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The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement (www.cnn.com)

submitted 9 months ago* (last edited 9 months ago) by [email protected] to c/[email protected]

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The 6% commission, a standard in home purchase transactions, is no more.

In a sweeping move expected to reduce the cost of buying and selling a home, the National Association of Realtors announced Friday a settlement with groups of homesellers, agreeing to end landmark antitrust lawsuits by paying $418 million in damages and eliminating rules on commissions.

The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prevents sellers’ brokers from setting buyers’ agents’ compensation, which critics say led brokers to push more expensive properties on customers. Another ends requirements that brokers subscribe to multiple listing services — many of which are owned by NAR subsidiaries — where homes are given a wide viewing in a local market. Another new rule will require buyers’ brokers to enter into written agreements with their buyers.

The agreement effectively will destroy the current homebuying and selling business model, in which sellers pay both their broker and a buyer’s broker, which critics say have driven housing prices artificially higher.

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[–] [email protected] 14 points 9 months ago

Many of the builders went under. The ones that survived were typically building more expensive (ergo higher margin) housing. Which is why they've continued doing so up to today.

I don't recall exactly now but read a while back around half the home building companies in the US were defunct by 2012.