The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement

[Hitman]

CNN — 

The 6% commission, a standard in home purchase transactions, is no more.

In a sweeping move expected to dramatically reduce the cost of buying and selling a home, the National Association of Realtors announced Friday a settlement with groups of homesellers, agreeing to end landmark antitrust lawsuits by paying $418 million in damages and eliminating rules on commissions.

The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prohibits agents’ compensation from being included on listings placed on local centralized listing portals known as multiple listing services, which critics say led brokers to push more expensive properties on customers. Another ends requirements that brokers subscribe to multiple listing services — many of which are owned by NAR subsidiaries — where homes are given a wide viewing in a local market. Another new rule will require buyers’ brokers to enter into written agreements with their buyers.

[Hitman]

Settlement could lead to lower homebuying costs

Homesellers who brought lawsuits against the NAR have argued that in a competitive market, the cost of the buyer’s agent’s commission should be paid by the buyer who received the service, not by the seller. The sellers who brought the lawsuit against the NAR and the brokerages said that buyers should be able to negotiate the fee with their agent, and that the sellers should not be on the hook for paying it.

This settlement, which is subject to a judge’s approval, opens the door to a more competitive housing market. Realtors could now compete on commissions, allowing for prospective buyers to shop around on rates before they commit to buying a home. Brokers could begin to advertise their fees, allowing customers to choose lower-cost agents. The NAR, in its announcement, did not set a suggested fee.

This marks the biggest change to the housing market in a century, said Norm Miller, professor emeritus of real estate at the University of San Diego.

“I’ve been waiting 50 years for this,” @Sonu_Patel said. 

[Anta Assamey]

So mari ippudu Broker gadiki paisal ela vastayi...

[ranam_007]

asalo enta istaaru janalaki enta vastayi

[Hitman]

1 minute ago, Anta Assamey said:

So mari ippudu Broker gadiki paisal ela vastayi...

THis doesnt effect mana desis.  మన దేశీ లు ఇచ్చేది ఏంటా? anysize house $1000 కదా?

[Hitman]

1 minute ago, ranam_007 said:

asalo enta istaaru janalaki enta vastayi

Florida lo 6% (seller pays). 3% goes to Seller agent, 3% goes to buyer agent

[Hitman]

1 minute ago, ranam_007 said:

asalo enta istaaru janalaki enta vastayi

Deis $1000 thats alll

[maverick19]

5 minutes ago, Anta Assamey said:

So mari ippudu Broker gadiki paisal ela vastayi...

they will get their fees. but seller is not going to pay for it entirely is the rule. 

[Bulls_Rose]

39 minutes ago, Hitman said:

Florida lo 6% (seller pays). 3% goes to Seller agent, 3% goes to buyer agent

Florida endi edi ekkadina common gaa

[Bulls_Rose]

39 minutes ago, Hitman said:

Deis $1000 thats alll

1000 aha eda anna dallasupuram lo na 

[hydusguy]

4 hours ago, Hitman said:

THis doesnt effect mana desis.  మన దేశీ లు ఇచ్చేది ఏంటా? anysize house $1000 కదా?

1116..

[ARYA]

This will drive home prices higher