The National Association of Realtors announced a settlement that would mean sweeping reforms in the real estate market. It will also change the way homes are bought and sold in the U.S.
The agreement changes the structure for real estate commissions. Essentially, it would put an end to the business model of the sellers paying the broker and the buyer’s broker. From now on, sellers will not be responsible for paying buyers real estate commissions.
The $418 million settlement could make it easier for buyers to negotiate prices with their agents.
Catherine Reagor, a Senior Real Estate and Housing Reporter at the “The Arizona Republic” and azcentral.com, joined Arizona Horizon with more details.
