The National Association of Realtors reported existing home sales for February that exceeded economists’ expectations. But regional markets vary.
Properties sold through a dual agent tend to move faster, but for less money, research shows. In some states, the practice is illegal.
Agents typically split the 5% to 6% commission when a home is sold. Rates could go lower in the wake of class-action litigation.
Despite the world going digital, homebuying is still a highly analog process. James Rodriquez of Insider discusses the quest for a superapp.
The jurors found that the National Association of Realtors and a couple of big brokerages conspired to inflate commissions.
“The average days on market has gone from less than a week up to about 89 days,” says broker Amanda Pohlman of Keller Williams Living.
As home sales decline, the field is becoming more competitive.