Tuesday, June 18, 2024

Shifting the real estate landscape

January 14, 2024 by  
Filed under Community

Las Vegas real estate broker Kimberly Smith on how a monumental ruling could affect homebuyers in America.

By Kimberly Smith

In a recent court ruling, the National Association of Realtors (NAR) and two co-defendants were held accountable under US antitrust laws in the case of Burnettjor Sizer Vs. NAR et al. The trial, which lasted 11 days in Kansas City, MI, revealed that NAR, through its Buyer Broker Commission Rule, engaged in collusion to artificially inflate or maintain high brokerage commission rates. 

The court found that NAR’s rule essentially compels home sellers to bear a cost that traditionally would be covered by the buyers. This means that sellers are required to pay for the buyer’s agent commission, contributing to higher overall transaction costs. As a result of this ruling, the NAR and its co-defendants are now liable for these antitrust violations. NAR is appealing the case. 

The jury awarded the plaintiff a significant sum of $1.78 billion, indicating the seriousness of the violations. The practical impact of this decision is noteworthy, particularly for lower-income buyers who may struggle to afford the services of a buyer’s agent. With the NAR Buyer Broker Commission Rule found to be anticompetitive, there’s a potential for a shift in the real estate landscape, shifting the overall transaction costs to the buyers who are already struggling with down payments and closing costs making homeownership less likely. 

Are you interested in purchasing a home and wondering how this will affect you? There are various down payment assistance programs available for those who qualify. Myself or your real estate agent will personally structure your purchase to maximize monetary contributions made by the seller on your behalf. 

Homeownership is possible! I can be your Queen Of Real Estate! Call Kimberly Smith at (702) 291-7098 | www.kimberlysmith.realtor | NV.Lic. No. BS.146388

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