Survey shows home sellers prefer using real estate agents
By Kevin Bessler | The Center Square
(The Center Square) – Despite a recent lawsuit affecting real estate commissions, a new survey shows home sellers still prefer hiring a real estate agent for the transaction.
In the settlement, the National Association of Realtors agreed to pay $418 million over four years and amend some of its rules. The most prominent changes, which took effect in August, banned commissions from Multiple Listing Services and required signed buyer’s broker agreements before a broker could show a client a house.
The settlements were negotiated after a jury in October 2023 found NAR, Keller Williams and HomeServices of America liable for conspiring to inflate commissions.
According to a survey by Clever Real Estate, 73% of recent home sellers said using a real estate agent is still the best way to sell.
“People tend to believe that real estate agents will get them more money than selling it themselves,” said researcher Nick Pisano. “Forty percent believe it is the fastest way to sell.”
The survey showed that 38% believe selling to a cash buyer company is the worst option, the most of any method.
Pisano said those who did not use a real estate agent regret it afterwards.
“Four in 10 recent sellers who didn’t use an agent believe their home would have sold for more if they did use an agent, and three-quarters of sellers who did use an agent said they felt the services were worth it,” said Pisano.
According to Illinois Realtors, there was an uptick in statewide home sales in October by about 2% compared to October 2023, with 7% more homes being listed than the same time last year.
In Illinois, homes stayed on the market 8% longer than October 2023. The median sale price continues to increase around the state, up to $290,000, an increase of over 7% from the same time last year.
