WASHINGTON — Anyone looking to buy a home within the last few years has found a lot of things stacked against them, from a lack of inventory on the market to record-high home prices.
The realty website Zillow says the median home value in the D.C. area is $610,000. Interest rates are coming down slowly but are still higher than they've been in the last 20 years.
However, there is some news that might help cool the market down by mid-summer. That news is that standard realtor commissions are disappearing.
Right now, a home seller pays 5% to 6% commission, but the National Association of Realtors just settled a lawsuit alleging the group conspired to raise those commissions. The settlement means the National Association of Realtors, which represents more than a million realtors, will pay $418 million in damages and see rules on commissions eliminated.
It will also lead to buyers and sellers negotiating those realtor fees.
Experts say the settlement could lead to commissions dropped by 30%.
The settlement deal has one final hurdle to clear, it has to be approved by the courts.
The new rules are expected to go into effect in July and could lead to a more expedient cooling of the red-hot housing market.
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