"Real Estate Shake-Up: Implications for Buyers, Sellers, and Agents"

A landmark settlement with the National Association of Realtors is set to bring about significant changes in the real estate market, providing increased price transparency and competition for homebuyers and sellers. The agreement requires buyers to be fully informed upfront about potential fees and commissions, and allows them to choose whether to hire a broker or allocate their search costs toward other professionals. The ban on sellers advertising commissions for buyer's reps on the multiple listing service aims to put buyers in the driver's seat and reduce friction costs, potentially leading to lower overall expenses in buying and selling homes. The settlement is expected to weed out fly-by-night agents and improve the industry's standards.