Here are four key takeaways from the National Association of Realtors pact ending price-fixing lawsuits.
A home recently sold in Santa Ana on Friday, March 22, 2024. The National Association of Realtors has agreed to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home. Since you will be among 21 million other Americans who are part of the “settlement class,” the amount per seller — after deducting attorneys’ fees — could be as low as $13.
Under the settlement, announced March 15, NAR agreed to pay $418 million, or less than a quarter of the $1.8 billion a Kansas City jury order it to pay Missouri home sellers in October. Under the settlement, Realtors and buyers must enter into a written agreement before the buyer can tour any homes. The contract must specify the amount or rate of agents’ compensation.
Listing agents also can still make compensation offers by any means outside the MLS — such as on their own websites. “Consumers, especially first-time homebuyers lower-income consumers … are struggling just to get the down payment together,” Miller said. “To place the additional cost or burden on them of paying an agent for representation may make homeownership totally unattainable for them.”Industry insiders challenge media reports that commission rates or home prices are about to fall because of the settlement.
“We think going to keep the money,” Miller said. “They are going to sell their home for what the market will bear.”
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