NAR announced Friday that the powerful real estate agent group has agreed to pay an amount to settle several lawsuits from home sellers. Home sellers had argued that NAR’s fee rules forced them to pay. excessive feesaccording to the New York Times.
“NAR has worked for many years to resolve this litigation in a manner that benefits our members and American consumers.” Nikia Wrightsaid NAR’s interim CEO in a statement. “It has always been our goal to preserve consumer choice and protect our members as much as possible. This settlement accomplishes both of those goals.”
“Continues to do so,” NAR said. deny any wrongdoing” related to the reward sharing system and said that broker reward offers “remain an option that consumers can pursue” outside of that system.
“Providing compensation makes professional representation more available, reduces the cost of securing these services for homebuyers, increases fair housing opportunities, and increases the pool of potential buyers for sellers.” ”, the association claimed.
Changes to the compensation sharing system under this proposed settlement will likely lead to the following situations: significant decrease Commission on home sales.
Fee reductions could ultimately help lower profits housing pricesIt has skyrocketed since the pandemic began four years ago.
The Hill’s Julia Chapero has more here.
