In the wake of the National Association of Realtors' (NAR) settlement agreement to pay $418 million over commission practices, ResiClub CoFounder and CEO Lance Lambert, joins Yahoo Finance Live to discuss the implications for the real estate industry.
Lambert describes the settlement as "an earthquake" for the sector. He explains that in the traditional homebuying process, the seller paid a 6% commission, which was then distributed to the agents involved. However, as a result of this lawsuit, Lambert believes the primary beneficiaries "might be sellers" who could potentially no longer have to pay the buyer's agent commission rate.
Additionally, Lambert points out that this settlement exposes the "deterioration" of housing affordability, which has reached its worst level in the last four decades, forcing individuals into stressful situations. He argues that this stress is creating "public pushback" and highlighting the need for change within the industry.
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