Rule Change On Real Estate Commissions Will Be A Great Thing For Homebuyers!

The NAR (National Association of Realtors) agreed to pay 418 m in damages after a jury found they had conspired to artificially inflate commissions.
This is set to usher in the most sweeping reforms for American real estate in a century.
In this video, we will discuss this ruling and look at the implications for the housing market for both buyers and sellers.
When you go to sell a home, the traditional game is that you would expect to pay about 6% in fees. You would typically pay 3% to the selling agent and 3% to the buying agent
And as a buyer - your agent would be heavily incentivized to only show you homes that gave him or her a full commission. If an agent saw a home was giving a smaller commission - they would be more likely to not show the home.
Once approved by a Federal judge, this all goes away. Sellers will no longer have to make a compensation proposal to buyers and their agents.
Overall, the goal is that selling a home will cost a lot less and be more in line with how it works in other parts of the world. And this will be a great thing for homebuyers.