Sorry, "circled R copyright mark" |
LOL |
Haha, do you think we should continue paying 5-6%? |
You do it yourself dude. Don't use an agent. |
Here is the Chat GPT summary of the settlement.
The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include: 1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS. 2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers. 3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers. 4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive. 5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation. 6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers. 7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable. 8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker. 9. **Educational Materials**: NAR will develop materials consistent with these practice changes. These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date. |
Does anyone believe the argument that this decision will lower home prices? I don’t know why sellers would lower the price even if the fees are lower especially since it’s a seller’s market. |
A previous poster's dead-weight loss explanation is useful https://www.dcurbanmom.com/jforum/posts/list/150/1193145.page#27090047 Even if the dead-weight loss effect does not lower prices, the proceeds will go into the pocket of the consumer, rather than the "dead-weight".
That condition will likely prevent price drops. But that condition is not eternal. In a buyers market condition, this along with the settlement decision is highly likely to lower prices. |
I don’t. Not sure it moves the needle much for buyers or sellers. It should spark some innovation for service offerings by the real estate industry. I just like it because it’s common sense. As a buyer, I always did most of my own work identifying and coordinating what I wanted. As a seller, multiple times, the house I sold recieved multiple offers and sold itself. Silly to pay for buyers fees. |
+1 It also reduces the gap between buyers and sellers for price. Lots of deals aren't made because the seller won't walk away with enough after paying the exorbitant realtor fees. |
Exactly! And real estate agents are currently paid $500 an hour minimum, with many in the area bringing in $2K+ per hour. Buyers are about to be in for a very rude awakening when they realize what they will need to pay. I feel terrible for them. I seriously doubt that the judge will end up approving this. |
Lol are you replying to your own posts now? That's just so sad. NO ONE IS GOING TO PAY YOU $500-$2000 AN HOUR. I do not feel terrible for you. |
Wait, you seriously think a settlement as complex as this, as deeply negotiated as this, would be rejected by the judge? Do you have any concept of what obligations a judge has as they oversee litigation like this? If both sides agree there is an incredibly small number of scenarios in which a judge has the legal authority to reject a settlement. One like this has a 0.001% chance of being rejected by the judge. |
Haven't you been paying attention? He is a Realtor. We are not possibly in a position to question his expert judgment. |
How much is NAR paying you? |
I love how the agent-apologist does not even consider the possibility of negotiation. Negotiation is not even part of their vocabulary. Also the price for them will forever remain fixed, as they believe it should be. What changes is who pays. But the price is a fixed rate. |