The settlement with the Realtors' association ended guaranteed commissions but could impose new costs on buyers already struggling to break into the market.
The settlement reached by the National Association of Realtors over real estate agent commissions could end up hurting an already beleaguered group: homebuyers.
Furthermore, experts are skeptical that the change will do much to abate America’s housing crisis. Squeezed by a lack of inventory, buyers could be further burdened having to pay agent commissions on top of hefty down payments required in today’s elevated price environment.Under the longstanding system, homeowners looking to list their property are typically liable for both seller and buyer commissions.
A home sits for sale in Huntington Beach, Calif. The National Association of Realtors on Friday said it will make changes to its commission rules to settle allegations the requirements stifled competition. Experts are skeptical that the elimination of guaranteed commissions will be reflected in listing prices. Economic factors like supply and demand are what’s keeping homes expensive.
Flat-fee or discount brokerage services may also become more popular, Wedge said. Buyers could hire agents to advise on complicated transactions or draft contracts, but schedule their own showing appointments and research neighborhoods themselves.Homeowners, especially ones in expensive areas, could benefit further from the injection of more competition.
Top real-estate CEO sees decades of housing pain ahead: ‘What the Fed did will have a 30-year tail on it’ U.S. home buyers who have had to deal with soaring home prices in recent years might soon see things go in a different direction following a lawsuit settlement that could cut out-of-pocket costs by...
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Realtors criticize Calgary upzoning moveCalgary Real Estate Board release a statement in opposition to ‘blanket upzoning’ citing concerns such as parking, community character and property depreciation
Read more »
Homeowners, realtors should take steps to protect against title fraud: expertsExperts say title and mortgage fraud are fast growing in Canada and homeowners should take steps to protect their properties — and their identities.
Read more »
Homeowners, realtors should take steps to protect against title fraud, say expertsIssue gained attention in 2023 amid Toronto police investigations in which two homes were allegedly listed for sale without the owners’ knowledge
Read more »
Homeowners, realtors should take steps to protect against title fraud: expertsIt's been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you're in default and now owe money comes as a shock.
Read more »
Homeowners, realtors should take steps to protect against title fraud: expertsTitle fraud refers to when the ownership or title of a property is fraudulently changed or documents are forged to allow a fraudster to illegally sell or refinance the property.
Read more »
Homeowners, realtors should take steps to protect against title fraud: expertsIt's been years since you finished paying off your mortgage, so the letter in the mail from a bank saying you're in default and now owe money comes as a shock.
Read more »