The National Association of Realtors has clarified some details about a recent lawsuit settlement that will bring changes to the real estate industry.
There has been reporting that the NAR would eliminate the standard 6% sales commission, but that's not the case. Realtor Drew Griffin says commission rates have always been negotiable.
Instead, Griffin says the biggest change is that real estate agent compensations will no longer be allowed to be listed on multiple listing services. For homebuyers and sellers, Griffin believes that opens the door for more discussions about commission rates.Austin-based real estate groups react after National Association of Realtors axes standard commissions
Since these changes will not go into effect until July 2024, Griffin says realtors are still trying to figure out how this will impact the market and how people buy and sell real estate."So we're concerned that buyers might elect to be unrepresented during a purchase due to a lack of clarity around the fees," Griffin said.
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