Real Estate
US Homebuyers Expecting $10,000 Savings Face Tough Reality
- Experts warn that Realtor settlement changes may take time
- Any impact on home prices likely to be small, economist says
Single family homes in a residential neighborhood in San Marcos, Texas.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
Consumers expecting big savings from a National Association of Realtors’ class-action settlement over agent commissions may instead be in for a letdown.
The agreement drew cheers from President Joe Biden, who said it “could save homebuyers and home sellers as much as $10,000” in one example, and former Treasury Secretary Larry Summers, who said that breaking the “Realtor cartel” could save US households $100 billion over time. But the true benefits remain unclear, especially for first-time buyers who need help the most.