On March 15, the National Association of Realtors (NAR) in the United States announced a historic agreement that ends the standard 6% commission charged on home sales. This change, the result of a series of lawsuits for anti-competitive practices, opens the door to greater competition and transparency in the American real estate sector.
What does it mean for sellers and buyers?
Sellers will no longer be required to offer a 6% commission to buyer's agents as a condition of listing their properties on Multiple Listing Services (MLS). This means they will be able to freely negotiate commission with agents, which could significantly reduce sales costs.
On the other hand, buyers will also benefit from this change. As there is greater competition among agents, they will be able to find better offers and services. In addition, the elimination of the 6% fixed commission could drive a drop in home prices.
How will it affect the real estate sector?
The end of the 6% commission is a radical change that will undoubtedly have a significant impact on the American real estate sector. Some experts predict this change will benefit sellers and buyers,while others fear it could hurt real estate agents..
However, it is important to note that this change is still recent and it is difficult to predict exactly how the real estate market will develop in the future. What is certain is that this historic agreement marks a before and after in the way homes are bought and sold in the United States.
The end of the 6% commission in the US and its impact on the Mexican real estate market
The recent agreement in the United States that eliminates the standard 6% commission on the purchase and sale of homes has generated a great stir in the real estate sector. Although this change only applies in the United States, it is inevitable to wonder how it could affect the Mexican real estate market.
- Greater competition among real estate agents in Mexico:
- Mexican agents are likely to look for new strategies to attract clients, such as offering lower commissions or additional services. This could benefit Mexican sellers, as they would have more options to choose from and negotiate with agents.
- Pressure to lower commissions in Mexico:
- The end of the 6% commission in the US could create some pressure for Mexican agents to reduce their commissions as well. However, it is important to remember that the Mexican real estate market is different from that of the US, and that there are factors that could prevent a significant reduction in commissions in Mexico.
- Increased interest in investing in property in the US:
- Some Mexicans might consider investing in property in the US, attracted by the possibility of buying without paying the 6% commission. This could have an impact on the Mexican real estate market, as there could be less demand for properties in Mexico.
It is important for Mexican buyers and sellers to be informed about this change and consider how it could affect their real estate plans. Staying on top of trends and adapting to changes in the market is essential to making informed decisions and taking advantage of opportunities that arise.
