Recent lawsuit settlements are expected to bring major changes to the residential real estate market, with some seeing this as a historic development.
FOX 9 reported Friday that the National Association of Realtors (NAR): Said The group plans to pay $418 million in damages and eliminate fee provisions to resolve the antitrust class action lawsuit, but the move still needs a judge’s approval.
Lawyer Marisa Katz told the outlet that this is an exciting development that will bring about a major change in the way real estate brokers are compensated.
Currently, sellers pay a 5% to 6% commission to real estate agents, who then share it with the buyer’s agent.
But the report goes on to say, “Critics say the policy keeps fees artificially high.” Katz explained that while buyers will still be paying an agent, both buyers and sellers will be able to determine the commission amount with the agent, potentially negotiating a better deal.
Greg Lawrence, owner of real estate company Home Avenue, is all for the idea.
“I think this is a historic moment for the industry. I think this is a huge benefit for consumers and I’m in favor of it 100%,” he commented, adding that changes like this will reduce housing costs. , said he believes it will help people save money.
Meanwhile, Fox 11 offered A theoretical simplification of a problem.
“Sellers of $1 million homes could save more than $20,000 by not having to pay an agent 3%,” the outlet said.
According to CBS News, people across the country reported: paid Real estate commissions in 2023 will be $100 billion.
“This change comes after home sellers say the industry group’s rules for homes listed for sale on multiple listing services (MLS) unfairly raise brokerage fees. This was done in response to a complaint filed by the government,” the newspaper explained.
Robbie Brown, an attorney for home sellers in a federal case in Chicago, recently told The Associated Press: Pressure on the cost of hiring a real estate agent. ”
