The latest Clever report reveals a national average commission of 5.44%—not the long-claimed 6%. On this week’s episode of The Real Word, Byron Lazine and Nicole White break down the data and call out the misleading marketing language still being used to gaslight the industry.
With today’s final approval of the settlement between the Sitzer/Burnett plaintiffs and the National Association of Realtors, the real estate industry faces lasting change, ongoing legal battles, and a new era for agent compensation.
Mike DelPrete analyzes post-settlement trends in buyer agent commissions, revealing no significant changes since August 2024, based on data from 55,000 transactions monthly.
Here’s a recap of major real estate industry developments since the Sitzer/Burnett verdict, from NAR settlement updates to an objection that could change everything. We’re also sharing a timeline of BAM events, including our final event of 2024.
HousingWire reports that attorneys in the Sitzer/Burnett real estate commission lawsuit are seeking one-third of the $679 million settlement from NAR and HomeServices of America.
Josh Sitzer’s new startup, Landian, aims to revolutionize real estate with a flat-fee model. Redfin sees the startup as a “brother in arms” while explaining why its own experiment with flat fee services didn’t work.
Josh Sitzer of Sitzer/Burnett is co-founding Landian, a startup that offers flat-fee real estate services, aiming to make homebuying more affordable and transparent with an à la carte menu and a pay-only-if-you-close guarantee.
Plaintiffs’ attorneys in the Gibson antitrust lawsuit have requested $36.9 million, one-third of the total settlement payout, to put toward legal fees for their efforts in securing settlements from nine brokerages.
The homebuyer plaintiffs in the Batton 1 lawsuit have filed for a temporary injunction to prevent the final approval of the Keller Williams, Anywhere, and RE/MAX settlements.
On Friday, April 26, 2024, HomeServices of America agreed to a settlement in Sitzer/Burnett, et al, for $250 million.
In an order released on Tuesday, April 23, Judge Stephen R. Bough granted preliminary approval of the NAR settlement, describing the sweeping changes in the agreement as “fair, reasonable, and adequate.” A final approval hearing is set for November.
The U.S. Supreme Court ruled has rejected the plea by HomeServices of America to overturn the Sitzer/Burnett verdict, leaving HSofA as the only defendant that hasn’t reached a settlement with the plaintiffs.
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