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☆ Consumer advocates — and even some Realtors — hail NAR settlement: 'We've opened up the entire industry to competition'
▼ + stars: | 2024-03-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Now, a landmark settlement with the National Association of Realtors is poised to upend this model. According to consumer advocates, and even some Realtors, it's a win for homebuyers and sellers. And in the months following Covid-19 pandemic reopenings, the hottest U.S. real estate markets were tipped squarely in favor of sellers. It's the same amount of money, but now the buyer gets money instead of a buyer agent, and they can decide what to do with it." What's more, greater competition for clients is likely to result in lower costs across the board, said Ryan Tomasello, a real estate industry analyst with the Keefe, Bruyette & Woods financial firm.

Persons: it's, Mariya Letdin, Letdin, they'll, Doug Miller, Miller, Ryan Tomasello, Keefe, Tomasello, Phil Crescenzo Jr, Crescenzo Organizations: National Association of Realtors, Realtors, homebuyers, Florida State University's College of Business, NBC News, U.S, NAR, Nation One Mortgage Corp Locations: Alhambra , California, Minnesota, Woods

NEW YORK (AP) — It’s the season of giving thanks — and it turns out humans have been doing it for a long, long time. “This is something that is part of our human DNA,” said Sarah Schnitker, a psychologist at Baylor University. “It is a glue, in a sense, that holds us together.”How we got gratefulPolitical Cartoons View All 1260 ImagesHumans are social animals. Some scientists think the feeling of gratitude evolved to keep the helping exchanges going. Though we can’t “speak chimp” well enough to know if they’re actually saying thanks, Suchak added, it makes sense that some form of this social debt showed up early in our lineage.

Persons: —, they've, ”, Sarah Schnitker, Michael Tomasello, Malini Suchak, capuchin, Suchak, Jenae Nelson, ” Nelson, they’re, Amrisha Vaish, Vaish, Schnitker, Nelson, “ It’s, “ Organizations: Baylor University, Duke University, Canisius University ., Baylor, Harvard, University of Virginia, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP

☆ After a Landmark Verdict, Realtors Ask, ‘What’s Next?’
▼ + stars: | 2023-11-17 | by ( Ronda Kaysen | More About Ronda Kaysen | ) www.nytimes.com time to read: +2 min

Similar suits are making their way through the courts, with more filed after the verdict, adding additional pressure on the industry. The ruling “will reshape the housing market," said Ryan Tomasello, a managing director covering real estate technology at the investment bank Keefe, Bruyette & Woods, affecting “the industry not just from the perspective of the consumer, but from the perspective of real estate brokers and agents.”N.A.R. said it plans to appeal the verdict. Interviews with real estate agents in markets around the country revealed an industry wrestling with its identity and uncertain about the road ahead. Others are convinced that the verdict will result in only modest changes, perhaps a few more disclosure forms atop an endless pile of paperwork.

Persons: brokerages, Ryan Tomasello, Keefe, ” N.A.R Organizations: National Association of Realtors Locations: Missouri

☆ How the cost of homebuying and selling will change after landmark court loss over real estate commissions
▼ + stars: | 2023-11-07 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +4 min

A recent jury verdict against the National Association of Realtors and large residential brokerages could upend the residential real estate industry. Here's what real estate agents, homebuyers and sellers need to know about potential changes in residential real estate economics. A bad time for bad news in real estateThe jury verdict comes at a time when many real estate agents are already feeling a pinch. At a time when home sales are already under pressure, "this lawsuit is just another punch in the gut for real estate franchises," said Bill Gross, a self-employed real estate broker associate in California with eXp Realty. Lawsuits focused on fees reinforce the general trend of trying to lower fees in the real estate market, Schipani said.

Persons: Max, Mike DelPrete, Bill Gross, there's, Keefe, Ryan Tomasello, Gilbert J, Schipani, we've, Glenn Kelman Organizations: National Association of Realtors, NAR, realtors, Max Holdings, Federal, University of Colorado Boulder, eXp Realty, Tempus Fugit, Compass Locations: Missouri, Kansas City, St, Louis, Springfield, Columbia, U.S, California

☆ Real-estate tech firms are getting hammered by a cataclysmic reckoning that one VC called a cross between the 2001 dot-com bust and the 2008 market crash
▼ + stars: | 2022-11-16 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

The proptech sector is battling two challenges at once: a slowing housing market and a tech bust. For almost a decade, a growing group of companies have thrived by introducing tech innovations to a stubbornly analog real-estate industry. "Now we're seeing something that feels like a confluence between the 2001 dot-com bust in the venture-capital world and the 2008 market crash in real estate. Shares of both Opendoor and Redfin, which once drew investor attention to the soaring proptech industry, are worth roughly one-tenth what where they were a year ago. The company hasn't laid off any of its 300-person staff — including a roughly 50-person tech team — and doesn't plan to, Matthews said.

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