DMV home sellers can save some cash, if they speak up

When headlines broke about the National Association of Realtors settlement , sellers called their agents wondering: Am I off the hook to pay you?

Why it matters: Sellers never technically had to offer compensation to the buyer's agent — and that number has technically always been negotiable — but it's certainly status quo .

Catch up quick: The idea behind the settlement is that buyers should be paying their agent, but sellers can still offer some form of compensation.

The big picture: Most agents say that each transaction is going to involve a lot more back and forth with consumers come August. However, many are still urging sellers to offer some form of compensation to buyer's agents .

• Steve Brobeck, a senior fellow at the Consumer Federation of America, is recommending sellers offer no more than 2% of the sale price to the buyer in concessions. The buyer can choose to use those funds to compensate their agent, or pay out of their own pocket.

What they're saying: DMV home sellers are savvy, and many have already started asking about commission structure changes — especially since buyer agreements are already in place here, Chris Suranna of Metro DC Houses tells Axios.

• A good agent knows their reputation is on the line and is incentivized to ensure their client is clear on compensation structure before signing a deal, he says.
• There's going to be more upfront communication, "which I don't think is a bad thing," Suranna says.

Reality check: According to a 2023 NAR report , 15% of consumers didn't know they could negotiate a commission. That share is much larger (31%) among younger buyers, ages 24-32.

What's next: By Aug. 17, listings on the MLS won't include offers of compensation.

• "[Change] will take place slowly, and unevenly, with lots of confusion," Brobeck predicts.