Curious about the Real Estate Commision Ruling?
Are you aware of the settlement reached by the National Association of Realtors (NAR) in a class action lawsuit last week? This settlement could potentially have significant implications for the real estate market, particularly in regions with high property prices, like ours. The lawsuit alleged that NAR's rules and practices regarding the sharing of commission between buyers' and sellers' agents stifled competition and inflated housing costs. As part of the settlement, NAR agreed to make changes to its rules and practices, including allowing greater transparency in commission rates and providing more information to consumers. In high-priced regions like ours, where housing costs are already a concern for many buyers and sellers, any changes resulting from this settlement could have notable effects. Greater transparency in commission rates might lead to increased competition among real estate agents and potentially lower costs for consumers. However, it's e...