New Tressa Rules: What You Need to Know

If you’re in the real estate game, you’ve probably heard of the Tressa rules that have come into effect in 2023. These changes are shaking up how properties are listed and how the bidding process works. Here’s a quick rundown of what you need to know to stay ahead of the game:

Coming Soon or Exclusive Listings Under Tighter Rules

Gone are the days when you could simply throw a sign on the lawn and wait for offers to come in. Coming soon and exclusive listings now have tighter regulations. If it’s not on MLS (Multiple Listing Service), you can still put a sign up, but as soon as you start promoting the property, you must get it on MLS within 3 days.

This is designed to level the playing field and ensure transparency in the market. No more sneakily testing the waters without public visibility.

Bidding Process Is Officially Open

Multiple offers are more common than ever, and now the bidding process is officially open. Whether you’re a buyer or a seller, bidding wars could become a standard part of your real estate journey. With more competition on the table, you’ll need to be strategic in how you handle offers, whether you’re negotiating or submitting them.

Expect to see more competitive offers and faster-paced deals.

No Major Changes to the Bidding Process (Yet)

For now, there aren’t any huge changes to how bidding itself works. That means no new rules regarding offer dates or the way offers are submitted.

But keep your eyes peeled. The market is always evolving, and more changes could be on the horizon.