Stark differences emerge between real estate agents and the public as both groups prepare for the biggest home-buying and -selling change in decades.
ST. LOUIS, June 11, 2024 /PRNewswire/ -- Although two-thirds of the general public (67%) support upcoming changes to real estate commissions, 70% of real estate agents oppose them, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.
61% of Americans agree with the primary argument of the lawsuit, asserting that home sellers covering the buyer's agent commission is unfair and anti-competitive. However, 89% of agents believe the lawsuit's allegations lack validity.
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An overwhelming 71% of surveyed agents anticipate negative repercussions stemming from the NAR settlement, while the public is almost evenly split, 40% negative to 39% positive.
Only 15% of agents believe the changes will have a positive impact on their business, while 58% expect negative results.
Of the agents who believe the settlement will have a negative impact, 88% think it will discourage first-time buyers from entering the market. 82% of Realtors believe the commission changes will hurt buyers, while 42% believe the changes will also negatively impact sellers.
Two-thirds of would-be first-time homebuyers (66%) indicated that they wouldn't be able to afford their agent's commission in addition to the other closing costs and the down payment — potentially keeping them out of the real estate market entirely.
Among members of the public who support the changes, 44% say it would ease the financial burden on sellers, while 41% believe it would create a more level playing field between buyers and sellers.
A majority of agents (56%) anticipate that the settlement will lead to an increase in the average number of days properties remain on the market.
A whopping 95% of surveyed agents expect the new commission structure will cause agents to leave the industry.
Read the full report at: https://listwithclever.com/research/real-estate-commission-changes-2024/
About Clever Real EstateClever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched 100,000+ customers with realtors, and saved consumers over $160 million on commission fees. Clever's network spans 19,000 agents across all 50 states.
Please contact Alyssa Evans at [email protected] with any questions or to arrange an interview.
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Contact:Alyssa EvansClever Real Estate[email protected] 315-690-1518
SOURCE Clever Real Estate
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