Poll question: The commission question

It appears to be the end of the road for the standard 6 percent commission for real estate agents.

The sweeping change to the structure of home-buying deals follows the settlement of an antitrust lawsuit that was brought against the National Association of Realtors by groups of home sellers.

While denying any wrongdoing, the NAR will pay $418 million in damages and other costs and it agreed to change its rules.

The new rules are expected to make flat-fee deals and discount brokerages more popular.

Biden described the settlement as an important step in the effort to increase housing affordability — reducing the median home sale by as much as $10,000.

The NAR took exception to that concept.

“Real estate commissions are driven by the market and are not the cause of the affordability crisis,” wrote Kevin Sears, the president of the NAR, in response to President Biden’s recent remarks on lowering housing costs for American families.