The National Association of Realtors (NAR) agreed to pay $418 million in damages after settling a lawsuit in which a federal jury ruled that the organization had conspired to artificially inflate commissions. With sweeping changes to home sellers' operations, the market may record a paradigm shift.
Mphasis Digital Risk Founder Jeff Taylor and Pulte Capital CEO Bill Pulte join Yahoo Finance to discuss the broader implications of the NAR settlement.
Pulte claims that the new rules the settlement would enact may encourage "creative thinking" in the market: "You could see potentially people reduce their commissions. You could also see I think some creative thinking like the builders have done...The builders have gone in and bought down mortgage rates as a means of making their homes, meaning new homes, more attractive for home buyers."
To Taylor, the settlement is a "game changer" for commissions: "There's always been this perception it's 3% and 3%, 6% or 5%, depending upon where you are. But now as you present that contract, look, theoretically the selling agent could say, we're going to charge 3% but we're not going to provide anything for the buyer on that 3%. How is that going to affect that behavior? That could change a lot going forward."
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