The National Association of Realtors (NAR) has agreed to pay $418 million after reaching a settlement in a lawsuit where a federal jury ruled the organization had conspired to inflate commissions. Corcoran Group Founder Barbara Corcoran joins Yahoo Finance Live in-studio, believing the ruling to be creating more "clarity" from real estate brokers, which may ultimately incur more service costs on homebuyers. In Corcoran's words, the settlement has resulted in "total confusion" across the real estate industry. She explains the change that requires brokers to create a written document outlining all the services they will provide for buyers, as well as the cost of each service, will make "a clear difference," but that's the only upside. Corcoran explains that sellers will have to "make good with the buyers" in order to help boost the price and sales of their homes, even if it means coming out of their own pockets for the "myriad of things" that could arise." However, she maintains that the ruling is "not a big deal," but rather, it's the confusion it has raised that is the real problem. Corcoran notes that this ruling will not prompt home prices to come down, as sellers have "a one-time chance" to make profits on their house. She cites the housing inventory shortage as the reason why "prices have gone up despite everybody singing the blues," with prices continuing to rise due to the imbalance in supply and demand dynamics. However, Corcoran advises that if you want to buy a house, the time is "right now." As people wait for rates to fall before entering the market, she warns that the optimal time will see "everybody in the market," and she questions, "Why would you wait for that?"
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If you are thinking of making a move, whether buying or selling in San Francisco or need an introduction to a REALTOR® elsewhere, DM me and let's talk!
The great Barbara Corcoran's take on all of the changes in the real estate industry. Seven worthwhile minutes to watch if you're thinking of buying or selling. For the record, I 100% agree with her. Prices aren't going down, inventory isn't going up. Sellers are always greedy and want the highest net price and certainly aren't paying unrepresented buyers the buyer's agent commission, they would keep it for themselves, increasing their net, not helping the buyer snag a deal. Take away? Align with a great Realtor to help you buy your new property! Our role is less about finding the home (you have the internet, just like me!) It's to protect you and your money and ensure you're making a wise decision on a solid property or are, at least, going in with your eyes wide open. We are here to guide you to success. Thinking of buying or selling? Hit me up for 5 star service! https://lnkd.in/gtHnJyYg
Barbara Corcoran: NAR settlement causing 'total confusion' in real estate
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I revitalize relationships into revenue! | Director of Business Development | Director of Client Success #ONO
418 MILLION $$ settlement... puts an end to the crazy practice of a home seller being required to pay for a professional to negotiate For them AND ALSO pay for another professional who negotiates AGAINST them. And the end of price fixing of 6% for you to sell your home (which was clearly in place to secure higher commissions for Realtors and artificially inflated home prices.) Federal Jury found that NAR and other's were liable for 1.8 BILLION dollars and with an antitrust case could have been up to 5+ Billion. So the settlement was a fraction of the $ it could have been. Do you think homeowners benefit with this and was it necessary or long overdue? https://lnkd.in/gbb4qJmE
Real estate attorney talks settlement that eliminates the 6% commission for realtors
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🚨 New Blog Alert! 🚨 Our latest post is live! 📖 Find out why NAR’s Supreme Court appeal could change the game for real estate! 🏠💼 🔗 Click the link below to read now! ⬇️ https://wix.to/6ue7361 #RealEstateNews #Realtors #NAR #SupremeCourt #RealEstateAgents #HousingMarket #IndustryInsights #NewBlog #StayInformed
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If this does have more buyers ‘bypass’ realtors, is there an opportunity for these professionals to showcase their trade tools, talent etc. and get more of us to understand the actual value? I believe a reputable realtor/brokerage is good for most during the most stressful transaction of their life, but I also believe there is a large misunderstanding which leads to ‘buyers remorse’. — how does this affect your business, and are you in agreement with this settlement?
Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes — The Wall Street Journal
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Real Estate Buyer's Agent, Seller's Agent, REALTOR® in Pinellas County FL, ABR, SRS, PSA, ePRO, AHWD, CSA
It's been all over the news and I've been asked, so I thought I'd share my take on the whole commission settlement agreement that's pending court approval. If you have questions or want more info, please reach out - everyone knows I'm more than happy to take the time to discuss and share information. After all, knowledge is power and I'm all about "the more you know." #narsettlement #realestateindustry #realestateupdates #residentialrealtor #realestatecommissions #realestatedisruptor #realtorcandis
Navigating the NAR Settlement: What It Means for Home Buyers and Sellers
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News for the Real Estate world, it will be interesting to see how this impacts the home buying/selling process and what it means for the realtor profession. https://lnkd.in/gnSvfrMh #realestate #buyingahome #realtor
Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes — The Wall Street Journal
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310-356-3715 💙 CEO | Lab Coat Agents Co-Founder | A Brilliant Tribe | Realtor and International Speaker | Y Realty 01373444
Is 6% really gone? Goodbye 6%: NAR Settlement Redefines Home Buying Costs. 6% commission is out? The settlement is subject to court approval, but it changes some key things for real estate agents in 2024. NAR and plaintiffs have reached a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR associations, all association-owned Multiple Listing Services (MLSs), and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below
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Don’t panic. Realtors® aren’t becoming obsolete in wake of the NAR settlement and coming rule changes. Many media organizations published misinformation about the settlement’s potential impact on consumers and the real estate market. Now is the time to take a deep breath, and separate fact from fiction. So, what does the settlement really mean for the real estate industry and for Realtors®? Our legal experts lay out the five things you should know and five things you can do right now related to the NAR settlement. Read more in our digital magazine: https://lnkd.in/gnx_nqze #MNRMagazine #NARSettlement #MLSRuleChanges #RealEstate
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The NAR settlement means big changes for the housing industry. But it means different things for different states, and we asked local brokers what the changes will be for the Triangle and North Carolina. https://lnkd.in/eSMm8eR5
NAR settlement could bring unintended consequences for North Carolina homebuyers - Triangle Business Journal
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⚖ Lawsuit Outcome Portends Massive Changes for Realtors - To prepare, consider options like syndications. Read more ➡️ https://rpb.li/E5I #commercial #diversification #investing #investmentstrategy #realestate #REI
Lawsuit Outcome Portends Massive Changes for Realtors
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