April 15, 2024
A "Sale Pending" sign hangs outside a home on Grandon Avenue in Bexley in 2023. The traditional way of buying and selling central Ohio homes will undergo a change this summer after a settlement by the National Association of Realtors.


The traditional way of buying and selling central Ohio homes will undergo a change this summer, though the extent of the change remains to be seen.

In an effort to settle an antitrust lawsuit, the National Association of Realtors announced Friday that it will prohibit sellers’ agents from offering to compensate buyers’ agents through the Multiple Listing Service, the primary portal of homes for sale. The Columbus Realtors organization followed suit and said it will enact new rules in mid-July for its 9,000-plus members.

The agreement is likely to spell an end to the traditional practice of home sellers paying commissions for both the seller’s and the buyer’s real-estate agents. In central Ohio, the commission is often 3% of the sales price to each. A seller, for example, would pay a total of $18,000 ($9,000 to agents on each side) on the sale of a $300,000 home. If a buyer isn’t represented by an agent, the seller typically would collect the full 6% commission.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *