A RUDE Awakening Of The End of 6% Real Estate Commissions

If you wanted to buy or sell a house, a significant fee was involved, typically around 6% of the house's price, split between both sides of the real estate transaction. However, that's changing. In November, the housing market was shaken by a $1.87 billion lawsuit. The National Association of Realtors (NAR), representing over a million real estate agents, decided to settle multiple lawsuits by agreeing to pay $418 million and implement changes to reduce these high fees. They will no longer require agent fees to be listed on house listings, theoretically making buying and selling houses cheaper. This change could potentially lower real estate agent fees by 25% to 50%, allowing various services that assist with buying and selling houses to compete more effectively. As a result, houses could become more affordable for everyone. Many people are excited about the prospect of new, more cost-effective methods for buying and selling houses, benefiting both buyers and sellers.
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