How New Real Estate Rules Will Impact Realtors, Home Buyers

By Derek James, CBS Minnesota

August 15, 2024

EDINA, Minn. — The experience of buying or selling a home is changing. A recent National Association of Realtors settlement now requires buyers and sellers to negotiate house sale commissions, including who pays and how much.

A recent overhaul changed the way realtors get paid to help people buy and sell their homes. It's part of a $418 million settlement announced in March between a nationwide group of homeowners and the National Association of Realtors.

"For consumers, it's going to be more transparent and it really should be a smooth process," said Jamar Hardy, president of Minneapolis Area Realtors. "Historically, a seller's agent charged homesellers a fee, usually 5% or 6%, which was then split with the buyer's agent. On a $500,000 home that would be $30,000 in commission."

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