Although two-thirds of the general public (67%) support upcoming changes to real estate commissions, 70% of real estate agents oppose them, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.

61% of Americans agree with the primary argument of the lawsuit, asserting that home sellers covering the buyer's agent commission is unfair and anti-competitive. However, 89% of agents believe the lawsuit's allegations lack validity.

Only 15% of agents believe the changes will have a positive impact on their business, while 58% expect negative results.

Of the agents who believe the settlement will have a negative impact, 88% think it will discourage first-time buyers from entering the market. 82% of Realtors believe the commission changes will hurt buyers, while 42% believe the changes will also negatively impact sellers.

Two-thirds of would-be first-time homebuyers (66%) indicated that they wouldn't be able to afford their agent's commission in addition to the other closing costs and the down payment — potentially keeping them out of the real estate market entirely.

Among members of the public who support the changes, 44% say it would ease the financial burden on sellers, while 41% believe it would create a more level playing field between buyers and sellers.

A majority of agents (56%) anticipate that the settlement will lead to an increase in the average number of days properties remain on the market.

A whopping 95% of surveyed agents expect the new commission structure will cause agents to leave the industry.

Read the full report at: https://listwithclever.com/research/real-estate-commission-changes-2024/