Mortgage rates and existing home prices are high, but the spillover effect on today’s economy has turned out to be more limited than one might think.
Home sales climbed by 2% in July, according to the National Association of Realtors, but prices remain high.
According to a new study from Redfin, buyers’ agents are still making about the same amount on commissions now as they were before the new rules went into effect — and sellers are mostly still paying them.
Stabilizing interest rates and moderating home prices are among the positive predictions in the Realtors’ report. Some see risks to that scenario.
Properties sold through a dual agent tend to move faster, but for less money, research shows. In some states, the practice is illegal.
In a landmark settlement to several lawsuits, the National Association of Realtors could require agents and buyers to have a written agreement.
More agents might start charging buyers hourly rates or working on retainer.
Agents typically split the 5% to 6% commission when a home is sold. Rates could go lower in the wake of class-action litigation.
The jurors found that the National Association of Realtors and a couple of big brokerages conspired to inflate commissions.
Many home owners with low interest rates are reluctant to move. That’s pushing more buyers into new houses.
