Who thinks the antiquated practice of paying both the buyer and the seller’s real estate agents a commission of 6% is old school? This guy! Having bought and sold a few houses I just counted up how much I’ve spent in commissions and it could actually buy a whole new house. That’s insane to think about.
Apparently I’m not the only one who feels this way. A Missouri court last week ruled that the National Association of Realtors (NAR) and “two brokerage firms, Homeservices of America and Keller Williams Realty, were liable for $1.8 billion in damages for conspiring to keep commissions artificially high, may mark the beginning of the end of how homes are bought and sold.”
Typically the commission on the sale of a house has “been around 6% of the sale price, usually with a 3% split for the buyer’s and seller’s agent.”
After a $1.8 billion verdict, the clock is ticking on the 6% real estate commission