A federal lawsuit settlement has brought about significant changes in the real estate industry, affecting both home buyers and sellers.

The settlement stems from a $418 million lawsuit against the National Association of Realtors, requiring realtors to disclose and negotiate commission rates upfront with clients before showing them properties.

This transparency aims to prevent hidden fees and ensure that home buyers and sellers are fully aware of the costs involved in purchasing or selling a home.

Previously, some realtors would show homes without a formal agreement, leaving clients unaware that commission rates could be negotiated.

However, the impact of these changes on the local housing market remains uncertain due to the low inventory of homes available.

Experts believe that the scarcity of homes may limit the effectiveness of commission rate negotiation.

Despite these changes, the housing crisis continues to be a concern for many Central New Yorkers, particularly those with low or moderate incomes.

Many individuals struggle to find affordable housing, even those with stable employment.

Local policymakers are working to address the issue through initiatives such as the Housing Trust Fund and partnerships with the Land Bank.

The goal is to increase affordable housing options and assist in rehabilitating vacant or dilapidated properties.

In recent years, the Syracuse Housing Court has reported a notable increase in housing cases, reflecting the growing housing crisis.

The addition of new housing units is seen as a crucial step towards alleviating the shortage and providing more options for home buyers and renters alike.

Real estate agents must disclose and negotiate commission up front, increasing transparency and preventing unexpected costs for buyers and sellers.

A federal lawsuit settlement requires realtors to disclose and negotiate commission rates with clients before showing them properties, ensuring that they are aware of the costs involved.

The impact of commission negotiation transparency on the local housing market is uncertain due to low housing inventory, potentially limiting negotiations.

While the new transparency is intended to prevent hidden fees, the limited availability of homes may reduce the effectiveness of commission rate negotiation, as buyers and sellers may be more willing to accept the current rates to secure a property.

Affordable housing remains a concern in Central New York, with initiatives underway to address the issue and increase options for low and moderate-income residents.

Despite the changes in the real estate industry, the housing crisis continues to impact many Central New Yorkers, as they struggle to find affordable housing options.

Local policymakers are implementing initiatives like the Housing Trust Fund and partnering with the Land Bank to create more affordable housing options and rehabilitate vacant properties.