Consumer advocates, realtors hail NAR settlement: What it means for buyers and sellers

The process of buying a home has seemingly never been simpler: Find a property on a listings website like Zillow, Redfin or Trulia; reach out to the listing agent; tour the property; and make an offer. But for years behind the scenes, experts say, consumers have not been fully aware of the ultimate cost — and potential conflicts of interest — when searching for a home. Now, a landmark settlement with the National Association of Realtors is poised to upend this model.

Whomever a prospective buyer chooses as their representative in the homebuying process, the NAR settlement now formally bans the seller’s ability to advertise a commission for the buyer’s reps on the multiple listing service. For its part, the NAR has maintained that the free market has always set commission levels, and that they were always negotiable — and even useful.

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