Major Changes to Real Estate Commissions Set to Impact Homebuying Market – CNN报道

In a groundbreaking move, the National Association of Realtors (NAR) has agreed to end the standard 6% commission in home purchase transactions. This decision comes as a result of a settlement with groups of homesellers, who have long argued that the high commissions were artificially inflating housing prices.

The NAR, representing over 1 million Realtors, has also implemented new rules to further reduce costs for buyers and sellers. One key rule prohibits agents’ compensation from being included on listings placed on multiple listing services, aiming to promote fair competition and transparency in the industry. Another rule eliminates the requirement for brokers to subscribe to multiple listing services owned by NAR subsidiaries, giving more flexibility to real estate professionals.

As a result of these changes, real estate commissions are expected to fall by 25% to 50%, opening up opportunities for alternative models like flat-fee and discount brokerages. While this news has had a negative impact on shares of real estate firms like Zillow and Compass, homebuilder stocks have seen a rise.

The settlement, subject to a judge’s approval, is expected to bring sweeping reforms to the housing market, allowing for more competitive pricing and increased consumer choice. This marks the biggest change to the housing market in a century, according to experts.

While the future of the housing market remains uncertain, the settlement is seen as a step in the right direction towards a more fair and competitive real estate industry. The NAR’s decision to end the standard 6% commission could lead to a mass exodus of brokers, but also create opportunities for top performers to thrive in a more diverse market. Overall, this settlement is expected to benefit both consumers and real estate professionals alike.