HomeServices of America has agreed to pay $250 million in a settlement over real estate agent commissions, concluding a series of antitrust lawsuits involving major brokerages and the National Association of Realtors (NAR). This settlement, along with others totaling over $943 million, could revolutionize the U.S. real estate market by altering how commissions are negotiated and paid. Following a 2023 jury verdict favoring home sellers, the settlements mandate that home buyers and sellers negotiate agent fees directly, potentially leading to significant savings. Changes are set to take effect in July 2024, with new rules on how commissions are discussed and advertised.
Read the full article here.