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Casual House Hunting Is Changing - Business InsiderMenu iconSearch iconBusiness Insider logoBusiness Insider logoAccount iconClose iconChevron iconAccount iconShare iconFacebook IconEmail iconTwitter iconLinkedIn iconLink iconlighning bolt iconSave Article IconClose icon

Casual House Hunting Is Changing - Business InsiderMenu iconSearch iconBusiness Insider logoBusiness Insider logoAccount iconClose iconChevron iconAccount iconShare iconFacebook IconEmail iconTwitter iconLinkedIn iconLink iconlighning bolt iconSave Article IconClose icon

Welcome back! Dan's still on PTO, so you're stuck with me for the day. If that's worsened your case of the Monday blues, daydreaming about moving to Italy to run an olive farm, like this couple did, might help.

In today's big story, we're talking about how house hunting is changing. A lot.

What's on deck:

But first, change is a good thing. Right?

If this was forwarded to you, sign up here.

The big story

As of Saturday, the days of casual house hunting are no more.

Before this weekend, if you were on the market for a new house, a Realtor friend might have been willing to show you a few homes; no stress, no strings attached.

Things are going to look a lot different now, writes Business Insider's James Rodriguez.

Before you begin working with a Realtor, they'll probably ask you to sign a buyer-representation agreement that will outline the terms of their service and how much they expect to be paid.

These sorts of contracts used to be optional, but due to rule changes by the National Association of Realtors, the agreements are now mandatory in almost all cases.

The new rule is part of a sweeping legal settlement, James writes, and promises to fundamentally change the housing market.

Buyers could find themselves legally bound to a clumsy agent. Agents could struggle to get potential clients to work with them. One thing's certain: The age of casual house hunting is over.

The new rule makes home buying more complicated. But there's good news: It could also save you a lot of money.

Searching for and buying a home has never been an altogether pleasant experience. The path to homeownership has long been paved with confusing rules, challenging agents, and high expenses.

The new rule might feel like it would add to the complication, but it does have some upsides, James writes. Buyers may be more likely to vet their agents before choosing one, and many could negotiate with their agent to get a better deal.

Plus, buyers who don't like the thought of paying their agent out of pocket will likely be able to find workarounds.

So while casual house hunting may be a thing of the past, if a homebuyer puts in a little bit of diligence, it may end up being a big win in the long run.

News brief

The Insider Today team: Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

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