However, due to a series of legal settlements, including a major decision involving the National Association of Realtors (NAR), commissions are now more more transparent, flexible and individualized, with the option for buyers and sellers to discuss and agree on agent fees privately. Sellers can still choose to offer compensation to attract buyers but must now handle this through direct negotiation rather than through the MLS.

For buyers, another key change is that they must now sign written buyer representation agreements with their agents outlining compensation before any agent can show them a property. This shift increases transparency, ensuring buyers are aware of any fees they might have to pay out of pocket.

These changes are expected to bring more competition and flexibility to real estate transactions, but they may also create new challenges. Buyers might now face additional upfront costs, potentially impacting those in competitive markets where affordability is already an issue.