The change that Realtors’ powerful trade group resisted for decades is finally happening
CNN
Buying a house — the most expensive purchase of your life — fundamentally sucks.
Buying a house — the most expensive purchase of your life — fundamentally sucks. The industry that facilitates real estate transactions is far more vast and opaque than most people expect when they decide to begin the buying process. And you don’t have any choice but to enter the labyrinth if you want to unlock that ultimate badge of adulthood, homeownership. It is emotional and full of paperwork and tends to making buyers feel, undeservedly, stupid. Much of that is by design, reinforced by the National Association of Realtors, a mega trade group with monopoly-like control over US real estate. There’s good news and bad news on the horizon, though. The good news, by some accounts, is that antitrust authorities have forced NAR (pronounced “nahr” by folks in the industry) to loosen its grip on agent commissions, which should, eventually, reduce the costs buyers and sellers have to pay. It could also introduce new methods of home buying and selling that bypass traditional agents. Starting this Saturday, the days of the standard 6% commission — two to three times what agents make in other developed economies — are effectively over.
