All articles tagged with #commission fees
Originally Published 1 year ago — by NPR
A lawyer in Kansas City, Missouri, took on a case involving a couple who paid a high commission fee when selling their home, sparking a legal battle that challenges the traditional practices of real estate agents in the U.S. The case questions the way homes are bought and sold and could potentially change the way real estate agents have conducted business for over a century.
Originally Published 1 year ago — by CNN
The potential settlement by the National Association of Realtors has already prompted some Americans to change their behavior in buying and selling homes, with prospective buyers hoping for lower prices and sellers adjusting their commission offers. The $418 million settlement, if approved, will bring new rules for Realtors, potentially uncoupling commissions from home prices and leading to a more competitive housing market. Many believe this could result in lower home prices, providing relief for buyers facing surging median sales prices. However, the impact of the settlement will depend on consumers advocating for themselves and actively negotiating in the real estate market.
Originally Published 1 year ago — by CNN
The National Association of Realtors' $418 million settlement could eliminate the standard 6% commission paid by sellers, potentially making it cheaper to sell homes post-settlement, but the uncertainty and potential financial burden for homebuyers may incentivize closing on a home sooner rather than later. While waiting to list a home until after the settlement is finalized could allow for negotiating lower agent commissions, the value provided by an agent should still be a major consideration in the timing of selling a home.
Originally Published 1 year ago — by The Mercury News
The standard 5% to 6% broker commission on home sales is set to change nationwide in mid-July, potentially leading to significant savings for Bay Area buyers and sellers. The recent settlement by the National Association of Realtors could result in fees dropping by almost a third, potentially saving sellers tens of thousands of dollars. This shift may also lead to increased competition among real estate agents, with some offering lower rates and new services to justify their value. Additionally, startups are emerging to automate the home buying process, potentially disrupting the traditional agent-buyer model.
Originally Published 2 years ago — by BBC.com
Spotify has criticized Apple's new transaction fees of up to 27% in the US, calling them "outrageous" and accusing Apple of prioritizing profits. Apple's move comes after a legal battle with Epic Games, and Spotify is urging the UK government to prevent similar fees. The UK government has been approached for comment.
Originally Published 2 years ago — by Yahoo Finance
A recent $1.8 billion jury verdict against the National Association of Realtors (NAR) and several large brokerage firms could lead to a 30% reduction in the $100 billion Americans pay in real-estate commissions each year, according to an analyst. The lawsuit, along with others like it, may reshape the housing structure and potentially drive more than half of the nation's 1.6 million realtors out of the industry. The court ruling challenges the common practice of setting fees at around 5-6% and could result in negotiated fees and buyers deciding how much to pay a buyer's agent. The long-term implications for the real estate industry include changes to the current system of split commission fees and a potential decrease in demand for buyer agents.