The NAR settled a lawsuit which accused it of inflating agents' commissions. Future compensation will no longer be the typical 5-6% paid by sellers.
NAR's interim CEO noted that continuing the legal process would have hurt members and achieving a good outcome was crucial for their small businesses.
The full impact of the settlement on Realtors and buyers is still evolving, but one certainty is that buyers and sellers will pay their own agents.
The hope is that this increased transparency will empower buyers, possibly making it easier for them to negotiate fees.
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