The real estate brokerage commission has changed. It has changed to 3%.

I saw news recently that the real estate commission rates in the US have changed. I'm currently in the process of selling my house. Did the US real estate commission decrease from 6% to 3%? I'm really curious about which direction it will go from here.

 

 

 

I bought a house when the interest rates and fees were at their highest.

Many Koreans have concerns about purchasing homes in the United States. Similarly, due to our lack of familiarity with homes, we decided to build a new one. Because of the pandemic, it took a long time to build the house, and it was completed for occupancy when interest rates were at their highest and most unstable. There were significant changes in our finances, and we had to pay real estate commissions when purchasing the house, which added to the burden. As we watched the high interest rates day by day while building the house, we also saw nearby homes being abandoned by buyers. However, being foreigners, we had no choice but to focus on our decision. We worked hard to have a stable home, and so we completed our first home purchase in the United States.

 

3% Real Estate Fee

 

 

 

At that time, the real estate commission was 6%, And as the buyer of the house, I only paid a 3% commission

 

The interest rates are still high, and the real estate commissions are also high.

Suddenly, our family encountered a small change. We found ourselves in a situation where we needed to return to Korea, so with regret, we decided to sell our house. When we bought the house, the high interest rates and fees had made the value quite high, and there was a significant price difference compared to nearby houses built before the pandemic. However, we had no choice. We were foreigners, and there were visa issues at that time. We hoped the house would sell quickly at a fair price, but it turned out to be more challenging than we had anticipated.

 

 

3% Real Estate Fee

 

 

The real estate commission will be applied starting from July of this year 2024.

Winter has passed, and it's now the new year of 2024. My house is still listed on real estate websites. I recently saw some news about a nationwide 3% decrease in real estate commissions in the US. It's really difficult to predict what changes this will bring for me. While a decrease in commissions is good news for sellers, it seems that it might make it harder for buyers to come and view homes easily. Moreover, I can't anticipate what changes this might bring for buyers either.

The 3% reduction is set to be implemented from July, but I'm unsure about what I should do. For those of us who haven't experienced the change yet, it's causing a lot of worry. I hope the house sells soon. I don't want to deal with high interest rates and lawn mowing in the yard anymore

 

3% Real Estate Fee

 

 

https://edition.cnn.com/2024/03/18/investing/nar-realtor-commissions-settlement-explained/index.html

The way Americans buy and sell homes is about to get turned on its head | CNN Business