June 11, 2024, St. Louis /PRNewswire/ — According to a recent survey by St. Louis-based Clever Real Estate, 70% of real estate agents are against the impending changes to real estate commissions, even though two-thirds of the general public (67%) support them.
The lawsuit’s main claim, made by 61% of Americans, is that it is unjust and anti-competitive for property sellers to pay the buyer’s agent commission. But according to 89% of agents, the lawsuit’s claims are unfounded.
The public is almost evenly divided, with 40% of respondents expecting negative effects from the NAR settlement and 71% of polled agents anticipating unfavorable effects.
Of the agents, only 15% think the reforms will benefit their business, while 58% anticipate negative effects.
Eighty-eight percent of the realtors who think the settlement will hurt fear it will deter first-time buyers from entering the market. Realtors feel that the commission changes will negatively affect buyers 82% of the time, and sellers 42% of the time.
In addition to the other closing fees and the down payment, two-thirds of prospective first-time homebuyers (66%) said they wouldn’t be able to afford their agent’s commission, which might keep them completely out of the real estate market.
Of the public who are in favor of the changes, 44% think they would make selling less expensive for sellers, and 41% think they would level the playing field for buyers and sellers.
The majority of agents (56%) believe that the average number of days that properties are on the market will increase as a result of the settlement.
A staggering 95% of agents who responded to the study predicted that the new incentive system will drive agents out of business.
Visit https://listwithclever.com/research/real-estate-commission-changes-2024 to read the complete study.
Concerning Astute Real Estate
With over 2,300 customer ratings and a 5.0-star Trustpilot rating, Clever Real Estate is a technology firm that creates instructional real estate material that reaches over 10 million readers yearly. It also operates a countrywide agent matching service. Clever launched in 2017 and has since sold $8.5 billion worth of real estate, linked over 100,000 clients with realtors, and helped clients save over $160 million on commission costs. Throughout all 50 states, 19,000 agents are part of Clever’s network.
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