$418M Realtor agreement for affordable homeownership

When my husband and I sold our NYC condo last year, all the brokers we interviewed refused to represent it for less than 5% or 6% commission. Each of them said that a lower amount would mean that other agents would refuse to show the listing to their clients, or discourage their clients who stumble across it on an online listing service from viewing it themselves. This way of working may soon become a thing of the past. This invisible way of working may soon become a thing of the past.

The National Association of Realtors

I approved a deal on Friday that, according to the federal judge's approval, will put an end to the long-standing policy that prevents registered real estate agents from posting sales listings in the widely used Multiple Listing Services database unless they disclose the amount of the buyer's agent commission. Listing agents will effectively be prohibited from including this number in the listing. The policy changes, which will take effect in July, are part of a $418 million settlement in several ongoing class-action lawsuits in which the National Association of Realtors (NAR) was accused of using its monopoly position in the market for American real estate sellers. NAR denied any wrongdoing in a statement on Friday. "NAR has worked for many years to resolve this dispute in a way that benefits our members and American consumers," said Nakia Wright, acting head of NAR. "It has always been our goal to preserve consumer choice and protect our members to the fullest extent. This agreement achieves both of those goals."

Despite record-high housing prices, American homebuyers may finally be getting some financial relief. It is widely known that changes, if approved by a federal court, will not only significantly reduce the commissions earned by realtors but also lower the costs of buying and selling real estate. At best for buyers, this could lead to a decrease in housing prices. Here in the United States, a 5-6% commission paid by the seller is considered standard, a norm we rarely question. But we should be asking questions. There are only a few countries where this level is so high.

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