agent Commission: Traditionally, sellers have paid both their own agent’s commission and the buyer’s agent commission. However, this new rule may shift some of the buyer’s agent commission responsibility to the buyer, depending on local market practices. This shift could change how offers are negotiated and how buyers budget for their home purchases.

3. Potential Impacts:

   • For Buyers: Buyers will need to understand their potential responsibility for their agent’s commission and may look for ways to negotiate these fees. This could create new dynamics in the buyer-agent relationship.
   • For Sellers: Sellers may need to rethink how they price their homes and structure their listings, especially if buyers are more conscious of their commission obligations.
   • For Realtors: Realtors must be clear and proactive about discussing commission structures with clients. Agents will need to navigate these changes skillfully to ensure smooth transactions, especially in competitive markets like Jefferson Park.

Overall, while the new law brings welcome transparency, it also introduces complexities that both buyers and sellers will need to navigate carefully. It’s more important than ever to work with an experienced Realtor who understands these new regulations and can guide you through the process with confidence.

Why Work with a Licensed Realtor?

The real estate landscape is evolving quickly, especially with the new NAR commission law in effect. As a licensed Realtor, I’m committed to staying on top of these changes and ensuring that my clients are well-informed. Here’s how I can help:

• Market Expertise: I have access to the latest data, so you can make informed decisions based on real-time market trends.

• Commission Clarity: With the new commission rules, I’ll ensure you understand all the costs involved in your transaction upfront, so there are no surprises.

• Streamlined Sales Process: With the average home in Jefferson Park selling in just 28 days, timing is critical. I’ll help you price your home right and attract serious buyers quickly.

Conclusion

The August 2024 real estate market in Jefferson Park, 90018, remains active and balanced, with homes selling at an average price of $912,500 and a 30% absorption rate. The new NAR law regarding commission transparency is set to bring positive change but may also introduce some new challenges. As always, working with a knowledgeable and licensed Realtor will ensure you navigate this changing landscape smoothly.

If you have any questions or are ready to buy or sell in Jefferson Park, I’m here to help. Let’s work together to achieve your real estate goals!

All the best,

Nathan Derry

📍JohnHart Real Estate

📞(424) 303-0440

📧 nathan@jhagents.com

👨🏽‍💻 itsnathanderry.com

You deserve the opportunity to work with an ethical agent.  Please give me a call today and let’s discuss your unique needs.

Interested in seeing a property or one of my off market properties in person? Contact me today!  Who you hire matters!!!

Ready to make the best move of your life… let’s chat today!