NAR Lawsuit Settlement: How will this settlement affect home buyers

Posted By Mark Fitzgerald @ Mar 20th 2024 6:15am In: Development

The recent landmark settlement reached by the National Association of Realtors (NAR) has significant implications for home buyers:

  1. Negotiations and Transparency:
    Under the settlement’s terms, negotiations between buyers and sellers might become more complex.
    Home sellers would pay smaller commissions, allowing them to keep more of the proceeds from sales.
    Buyers, not sellers, would decide how much buyer’s agents are paid.
  2. Shift in Power:
    The settlement empowers buyers to set their own agents’ pay.
    Buyers can now negotiate fees with their agents upfront, potentially leading to more transparent and personalized arrangements.
  3. Uncertainty:
    It’s uncertain how real estate markets will transition between now and mid-July when the settlement is due to go into effect.
    Buyers should stay informed about changes in commission structures and be prepared for potential adjustments in the home-buying process.

In summary, the NAR settlement represents a significant change for buyers, allowing them more control over agent compensation and potentially leading to a more transparent real estate market.

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