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HousingWire Daily
James Kleimann on the downtrend in buyer’s agent commissions
Aug 9, 2024
James Kleimann, a Managing Editor, dives into the recent downtrend in buyer's agent commissions post-NAR lawsuit settlement. He discusses intriguing shifts in commission structures across major U.S. metros, with most witnessing declines. The conversation touches on the rise of direct buyer-to-listing agent approaches, regional commission rate variations, and how these changes influence negotiations. Additionally, the challenges facing first-time buyers in a shifting market landscape are explored, shedding light on the evolving dynamics of real estate transactions.
31:49
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Quick takeaways
- Following the NAR's settlement, buyer's agent commissions have declined, highlighting changing consumer awareness and market dynamics across various regions.
- The ongoing downtrend in commissions is prompting buyers to rethink their relationships with agents and potentially negotiate differently with sellers.
Deep dives
Trends in Buyer's Agent Commissions
In recent months, buyer's agent commissions have shown a decline across various real estate markets, particularly following the NAR's settlement in the Sitzer-Bernett case. Data from Redfin analyzed commission rates in the 50 largest metro areas, revealing that the average buyer's agent commission fell from approximately 2.62% in January to about 2.55% in July. This drop reflects an ongoing trend that predates the lawsuit settlement, indicating that consumer awareness and market dynamics are influencing commission structures. Interestingly, Cincinnati was the only major market where commissions saw a slight increase, highlighting the variability in regional markets.
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