Rate SVP of mortgage lending Jennifer Beeston joins Alexandra Canal on Wealth! to discuss new regulations impacting buyer-broker agreements and the state of the housing market as it struggles through inventory issues.

New rules concerning buyer-broker agreements took effect in August, making brokers' fees negotiable. Beeston explains that this new rule eliminates stress for buyers who are already contending with high home prices alongside down payments and closing costs.

She explains, "What I'm seeing across the country is that real estate agents can negotiate with the seller for their commission. Will you get every house? No, but you're not necessarily going to get every house anyways. It depends on what you offer. It all comes down to the net price."

With this factor at play, Beeston urges home buyers to shop around and interview agents, as well as negotiate, to ensure they're getting the best deal.

As the housing market continues to be rocked by a supply shortage, Beeston emphasizes the importance of supporting builders. She points to better supply in Texas, a state that is very pro-builder compared to the competitive market seen in New Jersey.

"Realistically, you need two things; you need Americans to be able to buy houses before corporations, and then you also do need to have, in areas where there has been restrictions on building, you do need some building," she say, also praising the concept of turning empty office spaces into housing and explaining that more work needs to be done to get increased supply on the market.

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This post was written by Melanie Riehl