Sellers and buyers will now be able to negotiate commissions with their brokers.
The National Association of Realtors has agreed to pay $418M to settle a lawsuit and eliminate the customary 6% commission that sellers have to pay to their brokers.Instead, sellers and buyers will now be able to negotiate commissions."There's going to be increased competition, and it's basically shining a light on something that people thought they had no control over," said Uri Man, a real estate developer and licensed broker.
"The average home price in the United States is in the range of $420,000. That means the commission is in the range of $25,000 today," Man said. "That's going to be reduced by anywhere from $12,000 to $18,000. So, that just made buying a home in the United States more affordable.""Fees have been a bit rigid, and so it is about time we see more price competition on the fee side," said Dr.
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