Navigating New Real Estate Rules with Christy Lundby Hill: What Home Buyers and Sellers Need to Know

At HastingsNow.com, we recently had the pleasure of speaking with Christy Lundby Hill, a seasoned real estate expert with over 30 years of experience, and a key member of the Lundby Hill Team at Edina Realty. With the ever-changing landscape of real estate, Christy shared valuable insights into the latest industry regulations and how they affect both buyers and sellers in today’s housing market.

Understanding the New Regulations

One of the biggest changes in real estate recently is the requirement for a written agreement between buyers and realtors before viewing homes. As Christy explained, this change, which applies nationwide, ensures that buyers are aware of their relationship with their realtor. The days of casually calling a realtor to show a house without formal agreements are over.

“I had a buyer reach out after seeing one of our listings online,” Christy shared. “When I explained that we now need a signed agreement before showing any property, she was surprised. Many buyers still aren’t familiar with this new rule. I told her, ‘If I show you this house, we’ll need to have an agreement that you’ll go through me if you decide to buy it.’”

While this can be a new adjustment for many buyers, Christy emphasizes the importance of transparency: “I try to explain things clearly. Some realtors might not always be upfront about these changes, but it’s critical for buyers to understand the process before moving forward.”

How This Affects Buyers and Sellers

For sellers, the changes in real estate commissions are another crucial factor. Christy points out that while most sellers (97%) still pay the buyer’s agent commission, there’s a small percentage that opts out. However, homes that don’t offer this commission often sit on the market longer, only to later change tactics and offer the commission to entice buyer agents to show their properties.

“This hasn’t drastically changed the real estate process yet, but it’s important for buyers to understand that they should have their agent show them the house if they want to be represented,” Christy explains. “If you call directly on a house, be sure you’re clear on who’s representing you.”

Buyer Caution: Don’t Get Stuck with the Wrong Realtor

Christy also shared a cautionary tale for buyers who may find themselves tied to a realtor unintentionally. One of her past clients nearly signed an agreement with another agent that would’ve locked them into working with that agent, even if they didn’t buy the specific house they were interested in.

“I always tell buyers to make sure the agreement is just for the property they’re looking at,” Christy advised. “Some agents may use these new rules to their advantage, so it’s vital to review any paperwork before signing.”

Her best advice? Take your time, interview multiple agents, and be clear on who you want to work with before committing.

Buying and Selling at the Same Time: A Balancing Act

Christy also touched on one of the biggest challenges many homeowners face: buying and selling at the same time. While some buyers might feel tempted to fall in love with a house during an open house or an impulsive showing, Christy recommends taking a step back to make a logical plan.

“People need to understand that contingent offers—where you buy a new house contingent on selling your current one—often put you at a disadvantage,” Christy explained. “The most desirable homes that sell quickly aren’t likely to accept contingent offers. You’re better off selling your current home first or preparing to make a non-contingent offer.”

Her advice for navigating this complex process is to sit down with a trusted realtor who can help map out a strategy and understand the options available, whether it’s selling first, buying first, or considering contingent offers.

Final Tips: Ask the Experts

Christy’s final advice to buyers and sellers is simple: don’t go it alone. “A lot of people think they can just jump into buying or selling without talking to a realtor first, but this is the largest financial decision most people make in their lifetime,” she said. “It’s essential to sit down with a realtor, ask questions, and get advice on everything from the process to finding a trusted loan officer.”

At the end of the day, real estate is complicated, but with the right guidance, it doesn’t have to be overwhelming. As Christy noted, “We’re here to help, whether you’re buying, selling, or both. Don’t be afraid to reach out to a realtor you trust and make sure you’re well-informed before making any decisions.”

If you’re looking for a trusted local realtor, Christy Lundby Hill is ready to help you navigate your real estate journey. You can contact her directly at (651) 216-4676 or via email at ChristyHill@edinarealty.com.

Learn more about the Lundby Hill team and their commitment to guiding buyers and sellers through the ever-evolving real estate process at Building Dreams in Hastings.