Realtor group's seismic settlement could reshape the process, cost of buying a home

FILE - A sale sign stands outside a home in Wyndmoor, Pa., Wednesday, June 22, 2022. A settlement between a major real estate group and home sellers on Friday could have a big impact on the industry and save consumers billions as the cost of homeownership has skyrocketed since the onset of the pandemic.

Many of the changes as part of the settlement will bring more transparency for buyers and give them more negotiating power when agreeing to work with an agent. Those fees are expected to drop by as much as 30% by some estimates and could ultimately lead to more buyers opting against hiring an agent at all. Advances in technology and listings being widely available online on places like Zillow and Redfin has made it easier for prospective buyers to scout homes without the help of an agent.

For buyers, the new model could require more of their own work like finding homes to examine, hiring an inspector or negotiating the terms of a sale. When they decide to work with an agent, buyers will soon have more ability to negotiate over what services are being provided and how much it will cost them.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Realtor group will pay $418M to settle commission lawsuitsA powerful real estate trade association has agreed to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their homes.
Source: AP - 🏆 728. / 51 Read more »

How the recent Realtor settlement could change the way Americans buy and sell homesA settlement announced by the National Association of Realtors on Friday, which ended its litigation with some homesellers, is expected to fundamentally change the rules around how Americans buy and sell their homes.
Source: cnnbrk - 🏆 393. / 55 Read more »

San Antonio realtor gains 140k followers with 'aggressive tours' on InstagramSAN ANTONIO - San Antonio is home to a real estate agent making a name for himself on social media with his ‘aggressive tours” of his property listings.On Insta
Source: News4SA - 🏆 251. / 63 Read more »

How will Utah homebuyers benefit from major realtor changes?Mythili joined the FOX 13 News family in July 2022 and is excited to call the mountains of Utah her home.
Source: fox13 - 🏆 550. / 51 Read more »

How the Realtor settlement may impact home sellers and buyers in San DiegoThe National Association of Realtors recently announced it would pay $418 million to settle class action lawsuits over broker commissions. How might the changes…
Source: nbcsandiego - 🏆 524. / 51 Read more »