New real estate commission rules will affect homebuyers and sellers

New rules that will impact real estate agents, homebuyers and sellers will take effect this weekend as part of a groundbreaking antitrust settlement earlier this year. Under the new rules, it will now be standard practice to negotiate commissions with agents. Jo Ling Kent examines the changes.

"CBS Evening News with Norah O'Donnell" delivers the latest news and original reporting, and goes beyond the headlines with context and depth. Catch the "CBS Evening News" every weekday night at 6:30 p.m. ET on the CBS Television Network and at 10 p.m. ET on the CBS News app.

[SteveSabbai]

If you get bad service from a realtor and you want to use someone else but you can't because you have a contract. That's stupid.

[ydne]

This is going to hurt female agents most. The standard 3%/3% was blind to sex, race or other. It was the stable playing field of American jobs with flexible hours that allowed mothers to make a meaningful wage and still be able to manage a household.

[nodeal]

The global housing market is an enormous bubble. Created by politics meant to help people to buy a house and stimulate the job market. Banks was given Low interest to sell loans.
This created a Gold Rush like opportunity for Real estate agents and Banks. Who since then have been hard at work to corrupt, inflate and control the market and their commissions.
In the beginning 6% was little but they had volum sales like no time in history. All you needed was a suit and a business card. Now they are "educated" and protected and make 6% on Millions.
These politics was effective but it failed to take into account incentives for greed and corruption. China and many other countries have made it a state run Ponzi scheme. Its INSANE.