Major changes in the sale and purchase of real estate are expected after the National Association of Realtors agreed to pay $418 million to settle lawsuits from home sellers, who argued that realtor commissions were inflated. As a result, the standard 6% commission in home purchase transactions is projected to be significantly reduced.

What will the settlement mean for those looking to buy or sell a home in New Jersey? “We expect it to potentially be signed off within the next few months. And the changes that they are talking about will take effect sometime in July,” said Gloria Monks, the president of New Jersey Realtors, in an interview with NJ Spotlight News.

Monks said he didn’t anticipate many immediate changes in the market. “You know, commissions have never been fixed. It’s always been very negotiable,” Monks said.