Realtor Association Lawsuit Settlement Requires More Fee Transparency, Potentially Saving Home Buyers Billions
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The National Association of Realtors settled a lawsuit for $418 million that will require more transparency around commissions and fees. This could lower costs for buyers and sellers.
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Commissions may decrease from the average of 6% to around 4%, potentially saving consumers billions per year. But some argue quality of service may suffer.
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Home prices are not expected to decrease, but the costs of purchasing homes may shift more to buyers. This could make it harder for some first-time buyers.
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More people may choose to buy or sell homes without agent assistance. But most will still use agents due to the complexity.
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Some real estate agents may leave the National Association or struggle with the changes. But top performers are expected to thrive under a more competitive system.