Revolutionizing Home Buying in 2024: A Better Way to Find Your Dream Home
Originally Published 2 years ago — by Business Insider
The US housing market is facing a wave of class-action lawsuits accusing the National Association of Realtors and major real-estate brokerages of keeping agent commissions unfairly high. These lawsuits, expected to reach major milestones in 2024, could result in billions of dollars in damages and significant changes to the way homes are bought and sold. The traditional commission model, where agents are paid a percentage of the sale price, may be replaced by decoupling, where buyers and sellers pay their agents separately. This could lead to more flexibility in negotiating agent fees and experimenting with different compensation models. While this could benefit consumers by potentially lowering fees and increasing transparency, it may also pose challenges for buyers who may need to pay agents out of pocket. The outcome of these lawsuits and the subsequent changes in the real estate industry will be closely watched in the coming year.