Judge Approves National Association of Realtors Settlement
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- čas přidán 25. 04. 2024
- If you're planning on buying a home, you could face a higher than expected bill. That's because a judge approved a settlement with the National Association of Realtors. With approval of the $148 million dollar anti-trust agreement, home sellers' agents will no longer be required to offer a 5% or 6% commission to homebuyers' agents. The changes are set to take place in July of this year.
This seems like the worst period.
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Sellers agents were never offering 5-6% to buyers agents. The default commission on a home sale was 6%, which the sellers agent would split 50/50 with the buyers agent, resulting in 3% each. Some agents would negotiate lower commissions down to 5% but were limited in how they could advertise that they offered lower rates by the NAR, which was part of the basis of this anti-trust suit in the first place. The idea that buyers will pay more now is also questionable, since that commission is ultimately paid by the buyer as part of the price of the house. It's possible house prices will stay the same, that sellers will pocket the extra 3% and that buyers will now have to pay their own agents a flat fee... but its also possible that sellers will sell for a few %% less and still pocket the same amount of money.
It's also questionable whether buyers agents should be paid on commission in the first place, as it incentivizes agents to steer their clients to the most expensive home, and to make the highest offer possible... since the agent gets paid more under the old system if you buy a more expensive house. It is not more work to buy a 600k house than a 300k house, so why does it cost the buyer twice as much to do so? A flat fee system will help with this as agents will no longer be incentivized for their clients to pay as much as possible.
This settlement is a good thing for people buying and selling homes. There will be some side-effects for sure, but the average buyer and seller will be better off.
Every day the middle class gets screwed more and more. Where's that French watermelon cutting machine?
Not only is this crazy. It’s insane how much realtors are making these days
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