From the LA Times:
“This settlement over time will benefit home sellers and buyers greatly, eventually lowering agent commissions by tens of billions of dollars a year and helping align agent compensation and services rendered,” Stephen Brobeck, a senior fellow with the Consumer Federation of America, said in a statement.
I don't have a dog in this decision but realtor commissions have been a standard in home transactions....for as long as I've been aware of home sales. And in seeing how much realtors put into selling a home: hours and snacks during open houses, time showing multiple homes and finding listings, money hiring a photographer (and maybe even voiceover artist to narrate your virtual tours wink) etc., I can't imagine the hourly rate is amazingly high. This doesn't even include the time finding the next client to keep the income coming.
I would love to hear the thoughts from actual realtors about this new agreement. Do you think this will negatively or positively impact you? Will more costs (like the cost of the photographer) now be billed to the seller making the end cost to sell a home even higher than before?
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