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Stakes are high as first buyer broker commission lawsuit goes to trial today

Housing Wire

At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing. million, respectively. .” ” What’s at stake?

Buyers 458
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Majority of recent homebuyers have regrets: survey

Housing Wire

We found that buyers stepping into the 2024 housing market have much to learn from previous shoppers,” the report stated. Even after navigating the climate of higher mortgage rates and a dearth of available listings, 82% of recent buyers had regrets about their purchase, Clever reported.

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Brokerage executives double down on their lead generation strategies

Housing Wire

He said his company is focused on buyer-side agents, whose activity is expected by some to be impacted by the National Association of Realtors’ (NAR) $418 million nationwide settlement of the commission lawsuits. The change would go into effect in mid-July 2024 if the settlement is approved by a judge.

Brokerage 421
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Buydowns become key for buyers to beat the market

Housing Wire

The seller, who struggled to find a buyer in a cooled down housing market, agreed to deposit a lump sum payment into an escrow account at closing – ultimately saving Davis $6,900 in monthly payments in the first two years. It gives the buyer and seller the feeling of beating the mutual enemy, ‘the market,’ and gaming the system.”.

Buyers 473
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Compass CEO Reffkin believes agents will still be valued in a post-settlement world

Housing Wire

First, more buyers are using agents in 2023 than in 2003. Second, buyer agreements are not new. Third, Compass agents have doubled down on training to help them better communicate their value proposition. Compass has the best value proposition for buyers of any brokerage firm,” Reffkin said.

Agents 440
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The Real Brokerage settles Umpa commission lawsuit for $9.25M

Housing Wire

In addition to the monetary award, Real has also agreed to implement business policy changes as part of the settlement, including “clarifications about the negotiability of commissions, prohibitions on claims that buyer agent services are free, and the inclusion of listing broker compensation offers in communications with clients.”

Brokerage 384
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NAR “sets the record straight” on commissions

Housing Wire

After months of plaintiffs’ lawyers in commission lawsuits claiming that the National Association of Realtors sets real estate agent commissions, the trade group finally decided to, in its words, “set the record straight.” The internet can be a tool, but it is not a replacement for the essential services agents who are Realtors provide.