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How does the National Association of Realtors’ settlement affect you?

By Alicia Wallace, CNN

(CNN) — The National Association of Realtors’ recent $418 million settlement to end antitrust legal claims came with a bombshell: Decades-long rules and informal guidelines — especially those that made a 6% commission the norm — could be overhauled.

This proposed settlement is not only expected to fundamentally change how Americans buy and sell homes, but it could also transform the nation’s real estate industry, including the number of agents within the sector. Economists also predict that the process of buying a home could be cheaper; However, it could also mean more upfront costs — potentially making it harder on lower-income and first-time buyers.

Do you work in real estate, or do you have plans to buy or sell a home in the near future? We’d like to hear from you as to how this ruling and proposed changes could affect you.

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How the National Association of Realtors settlements could affect home buyers

Sacramento realtor president reacts to National Association of Realtors settlement

A LANDMARK SETTLEMENT COULD MAKE BUYING THAT FIRST HOME A LITTLE CHEAPER. THE NATIONAL ASSOCIATION OF REALTORS, SETTING A SERIES OF LAWSUITS AIMED AT ELIMINATING ITS RULES ON COMMISSIONS. AND ACCORDING TO THOSE LAWSUIT, HOMEOWNERS HAVE ARGUED THAT RULES SET BY THE ASSOCIATION FORCED THEM TO PAY WHAT THEY CALLED EXCESSIVE FEES FOR HOMES. AND JOINING US THIS MORNING IS SHERRY HOME WITH THE SACRAMENTO ASSOCIATION OF REALTORS TO TALK ABOUT THIS, BECAUSE, AGAIN, THIS IS STILL RELATIVELY FRESH. STILL VERY FLUID. BUT THIS CAN REALLY END UP BEING A JOLT TO THE INDUSTRY. ALL THE WAY ACROSS THE BOARD. OF COURSE, EVERYBODY IS REACTION TO IT IS GOING TO BE A COLLECTIVE GAS. BUT ULTIMATELY, YOU KNOW, THERE’S LET’S LOOK AT THE NUMBER OF REALTORS IN SACRAMENTO. THERE’S 8000 OF THEM. AND WE’RE DOING A VERY GOOD JOB BY AND LARGE, SELLING HOUSES. YEAH. AND THERE’S STILL SOME HOUSES TO SELL. NOT AS MUCH SUPPLY AND DEMAND ISSUES. SURE. NOT. NOT AS FAR AS THE BUSINESS MODEL ITSELF BECAUSE THIS THESE LAWSUITS REALLY STARTED TO GO AFTER, I MEAN, A NUMBER OF