New Law Would Change Price of Selling Your Home in New York State

There is a new law that is going to change how much you buy and possibly sell your house for in New York State.

If you have ever sold a house before you know it could be pretty expensive. The seller is usually responsible for paying the SELLER'S real estate team AND the BUYER'S real estate team. Typically, that was about 2.5% - 3% EACH of the sale of the house.

For example, if you sold your house for $300,000, you could be responsible for paying $18,000.

EXTRA: KATHY HOCHUL BANS THESE AT GROCERY STORES STARTING NEXT WEEK.

That is an insane amount of money. But, that could be changing a little bit. If the percentages change on how much you have to pay realtors, that could change how much people buy houses for. It may actually work better in buyers favor if people lower their house prices because their expensive are less.

All of these changes are happening after a big legal dispute. The National Association of Realtors announced it would pay $418 million to settle a class-action lawsuit over broker commissions this year. Thomas Wilkins, with Better Homes & Gardens and a real estate agent for over 40 years:

If approved by the court, the ruling states people selling homes will no longer have to give a cut of the sale price to the buyer's agent, a system Wilkins says has been in place for years.

"No longer will they go and be able to put rates of compensation in the MLS. Right now, if I wanted to show 123 Bumblebee, I know what I am going to get paid before I show it. Now, they are saying that can't be done because somehow it is price fixing. I don't see how. Now, I don't know what I'm going to get paid," said Wilkins according to WNEP.com.