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.
