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A recent agreement could change the real estate transaction process and potentially lower home prices. The National Association of Realtors has agreed to pay $418 million to settle class-action lawsuits concerning broker commissions, which typically reach 6% of the purchase price, without admitting any wrongdoing. Shorewood real estate agent Sophia Very expresses no panic over the settlement, which will alter the traditional commission structure. Going forward, sellers, buyers, and agents will negotiate fees directly, rather than relying on a conventional model where commissions are covertly included. Sophia emphasizes the importance of upfront conversations about fees with her clients.
