Another new rule will require buyers’ brokers to enter into written agreements with their buyers. By some estimates, real estate commissions are expected to fall 25% to 50%, according to TD Cowen Insights. This will open up opportunities for alternative models of selling real estate that already exist but don’t have much market share, including flat-fee and discount brokerages. “For years, anticompetitive rules in the real estate industry have financially harmed millions of Americans,” said Brown. Although most realtors are included in the settlement, agents affiliated with the brokerage HomeServices of America continue to fight the case in court, the NAR said.

Source: CNN March 15, 2024 15:05 UTC