The settlement, which still must receiver court approval, could mark a major change in the housing market. Today, sellers typically pay a 5% to 6% commission when they sell their homes, with half of that going to the listing agent and half to the buyer's agent.
Under an existing Realtor rule, listing agents must make an offer of compensation to buyer agents in order to list homes on multiple listings services, or the MLS. This rule, according to lawsuits filed against the Realtors, reduced competition and kept commission rates artificially high.
#real-estate #national-association-of-realtors #commission-rules #competition-allegations #consumer-costs
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