Realtors’ settlement could alter Asheville’s home buying, selling scenario lolita, 09/07/2025 ASHEVILLE, NC (WLOS) — A recent settlement by the National Association of Realtors could save home buyers and sellers in Asheville hundreds of thousands of dollars. But it could also cost them. The National Association of Realtors agreed to pay more than $400 million in damages to a group of home sellers. If the court signs off on the settlement, the NAR would likely implement the changes in July. Those changes could help lower the costs for sellers who typically cover the commission for their agent as well as that of the buyer, meaning more homebuyers would be paying for their agent’s commission. “I think the whole industry could be affected in some way shape or form,” Town and Mountain Realty broker-owner Leah Miller said. NATIONAL ASSOCIATION OF REALTORS REVISES COMMISSION POLICIES IN $418M LAWSUIT SETTLEMENT Typically, when looking to sell a home, the owner would have to pay a non-negotiable 5 to 6 percent commission fee for a listing on a multiple listing service, or MLS. That fee would then be split between the buyer’s and seller’s agents. In recent years, there have been accusations of agencies leading buyers of more expensive homes. “Buyers’ agents work for buyers, and … Continue Reading
Realtors agree to make commission changes lolita, 27/08/2024 The National Assn. of Realtors on Friday said it will make changes to its commission rules to settle national allegations the requirements stifled competition, a move that may reduce costs for at least some consumers. The settlement, which still must receive court approval, could mark a major change in the housing market. Today, sellers typically pay a 5% to 6% commission when they sell their homes, with half of that going to the listing agent’s brokerage and half to the buyer agent’s brokerage, and critics of that model say the settlement could upend that practice. “This settlement over time will benefit home sellers and buyers greatly, eventually lowering agent commissions by tens of billions of dollars a year and helping align agent compensation and services rendered,” Stephen Brobeck, a senior fellow with the Consumer Federation of America, said in a statement. Under an existing Realtor rule, listing agents must make an offer of compensation to the buyer’s broker in orders to list homes on NAR-affiliated multiple listing services, or the MLS. Although NAR says this offer can be zero dollars, the requirement to post an offer — known in the industry as “cooperative compensation” — has reduced competition and kept … Continue Reading