"The settlement of the Sitzer-Burnett lawsuit two years ago has not lowered housing costs or created a more competitive marketplace, contrary to initial expectations."
"Despite hopes that the settlement would encourage buyers to negotiate commissions, by early 2025, commission rates were not budging, indicating a strong industry resistance."
"The real estate industry is highly motivated to maintain commission rates of 5% to 6%, with agents persuading buyers that sellers will continue compensating buyer agents."
"Buyers and sellers often lack the ability and motivation to negotiate rates effectively, facing concerns about potential discrimination from traditional agents."
The settlement of the Sitzer-Burnett lawsuit has failed to lower housing costs or foster competition in real estate. Despite expectations that buyers would negotiate commissions, rates have remained stable. The real estate industry is motivated to maintain commission rates of 5% to 6%, with agents persuading buyers that sellers will continue compensating buyer agents. Buyers and sellers often lack the knowledge and motivation to negotiate effectively, and those who attempt to use discount agents face potential discrimination from traditional agents.
Read at www.housingwire.com
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