In the U.S. housing market, conventional real estate commissions typically range from 5% to 6%, imposed on sellers and split between agents. However, this system has come under fire following a lawsuit settlement by the National Association of Realtors, enabling potential changes in agent compensation. Homebuyer Jim Xiao, frustrated by high fees and the inflexibility of traditional commission models, successfully negotiated lower rates for his transactions, thereby highlighting a shift towards more affordable and flexible arrangements in real estate dealings.
"The higher the price, the more money they make. That just seems totally backwards. Your agent should be representing you and trying to help you get the best deal possible."
"It seemed like the realtor fees had always been essentially an expected, fixed amount. When you tried to negotiate, you were basically just told, nope, that's our rate."
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