What the NAR Settlement Means for Buyers and Sellers in 2024
By: Michelle Clardie, Real Estate Business Strategist and Founder of Key Real Estate Resources
On Friday, March 15, 2024, the National Association of REALTORS® (NAR) announced a surprising $418 million settlement with a nationwide group of home sellers. The settlement aims to resolve claims in multiple antitrust class actions against NAR. These lawsuits accused the NAR and several of the nation's largest residential real estate brokerage companies of requiring home sellers to pay inflated real estate fees.
This is a complex settlement surrounded by complex housing market issues. In this article, I’ll explain:
- What the suit was about;
- How it was settled;
- How proponents and opponents of the settlement both feel about it;
- Why real estate fees cost as much as they do; and
- What the NAR settlement means for home buyers and sellers in 2024.
First - What Was the Suit About?
The claims centered around NAR's implementation of a Buyer Broker Commission Rule, which mandated that all listing agents offer compensation for the buyer’s agent when listing a property on a Multiple Listing Service (MLS).
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