How new real estate rules will affect homebuyers and sellers

New rules go into effect this weekend that will change the way homes are bought and sold across country. CBS News senior business and technology correspondent Jo Ling Kent tells us what this means for potential home buyers.

[Deboramichael]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.

[jeff]

I still don't understand why the fee is based on the percentage of house selling price. Nowadays, everything has become streamline and standard, such as buyer and seller paperwork, disclosure documents, legal documents, etc. I think the seller and buyer agents' fees should be based on negotiated flat fees. 6% of final selling home prices is just way too much. I am not jealous of some realtors' salaries, but come on, a person with a high school diploma and a relatively easy real estate license makes more than some professional or blue collar jobs.

[rgen]

It’s about time. No more free lunch. Overall. Fees should be capped at 1% max.

[nightowl]

In my experience there is price fixing between realtors. They know who is more desperate, the buyer or the seller. It can be suggested by one or the other, that the buyer will pay more, or the seller hold out for more. Realtors don't represent you -- they represent themselves and their own interests. And what do we pay so much for the attorney's at closing??? They have standard contracts and just have to show up to earn high fees.

[oma]

It should be 2%. 1% each. seriously! What do they do? We find the home online. We could contact the owner to see the home like the rest of the world! They do nothing. The engineers who design the home will get 3-4% at the max and they do it once! Why do we need real state agents?

[SheLoveSports]

If you have bought/sold a home before hire a real estate attorney to draw up the contract/offer for you. Then, schedule your inspections.

[csnoremac]

Buying a home was already near impossible for many people now we gotta pay the realtor

[salvadorbravo]

The real problem is the lack of accountability on realtors and the office they work for. Once you are in contract, all your realtor/representative does is sit on his/her hands to wait for a fat paycheck. Keep in mind, realtors DON'T CARE how much of a good or bad deal it was for you (supposedly they're are the professionals to counsel you in your transaction).

[edithortiz]

It is sad; to know that this time is only good for the rich people!!! Just renting a room is $1500….

[AgentX]

I go with a fix fee for the agent of $500.00 to do the paperwork! They nothing more than paper pushers!😊

[elainemunro]

I live in Hawaii and sold my home in 2022 with a 2% commission and the buyer paid whatever agreement they made with their agent or my agent. Their firm had been selling more homes than any other realtor.

[AgentX]

This is in correct here! Both buyer and seller do not need agents! They can negotiate on their own and hire a real estate lawyer at closing if your real estate is over $1 million dollars.

[episdosas]

housing should not be for profit. its a basic human need. the government should regulate it until its not a profitable market.

[Coisiniiiiii]

I never thought a $500, 000 property could have such an impact! Seeing a video titled "This $500, 000 Property Will Crash London's Real Estate Market." is incredible.

[randrewp]

This will further benefit buyers with money over those with less, unless lenders let buyers fold their buyer agent commission into their loan.

[lorimcquinn]

IMO, this did not address the real issue, the whole industry needs more transparency, less game playing and a elimination of loopholes.

[Knightswoop]

Hello buyer, I’m not budging. I’m just going to pay my 3% to my seller’s agent. 😂😂😂😂

[yessicaanabel]

If you already signed a listing agreement with the agent of the 5% split, prior to this weekend when these changes were announced, is the agreement still valid ?

[cesartrujillo]

Now it would be more impossible to buy a home. How would this help buyers? Right. 😂😂 now a buyer would need to come up with ? Down payment closing costs and NOW AGENT COMMISSION LOL.

[TheHustlinHomeGirl]

Buyers competing for homes and offering over asking by $50k $60k $100k when rates were 2% is the reason home values shot up not commissions lets be clear!!!