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For decades, the NAR has required home sale listing brokers to provide an offer of compensation to a buyer’s agent up front. That usually comes out to about 6%, split between a seller’s broker ...
In a statement to CNN, an NAR spokesperson said it was “pleased that the Court has preliminarily approved the settlement because it is in the best interests of all parties and class members.”
The settlement, which is still subject to a judge’s approval, will eliminate the long-standing standard 6% commission paid by the seller. Those fees, however, are often baked into the listed ...
Buncombe County's median home sale price has increased by over 53% in the past few years, where 2023 ended with homes in the area settling at a median price of $485,000, according to reports ...
The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' long-standing commissions, commonly of up to 6% of the purchase price.
In the United States, most homes [1] are bought and sold using real estate agents affiliated with the National Association of Realtors (NAR), an industry lobbying group with over 1.5 million individual members. [2] NAR permits only its members to call themselves Realtors.
“Now you can hire an attorney for $1,500, instead of paying a $50,000 commission,” said Doug Miller, a real estate lawyer based in Minnesota who helped launch the actions that led to the NAR ...
This settlement means the NAR can no longer set any rules that would allow a seller’s agent to set compensation for a buyer’s agent. ... on commission fees and if MLS databases have been ...