NAR Settlement Real Estate Changes.

Real Estate Changes will be happening due to the NAR Settlement. Under the terms of the agreement NAR will pay $418 million over approximately four years. Much more on this topic can be read here: National Association of REALTORS® Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers. Real estate professionals should be interested in the settlement fact sheet.

Main reason we are creating this post so that people know they should negotiate real estate commission if anyone is selling a home. Remember real estate agents are in sales. They get paid when a house is sold or when a house is purchased. When you meet real estate agents they all seem to be great. We started reading comments on Facebook by real estate professionals regarding the NAR settlement. This allowed us to see what real estate professionals think when clients aren’t around. We started providing comments and questions to real estate professionals and it got even more interesting. We want people to know they should negotiate real estate commissions. We believe 4% is adequate. Possibly 1.5% to the listing agent and 2.5% to the buying agent. If it is an expensive home maybe go down to 3% total. Does anyone believe the listing agent does the same amount of work as buying agents? Understand your market before negotiating with a realtor. Don’t rely on just one realtor to tell you about the market. Do your own research. Don’t believe just one person. Don’t believe us as well. The more you know the more you can save. Here is a wide variety of comments from real estate professionals on a Facebook post. You will see we had quite a few comments and questions. As you can see they all say commission is negotiable so don’t be afraid to negotiate. Facebook comments on the post: Listing your home in the spring used to be a no-brainer. But a major real estate shakeup is complicating the equation.

How the realtor’s commission settlement will change real estate. Under 2 minutes.

Home buying might be cheaper for millions soon as realtor association settles lawsuits. 3.5 minute video.

Real Estate JUST Changed FOREVER: Realtor Commission Settlement.

Real Estate Quotes

“It may take some time for the changes to impact the marketplace, but our hope and expectation is that this will put a downward pressure on the cost of hiring a real estate broker.” ~Robby Braun
“The real solution is for the industry to work to remove regulatory barriers that make it difficult for buyers to include this compensation in their mortgages.” ~Stephen Brobeck
“NAR and plaintiffs have reached a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The settlement is subject to court approval.” NAR Settlement Fact Sheet.
“For years, anticompetitive rules in the real estate industry have financially harmed millions of Americans.” ~Benjamin D. Brown