Realtors agree to axe 6% commissions in NAR lawsuit settlement

The National Association of Realtors announced a court settlement Friday that would bring major changes to home sales – and savings to home sellers nationwide. The trade group, which has long set the standard for real estate practices, has agreed to settle numerous lawsuits by paying $418 million in damages and getting rid of its rules on commissions. Industry experts told The New York Times that the settlement "will blow up the market and would force a new business model.

NAR said its agents who list a home for sale on a Multiple Listing Service, or MLS, will no longer be allowed to use the service to offer to pay a commission to agents that represent potential homebuyers. The rule change leaves it open for individual home sellers to negotiate such offers with a buyer's agent outside of the MLS platforms, however.According to The New York Times, a homeowner selling a $400,000 home currently pays about $24,000 in commissions.

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