A settlement by the National Realtors Association promises to change the way real estate agents are compensated. It could spell an end to 6% commissions, which are higher than people pay elsewhere.
The National Association of Realtors has reached a national settlement that could change the way real estate agents are paid. Critics say the current system keeps commissions artificially high.
A report from the National Association of Realtors shows the average home buyer this past year had a six-figure income. Others face challenges in a period of high prices and costly home loans.
The median home price has risen to $413,800 – the second-highest price ever — thanks to a shortage of homes on the market and high mortgage rates. Experts say renting may be a better option.
The buying frenzy of a year ago is long gone. Home buyers have pulled away, sellers are holding back, and the whole housing market is locked in a deep freeze.
It's harder to afford homeownership than it's been in decades as a steep run-up in both prices during the pandemic and more recently interest rates hit buyers from both sides.
Thursday's GDP report shows the U.S. economy grew at an annual rate of 2.6% in July, August and September, after shrinking in the first half of the year.
Higher rates are dashing the dreams of some would-be homebuyers while others stretch to buy but spend close to $1,000 a month more in monthly payments for a typical house.
With mortgage rates up sharply, many more homebuyers are turning to adjustable rate loans. These can be more affordable, at least at first. But they come with a big risk. Is it worth it?