There is a large gap between how the American public feels about the business practice changes outlined in the National Association of Realtors’ nationwide commission lawsuit settlement agreement and how real estate professionals feel about them. According to a survey published by Clever Real Estate, 67% of the general public supports the changes, while 70% [...]read more70% of agents oppose NAR settlement: Clever Real Estate
The National Association of Realtors addressed concerns of agent steering in its latest update to its commission lawsuit settlement FAQs. The topic of steering — when a buyer’s agent or broker prevents buyers from seeing homes that offer commissions lower than is typical for a market or discourages buyers from considering homes that offer lower [...]read moreNAR addresses steering in latest settlement agreement update
As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory [...]read moreBoomers, millennials locked in ‘showdown’ over housing: Fortune
The path forward for the settlement agreements reached by Anywhere, RE/MAX and Keller Williams with the home seller plaintiffs in the commission lawsuits has become a bit murkier. Last week, two parties filed appeals with the Eighth Circuit Court of Appeals that seek to overturn Judge Stephen R. Bough’s May 9 decision to grant final [...]read moreTwo parties appeal final approval of RE/MAX, Keller Williams and Anywhere settlement agreements
Northwest MLS, the largest multiple listing service in the Pacific Northwest, will not take part in the $418 million agreement reached by the National Association of Realtors (NAR) in the Sitzer/Burnett case. In fact, NWMLS said that its own rules on buyer agent compensation are fairer and more transparent than the terms NAR agreed to in March. [...]read moreNorthwest MLS criticizes $418M NAR settlement agreement, opts out
Although Leal highlighted the DOJ’s belief that offers of compensation should not be anywhere, she did not explicitly say what specific changes the DOJ might look to pursue beyond those outlined in the terms of NAR’s settlement agreement. Additionally, she said the DOJ would make a decision about whether or not to file a statement [...]read moreDOJ: Offers of agent compensation ’should not be made anywhere’
The United States Department of Veterans Affairs will soon release a circular that “bridges the gap” on an agency law that prohibits a VA buyer from paying their real estate agent compensation, a VA official announced on Tuesday. Michelle Corridon, deputy policy director at the VA, announced at the Mortgage Bankers Association‘s Secondary & Capital [...]read moreVA to roll out temporary fix to buyer agent commission problem
The National Association of Realtors’ (NAR) board of directors voted to leave member dues unchanged in 2025. The vote occurred Thursday during the final day of NAR’s midyear conference, the Realtors Legislative Meetings, according to Inman, which first reported the story. During the meeting, NAR’s board approved a recommendation from its finance committee to keep [...]read moreNAR board votes to leave dues unchanged in 2025
A court has denied the Batton 1 plaintiffs’ last-minute attempt to block Thursday’s final approval hearing for the commission lawsuit settlement agreements from occurring. Earlier on Wednesday, the homebuyer plaintiffs in the Batton 1 commission lawsuit, filed in Chicago in January 2021, filed a motion for a temporary restraining order and preliminary injunction. The motion [...]read moreJudge denies Batton plaintiffs’ request to block settlement agreement’s final hearing
Robert Reffkin is confident that Compass and its agents have what it takes to continue growing and succeeding in the changing real estate environment. “In down markets, the best agents and the best brokerages gain market share,” Reffkin, the CEO of Compass, told investors and analysts during his firms first-quarter 2024 earnings call on Wednesday [...]read moreCompass CEO Reffkin believes agents will still be valued in a post-settlement world