The National Association of Realtors announced settlement of a class action lawsuit today. The NAR announced they would pay $418 million to make the lawsuit go away. The NAR will also implement drastic changes to the way realtors get paid. This is huge news for home sellers as it will drastically reduce the cost of selling a home. Other real estate stocks slipped as well including Redfin. Among the change's is that the listing agent can no longer advertise the Seller will pay the Buyers agent commission. a standard real estate practice since forever.
Here's my advice if you want to sell a property: Sell it yourself, FSBO, For Sale By Owner. Go to Home Depot buy a FOR SALE sign and put it in the front yard. If you dont want the hassle, find a desperate realtor,and even in good times you wont have trouble finding one and offer him $5000 total to sell your house.
Changes are effective Mid July 2024
Why would that affect Zillow? I’d think remax or century 21 or Berkshire real estate would be affected