Realtor commission Lawsuit verdict | NAR Lawsuit update 2023 | National Association of REALTORs

The verdict is in for the lawsuit about real estate commissions. What does it mean for homebuyers? In this video, I give an update of what is going on with the lawsuit against the NAR (National Association of Realtors) in 2023. The lawyers who brought this case against the NAR say it will save homebuyers money on Realtor commissions, but there are some unintended negative consequences for homebuyers that I will talk about. I will also answer questions such as what is the commission for a real estate agent, is co-operative compensation price fixing and what does the lawsuit ruling mean for homebuyers.
Watch to find out more!
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Parker C. Smith REALTOR
Marshall Berch REALTORS at BOLST
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[@movingtoatlantaga]

Call/Text/WhatsApp: [phone]
[e-mail]
www.MovingToAtlanta.net

[@heatherhurry1011]

Smart and strategic video!

[@movingtoatlantaga]

Thanks for watching. I really appreciate it.

[@danielwolk3576]

you'll see "by owner" and transactional broker relationships take over. Im in process of getting my license and i think this is going to be the most profitable road ahead.

[@movingtoatlantaga]

The problem with by owner is that you can't create any value other than listing the house on MLS and then changing the status to closed at the end. Selling a home is unlike any other transaction you engage in life. People need help with that. Most people instinctively understand this and hire an agent. Some people think they can DIY and find out the hard way how difficult it is. If you are getting a license only to do data entry into FMLS, there isn't much value to the consumers, and won't be much profit to you.

[@joser.nevarez8650]

Good luck with that. Most buyers barely have the money for the closing. If on top of that they have to come up with with the agent's commission, sales will stop for a while and only wealthy buyers will be able to buy. And a lot of sellers' agents already don't even answer calls. So I can't imagine how it would be if the seller's agent will also have to qualify every buyer that comes along. Unless they qualify every buyer before showing, they are going to waste a lot of time and gas on dead ends. And this will also not solve the problem of rising home prices. One of the things that happened in Florida are out of state buyers in cash coming without agent. They come from NY, they see a 2 bedroom home with a pool for $500k and they go, wow, $500k is a studio in NY. So they put an offer thinking they got a bargain and they don't have an agent to tell them that the comps in the area are lower. Since there is no appraisal, the sale goes, and now the next neighbor will want $550k when they sell. So this is not going to lower the inflation of home prices. Higher interests do a better job at that. First time homebuyers will also suffer the most. They will be duped by the seller's agent, because the seller's buyer is going to have loyalty to the seller, not the buyer.

[@movingtoatlantaga]

Thanks for your thoughtful reply. For buyers, it really comes down to having someone on your side who is looking after your interests. I can't tell you how many times I've gotten a buyer a significant discount on a house because I know how to look for flaws and negotiate repairs and/or price reductions. Cash buyers did quite a lot to blow up ATL prices as well. Back in 2021, we were seeing 1-2% increases every month based on a huge volume of cash buyers. And the second those transactions closed, they became the "new normal" as comps in those neighborhoods. Between this lawsuit and the bonehead sub-3% interest rates and the Blackrock feeding frenzy there are some very dark clouds on the horizon for Americans who want to buy a home and live the dream. Thanks again for your reply.

[@samanthacrona]

*promo sm*

[@robertkassheimer5422]

The buyers agent could just ask their client the buyer for the fee to pay them. Very easy... The buyers agents need to show their clients their value and then ask to be paid by them for their service

[@movingtoatlantaga]

Yes, theoretically, and that does already happen in some circumstances. However, it will definitely put pressure on buyers, especially first time buyers, in this high interest rate environment.

[@damienrockstarthholyonofg3103]

Best video I've seen that really unpacks this ordeal. I think this lawsuit is only aimed at the seller remorse of not reading or understanding a good contract and the jury probably has no idea what it takes to sell or buy a home. You tell someone that if he loses in court he has to pay the other attorney, and THEY WILL STILL WANT A LAWYER. Representing yourself in a home purchase is SHOOTING YOURSELF IN THE KNEE CAPS.

[@movingtoatlantaga]

So true. People don't know what they don't know until it's all too late and the mistakes are very expensive to correct. I tell every home buyer "get the sewer scope!" and I can't tell you how many times I've gotten my buyers new drain lines with their home purchase. That alone can be a $7-10K value. The goal of the listing agent is to max the price and the net to their seller. They aren't going to tell an unrepresented buyer "hey, be sure to check the sewer lines! That's a very expensive repair!"