NEWSBREAK: A historic lawsuit that settled Friday could change the way S.C. residents buy and sell homes.
The $418 million proposed settlement, announced by the National Association of Realtors, effectively ends what’s considered the standard 6% sales commission. But while real estate deals in South Carolina often have commissions in the 6% range, many transactions often are negotiated to lower rates, one Lowcountry Realtor told the City Paper today.
Meanwhile, part of the proposed settlement, which still needs to get court approval, dealing with clients having written agreements with agents shouldn’t impact Palmetto State real estate deals.
“When representing clients in a real estate transaction, South Carolina is one of only 18 states that require the use of written seller and buyer agency agreements,” Nick Kremydas, CEO of South Carolina Realtors, told The State newspaper. “These written agreements provide clarity and transparency for consumers.”
But housing market experts say changes from the national settlement could lead to a more complex home-buying process in the state, including impeding first-time homebuyers and minorities from purchasing homes they want.
“It’s going to be really hard for a first-time homebuyer to come up with the funds for a small down payment of 3% to 5% and money to pay a buyer agent,” one broker from Columbia said. “What’s going to happen, I’m afraid, is they’re going to go without representation and they’re not going to have the education they need about the process.”
In the national settlement, sellers would no longer be required to propose compensation to potential buyers and their agents, which some say could encourage more negotiation and competition in some markets.
In other recent news:
CP NEWS: Candidates now filing for 2024 general election. South Carolina residents seeking to run in 2024 for Statehouse, Congress, multi-county or other offices on the November ballot have until April 1 to file their candidacies with the State Election Commission (SEC). As of Monday, two dozen people have filed for offices in Charleston County.
- Gilliard files for reelection while continuing city job.
- Mace says whoever threatened her is now in custody.
Former state senator has pattern of bad driving, records say. Former GOP state Sen. John Kuhn of Charleston has a list of driving violations found from court records in the greater Lowcountry area of Charleston, Berkeley, Dorchester, Colleton, Beaufort and Jasper counties, according to this story. Kuhn was involved last week in a traffic incident in downtown Charleston.
Officials concerned about abandoned boats in Charleston waterways. Officials say abandoned boats are a chronic problem along the South Carolina coast, creating hazards and negatively impacting marshes and coastal waters.
Former Charleston pawnshop could soon be pile of rubble. The former Money Man Pawn on Meeting Street could soon be reduced to rubble as the building’s owners obtained approval for demolition from the city’s Board of Architectural Review. What that means is a mural of Bill Murray could bite the dust.
Charleston restaurant concerned about TikTok ban. Downtown business Brown Dog Deli, which has become viral on TikTok, outlines how a potential ban for the app could impact business. The bill currently awaits a vote in the U.S. Senate.
Plans unveiled for ‘destination district’ in Goose Creek. JJR Development announced its phase one conceptual design plans Monday of a four-story building near the Goose Creek Municipal Complex and Recreation Center. Some 111 rental units are expected for the property.
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