ATLANTA — The home buying process may soon be less costly after National Association of Realtors agreed to get rid of requiring home sellers to determine a negotiated commission rate.
“That pains me to think about that,” said new Cobb County homeowner Shari Martin.
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Until now, homebuyers like Martin did not have to worry about realtor fees because historically it has been the responsibility of the seller.
“We didn’t have to worry about that,” Martin said.
Buyers and sellers will now both be on the hook for their own realtor costs and fees. It is a historical decision after multiple lawsuits claimed commission rates contributed to higher home prices and expensive fees.
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“I think everyone should qualify and interview agents to make sure they are getting the best agent for them,” said Metro Atlanta Realtor Eric Decker.
Decker told Channel 2′s Elizabeth Rawlins, he is not so sure the change will in fact drive down home prices as much as it will likely impact the number of brokers in the business.
Meanwhile, homebuyers like Martin told Rawlins she is equally as skeptical.
“Maybe [our realtor] would have charged more because of how much time she took with us,” said Martin.
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