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I don’t think it has made a big difference in how much realtors make. I think it’s just not automatic that sellers pay the whole commission, which is then split with buyer’s agent. Some companies offer a fixed fee, but I think most are still percentages. That drives me nuts. Do they really put in that much more work in a higher priced area? Long-term homeowners end up paying a chunk of their appreciation to a realtor. I was hopeful that the suit against them would have resulted in flat fees. I don’t think that has happened. I hope I’m wrong.
Having once been a homeowner decades ago, there were times when it felt like the Tom Hanks/Shelley Long movie "The Money Pit" (1986). Purchase price was about ~$185k (3 bed, 2.5 bath, ~1900 sq ft) not counting fees and transaction costs. Same Northern VA house/lot, largely unchanged, now has an estimated market value of ~$772k shown at realtor dot com.
D1's talking points are spot on, IMHO. I generally prefer to be a renter but might be an all-cash house buyer in the future if the property is right and the terms and conditions are optimal.
As an aside, a trend I've liked about the equities markets is how nearly all major brokerage commissions went to $0.00 in late 2019. Plus for cash accounts, the T + 1 settlement rule (trade date plus one business day) is an added plus. Liquidity combined with zero commissions has its benefits.