Posted 3/24/2024, 12:00:00 PM
Settlement Increases Home Buying Transparency, Allows Lower Cost Alternatives to Buyer's Agents
- Settlement requires buyers sign contract with broker outlining services and fees, increasing transparency on true costs
- Buyers can now hire attorney or other professional instead of buyer's agent, likely at lower cost
- Settlement bans sellers advertising commission for buyer's agents on MLS
- Greater transparency expected to increase competition and lower commissions over time
- Settlement likely to thin ranks of less qualified buyer's agents who took advantage of pandemic housing boom
