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00:00 For a long time, American Realtors had a sweet deal, making higher commissions than pretty much
00:05 any other agent in the world, but thanks to a landmark lawsuit that might be about to change.
00:11 In the case known as Burnett versus the National Association of Realtors,
00:15 home sellers contended that agents were essentially conspiring to keep home prices
00:19 high for their own financial benefit. Because traditionally, the commissions of both buyers
00:24 and sellers' agents weren't really advertised as being negotiable and were both paid by the
00:29 same party, the sellers of the home. This essentially puts people who are supposed to be
00:33 on opposite sides of a negotiation on the same team. So, as of July 2024, commissions won't be
00:40 listed on the MLS, meaning buyers' agents can't sway their clients towards higher commission homes
00:46 like they can now. Buyers will be signing contracts with their own agents and be charged based on the
00:51 service they actually want. The hope is that this could eventually end up reducing prices,
00:56 prices, and buyers need all the help they can get.
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