These changes help to further empower consumers with clarity and choice when buying and selling a home, even amidst fears from agents over potential reductions in commission.
Real estate agents are prohibited from disclosing compensation on more than one listing service, emphasizing the need for upfront discussions in buyer agreements.
With the NAR ruling, some experts predict that commissions could drop significantly, with estimates suggesting a potential decline of up to 30%.
Agents must now negotiate their rates with sellers directly, a shift from the previous model where a standard commission rate was the norm.
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