San Diego homeowners could see a drop in the cost to sell properties after a historic settlement with a national real estate agent group. The National Association of Realtors has agreed to pay $418 million to settle a series of lawsuits that alleged the organization conspired to keep agent commissions high. As part of the deal, the association will do away with rules that led to set commissions, which are typically around 5 to 6 percent.
There were only 1,678 homes sold that month, said CoreLogic, a tie for the lowest-ever sales month in San Diego County history. North County real estate agent Raylene Brundage, also a director at the California Association of Realtors, said the change will be good for the industry by making the process more professional. As a 20-year veteran of the industry, she said she's seen part-time agents or discount brokerages make mistakes that lead to lawsuits and, overall, bad deals for clients.
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