One study conducted in 2005 found that real estate agents got better prices for their own homes than for their clients' homes, on the order of 3.7 percent. The reason was that real estate agents don't have an incentive to push for a couple thousand dollars more for the homes of their clients since six percent -- the typical commission -- of that extra amount isn't all that much. But for their own homes it's a different story.

Then in 2007, another study comparing a For-Sale-By-Owner service in Madison, Wisconsin with real estate agents in the area found that homes didn't sell for any more when they were represented by an agent. The best thing that the study's authors could say about realtors was that they "can save sellers time and generally help through a stressful and maybe difficult period."

The next reason to reconsider using a real estate agent -- or paying them the six percent -- comes from a new NBER paper by B. Douglas Bernheim and Jonathan Meer of Stanford University.

The duo look at the six services, typically bundled, that real estate brokers offer and try figure out if the typical commission is worth it.

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