Change is in the air for Boston real estate commissions

The justice department pushed back on a proposed settlement in a Boston-based lawsuit over broker commissions, pushing for the listing service to “prohibit sellers from making commission offers to buyer brokers at all,” in a change that “would promote competition by having Boston condo buyers to negotiate directly with their own brokers.”

Boston Condo Sellers and Buyers

Some forecasts claimed the move would cool home prices. Many have dismissed those projections as overblown, but it is clear that the settlement terms mean the burden of commission costs won’t be automatically assigned to sellers.

Boston condo buyers and flat fees

Boston condo buyers can try to go bare-bones, paring down the assistance they need with buyer brokers.

Now, Boston condo buyer brokers are laid bare for negotiation. Boston condo buyers, that use buyers agents, will likely be in charge of tallying the costs related to their representation earlier in the process through exclusive agreements or flat fees for their services.

Boston condo for sale commissions

If the proposed agreement holds, it will take Place July 2024.

My thoughts as a Boston condo for sale broker

The mere prospect of a future settlement has already caused some Boston condo for sale sellers to change their behavior when selling their homes. Numerous Boston condo Sellers are waiting for the new rules to take effect in July to lower — or even eliminate — the commission they offer to buyers’ agents.

Some prospective homebuyers said they plan to restart their housing search after the new rules to take place, hoping to see lower prices.

If approved by a judge, the settlement could have seriously effect Boston condo buyer agents.

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Updated: Boston Real Estate Blog 2024

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