Some of you have been following the

Sitzer-Burnett v National Association of Realtors et al case.

Well there was some news this morning which may be found in the following link. 

The Sitzer-Burnett verdict

The TLDR version (according to ChatGPT) is

The National Association of Realtors (NAR) and plaintiffs have agreed on a settlement that would end litigation over claims regarding broker commissions for home sellers. The agreement covers NAR, over a million NAR members, state/local Realtor associations, MLSs, and brokerages with a residential transaction volume of $2 billion or below in 2022. Members and associations are released from liability, except for those associated with HomeServices of America and some large brokerages. MLSs owned by Realtor associations are included, with others having the option to join. Practice changes include a new rule prohibiting offers of compensation on the MLS, effective mid-July 2024. Buyers and sellers still have choices regarding real estate services and compensation, but MLS communication of offers would no longer be an option. Written agreements between MLS participants and buyers will be required starting mid-July 2024. Litigation concerning cooperative compensation may continue for some defendants. The settlement process requires court approval and may involve objections and opt-outs.

The main groups who this will really affect is

1. Veterans who are taking out a VA Loan and
2. First Time Buyers

... basically those people who really need help in getting onto the housing ladder. So very sad.

So the whole housing market is going to have a big shake up this year...

Buyers agents are going to have to ensure that they fill in the Exclusive Right to Buy contract, where they will be asking Buyers to pay them, rather than the traditional system where a listing broker would share their commission with another Real Estate Professional, to help willing sellers and buyers complete a deal.

There are over 200 "sticking points" in the Colorado Contracts, which could kill the deal. Both agents need to work together to ensure that these are addressed in a professional manner.

Commissions are, and have been, completely negotiable between buyers, sellers and their agents, don't have some agent say that this is not the case.

Perhaps this will reduce the number of Realtors, as well as Broker Associates, in our market, we will see. There are interesting times ahead...