the staff of the Ridgewood blog
Ridgewood NJ, the National Association of Realtors, representing approximately 1.5 million real estate agents, has reached a settlement agreement to pay $418 million over the next four years to resolve a series of nationwide cases alleging that the association artificially inflated agents’ commissions.
If approved by a federal court, the settlement terms could lead to significant changes in how Americans engage in buying and selling homes, potentially reshaping a commission structure that has been in place for centuries. Typically, home sellers pay a standard commission ranging from 5% to 6% of the sale price to their agent for listing the property on a multiple listing service (MLS). This commission is then divided between the seller’s and buyer’s agents. However, under the proposed settlement, brokerage commissions would become subject to negotiation with sellers, potentially paving the way for reduced fees.
The legal agreement follows the resignation of National Association of Realtors CEO Bob Goldberg in November, which came after a jury decision found the association and major residential brokers liable for $1.8 billion in damages for allegedly conspiring to maintain artificially high home sales commissions.
BUT DOES IT HAVE A JAPANESE KOI POND? https://theridgewoodblog.net/but-does-it-have-a-japanese-koi-pond/
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Everything in life is subject to negotiation. In the ‘old days’ the real estate market ‘traffic’ primarily was controlled by brokers with buyers, however with the advent of the internet, Zillow has put an end to that. Many of the new generation of buyer do their own internet research, However I am more than willing to pay a fair commission to a real estate broker if they can use their professional negotiation skills on my behalf. (but I’d never pay 6% )
Who was paying 6%?
6% was killed about 4 years ago
I just paid 4%
It’s a fixed game, anyway. They know each other and the deal is always what they manage to convince the buyer and seller as the right price. Number one rule is always a fast sale.
Good lord now what will the Ridgewood Betty’s do?
Chardonnay is expensive ya know. Ask Slobagain Boxowineograd.