Proposed settlement could mean end of 6% commissions for realtors 

This changes NOTHING. It only shifts how the show the numbers. It's a load of crap.

I can’t find any news story or article that mentions who’s in the class action suit and when are the eligibility timeframes for past sellers. We know it’s a $418 million class action suit which means the attorney’s get half. But who’’s getting the remainder of the money? How many parties are involved in the class action law suit? Be nice to know who’s getting the $418 million right?

What’s also unethical are mortgage brokers charging over $1000 just to apply for a mortgage.

High housing prices are not because real estate agents commission. It’s supply and demand.

Real estate commission isn't the issue It's 'corporate businesses' buying up single family homes making the supply lower and the demand's higher

It’s great for the lead lawyer as well that also must be a good commission. 👍👍👍

Commissions were never fixed and have always been negotiable.

This law is going to backfire so hard for people trying to buy a home lol.

IF IT WERENT THEIR FAULT, WHY ARE THEY....SETTLING?!

There is no such thing as a standard commission.

As a seller, a % works great because the realtor will try to get you the highest price possible. As a buyer, a % means a much higher chance that your own realtor will not try to get you a lower price because the more you pay, the more they make.

Interest is still 8% & inflation 20%

Should be maximum 1% each for seller and buyer agents.

Hire a real estate attorney. Done for 4 grand.

Thank god. I can’t stand realtors. Complete waste of money.

This still doesn’t fix the real estate market.

6% is Nothing... I know of $100k+ sales that pull a minimum of 30% profit and that's not including all the benefits they acquire from deductions .

5% was once the commission in real estate ... then realtors got greedy.

So now the buyers will have to pay for it?

Lol, so sad people don't understand. This made everything worse for the buyers. Now buyers have to pay for everything from looking at houses to paying closing fee of tens and thousands of dollars out of their pocket. Seller agents will keep making the same money too. From 6% the seller agents made 3% (but lot of them give back up to 2% to clients) and 3% goes to buyer's agents (lot of them gave back money to their clients) but now with this new policy nothing really changes except buyers got to pay a lot now.

6% isnt going to do much when houses are 350% overpriced.

Always do for sale by owner. Keep that money in your pocket. Hire a real estate attorney to handle the paperwork,that’s what realtors do

So is it still a good time to get your real estate license?

Under Trump, a household income of $59,000 a year could “comfortably afford the monthly mortgage on a typical U.S. home, but under Biden, that number has risen to over $106,000, according to a new Zillow report.

Nothing is going to change, sellers will still pay buyer agents 2% - 3% commissions to bring them buyers and 5% - 6% commissions to sell overall. If you pay attention to the details, the only change is that agents cannot list the buyers agents commission in MLS. Listing agents are still able to share the commission they charge sellers and offer buyer agents commission to bring buyers. Nothing has been stated that commissions need to be lowered or that buyers need to pay their own commission, that is not going to happen. The only thing that will change is there will be a new way that listing agents communicate how much commission buyers agents are receiving. That will be the only change. Also New Construction Builders will continue to pay commissions to buyers agent to bring them buyers, so the resale market will need to stay in line and pay buyers agents as well. No major changes will happen.

Realtors are crooks

It’s about time! The internet has replaced 90% of what realtors used to do. They should go the way of travel agents.

This opens the door for more competition for buyer's agents. Find the house yourself, then hire an attorney to do the paperwork for a fraction of the cost. Save the seller some dough and negotiate a lower price for the home!

You cannot sell a house without a network of real estate agents...you aren't selling ice cream 😂

This will really hurt 1st time buyers

Cannot happen fast enough. That whole industry is non value added.

So they can charge one person 2% and the next person 5%… how does this fix the problem?

Stop spreading lies it's doesn't change much and sure a heck doesn't change commissions unless you don't want to be represented but would you into the biggest investment of your life with out being represented?

I can see their being many fees to make back any lower commissions. Agents will now charge potential buyers for their time. Time showing homes, researching homes that meet buyers specifications driving to meet buyers at homes Sellers will have to pay for listings. Experienced buyers or sellers need little assistance and usually have a favorite Title Company already.

Commissions have always been negotiable.

no more middlemen ...good

Realtors , people who have no Art Skills other then presenting over-priced houses they pretend they built with their own hammers and nails

The Internet has already replaced them for free

ABOUT TIME … commissions need to drop! Last property I sold was with agent of Redfin that charged lower commission.

Lowering the commission is not going to lower the cost of homes. Builders got greedy during the pandemic and are still being greedy. Same materials in homes from 3 years ago now. I can guarantee you a builder will tell you supply chain issues smh. High home prices and high interest will cause the market to collapse, just wait and see.....

are you sure?

I don’t get it. Commissions have always been negotiable and collusion between brokerages to fix commissions has been illegal. A brokerage can decide to fix its commissions but seller or buyer can look for another brokerage. Discount brokers who advertise 1% and 1.5% selling commissions are misleading as they tack on 2.5 to 4% for the buyers agent which oftentimes is themselves. Putting aside personal security concerns in not being represented qualified real estate professional bring knowledge of the minefield of disclosure and fiduciary facets of the transaction.

Realtors are way over paid for what the do. The internet makes them almost worthless. Someone should start an Amazon for real estate.

Fair would be 1% for realtors, they do NOTHING!

The value of an agent is that he has all the necessary paperwork. You can buy all that paperwork at Staples or Office Depot for about $35.00.

The most unethical aspect of commissions is that the seller has to pay all of it.

Benefit?? Brainwashed 😂

We need to make extant housing affordable and we need public housing as the failures of the market have proven with the scattered, shattered lives of millions upon millions of Americans here in the US. There is so much empty housing serving as financial assets in investment portfolios of hedge fund and permanent capital cretins instead of as direly needed shelter for Americans. These unnecessary anonymous office buildings and homogeneously hideous petrochemical yuppie kennel condos intentionally priced out of financial reach of the workforce aren’t making housing more accessible by the developers of mediocrity (ever unhelpful and undesirable to the taxpayer residents of e.g. Portland) by “adding to supply” or affordability, but to the contrary and our collective detriment, are directly causing housing to be more expensive and , of course, less attainable as they artificially inflate the market that then causes cost of living to skyrocket. Actual houses should be affordable for everyone as a societal standard with an economy that isn’t allowed to rob people of it. The supply and demand oversimplification is a known false narrative misrepresentation frequently used as a disingenuous ploy of parasitic, societally toxic, necrotic price gouging corporate slumlords and profiteering developers of blight who knock down our cherished structures and affordable housing stock to then exploit tenants mercilessly. Simply building more just isn’t the answer whether the soft handed nut-jobs of unearned wealth that comprise the plutocracy like it or not. We cannot outbuild the greed of rentier capitalism. Allowing society to regress into another gilded age by allowing feudalism to exist in modern day America is pathetic and we need to evolve beyond an economy that cancerously consumes society. The entire city could be nothing but the tacky garbage housing being forced on us at infinite stories high and it’d still be unaffordable to most real people. Housing is supposed to shelter people, not exploitative profits. We need rent caps. Housing, in a humane and sane society, is for people having homes; the manifest purpose of housing is not for speculative investing, permanent capital, private equity or any of the other euphemistic titles of shady schemes and scams predatory sociopaths cloak their misdeeds masquerading as respectable careers under like so much bordello make-up. It’s errant and always socially destructive to allow societal necessities to be commodified and exploited as consumerist products.

Is 6% illegal? If they've done nothing illegal, why are they paying a settlement?

Commissions are always negotiable, and it’s always been free to work with the buyers agent

Good luck!😂😂😂

👏👏👏👏

REALTORS are LANDSHARKS..

About time very greedy

Good, useless middleman

Buy Shiba Inu coin lol

More competition means better for buyers and sellers, Agents will have to earn their money the hard way now! If I don't like an agent or their fees I can go to a lower cost agent!

Buyers normally hire attorneys to represent them. Agents play little, if any, role for buyers.

Its about time!!!!🎉

There is a loving God above

I would just always use a buyer's agent no matter what. That, and a good title company. 5% is outrageous though & it drives inflation. It's not even that hard to get a Realtor's License either, which most real estate agents don't even have themselves.

Should be a flat charge of $100.00 for buyer and seller!😊

😂🤣😂🤣 imagine if there was a commission on everything you buy. Including food 🤣😂🤣