The National Association of Realtors has reached a settlement in response to lawsuits claiming homeowners have been unfairly charged inflated commissions. The settlement is expected to result in lower commissions and potentially lower home prices.
The National Association of Realtors announced a settlement on Friday that eliminated its rules on sales commissions . The settlement is in response to multiple lawsuits claiming homeowners have been unfairly forced to pay artificially inflated commissions to Realtors when they sold homes. Experts say the settlement will likely lead to lower commissions – and, thus, lower sales costs – but it's not yet clear how much.
The typical commission on the sale of a home is 6%, which pays agents for the effort to list and show homes. The fee is usually paid by the seller of the home, and is sometimes split between the seller’s agent and the buyer's agent. Of course, no agent is going to work for free, but the new rules will make it easier for buyers and sellers to negotiate commissions, likely leading to a reduction in costs. According to the New York Times, economists estimate that commissions could be reduced by 30 percent, which should be reflected in lower home prices
National Association Of Realtors Settlement Sales Commissions Lawsuits Homeowners Inflated Commissions Lower Commissions Lower Sales Costs Negotiation Home Prices
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