Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits

March 15, 2024

Housing experts said the deal, and the expected savings for homeowners, could trigger one of the most significant jolts in the U.S. housing market in 100 years. “This will blow up the market and would force a new business model,” said Norm Miller, a professor emeritus of real estate at the University of San Diego. Americans pay roughly $100 billion in real estate commissions annually, and real estate agents in the United States have some of the highest standard commissions in the world. If the buyer has an agent, the seller’s agent agrees to share a portion of the commission with that agent when listing the home on the market. “Anyone who owns a home or dreams of owning one will benefit tremendously from this settlement.”The post Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits appeared first on New York Times.