The $418 million National Association of Realtors settlement over home sales commissions is causing confusion and consternation.Many home sellers think the deal could save them money because they won’t have to pay commissions on behalf of buyers.Some home buyers, particularly first-timers, are concerned they will have to come up with money to hire a real estate agent. But many are already stretched to afford a house.Newer Realtors are concerned it will cost them commissions and their jobs.Veteran agents are far less concerned because they have clients who will pay for their expertise.Market disruptors selling homes for low, flat fees think the settlement will help their businesses.”The new rules are scheduled to go into effect in mid-July, which gives the industry just months to prepare for some big changes,” said mortgage expert Holden Lewis with Nerd Wallet. “If you sell or buy a home this spring or summer, expect your agent to be uncertain about the answers to some of your questions. When you do get answers, they might change as more information comes in.”Dane Briggs, executive vice president of Clear Title Agency of Arizona, said “the sky isn’t falling” for real estate agents.”I am seeing on social media there’s a lot of fear and concern from agents. We all get very protective when our livelihoods are challenged,” Briggs said. “There are going to be changes …
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