Starting in August, home listings in real estate databases will no longer include offers of compensation for buyers’ agents. New rules will soon change how they get paid, and fewer sales have already reduced their income.Did our AI help? Share your thoughts.
The Realtor group, which recently stopped publishing its membership figures, declined to comment for this story. But earlier this year, Gerli, citing monthly reports that were published by the trade association, said NAR anticipates declines in Realtor membership for the next 24 months.With interest rates remaining relatively high, deals have become so scarce that many Realtors now sell only a few homes a year.
that about 56 percent of agents would exit the market if one side’s commission remained at 3 percent while the other became competitive, Gilbukh said in an email describing the study. A 2015in the Rand Journal of Economics by Panle Jia Barwick and Parag Pathak predicted that a 50 percent reduction in commissions would result in 40 percent fewer agents.Experts see a silver lining in a potential exodus of Realtors: Those who remain might be more experienced and competent.