California Association of Realtors President tells ABC7 News she doesn't expect the payment model to change.
The first lawsuit resulted in a 2020 settlement between the U.S. Department of Justice and the National Association of Realtors , the parent organization of the California Association of Realtors.
"We know home ownership increases your wealth. So it's going to ex us out," said Anna Tutt, president of the Realtist. "That's the sad part of the puzzle, because now we're not passing on generational wealth." Homebuyers from marginalized communities generally have less purchasing power due to income inequality, higher student loan debt, and lower credit scores.If a buyer is responsible to pay their agent that would mean an additional $33,000 is needed to close the loan - raising the out of pocket costs from $71,500 to $104,500
ABC7 News asked her about the concerns of Black and Latinx agents worried that a changing compensation model could push perspective Black and brown buyers out of the already expensive market she said, "certainly, that is not what we want to see. Being inclusive to everyone in California having access to becoming a homeowner is front and center for all of that is at CAR.
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