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How real estate brokerage ruling could impact home buyers and sellers
Hello Everyone,
Here is a great read regarding Agent fees & commission caps for new buyers that you should start seeing in the near future !
This post from CBS news could be a HUGE interest to you. this is a MAJOR INSIGHT on what the Industry could come in contact with in the coming months~
” Experts said this week’s legal verdict that the powerful National Association of Realtors (NAR) and several large brokerages conspired to inflate home commissions could eventually reduce real estate agents’ fees and, crucially, lower costs for home buyers and sellers. At a minimum, the jury ruling will likely lead to greater transparency, long a source of confusion and frustration for consumers about where their money goes in real estate transactions.
The vast majority — or nearly 90% — of U.S. homes are bought and sold through real estate agents affiliated with NAR. The organization, the country’s largest trade association, requires home sellers to offer a non-negotiable commission before listing homes on its property database, known as the Multiple Listing Service, or MLS, which feeds into real estate sites such as Zillow. Paid by the home seller to their agent as well as the buyer’s agent, the commission currently stands at around 5% to 6% of a home’s sale price. “
Please read & let me know …
What is your thoughts on this?
Is this a positive or negative impact on you personally?
<b style=”color: var(–bb-body-text-color); font-family: inherit; font-size: inherit;”>Were all getting ready for next year and hoping and wishing for the market to ease with inflation ASAP – Will this be a huge factor/reason for buyers to get back into the market? I think so, especially with the closing costs we have all been seeing ” Lately ” ( for a while now ) on your borrowers to get deals done, I<b style=”color: var(–bb-body-text-color); font-family: inherit; font-size: inherit;”> think this will open up a chunk of the buyers market that we haven’t<b style=”color: var(–bb-body-text-color); font-family: inherit; font-size: inherit;”> seen in a while.<b style=”background-color: transparent; font-family: inherit; font-size: inherit; color: var(–bb-body-text-color);”>
<b style=”background-color: transparent; font-family: inherit; font-size: inherit; color: var(–bb-body-text-color);”>Honestly, from an Account Executives point of view, Closing costs kill deals just as much as rates can ~
https://www.cbsnews.com/news/nar-lawsuit-verdict-real-estate-agent-commissions/
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3 Replies
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<div>Not sure why my prompt came out with codes, but here is my last statement~</div>
****Were all getting ready for next year and hoping and wishing for the market to ease with inflation ASAP – Will this be a huge factor/reason for buyers to get back into the market? I think so, especially with the closing costs we have all been seeing ” Lately ” ( for a while now ) on your borrowers to get deals done, I think this will open up a chunk of the buyers market that we haven’t seen in a while.***
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**Honestly, from an Account Executives point of view, Closing costs kill deals just as much as rates can ~
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Wow. Very informative article Cameron. Thanks for sharing