With preliminary approval of the NAR deal and a new settlement proposal from HomeServices of America, there is hope that we can all get back to business soon.
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Each week on The Download, Inman’s Christy Murdock delves deeper into the top-read stories to equip you for the upcoming week. This week, the focus is on whether we can finally get back to business after the preliminary approval of NAR’s deal and the new settlement proposal from HomeServices of America.
The aftermath of the Sitzer | Burnett verdict has left us in a state of limbo, with agents focusing on copycats and settlement proposals amidst challenges like high interest rates, low inventory, and dwindling consumer confidence.
However, there is a sense of positivity and forward momentum in the air, with the possibility of turning a corner and returning to business. The settlement agreement proposed by NAR has received preliminary approval from Judge Stephen R. Bough, who deemed the changes fair and reasonable, setting a November hearing for final approval.
Furthermore, two major similar suits challenging the current U.S. commission structure have been merged in Bough’s court, representing millions of homesellers nationwide.
HomeServices of America, one of the largest real estate brokerages, recently agreed to pay $250 million and implement business practice changes to settle ongoing lawsuits. This settlement marks the last major brokerage to settle in the Sitzer | Burnett lawsuit.
The week has been marked by relief as readers are focusing on real conversations with clients amidst the changing industry landscape. Agents are pivoting towards a new normal and navigating the new rules of the road to best serve their clients.
Various articles on relevant topics like buyer brokerage agreements, navigating divisions for divorcing clients, and staying relevant as a real estate agent in 2024 provide insights and guidance for agents looking to adapt and thrive in the evolving real estate industry.
The real estate industry is experiencing a period of uncertainty and change following the NAR settlement and a new settlement proposal from HomeServices of America. However, there is hope for a return to normalcy as Judge Stephen R. Bough has granted preliminary approval to the proposed NAR settlement, signaling potential new rules for Realtors. HomeServices of America has also reached a settlement agreement, bringing relief to agents and clients. Amidst these developments, agents are focusing on navigating the new regulations and staying relevant in the industry. Overall, there is a sense of optimism and readiness to get back to business within the real estate market.
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