Buying and selling a home in the U.S. is set to undergo significant changes following a major settlement by the National Association of Realtors (NAR).
The NAR, which represents real estate agents across the United States, has agreed to settle multiple lawsuits that accused the organization of artificially inflating the commissions charged to home sellers.
As part of the settlement, the NAR will pay $418 million in damages. Additionally, the group has committed to overhauling its commission payment structures, aiming for greater transparency and fairness in the real estate market.
The White House has expressed optimism that this settlement could contribute to lowering home prices, although experts caution that the impact remains uncertain.
This development marks a significant step towards addressing long-standing concerns about real estate commission practices and their effects on the housing market.
Reference(s):
cgtn.com
