The rules change on agent commissions could see buyers incur additional costs when buying a home, a housing economist says.
The changes coming to the real estate market over how agents are compensated could see homebuyers facing extra costs when purchasing property, a housing economist said.Last week, the National Association of Realtors settled claims that alleged the organization had been part of a structure that lacked transparency in the way real estate commissions were being charged. This contributed to high costs of home transactions, particularly for sellers, critics said.
'Hale acknowledged that it may be too early to tell how exactly the rules changes on commissions will come shape the housing market.'What consumers decide to do will ultimately determine how it will play out, and there are countless possible scenarios,' she said. 'Home sellers could still choose to offer to pay buyers' agents, or another option might be for buyers to raise the offer price on a home and then ask for funds back in a concession to cover their agent's cost.
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