70% of agents oppose NAR settlement: Clever Real Estate

Picture a bustling marketplace where different vendors throng, each vying for the attention of discerning customers. In this scenario, the National Association of Realtors (NAR) settlement feels like a sweeping reform, instigating varied reactions and expectations from the diverse crowd. I’m unable to directly add graphs from external URLs. However, I can guide you on how to describe the data visually in your blog post. Here’s how you can incorporate the data from the graphs into your content:

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Summary

A recent survey by Clever Real Estate reveals a significant divide between real estate agents and consumers regarding the National Association of Realtors’ (NAR) settlement. While 70% of agents oppose the settlement, 67% of consumers support it. This blog post delves into the survey findings and their implications for the Colorado Springs real estate market.

Survey Findings

According to Clever Real Estate’s survey conducted in April 2024, there is a notable gap between the opinions of real estate professionals and the general public:

• Support for Settlement: 67% of consumers support the NAR settlement, while 70% of agents oppose it.
• Awareness: Only 36% of consumers are aware of the settlement, yet 70% of agents have received inquiries from clients about its impact.
• Primary Argument: 61% of consumers agree that the practice of home sellers covering the buyer’s agent commission is unfair, whereas 89% of agents disagree.

Impact on Business

The survey highlights the anticipated impact of the settlement on the real estate business:

• Negative Repercussions: 71% of agents foresee negative repercussions, while only 40% of consumers share this sentiment.
• Business Impact: 58% of agents believe the changes will negatively affect their business, with only 15% expecting a positive impact.

Consumer and Agent Perspectives

The survey also sheds light on the differing perspectives between consumers and agents:

• Consumer Concerns: Consumers opposing the changes cite increased burden on homebuyers (47%), discouragement to first-time buyers (36%), and market uncertainty (29%).
• Agent Concerns: Agents believe the settlement will discourage first-time buyers (88%), hurt buyers (82%), and negatively impact sellers (42%).

Benefits of the Settlement

Despite the opposition, there are perceived benefits to the settlement:

• Consumer Benefits: 44% of consumers believe the changes will ease the financial burden on sellers, 41% think it will create a level playing field, and 32% say it will improve trust.
• Agent Adaptation: 52% of agents are considering additional service offerings to stay competitive.

 

Future Implications

The survey indicates that the NAR settlement will have significant implications for the future:

• Impact on Homebuyers and Sellers: 91% of Americans believe the settlement will affect future homebuyers and sellers, with lower commission rates (30%) and increased competition (26%) being the most commonly cited impacts.
• First-Time Buyers: 66% of first-time buyers say they cannot afford a buyer’s agent commission on top of other costs.

Conclusion

The Clever Real Estate survey highlights a clear divide between agents and consumers regarding the NAR settlement. As the Colorado Springs real estate market navigates these changes, it’s crucial for both buyers and sellers to stay informed and consider the potential impacts on their transactions.

For more information and expert advice on navigating the Colorado Springs real estate market, visit 719 Lending.

Original post found here: https://listwithclever.com/research/real-estate-commission-changes-2024/?utm_source=press+release&utm_medium=pr&utm_campaign=agent_survey_2024