Door County Real Estate Update

Recent, national legal battles--and a proposed settlement--in the United States real estate industry under the National Association of Realtors have resulted in a great deal of confusion for the general public.  In regard to the national settlement, there are many very misleading and even completely false statements that have been made, broadcast or published in regards to the settlement and how it will change the United States real estate industry.

This settlement will trickle down to every local level.  To concentrate on our Door County real estate market, I'm going to share some information as provided by the the Wisconsin Realtors Association:

The proposed settlement will have implications for real estate associations throughout Wisconsin, as well as in Door County, beginning in 2024.  The settlement also has implications for our Wisconsin and Door County brokerages, including The Kellstrom-Ray Agency, Inc. and others.  However, Wisconsin law does differ from laws in other states that impact key aspects of the settlement agreement as it has been proposed:

In Door County, as well as the rest of Wisconsin, real estate licensees (Brokers and Agents) are required to use Wisconsin state-approved forms, many of which already include the specific policies that are being addressed in the proposed settlement agreement under the National Association of Realtors--policies that assist the consumer in understanding how compensation is earned. 

Our Wisconsin listing contracts and buyer agency agreements explicitly explain how commissions are earned,  and/or how compensation is paid to cooperating real estate firms in Wisconsin real estate transactions.  Wisconsin has encouraged and required written buyer agency agreements for Buyer Clients in a transaction for over twenty years.  As such, the stipulation addressed in the National Association of Realtors settlement was addressed in Wisconsin many years ago.

Another very important factor in regards to the settlement agreement is that there is not--and there has never been--a "standard" commission rate established nationally or locally.  Real estate commissions for both buyers and sellers have been, and will remain, negotiable.  These standards of practice continue to benefit buyers and sellers (and Wisconsin real estate brokerages and agents) by ensuring that prices are not "set", are fair for market and services provided.  These practices also allow us to provide the best services possible to all parties.  

As the current president of the Door County Board of Realtors, I have been privy to dozens of meeting and discussions in regards to the settlement and how we can work to use its terms to improve any Door County real estate transaction for the consumer.  I would be happy to schedule a meeting with you to discuss the information provided by the Wisconsin Realtors Association.  

To learn more about how the real estate settlement will impact Wisconsin, and Door County, real estate, under the Wisconsin Association of Realtors, check here.  

Our goal is to provide the best Door County real estate services possible.  We work hard to ensure that that our Sellers and Buyers receive excellent service, with a firm understanding of how their contractual obligations work.

The Kellstrom-Ray Agency, Inc. has been practicing real estate in Door County, Wisconsin for over 75 years.  We have helped buyers and sellers achieve their Door County real estate goals since 1948.  Our goal has been, and will continue to be, helping Door County buyers and sellers successfully sell their Door County property or achieve their dream of Door County home ownership.  I would be happy to discuss how this process is currently unfolding, and the changes that will take shape later this year.  

I'll also continue to provide the custom service I've been providing for years, as the top-producing broker of The Kellstrom-Ray Agency, Inc. since 2016, and as a top producer with other brokerages since 2004.  I've been a successful listing agent for over 20 years, and a successful Accredited Buyer Representative for nearly as long.  I'm happy to answer any questions you may have in regards to this topic.    If you're ready to list a Door County property, or buy a Door County property, please contact me today