NAR DE-COUPLES AGENT COMMISSIONS
The media coverage regarding the National Association of REALTORs’® (NAR) lawsuit has been widespread and LOUD. It’s been broadcast on every platform with speculations about how this lawsuit will effectively “change the way that Americans buy and sell homes.”i For some agencies and brokerages, it’s going to be an incredibly different way of doing business, but for the 18ii states that already have Buyer Agency Agreements in place, it’s likely just going to add one more piece of paperwork to the current home transaction process. We want to be upfront about how it’s going to affect working with Coldwell Banker – The Property Exchange, so we’ve put together this brief update:
HERE’S WHAT WE KNOW
In April 2024, a federal judge gave preliminary approval in the NAR settlement that will effect 2 major changes as of August 17, 2024 (this date has changed previously, but is correct as of June 2024):
1. No commissions will be listed for buyers or sellers within the Multiple Listing Service (MLS); 2. Cooperative compensation still remains an option.
WHAT IT MEANS
Wyoming is one of those 18 states that has already required a buyer’s agency agreement prior to any real estate transaction. Discussions about commissions, payments, and services rendered have already been done prior to an agent showing property to a client.
Now, after August 17, the buyer’s agency agreement will also include the buyer agent commission and a formal agreement about how this will be paid. Likely, buyer agent commissions will be added to the concessions portion of the offer, and will be discussed with the seller during negotiations.
See next page for FAQs.
BUYER’S AGENCY AGREEMENT:
This agreement is a contract between a home buyer and a real estate agent that defines how the two agree to work together. The agent will request this agreement be filled out prior to searching for homes—it usually ensures that the buyer will only use that agent for a specific timeframe (so the work the agent does for the buyer in that time frame is compensated if an offer is put in on a home).iii
AKA the Buyer Broker Commission Rule, a seller agent will offer a commission to a buyer agent, effectively stating they will pay X% of a commission for bringing an offer to the table. This commission cannot be changed after the offer is accepted. The buyer agent will then earn that share of the commission paid at the close of the sale.iv
Continued from front page.
Q. SO, I DON’T HAVE TO PAY A BUYER AGENT ANYMORE?
You’ll still need to pay your agent for their services, but this payment will now be a conversation that will be taken offline, and made in a buyer’s agency agreement. *Note: this practice was already done in Wyoming prior to the settlement.
According to the National Association of REALTORs® (NAR):
“We have long believed that it is in the interest of the sellers, buyers, and their brokers to make offers of compensation—but using an MLS to communicate offers...will no longer be an option.
The types of compensation available for buyer [agents] would continue to take multiple forms, including but not limited to:
• Fixed-fee commission, paid directly by consumers;
• Concession from the seller;
• Portion of the listing [agent’s] compensation.”
Q. DOES THIS MEAN I DON’T HAVE TO USE A BUYER AGENT ANYMORE?
Buyers have never had to use an agent to purchase property. However, using an agent means you’ll get certain amenities only available to them, such as use of the MLS, their expertise and education, knowledge of the market, negotiations, support from the brokerage, inspection help, etc.
According to NAR:
“As always, the consumer chooses whether to use a real estate professional. Research has confirmed that consumers find great value in the services provided by a buyer broker, and we continue to believe it is imperative for buyer brokers to clearly articulate what services and value they are providing to consumers.”
More FAQs can be found at the NAR website: https://www.nar.realtor/the-facts/nar-settlement-faqs
CHEYENNE PARAGON MLS: MARKET STATISTICS YTD
REPORTSv
SINGLE-FAMILY HOMES
2024: Jan 1-May 31
# Sold: 422
Average Sale: $366,039
Total List $ Vol: $156,371,112
Total Sold $ Vol: $154,468,761
Sale/List Price Ratio: 98.78%
Average Days on Market: 39
RURAL RESIDENTIAL
2024: Jan 1-May 31
# Sold: 139
Average Sale: $592,272
Total List $ Vol: $83,779,236
Total Sold $ Vol: $82,325,935
Sale/List Price Ratio: 98.27%
Average Days on Market: 67
CONDOS/TOWNHOMES
2024: Jan 1-May 31
# Sold: 88
Average Sale: $321,223
Total List $ Vol: $28,573,002
Total Sold $ Vol: $28,267,703
Sale/List Price Ratio: 98.93%
Average Days on Market: 66
SINGLE-FAMILY HOMES
2023: Jan 1-May 31
# Sold: 370
Average Sale: $359,703
Total List $ Vol: $134,990,614
Total Sold $ Vol: $133,090,382
Sale/List Price Ratio: 98.59%
Average Days on Market: 38
RURAL RESIDENTIAL
2023: Jan 1-May 31
# Sold: 101
Average Sale: $558,137
Total List $ Vol: $57,498,828
Total Sold $ Vol: $55,813,772
Sale/List Price Ratio: 97.07%
Average Days on Market: 64
CONDOS/TOWNHOMES
2023: Jan 1-May 31
# Sold: 103
Average Sale: $309,884
Total List $ Vol: $32,664,699
Total Sold $ Vol: $31,918,099
Sale/List Price Ratio: 97.71%
Average Days on Market: 36
MONTHLY EXISTING & NEW CONSTRUCTION
MAY 2024 MAY 2023
AVG Sales Price: Existing: $366,408 | NC: $574,973
Sold Listings: EX: 93 | NC: 9
Active Listings: EX: 134 | NC: 28
% of List Price Rcvd at Sale: EX: 98.89% | NC: 99.23%
AVG Days on Market: EX: 30 | NC: 102
AVG # Homes Sold/Last 12 Months: EX: 78.42 | NC: 5.5
AVG Sales Price: Existing: $362,398 | NC: $559,076
Sold Listings:
EX: 96 | NC: 6
Active Listings: EX: 144 | NC: 38
% of List Price Rcvd at Sale: EX: 98.51% | NC: 99.28%
AVG Days on Market: EX: 33 | NC: 47
AVG # Homes Sold/Last 12 Months: EX: 81.5 | NC: 5.83
MULTIPLE SECTORS DRIVING ECONOMIC GROWTH IN LARAMIE COUNTY
Driven by advancements in data centers, renewable energy, and manufacturing, Laramie County has experienced substantial economic growth and diversification over the past few years. These sectors have not only provided new job opportunities, but also positioned the county as a competitive player in the broader regional economy.
DATA CENTERS IN CHEYENNE
In 2021, Microsoft announced the launch of a data center campus in Cheyenne that not only employed an additional 700 positions during peak construction, but also saw the company invest in local water, sewer, and road infrastructure. Microsoft also partnered with the WY Department of Education to host on-going computer science training and provide technology grants to LCSD teachers and students. The tech giant increased broadband access at key locations across the county (Cheyenne Depot Plaza, COMEA Shelter, & two Laramie County Library System locations) in recent years as well.
The county’s strategic location, with access to reliable and affordable energy and a favorable climate for cooling, has attracted more than one major tech company.
Project Cosmo is primed to be one of the largest data centers in the United States, with a 2.4M sq.ft. facility on a 900± acre campus southwest of
Cheyenne. Similar investments made by Microsoft will be provided by this major tech company as well. And while the project is estimated to be another 7-10 years for the construction phase, more than 1,200 workers will be brought in to assist in the development during that timeframe.
LOCAL RENEWABLE ENERGY
The county’s open spaces and favorable weather conditions have made it an ideal location for wind and solar energy projects, among other renewable sources.
Investments in renewable energy infrastructure have not only contributed to the county’s economic resilience, but have also complemented the development of the data centers, which require large amounts of power (preferable to originate from renewable sources).
These projects create construction jobs in short- and long-term operational positions.
MANUFACTURING DEVELOPMENT
Driven by both traditional industries and new technological advancements, manufacturing has seen a renaissance in Laramie County.
The county has successfully attracted manufacturing businesses like Eagle Claw Fishing Tackle Co., TBC Mfg.,
GUNNAR MALM
Gunnar is a sixth-generation, lifelong Laramie County resident; County Commissioner; and Managing Broker for Coldwell Banker – The Property Exchange in Cheyenne.
and various firearms manufacturers (Magpul Industries, Stag Arms, and Thunder Beast Arms Corp) by leveraging its skilled workforce and strategic transportation links, including major highways and railroads.
The expansion of manufacturing facilities producing a range of goods from machinery to consumer products has also allowed for growth in the county’s distribution sector (with smaller, locally owned facilities to remain key players among the likes of Lowe’s, Walmart & Amazon).
A THRIVING PARTNERSHIP
With these new sector developments, incredible partnerships have formed to impact Laramie County nonprofits. Recently, Black Hills Energy, Microsoft, NextEra Energy Resources and Southern Power have pledged $1.3M to the Boys and Girls Club of Cheyenne over 10 years.
Our local economy is thriving. By continuing to support these industries, Laramie County will be well-positioned to maintain economic momentum and enhance quality of life for residents for years to come
Sources: • https://azure.microsoft.com/en-us/blog/microsoft-expands-cloud-services-with-two-new-datacenters-in-wyoming/
• https://capcity.news/community/ city/2024/06/11/cheyenne-mayor-credits-growing-business-sector-as-city-leads-wyoming-in-population-growth/
• https://www.datacenterdynamics.com/en/news/945-acredata-center-development-coming-to-cheyenne-wyoming/ • https://www.wyomingnews.com/news/local_news/companies-pledge-1-3-million-to-boys-girls-club-of-cheyenne/ article_753cff1a-0e62-11ef-943f-6b6d27b3f8b5.html • https://www.wyomingnews.com/news/local_news/cheyenne-business-parks-continue-to-attract-development/ article_8206909a-f20f-11ee-89d4-5781f0eb4026.html • https://www.wyomingnews.com/wyomingbusinessreport/current_edition/project-cosmo-coming-into-focus-incheyenne/article_3ff76b0c-c776-11ee-aa7f-6f0bf14090c9.html
FRIDGE-WORTHY THINGS WORTH STICKING A MAGNET ON
ICE CREAM
Choo Choo Moo
1506 Capitol Ave
Season: May - September
Open all week
The Boardroom 1722 Carey Ave
Closed Sundays
Mary’s Mountain Cookies
315 W Lincolnway
Open all week
Coldstone 2316 Dell Range Blvd
Open all week
Baskin Robbins 723 E 16th St
Open all week
Dairy Queen
1038 E Pershing Blvd
Open all week
Culver’s 2231 E Lincolnway
Open all week
Freddy’s 1616 Prairie Ave
Open all week
SHAVED ICE
YeeHaw Shaved Ice
2634 Dell Range Blvd
Season: May - August
Closed Sundays
City Flavors
Check FB for location
Season: May - August
Closed Sundays
Wyo Snow Co
3306 Kelley Dr Season: May - September Open all week
POOLS/SPLASH PADS
Cheyenne Aquatic Center 931 Martin Esquibel St Open all week
Johnson Swimming Pool 303 E 8th St
Season: May - August Only open TU and SA
Cole Swimming Pool 3439 Green Valley Rd Open all week
Downtown Splash Pad 15th St & Capitol Ave
Season: Memorial - Labor Day Open all week
Sources: NAR DE-COUPLES AGENT COMMISSIONS
SUMMER OUTDOORS
Cheyenne Ice & Events Center 1530 W Lincolnway
Roller Skating, Ice Skating, Laser Tag, Bumper Cars, Arcade: M - SA 10am - 8pm | SU 10am - 6pm
Miniature Golf: M - TH 10am - 8pm | F & SA 10am - 9pm | SU 12 - 7pm
The Putt Hutt
4603 Lions Park Dr Hours: SU - TH & SA 10am9pm | F 10am - 11pm
Cheyenne Art Walk 1st Friday of the Month 1513 Carey Ave Event Time: 5 - 8pm
Fridays on the Plaza Depot Plaza (121 W. 15th St) Every F 5:30 - 9:30pm
BOWLING
2Bar Bowl
700 E Carlson St
Open Bowling: SU 12 - 6pm | M 12 - 10pm | TU 12 - 5:30pm, 8:30 - 10pm | W 12 - 5pm, 8:30 - 10pm | TH 12 - 5:30pm | F 12 -11pm | SA 12 - 11pm
OTHER
Cheyenne Depot Museum 121 West 15th St
Open all week
Cheyenne Children’s Museum 1618 O’Neil Avenue
Opening Expected Fall 2024
Paul Smith Children’s Village & Botanic Gardens 710 S. Lions Park Dr Closed Mondays
Touch Tone Tales (Free!) 24/7: Call 307-638-2552. Stories change weekly & are enjoyable for ages 4+.
Wyoming State Museum
1st Saturday of Month Family Days (Themed) 2301 Central Ave
Closed Sunday
BUSINESS ICONS
Local/Small Business
Free Activity
Wear ‘Em Out!
• https://www.cnn.com/2024/04/24/homes/nar-settlement-broker-commissions-approval/index.html • iihttps://www.worldwideerc.org/news/global-workforce/ us-buyer-broker-compensation-litigation-national-association-of-realtors-settlement-faqs • iiihttps://www.ramseysolutions.com/real-estate/buyers-agentagreement • ivhttps://www.nar.realtor/handbook-on-multiple-listing-policy/commission/cooperative-compensation-offers-section-1-information-specifying-thecompensation-on-each • vhttps://cheyenne.paragonrels.com/
