Consumer advocates, realtors hail NAR settlement: What it means for buyers and sellers
The process of buying a home has seemingly never been simpler: Find a property on a listings website like Zillow, Redfin or Trulia; reach out to the listing agent; tour the property; and make an offer.
The process of buying a home has seemingly never been simpler: Find a property on a listings website like Zillow, Redfin or Trulia; reach out to the listing agent; tour the property; and make an offer.
But for years behind the scenes, experts say, consumers have not been fully aware of the ultimate cost — and potential conflicts of interest — when searching for a home.
Now, a landmark settlement with the National Association of Realtors is poised to upend this model. According to consumer advocates, and even some realtors, it’s a win for homebuyers and sellers.
“Price transparency is a good thing, increased competition is a good thing, and this will increase both,” said Mariya Letdin, an associate professor at Florida State University’s College of Business. “I really welcome this change.”
When someone goes looking for a home today, they are in most cases intercepted by a broker who has access to certain listings and who will work with the buyer at no cost upfront to help them get into a home.
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