- The National Association of Realtors (NAR) has agreed to end antitrust lawsuits by paying $418 million in damages and eliminating commission rules on listings.
- New rules include: removing compensation from listings on multiple listing services, ending requirements for brokers to subscribe to MLSs, and requiring written agreements between buyers’ brokers and buyers.
- These changes aim to reduce real estate commissions by 25% to 50%, potentially lowering homebuying costs by $6,000 to $12,000 for the average-priced American home.
- The settlement allows for competition on commissions, enabling prospective buyers to shop around for lower-cost agents and brokers to advertise their fees.
- The agreement will impact millions of Americans, promoting a more competitive housing market and providing justice for home sellers.
- Some realtors, like HomeServices of America, continue to fight the case in court, but the NAR encourages them to join the settlement for the benefit of their small businesses.