For decades, an invisible hand has been guiding and controlling the American real estate industry, dictating how much buyers and sellers pay to their agents and how homes are sold. A few days ago, after a stunning legal settlement, that control — wielded by the National Association of Realtors — collapsed.
Debra Kamin, who reports about real estate desk for The Times, explains how the far-reaching change could drive down housing costs.
Guest: Debra Kamin, a reporter on real estate for The New York Times.
Background reading:
- The National Association of Realtors agreed to a landmark deal that will eliminate a bedrock of the industry, the standard 6 percent sales commission.
- Read about five ways buying and selling a house could change.
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