The NAR Settlement: A Real Estate Paradigm Shift

The National Association of Realtors (NAR) recent $418 million settlement marks a major shift in the real estate industry, potentially altering the path to homeownership for many Americans. This settlement, aimed at dismantling the standard 5-6% sales commission, promises to reshape the market dynamics for buyers, sellers, and real estate professionals alike.

Our most recent investigation explores the immediate and long-term implications of this historic agreement. Drawing on a survey of 1,000 Americans, we gauge its impact on homeowners and first-time homebuyers, plus gather their perspectives on corporate property acquisitions. This article offers a comprehensive analysis of how the settlement could redefine home affordability, access, and Americans’ current attitudes toward the traditional homebuying and selling process.

Key Takeaways

• Nearly 30% of Americans plan to purchase a home within the next year after hearing about the NAR settlement.
• 50% of first-time homebuyers are more likely to buy a home after learning about the NAR settlement.
• Just over 10% of Americans plan to sell their homes within the next year following the NAR settlement, with an average listing price of $400,000.
• Following the NAR settlement, nearly 1 in 4 Americans looking to sell their home in the next year plan to do so without a realtor.

• Americans’ perceptions of the impact of the NAR settlement on:
  • Homebuyers
    • 70% Positive
    • 22% Neutral
    • 8% Negative
  • Home sellers
    • 67% Positive
    • 21% Neutral
    • 12% Negative 
• Nearly 30% of Americans plan to purchase a home within the next year after hearing about the NAR’s settlement.
  • Plans to purchase a home within the year by generation:
    • Baby boomers: 20%
    • Gen X: 32%
    • Millennials: 29%
    • Gen Z: 27%
• 50% of first-time homebuyers are more likely to buy a home after learning about the NAR settlement.
  • First-time homebuyers by generation:
    • Baby boomers: 45%
    • Gen X: 57%
    • Millennials: 48%
    • Gen Z: 49%
• Just over 10% of Americans plan to sell their homes within the next year following the NAR settlement, with an average listing price of $400,000.
  • Average listing price by generation:
    • Baby boomers: $510,000
    • Gen X: $315,000
    • Millennials: $440,000
    • Gen Z: $310,000
• Following the NAR settlement, nearly 1 in 4 Americans looking to sell their home in the next year plan to do so without a realtor.
• 3 in 4 Americans support restricting corporations from buying residential homes.

Methodology

Lance Surety Bonds surveyed 1,000 Americans to explore their perceptions of the National Association of Realtors (NAR) settlement to abolish its standard sales commission. The average age of respondents was 38; 50% were male, and 50% were female. The generational representation was 10% baby boomers, 24% Gen X, 49% millennials, and 18% Gen Z. Percentages don’t total 100 exactly due to rounding.

About Lance Surety Bonds 

Lance Surety Bonds provides streamlined online bonding services across all 50 states, offering instant quotes for a variety of surety bonds. Our specialty lies in securing competitive rates for mortgage broker bonds, among others, even for clients with challenging credit. Our extensive network and exclusive programs allow us to cater to individual and business needs, ensuring efficient and personalized bonding solutions.

Fair Use Statement

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