So far it seems that the only value added by the realtor is for sellers - to be able to list your house on MLS. Paying a percentage of your sale to be able to advertise on some popular online database seems like an expensive monopoly.
I still don't understand why buyers would ever want to pay a percentage of their purchase to realtors.
It is retarded (the monopoly aspect)
However - from what I recall, you bought from a builder, yeah?
When it comes time to selling your property, - circumventing this monopoly will be difficult. "For sale by owner" is one option, craigslist/kijiji is another. If it's a straightforward transaction, you could do it yourself.
As what bass-invader says - buyers don't technically pay for the realtor. Well, they do.
Example; buy a house for $500,000 and there are 2 agents. Assuming they split 5%, they each take home $12, 500 - and seller takes $475K. If you can go around the buying agent and go straight to seller, you can actually pay $487, 500 if the selling agent agrees to only take 2.5%. Some assholes will want to double - dip, and if an unsuspecting buyer doesn't know that, then that's their loss (and the sellers).