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April 08, 2024 | Reading Time: 1.5 Minutes
The $418 million settlement between the National Association of Realtors (NAR) and various class-action plaintiffs has stirred significant discussion in the real estate industry. While some view it as a transformative event that will reshape the sector, others argue that its impact may be less dramatic. The settlement resolves litigation claims brought by home sellers against NAR and several other real estate companies, alleging antitrust violations related to commission practices. Notably, the settlement does not eliminate specific commissions but alters how they can be discussed and negotiated.
The settlement’s effects on real estate commissions and market dynamics are being closely watched. Some anticipate a potential reduction in commissions, while others suggest that significant changes may not materialize.
Key aspects of the settlement include allowing real estate agents to negotiate commissions off the Multiple Listing Service (MLS) platform, potentially leading to changes in commission structures and negotiation processes. While the settlement affects a large number of NAR members, its precise impact on commission rates and practices remains uncertain.
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