Real Estate Commission Changes and Their Impact on Home Buyers and Sellers

Thursday, 28 March 2024, 00:11

The National Association of Realtors has agreed to make changes to how commissions are set and paid, potentially resulting in cheaper home prices. Currently, sellers pay a commission of 5-6% of the purchase price to agents. The resolution of a lawsuit and rewriting of rules are set to bring about more transparency in the real estate industry, with implications for both buyers and sellers. John Yang and Debra Kamin delve deeper into these changes in the real estate market.
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Real Estate Commission Changes and Their Impact on Home Buyers and Sellers

Real Estate Commission Changes

Buying and selling a home could get cheaper after the National Association of Realtors agreed to resolve a lawsuit and rewrite several rules that regulate how commissions are set, advertised, and paid.

Current Scenario

  • Sellers currently pay a commission of 5 or 6 percent of the purchase price to agents.
  • John Yang discusses more with New York Times real estate reporter Debra Kamin.

Expected Impact

  1. The changes aim to bring more transparency in the real estate industry.
  2. This could potentially lead to cheaper home prices for both buyers and sellers.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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