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The National Association of Realtors (NAR) has implemented new rules following a $418 million settlement of claims that it conspired to keep broker commissions high. These changes, effective as of August 19, 2024, allow home buyers to determine what their agents are paid, potentially altering the dynamics of real estate transactions by putting downward pressure on costs. The new commission landscape emphasizes that real estate commissions are negotiable, and buyers need to negotiate their agent fees upfront. This shift could give sellers more negotiating power while requiring buyers to engage more actively in the process.
HOME SELLERS/BUYERS: Hopefully no one is paying 6% real estate commission to sell their home. Does anyone think 6% is fine? #narsettlement #realestate #homebuyer #homeseller Tips for Home Sellers and Buyers to Negotiate Lower Real Estate Commission: https://t.co/cEd6B3mK5H
Potential homesellers and homebuyers in Las Vegas can expect some big changes in how they interact with their real estate agent. Here’s what you need to know. https://t.co/wNdfUWUfvA
Flat-fee brokerage Homie is suing NAR and some legacy brokerages, alleging antitrust violations and anticompetitive practices https://t.co/qLBbDPsWye