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This weekend will bring changes to home sales commissions


Starting this weekend, changes to realtor commissions will give home sellers more negotiating power. Realtors will no longer be able to offer compensation on multiple listing services (MLS), making it harder for buyers’ and sellers’ agents to negotiate fees. This follows a $418 million settlement with the National Association of Realtors in March, marking one of the biggest changes in the history of real estate.

With the MLS no longer a platform for negotiation, it remains unclear how commission costs will be covered. Sellers may negotiate fees down, potentially passing on savings to buyers or asking buyers to cover costs. To ensure transparency, agents must now enter into written agreements with buyers before showing a home.

The changes come amid a cooling U.S. housing market, with high home prices and mortgage rates leading to a decline in existing home sales. For first-time homebuyers, the possibility of being on the hook for commissions adds more potential costs, raising concerns about affordability.

While some worry about the financial burden on buyers, experts suggest that fees could decline further. Commissions for buyers’ agents have already been decreasing, and the new regulations should provide more transparency into how brokers are compensated.

Overall, the changes to realtor commissions aim to give homebuyers and sellers more control over negotiations and fees. The industry may see a shift towards more competitive pricing and increased awareness of options for commission payments.

Photo credit
www.nbcnews.com

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