Real estate fees settlement created 'a new competitive ballgame,' expert says. Here's what buyers, sellers need to know

Now, as a result of the settlement, the commission rates are officially removed from the MLS and home sellers are no longer obligated to offer commission for both the buyer and seller agents.

"Now, the buyer chooses how much the buyer's agent makes, the sellers choose how much the seller's agents make," Glenn Kelman, CEO of Redfin, told CNBC.

Any confusion around the new practices among agents and consumers will likely be temporary, said Kerry Melcher, head of real estate at Opendoor.

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