The National Association of Realtors has eliminated rules on commission rates, allowing for more flexibility in negotiations between agents and clients. This change comes in response to lawsuits and aims to provide more options for buyers and sellers. While some agents express concerns, buyers may benefit from potentially lower fees and increased opportunities in the competitive housing market. The full impact on home prices and the industry remains to be determined.
President Biden's proposal includes tax credits to enhance homeownership affordability for middle-class families. First-time buyers would receive $5,000 annually for two years, while families upgrading would be eligible for up to $10,000. However, experts express skepticism that these credits alone can address the underlying issues of high mortgage interest rates and insufficient affordable housing supply.
