Atlanta, Georgia – The process of buying a home may become more cost-effective for consumers as the National Association of Realtors has decided to eliminate the previous standard 6% commission rate for real estate agents.
For many like new Cobb County homeowner, Shari Martin, the thought of this change was met with mixed feelings. Previously, homebuyers like Martin did not need to be concerned about realtor fees as it was the seller’s responsibility. However, under the new agreement, both buyers and sellers will now be responsible for their respective realtor costs and fees.
This significant shift comes after various lawsuits have alleged that high commission rates have contributed to inflated home prices and expensive fees. Metro Atlanta Realtor Eric Decker expressed the importance of buyers and sellers qualifying and interviewing agents to ensure they are choosing the best fit for their needs.
While some are hopeful that this change will drive down home prices, others like Martin remain skeptical. She raised concerns about potential increases in fees from realtors who may charge more due to the additional time spent with clients. This shift could also have an impact on the number of brokers in the industry.
Overall, the decision to eliminate the standard 6% commission rate is expected to bring about a significant change in the real estate industry, affecting both buyers and sellers alike. It remains to be seen how this change will influence the market and the affordability of homes in the future.