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NAR Lawsuit Impacts Boomers Buying and Selling Real Estate
Manage episode 440391286 series 3589898
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The National Association of Realtors (NAR) has agreed to pay $418 million after reaching a settlement in a lawsuit where a federal jury ruled the organization had conspired to inflate commissions.
The settlement has resulted in "total confusion" across the real estate industry. The change that requires brokers to create a written document outlining all the services they will provide for buyers, as well as the cost of each service, will make "a clear difference," but that's the only upside.
The sellers will have to "make good with the buyers" in order to help boost the price and sales of their homes, even if it means coming out of their own pockets for the "myriad of things" that could arise." However, the confusion it has raised that is the real problem.
The ruling will not prompt home prices to come down, as sellers have "a one-time chance" to make profits on their house. The housing inventory shortage as the reason why "prices have gone up despite everybody singing the blues," with prices continuing to rise due to the imbalance in supply and demand dynamics.
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