National settlement on real estate commissions likely to have little impact in Maine, experts say [Video]

The National Association of Realtors on Friday announced a landmark deal that many in the industry are celebrating as the biggest change to how Americans buy and sell homes in decades – but Maine real estate professionals say that while it’s a shake-up for the industry, it will have little effect on the Pine Tree State. And if there are changes, they say they likely won’t be positive.

A federal judge ruled in November that the National Association of Realtors and several major brokerage firms conspired to keep commissions artificially high, which in turn stifled competition and increased home prices.

The national association vowed to appeal the decision, but on Friday, it instead announced a settlement agreement to pay $418 million in damages and dismantle the industry’s long-standing “bundled” or “coupled” commission structure, in which sellers pay both their broker and a buyer’s broker. The settlement is still subject to …