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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Woo hoo, about time!! I look for real estate listings myself and I contact listing agents myself. Why do I still need to pay someone $60,000 (3% of $1 million) for that service? I was going to do FSBO but if the commission goes down to 1% I might consider using an agent.

NAR will also no longer get exclusive access to MLS. [/quote]

Just the fact that you wrote this explains how ignorant you are about the process. [b]You will still be paying that 60k. Do you really think that sellers are going to cut their price 60 K for you? The only difference is now you will be paying that baked in commission without actually having an agent. 
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Exactly.[/quote]

Ha ha we got 2 people who don't remember econ 101, or didn't take it. Just because NAR has been fixing prices doesn't mean others do it.

This is a very well defined area of study. It's called "deadweight loss". The fixed high commissions are essentially a tax, now that tax is being lowered. The price will therefore decrease slightly, because a higher portion will be available to sellers (from the now available fees), and buyers will pay slightly less. How much exactly depends on a few variables. But there is no way prices stay where they are. Of course these changes will happen while there are other forces on the market.

https://en.m.wikipedia.org/wiki/Deadweight_loss

But yes please go ahead and let us all know how the basics of economics are wrong.[/quote]

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