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In response to
"The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement -- (link)"
by
oblique
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As the spouse of a realtor, I put this in the category of "be careful what you wish for". Buyers will now have to pay their agents instead of having
Posted by
pmb (aka pmb)
Mar 15 '24, 14:43
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it be paid for out of the purchase price. Not sure that you'll be able to finance that with your mortgage anymore. Many people will think they don't need a buyer's side agent because they can look at zillow, but (a) not everything that is available is on zillow (agent's have networks that aren't widely available) and (b) you will have unsophisticated buyers who don't know the market, don't understand comps, and don't know where to look for problems or how to solve them. It's going to be a mess (not to mention that it's going to suck for realtors (including the seller's realtor who now has to make deals with non-professionals). I also doubt home prices will really drop in any meaningful way because people won't understand why their price should go down. They will just think they should get the upside, and since buyer's will now be paying fees themselves it won't really be less expensive, just harder to pay.
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