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First-time buyers are going in one direction, while experienced buyers and sellers with equity are going in another.
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.