Mark today on your calendar.

You’ll want to remember my telling you this is an epic fail.

Of course you’ve heard about the $418 million settlement NAR (National Association of Realtors) announced yesterday. Everyone has. It was a life or death negotiation when NAR was hit with a $1.8 billion judgment for losing the Sitzer/Burnett case. If trebled to $5.4 billion, which was a looming possibility, it would have bankrupted the association and decimated the industry.

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So, now what? As usual, no one knows. The same “experts” who’ve wrongly predicted where home prices are headed these past few years mostly herald this as the harbinger of significantly lower home prices for buyers and more money for sellers.

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I could not agree less.

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Not because I’m a broker, but because I can do simple math. Sellers will try to list homes at prices commensurate with past sales, which closed when sellers paid both commission sides -because sellers want to keep more of “their” money. That was the whole point of the lawsuit. However, buyers can also do simple math and will refuse to pay those same prices if sellers won’t pay their brokers’ commission. To presume anything else is idiocy.

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Neither side is going to get what they want.

Read the rest of this free article on Substack.

https://open.substack.com/pub/wendyhooperross/p/mark-this-day?r=1r8ory&utm_campaign=post&utm_medium=web

#realestate #marketexpert #DOJ #homebuyers #sellers #homeprices