Real Estate News | Real Estate Investing | Stock Market Investing | Passive Income | Flipping | 1031 Exchange | Private Lendi

NAR plans to appeal a verdict in a case that many say will weaken the association’s grip on the real estate industry. NAR and several other defendants were convicted of conspiring to keep brokerage commissions artificially high. Many industry experts are now speculating on how this will change the way homes are bought and sold. But NAR said in a news release that this case is far from over.   The class-action lawsuit included more than 260,000 people who sold homes in Missouri, Kansas, and Illinois between 2015 and 2022. They objected to the commissions sellers were required to pay for agents on both sides of the deal. The fee is typically 5 or 6% of the sales price with the seller’s agent handing over half of that fee to the buyer’s agent. Many of the rules for this process are imposed by NAR.   After a two week trial in Kansas City, Missouri, the jury handed over a guilty verdict against NAR, Keller Williams, and HomeServices of America along with two of its subsidiaries. The judge also slapped them with $1