Kirk Downing, a military family man, understands the struggles of home selling after relocating five times in twelve years. Following a New York Times story about Mike Chambers, who faced difficulties selling his home without a Realtor, many shared similar frustrations regarding high real estate commissions. A landmark settlement aimed at reforming commission structures has seen only a slight decrease in average rates. While some studies report a small decline, others indicate no significant change, with allegations that agents exploit loopholes to maintain the status quo, continuing challenges for sellers like Downing.
Mr. Downing was among hundreds of readers who wrote in the comments section... all sharing experiences of feeling forced to pay high real estate commissions.
The lawsuit rocked the industry and prompted economists to predict that the settlement would loosen the housing market, foster competition and eventually do away with the long-held standard of 5 to 6 percent.
One year on, average commissions have dipped by a small amount, with one study showing a reduction, on average, from 5.64 percent to 4.96 percent.
Sellers and buyers alike say that some agents are using loopholes to resist real change.
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