The multi-billion-dollar real estate industry is being rocked by one of the biggest revolts in its modern history: multiple agencies have decided to quit the group that has long set their rules.
For buyers and sellers, it might mean you save thousands and thousands of dollars in fees, depending on which side of the deal you’re on.
Homeowners will remember the pain of signing several pages of documents and reading multiple paragraphs of real estate literature. Somewhere amid the requirements about insurance and property taxes, there’s what amounts to one of the biggest expenses of selling a home: covering the fee for the buyer's agent., the average real estate commission in Washington is 5.30%, which is slightly less than the national average of 5.37%.
"We're noticing a lot of transparency wanting to be had in the buying and selling process of real estate," said Brian Truman, a realtor for Exp Realty. "That's a lot of what this commission being declared, being opened up for consumers being able to see."these major real estate brokerages have announced they no longer want to be associated with NAR: Remax, Sotheby's, Century 21 Real Estate, Coldwell Banker, and Seattle's Redfin Corporation.
Truman said the end result for buyers and sellers will be more about quality than obligation, saving both sides of the deal.
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