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Utah Realtors boycotted Homie listings over 1.5% buyer broker commission: antitrust lawsuit

Housing Wire

In a lawsuit filed Thursday, real estate startup Homie Technologies claims that home seller consumers were not the only ones harmed by the real estate industry’s allegedly anticompetitive practices. Buyers using Homie would receive some or all of any BAC offered by the seller,” the complaint states.

Realtors 482
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Daren Blomquist’s 2023 housing outlook

Housing Wire

The 29% average purchase discount was also well above the pre-pandemic average of 22% between 2015 and 2019. Home sales bottoming out as sellers eventually capitulate on price. Assuming mortgage rates do not drop substantially in 2023, sellers will eventually need to capitulate on price to adjust to this new reality.

Retail 505
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Overblown rumors of demise? NAR has lost only 45K members since December

Housing Wire

The National Association of Realtors (NAR) reported that it had 1,509,195 members at the end of April, a decline of 2.96% from the 1,554,604 members it had at the end of 2023 but higher than its numbers in February and March. You can find more information in our recent update in Realtor Magazine.“ How many is unclear.

Realtors 445
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Defendants seek dismissal of Homie’s antitrust lawsuit

Housing Wire

On Friday, the National Association of Realtors (NAR), Anywhere Real Estate , Keller Williams Realty , HomeServices of America and RE/MAX filed motions to dismiss the suit, which was originally filed in mid-August in U.S. As a flat-fee brokerage, Homie charged sellers a flat fee to list their property on the MLS.

Brokerage 448
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The mortgage rate lock-in didn’t start in 2022

Housing Wire

That’s a swing of 17% fewer sellers in just a matter of days. The National Association of Realtors , via its Seasonally Adjusted Annual Rate of Existing Home Sales series, reported that the peak home sales volume of 6.6 What’s not measured in the FHFA paper is how by 2023, seller volume had already been declining for nearly a decade.

Mortgage 459
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Judge denies HomeServices’ motion for ‘judgment as a matter of law’ in Sitzer suit

Housing Wire

She said that HomeServices does not meddle in operations, give advice, or advise on commissions or how the brokerage approaches Realtor association membership. Frazier also told the jury that ReeceNichols does not require agents to be members of the National Association of Realtors , but the local MLS does. They were guidelines.

Law 435
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DataDigest: The remarkably resilient agent commission rate

Housing Wire

Relatedly, discount brokerages have promised big savings to sellers for decades. The National Association of Realtors and several of the country’s top real estate brokerages are going to trial in a class-action commissions lawsuit that has potential damages of $13 billion. They were wrong. They’ve never caught on.

Agents 435