The 6% fee was paid by the sellers, not the buyers. Buyers didn't pay anything to the agents.
But even then, the buyer's agents would "refund" the buyer ~2% of the fee as a cashback incentive to use a specific agent.
but recently, the rule changed so the sellers are only required to pay the 3% fee to the seller's agent and buyers need to negotiate their own deal with the buyer's agent.
Currently, there are many brokerages competing on buyer's fees, dropping the fee to 1% or offering a flat-rate fee.
I'm very skeptical that a 1% buyer's agent fee (matching the existing players) would move the needle much.
But even then, the buyer's agents would "refund" the buyer ~2% of the fee as a cashback incentive to use a specific agent.
but recently, the rule changed so the sellers are only required to pay the 3% fee to the seller's agent and buyers need to negotiate their own deal with the buyer's agent.
Currently, there are many brokerages competing on buyer's fees, dropping the fee to 1% or offering a flat-rate fee.
I'm very skeptical that a 1% buyer's agent fee (matching the existing players) would move the needle much.