Nobody was overcharged, but the media will feed the hysteria for another week or two with baseless claims and lies just to attract more eyeballs! Meanwhile, buyers are hurrying up their quest to buy a home before they have to pay their agent’s commission!
Hat tip to Gerry for sending this in:
I haven’t seen any evidence that paying 3% or higher commission to the buyer’s agent would result in a higher sales price. But those homes offering 2% or less commission usually sell for less, though that is mostly due to an overall weak listing agent, not solely because of the rate.
Sold a home in the last four years?
Congratulations. You’re entitled to a piece of the $418 million Realtor settlement fund.
But don’t expect a big windfall.
Since you will be among 21 million other Americans who are part of the “settlement class,” the amount per seller — after deducting attorneys’ fees — could be as low as $13.
“Meanwhile, buyers are hurrying up their quest to buy a home before they have to pay their agent’s commission!” TOTAL BS
Not even enough to get that pizza. 🙁
Keep scrolling down to the next post where I mention the surge in pendings.
Is it because prices or rates got more reasonable? I don’t think so.
Why then?
Everyone has their own combination of many reasons why they buy a home – buyers being motivated to not pay the commission might as well be on the list.
The settlement is huge, yet when one divides the amount by the number of potentially qualifying consumers it works out to about $10 per person. Those benefiting are the attorneys who have submitted a request to the court for over $80 million in fees.