INTRODUCTION:
Amidst ongoing discussions surrounding President Biden’s remarks on lowering housing costs for American families, 2024 National Association of REALTORS® President Kevin Sears has stepped forward to address the misinformation surrounding the recently announced settlement agreement. There is a need for clarity and to correct the President’s statements regarding the negotiation of commissions which reflected a misunderstanding of the lawsuit outcome. The President repeated incorrect claims that the recently announced settlement agreement allows Americans to negotiate commissions for the first time. This article clarifies that real estate agent commissions were already negotiable before the resolution and will remain so. In this article, Sears aims to set the record straight, shedding light on the facts surrounding the lawsuit and advocating for a comprehensive approach to tackle the underlying issues contributing to the affordable housing crisis.
ARTICLE:
WASHINGTON – 2024 National Association of REALTORS® President Kevin Sears issued the following statement in response to President Biden’s remarks on lowering housing costs for American families:
“While the National Association of REALTORS® appreciates President Biden’s continued focus on the affordable housing crisis, the President unfortunately repeated incorrect claims that the recently announced settlement agreement allows Americans to negotiate commissions for the first time. Commissions were already negotiable before this resolution was reached and will continue to be negotiable as they have been.
“Real estate agent commissions are driven by the market and are not the cause of the affordability crisis. Until there is an all of government approach to a historic lack of inventory and supply in communities across the country, the dream of homeownership will remain out of reach for millions of middle-class Americans.
“NAR commends President Biden for recognizing the need to build a stronger housing supply, and we will continue to work with his administration and Congress, as well as in statehouses across the country, to fight for policy proposals intended to make homeownership more affordable and accessible for all Americans.
”Read NAR’s full policy proposals to address housing supply at FlyIn.Realtor.
The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS ® and subscribes to its strict Code of Ethics.
Todd Rusteberg is a REALTOR and a member of the National Association of REALTORS (NAR) and is represented by Keller Williams Experience Realty in Downers Grove IL.