03/17/2024
Don't buy into media hype. Real estate commissions have ALWAYS been negotiable. What is changing is how commissions are to be negotiated and how they are to be paid in the future if NAR's response is accepted by the courts. There are positive and negative aspects to this change. However, this has a very real possibility of further limiting buyer's without financial resources' ability to purchase a home and/or preventing them from having representation for the purchase. In less affluent states like New Mexico this could have a devastating effect for lower income buyers.
The 6% commission, a standard in home purchase transactions, is no more.