National Association of Realtors Responds: Eliminating Commission Offers Could Disadvantage First-Time Homebuyers
February 28, 2024
In this edition of Above the Line, the National Association of Realtors responds for the first time to the Department of Justice's recent proposals regarding real estate commissions, stating, “Prohibiting all offers of compensation will harm consumers, including by making it more costly for home buyers to access capable representation.”
We also cover the rise in existing home sales to a five-month high and a landmark office tower deal reflecting CRE market anxieties.
NAR Weighs in on DOJ's Commission Structure Proposal
HousingWire
The Department of Justice's recent proposal to decouple real estate commissions has sparked a wave of concern across the industry, particularly regarding its potential impact on first-time buyers.
U.S. Existing Home Sales Hit Five-Month High
Reuters
January witnessed a significant uptick in existing home sales, reaching a seasonally adjusted annual rate of 4.00 million units, thanks to declining mortgage rates. This development signals a recovering market, albeit with the ongoing challenge of tight supply.
Office Tower Deal for $1 Signals Market Anxiety
Bloomberg
A Canadian pension fund's sale of its stake in a Manhattan office tower for just $1 underscores the deepening anxiety surrounding the future of office real estate in the face of remote work trends and rising borrowing costs.