November has ushered in a flurry of developments in the real estate realm. Affordability has hit an unprecedented low, driven by soaring interest rates and housing prices. Although there has been a slight uptick in inventory, it remains at notably diminished levels. A recent lawsuit has concluded, potentially heralding significant changes in the real estate industry. The legal dispute scrutinized seller commissions, a prevalent practice in the United States where sellers remit a commission to the listing agent, who, in turn, offers a cooperative split to the buyer’s agent. The jury sided with the plaintiffs, contending that this system kept commissions excessively high and was unfair to consumers.
The National Association of Realtors intends to appeal the verdict, asserting that local MLS broker marketplaces foster equity, transparency, and market-driven pricing. One conceivable outcome of this legal decision could be a shift towards buyers being exclusively responsible for compensating their agents in the future. Buyer agents, pivotal in transactions, serve as advisors, fiduciaries, and experts, guiding buyers through the intricacies of the process. I am closely monitoring the aftermath of this lawsuit and will provide updates through my monthly market updates. If you ever wish to delve deeper into this matter or strategize your current real estate needs, I am always available for a coffee chat!
Happy Holiday Season!
- Hayley Tomazic
314-229-2009
