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KW slashes profit-sharing for former agents

Keller Williams Realty changed the details of its profit-sharing program from providing 100% of profit share to former eligible agents working for a competitor to just 5%. The new policy will go into effect by July 1, 2024, and represents another sign of increased competition among firms….

Shared on: September 22, 2023

Real Estate News

Empty commercial space contributes to downtown spirals

As more people work from home, leaving commercial buildings emptier than they had been before the pandemic, has led to more empty storefronts in city downtowns. This makes it harder for these areas to recover as some businesses push for a return to office work. But workers and employers…

Shared on: September 22, 2023

New York Times

Home insurers limit coverage in high-risk areas

At least five major property insurers in the U.S. have shared with regulators that they are restricting the coverage of homes in certain areas, explicitly excluding some covered events and raising premiums as a result of severe weather and climate events. Water shortages, risks of wildfires, flooding and hurricanes…

Shared on: September 22, 2023

Washington Post

Cyberattack stalled services in dozens of MLSs for weeks

A cyberattack suffered by MLS service provider Rapattoni caused dozens of MLSs to suffer stalled services to members. Brokers had to scramble to find workarounds while their MLSs were down. The outage reflects the vulnerability of key industry technology and the need for MLSs and their partners, in particular,…

Shared on: September 22, 2023

Real Estate News

NAR president resigns in wake of sexual harassment allegations

After a high-profile New York Times investigation, NAR president Kenny Parcell has vacated his role after facing significant sexual harassment allegations. Parcell denied any wrongdoing, but the development spurred a deep self-investigation by NAR into improving a structure and culture that may have contributed to an environment that bred…

Shared on: September 22, 2023

Real Estate News

MLS PIN settlement approved by judge

After initial concerns, a Massachusetts district judge has approved the $3 million settlement between MLS PIN and plaintiff homesellers in the Nosalek brokerage compensation class-action lawsuit. MLS PIN also agreed to amend its rules to eliminate mandatory offer of compensation from sellers to buyer brokers. As with the settlement…

Shared on: September 22, 2023

Real Estate News

Anywhere Real Estate settles landmark commission lawsuit

Anywhere Real Estate has secured preliminary settlement agreements the Moehrl and Sitzer/Burnett class-action antitrust lawsuits related to the firm’s alleged role in the industry’s compensation structure focused on by the suits. The firm has a preliminary settlement of the $83.5 million in the Moehrl case (along with changing its…

Shared on: September 22, 2023

Real Estate News

Rent control could be repealed In California

In November 2024, California voters will decide on an initiative to repeal restrictions on rent control, led by housing advocates. The move follows previous failed attempts in 2018 and 2020 to overturn the Costa-Hawkins Rental Housing Act, Ih currently prevents rent control on single-family homes and post-1995 apartments. Proponents…

Shared on: August 23, 2023

LA Times

Interest rates and their implications for real estate

In 2023, mortgage rates are expected to rise to about 7% due to the Federal Reserve’s efforts to cool the economy and combat inflation. The Federal Reserve anticipates only one more rate increase for the year, signaling that peak rates may be near. As higher rates become a new…

Shared on: August 23, 2023

New York Times

Opendoor’s path to recovery

In 2022, Opendoor faced significant challenges and recorded a net loss of $1.4 billion despite selling over 39,000 homes. However, in 2023, the iBuyer returned to profitability in its second quarter. A pivotal move was partnering with Zillow after the latter ceased its iBuying program. This partnership expanded Opendoor’s…

Shared on: August 23, 2023

Real Estate News

3 Key Insights on REX’s Lawsuit Against Zillow

The federal antitrust case involving REX, Zillow and NAR is gaining attention. REX alleges that Zillow and NAR hid non-MLS listings, causing a decline in traffic to REX’s lower commission properties. The trial is set for September 18 in the U.S. District Court in Seattle….

Shared on: August 23, 2023

Real Estate News

NAR membership grows, but decline expected

In July 2023, NAR reported its member count reached over 1.56 million members, despite a decline in housing transactions. NAR membership increased in states such as Florida, Texas and Georgia, with Florida leading with over 223,000 members. However, Lawrence Yun, NAR’s chief economist, anticipates a 5% drop in membership…

Shared on: August 23, 2023

Real Estate News

Compass requiring staff to return to office full-time

Compass is requiring staff to return to the office full time, emphasizing the value of in-person interactions in the real estate industry. CEO Robert Reffkin said the decision came from a belief that real success in real estate comes from personal connections and that remote methods, such as texts…

Shared on: August 23, 2023

Inman

US mortgage rates soar to levels unseen since 2002

Mortgage interest rates in the United States have reached their highest levels since 2002, with the 30-year fixed rate averaging 7.09%. This increase is attributed to a strong economy reflected in factors such as consumer spending and wage growth, as well as an elevated 10-year treasury yield due to…

Shared on: August 23, 2023

Real Estate News

US Home prices surge to record highs in many major markets

The August mortgage monitor report from Black Knight shows that in June 2023, home prices hit new highs in 30 of the 50 largest markets. High home prices combined with elevated borrowing rates have resulted in rising monthly mortgage payments, with July’s typical payment reaching a record of $2,308….

Shared on: August 23, 2023

Real Estate News

Demand for land reaches new heights in 2023

A recent survey by John Burns Research and Consulting reveals that interest in developable land has soared, with the market for such land being the most robust it’s been since early 2022. The surge in demand is attributed to the tight existing home market, prompting builders to seek land…

Shared on: August 23, 2023

Real Estate News

Appraisal fairness improving equity

A recent analysis shows a positive shift in home equity appraisals, indicating improvement in appraisal fairness. It has shown that there is a racial gap in appraisals with minority neighborhoods receiving lower valuations than majority-white areas. Efforts by the Property Appraisal and Valuation Equity (PAVE) task force have contributed…

Shared on: August 23, 2023

Real Estate News

A tumultuous time for buyers – and sellers

Buyers are grappling with high prices, rising interest rates and low inventory, while sellers face price peaks and the prospect of higher mortgage rates on their next home. The effect is a topsy-turvy market in which both buyers and sellers face significant hurdles to meet their real estate needs….

Shared on: April 27, 2023

New York Times

CoStar Group reports 1Q revenue growth

CoStar Group, which owns real estate portal Homes.com and real estate agent marketing tool Homesnap, reported first quarter revenue of $584 million, a 13% increase from the same period in 2022. Its net income of $87 million in the quarter represented a slight decrease from $89 million in first…

Shared on: April 27, 2023

Real Estate News

Homeownership builds wealth, but not all groups benefit equally

Homeownership rates closely track with income but the benefits differ by race, according to a recently released NAR study. Just 47% of low-income households (defined as income no greater than 80% of area median income) own their home. That number rises to 69% for middle-income households and 87% for…

Shared on: April 27, 2023

NAR

Opendoor cuts 22% of staff

Opendoor announced a cut of 560 employees, about 22% of its staff, in mid-April. It had already cut 550 employees in November. The pioneer iBuyer is attempting to find its footing as it works to reorient its company around a new marketplace initiative and leans into its Exclusives strategy,…

Shared on: April 27, 2023

Real Estate News

Median home prices see largest annual drop in over 10 years

Median home prices in March fell 3.3% from a year ago to $400,528, the largest annual median home price drop since 2012, according to a Redfin analysis of home prices. The effects of inflation, rising interest rates and a market throwing mixed signals is playing out in full force…

Shared on: April 27, 2023

Redfin

FTC works to block acquisition of MLS tech provider Black Knight

The U.S. Federal Trade Commission seek a preliminary injunction to stop the $11.7 billion acquisition of mortgage tech provider Black Knight by Intercontinental Exchange. The FTC wants more time to investigate acquisition – it is planning to begin review of combination on July 12. The investigation centers on Black…

Shared on: April 27, 2023

Inman

Constrained supply restricts sales

Existing-home sales dropped in March from February as buyers grapple with low inventory across the country. The annual rate of home sales in March was 4.4 million, down 22.0% from the year previous. The market faces serious uncertainty as the typically busy spring selling season approaches summer. Real estate…

Shared on: April 27, 2023

NAR

Relocation heats up

Companies are offering bonuses and perks to potential employees to get them to move closer to offices, according to a new analysis of the trend in the Wall Street Journal. The volume of relocation picked up in 2022 more than many expected as well as the budgets companies had…

Shared on: April 27, 2023

The Wall Street Journal

Moehrl brokerage compensation lawsuit gains class-action status

The high-profile antitrust lawsuit filed by homeseller Moehrl against NAR, some of the nation’s largest brokerage companies and 20 MLSs has been granted class-action status by a federal judge. The suit, which alleges that the industry’s compensation structure supported by NAR and brokerages stifles competition and increases brokerage fees,…

Shared on: March 30, 2023

Real Estate News

DOJ says tossing pocket listing suit limits competition

The U.S. Department of Justice has filed an amicus brief in a federal lawsuit by pocket listing service Top Agent Network against NAR in May 2020 that states that tossing the suit would set unlawful precedents regarding competitive advantages of NAR-affiliated MLSs. The suit, which a court tossed in…

Shared on: March 30, 2023

Inman

Real estate icon Wes Foster dies

Wes Foster, co-founder of Long & Foster Companies, passed away at the age of 89. He represents an era of family-founded and -owned real estate companies that has slowly been disappearing. He co-founded Long & Foster in 1968 and eventually bought out his co-founder. In 2017, following the corporatizing…

Shared on: March 30, 2023

Real Estate News

Kamini Lane takes on top role at Coldwell Banker

Anywhere Real Estate has tapped Kamini Lane as president and CEO of its company-owned Coldwell Banker offices. Reporting to Sue Yannaccone, president and CEO of Anywhere’s franchise division Anywhere Brands and its company-owned brokerage division Anywhere Advisors, Lane reflects the increasing role women are playing at the highest level…

Shared on: March 30, 2023

Real Estate News

Behind the trend of climate migration

This piece explores the growing appeal of some cities in the Midwest, such as Duluth, Minnesota, for those looking for a resilient climate as temperatures rise and wildfire risk increases in many areas of the country. Agents in Duluth, for example, report that homebuyers come with cash – from…

Shared on: March 30, 2023

New York Times