The settlement, which is still subject to a judge’s approval, will eliminate the long-standing standard 6% commission paid by the seller.
The NAR, which represents more than 1 million agents, declined to comment on whether home prices will fall as a result of the settlement.
For instance, listing agents will likely continue to tell sellers that their homes will be sold faster if they pay for the buyer’s agent’s fee.
That would increase how much they’re compensated since the total fee ends up getting split between listing agents and the buyer’s agents.
NAR settlement or not, factors such as housing inventory, mortgage rates and consumer savings rates will “play much larger roles,” said Brobeck.
Persons:
won’t, Kevin Sears, ”, Stephen Brobeck, ” Brobeck, “, ” Tomasz Piskorski, Piskorski
Organizations:
New, New York CNN, National Association of Realtors, NAR, Consumer Federation of America, CNN, Columbia University
Locations:
New York, Missouri