MILWAUKEE — In the wake of a recent National Association of Realtors' settlement which appears set to upend what had been a standard 6% commission structure in the industry, homeowners, potential buyers and realty experts are still working through the details to see how it'll impact the market on the whole.
"It's going to have rippling impacts," said Professor Chad Venne, who heads up the real estate program at UW-Milwaukee. "The minute that the settlement happened, I started getting emails from various trade associations, talking about monitoring the situation, and trying to provide insight and updates to the various members [of the NAR] who are going to be impacted by this."
At least in the short term, Venne doesn't anticipate the impact of the settlement outweighing other market forces which have sidelined many potential home sales and listings over the past couple of years.
"I think that what a lot of people don't realize is just the amount of impact the supply and demand have on the value of real estate," Venne said. "And at least to my experience, it's been less the fees that sellers are paying to sell their homes as lack of inventory hitting the market and the interest rate environment that we find ourselves in right now."
Watch the full interview above.