Is It the End of 6% Real Estate Commissions?
This week the Justice Department reached an antitrust settlement with the National Association of Realtors that is meant to spur competition and bring down the standard 6% commission that comes with each real estate transaction. Basically, the NAR is no longer able to withhold the information on multiple listing services from discount online brokers such as Redfin and ZipRealty. Will consumers like us see a huge deduction in real estate transaction prices soon?
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