Shopping for real estate on the Web should soon get easier--and potentially cheaper--for home buyers.
The Justice Department on Tuesday said that it has reached a settlement with the National Association of Realtors that will require the trade association to provide Web-based brokers with equal access to home listings. Previously, online brokers were blocked from accessing more than 800 multiple listings services (MLS) nationwide that were linked to NAR, putting them at a natural disadvantage to traditional brokers.
Online brokers typically charge less commission on the sale of a new home than a traditional broker's average 6 percent. For … Read more