The National Association of Realtors reached a historic settlement.
The cost of selling a home could soon go down after the National Association of Realtors agreed to a historic settlement.
At today's 6% commission, a homeowner selling a $400,000 property will spend about $24,000 on broker fees, a cost that is passed on to the buyer. Depending on how much the new rules reduce commissions, that same homeowner could see their broker's fee fall to about $12,000. The deal brings an end to a multitude of antitrust lawsuits against the group. Last year, a federal jury in Missouri found the NAR and two brokerages liable forfor conspiring to keep agent commissions high. Before Friday's agreement, the two brokerages settled, but the NAR had vowed to appeal the case.
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