03/15/2024
I am deeply concerned about the fallout from the lawsuit against N.A.R. (National Association of Realtors).The decision to change the commission structure in real estate so that now sellers only pay their own agent, is incredibly short-sighted. The claimants even went as far as to say that this lawsuit deciison will bring down home prices, which is ludicrous and further suggests they don't know how the industry or market works.
The only thing they have accomplished is open up the industry to bad actors to flourish by charging home buyers (especially first time buyers) more. It removes transparency, it doesn't increase it. You shouldn't be on your own and as a first time buyer with tight funds, you shouldn't have to worry about how to also pay for representation in a negotiation for purchase.
Maybe I'm cynical but I think Human nature dictates that prices will remain unchanged and sellers will simply pocket an additional 2--3% instead of offering it to buying agents who bring in qualified buyers. Good for sellers, not so great for buyers or their agents, who do a lot of hard work and fight hard for their clients.
The National Association of Realtors will pay $418 million in damages and will amend several rules that housing experts say will drive down housing costs.