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Showing posts from March, 2024

Breaking Down the Commission Headlines and the NAR Settlement

The news right now around real estate is ripe with "The 6% Commission is Dead" or how buying and selling real estate is about to become a whole lot cheaper.  Sounds tantalizing, right? Because often news is sensationalism and this one is no different.  Did something actually change?  Yes, a little.  NAR (the National Association of Realtors - the trade organization that makes a real estate agent a 'Realtor' by a separate code of ethics and educational criteria) settled a case that brought about a few, minor changes.  1. It eliminated any requirement that listing brokers or sellers must make offers of compensation to buyers brokers.  2. It prohibits sellers and their agents from making offers of compensation on the MLS and disclosing any compensation and requires the elimination of all compensation fields on the MLS.  3. It requires MLS members working with buyers to enter into written agreements with those buyers.  So what changed?  Not much.  Particularly in Pennsylv