#6 - What the $2 Billion Realtor Lawsuit "Means" for Homebuyers and Sellers

An October jury ruling against the nation's largest trade organization could have sweeping consequences for anyone looking to buy or sell a home.The class-action lawsuit – Sitzer v. the National Association of Realtors – alleged that NAR, Keller Williams Realty, Anywhere Real Estate (formerly known as Realogy), RE/MAX and HomeServices of America (all major real estate brokerages), colluded to artificially inflate agent commissions.RE/MAX and Anywhere Real Estate (formerly known as Realogy) earlier this year settled out of court for a combined $140 million. A jury ultimately sided against the remaining defendants on Oct. 31, awarding a judgment of $1.8 million that could, depending on the judge’s decision, surge to over $5 billion in total damages.“They ultimately agreed that there was a conspiracy among Realtors to keep their fees artificially high,” says Omar Ochoa, a class action attorney and founder of Omar Ochoa Law Firm in Texas.