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Real Estate Commission Rules Overhaul Announced

A landmark settlement could reshape how real estate agents are paid, aiming to increase market transparency and competition.

In an aerial view, homes sit on lots in a residential neighborhood on March 15, 2024, in Miami, Florida. The National Association of Realtors announced that it had reached a nationwide settlement of claims that the industry had conspired to keep agent commissions high. As part of the settlement, the National Association of Realtors did not admit wrongdoing but agreed to pay $418 million over the next four years.
Max Besbris
Single family homes in a residential neighborhood in San Marcos, Texas, US, on Tuesday, March 12, 2024. The National Association of Realtors is scheduled to release existing homes sales figures on March 21. Photographer: Jordan Vonderhaar/Bloomberg via Getty Images

Overview

  • The National Association of Realtors agreed to significant changes in commission rules, potentially shifting costs directly to homebuyers.
  • Homebuyers might need to negotiate agent fees directly, a move that could increase out-of-pocket expenses.
  • The settlement aims to foster price competition among agents and could lead to savings for sellers.
  • Real estate industry faces a period of adjustment as it navigates the implications of the new rules.
  • Experts predict a mix of outcomes, with potential for both increased costs for buyers and savings for sellers.