Real estate broker Chaunta Mero shows clients a home in Shreveport, La., Saturday, Aug. 17, 2024.
It has been a strange time in the real estate world. It started with a market that was so hot, listed homes lasted only days. "It was like nothing I've ever seen," said Realtor Jeri Little of "In March, April and May of 2020, I got not one phone call and had zero showings.
Then in about July, it was like the rush for toilet paper. I would get a call, and they would have to see a house right then, they couldn't wait one hour, not 30 minutes, right then. I had to start cold calling (to find inventory) to get clients what they wanted.
" The market today is vastly different, favorable to neither buyer nor seller with limited housing inventory, high prices and potential buyers who are either sitting it out until interest rates come down or, if in the market, can afford less "house" because of those rates. Add to the mix the with the Department of Justice that went into full effect on Aug. 17.
The settlement changed the way commissions are charged, and potentially, the size of those commissions. It was, quipped CNN, a "seismic" change. Northwest Louisiana Broker/Realtor Chaunta Mero said she understands the reason for the lawsuit and the eventual settlement.
It was the same reason she got into real estate in 2006. "Over 20 years ago, I sold a home, and I met with some agents — this was before I got into the business. When I listed the house, they said, 'Oh, it's 3%,' and at the closin.