(Side story: While looking at potentially buying a home, I realized that if I invested some time and the $500 to get the course materials, pass the state exam, and the fee to be credentialed, then I could potentially turn that into saving 2% to 3%, several thousands of dollars, when purchasing a home for myself... what's actually required and allowed will vary form state to state.)

With that said, I am a licensed real estate salesperson in my home state (but I am not practicing as I have not hung my credentials with a broker). I do believe that listing agents and brokers fees will have to come down since marketing is becoming easier and easier for everyone to do.

The greatest value that an agent can provide is that they can ensure that an offer to purchase is enforceable. Some people don't have the time to waste several weeks thinking they are buying or selling a home only to find out at closing that the deal fell through for what ever reason and that they have little or no recourse because the contract they wrote up was invalid or unenforceable.

Yes, you can have an attorney write up the contract for a few hundred dollars. In many states though the attorney can't practice real estate though (show houses or negotiate, they can only write up the legal document they are instructed to do).

In my state an agent can't list a house without first viewing it. What many don't realize is the amount of time traveling and showing homes that an agent spends time doing.

I see prices coming down and less and less and more contracts with brokers that pay a flat fee for an MLS listing and a yard sign. The owner will be responsible for showing and negotiating with potential buyers unless some other compensated arrangement is made with the listing broker. Commissions will only be paid to an agent/broker that actually procures a buyer.