Posted 4/2/2024, 3:50:00 PM
Proposed Settlement Could Shake Up Real Estate Industry, Lowering Commissions and Hurting Buyers
- Settlement could reduce real estate commissions by 30%, benefiting sellers but hurting buyers
- With tight supply, sellers have advantage - prices haven't dropped and homes selling quickly
- Buyers are losers - now paying 2% commission could mean $20k extra on $1M home purchase
- Lower commissions mean lower incomes for real estate agents and brokers
- Settlement still needs approval and would take effect this summer, with industry needing time to adapt