Real estate commissions could be lowered by 30% under a landmark court settlement: Industry experts say it will bring down home prices nationwide.
The National Association of Realtors announced a court settlement Friday that would bring major changes to home sales – and savings to home sellers nationwide. The trade group, which has long set the standard for real estate practices, has agreed to settle numerous lawsuits by paying $418 million in damages and getting rid of its rules on commissions. Industry experts told The New York Times that the settlement "will blow up the market and would force a new business model.
"NAR exists to serve our members and American consumers, and while the settlement comes at a significant cost, we believe the benefits it will provide to our industry are worth the cost," the trade group said in a post on X, formerly Twitter. NAR said its agents who list a home for sale on a Multiple Listing Service, or MLS, will no longer be allowed to use the service to offer to pay a commission to agents that represent potential homebuyers.
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.
Sunny Day Real Estate’s Dan Hoerner on 30 Years of DiaryGuitarist Dan Hoerner discusses the emo originators’ modus operandi
Read more »
Realtors' group settles lawsuit over home sale commission feesThe landmark deal could clear the way for widespread changes in how Americans buy and sell homes.
Read more »
30+ Free-Spirited Names for Boho BabiesThe boho aesthetic prizes individualism, creativity, and a wanderlust vibe — and these beautiful baby names are a natural fit.
Read more »
Save 30% on the absolutely massive Lego Marvel HulkbusterKim is a Yorkshire-based freelance writer who focuses on Lego and video game-related content. She's the co-creator of GameSpew.com and ThatBrickSite.com, where you'll find most of her work. If she's not building with plastic bricks, playing a video game, or writing about doing either of those things, you should probably check she's still breathing.
Read more »
Neighbors rally behind Utah Highway Patrol trooper who survived 30-foot fall from bridgeOutstanding officer, neighbor, and family man—that’s what neighbors call Utah State Patrol Trooper Steve Myer. Myer was seriously injured after falling off a br
Read more »