If you wanted to buy or sell a house, there was a big fee involved, usually about 6% of the house's price, that went to both sides of the real estate transaction. But now, that's changing. In November the housing market was rocked by the 1.87 billion dollar lawsuit. The National Association of Realtors (NAR), which represents over a million real estate agents, decided to settle several lawsuits by agreeing to pay $418 million and changing some rules that made these fees so high. They're going to stop making it a rule to list agent fees on house listings, which should help (in theory) make buying and selling houses cheaper. This could lower the cost of real estate agent fees by 25% to 50%, making it easier (according to some experts) for different kinds of services that help people buy and sell houses to compete. This could make houses more affordable for everyone. Some people are excited that this could mean a lot of new ways to buy and sell houses, making things better and cheaper for buyers and sellers. Today we will speak with Sir Ashley a realtor and realtor, Also, Ray Ellen a realtor in Arkansas to get their take on the new commission rules passed down by NAR.
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Kristina Smallhorn, Your Real Estate Whisperer kristina.smallhorn@exprealty.com,info@yourrealestatewhisperer.com
eXp Realty LLC,2900 Westfork Dr. Suite 401, Baton Rouge LA 70817
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Kristina Smallhorn is a licensed REALTOR® with the state of Louisiana, License 0912122918
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