It’s About to Become Less Expensive to Sell Your Home
Redfin explains how real estate websites, thanks to an antitrust settlement between the NAR and the DOJ, will begin to publish commission rates that sellers offer to the broker who brings a buyer (Redfin)
Home sellers typically rely on their listing agents for guidance on what commission to offer the broker representing the buyer. As a result of the DOJ settlement, sellers will soon be able to see for themselves what the going rate is when they visit real estate websites, helping them make more independent and informed decisions. Research has indicated that price transparency across industries often leads to lower prices. Americans pay twice as much in real estate commissions as residents of other developed countries, but this may start to change once commission data becomes widely available to the general public.