What you need to know about the National Association of Realtors settlement.
to settle litigation that accused the real estate group of artificially inflating real estate commissions — a blockbuster decision that could fundamentally reshape the housing market for buyers, sellers and agents.The real estate group, which represents 1.5 million real estate agents around the country, said it will pay $418 million over four years to settle several cases. Crucially, the settlement would do away with a fixture of the housing market: the 6 percent sales commission.
The deal could also spur more buyers to avoid using agents altogether, or become more choosy with how much they pay in commissions. For example, they might decide to hire agents for fewer services, and therefore pay less.Hundreds of thousands of agents also may decide to leave the industry as a result. Some estimates suggest that 1 million agents could leave the field.
Economists are expecting prices to ease as thousands of new homes finish construction and become available later this year. The idea is for the supply of new homes to catch up with demand, helping prices settle.
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