TechTech Bytes: News from Constellation1, Chime, HAR, moreSERHANT. partners with Constellation1; Chime integrates ChatGPT; HAR, AZ Realtors add accessibility tools; Christie's adopts Modwell; more.Real Estate News StaffAugust 7, 2023
By the NumbersDemand for land is hot, hot, hotMore than half of the land brokers in a recent survey said the national land market is “hot” or “on fire.”AJ LaTraceAugust 7, 2023
MLS/AssnNAR membership up even as transactions declineMember count increased by more than 6,500 in July, but the "fiercely competitive business environment" could spur attrition in the coming months.Dave GallagherAugust 6, 2023
AgentsKofi Nartey to drive growth at Real, 'share what I have learned'The billion-dollar sports and entertainment broker has moved his Globl RED team to The Real Brokerage where he will serve as national growth leader.Nicole BrodeurAugust 5, 2023
MLS/AssnMARIS buys into MLS joint ventureThe Midwestern MLS, which covers parts of Missouri and Illinois, is investing in REdistribute, a data revenue-share program.Dave GallagherAugust 4, 2023
BrokeragesBrokerage Beat: News from eXp, E&V, ERA, C21, The AgencyeXp gains 200+ agents from two brokerages; ERA and Century 21 add family-run affiliates; Engel & Völkers doubles SoCal presence; The Agency opens in Kelowna.Real Estate News StaffAugust 4, 2023
By the NumbersMore listing opportunities may be on the horizonNearly a quarter of homeowners are considering selling in the next 3 years, according to a Zillow survey — a significant increase over prior surveys. AJ LaTraceAugust 4, 2023
IndustryAs revenue falls, Opendoor returns to profitabilityThe top iBuyer hopes scaling home purchases, improving margins and leveraging partnerships will continue fueling its return to positive net income.AJ LaTraceUpdated August 5, 2023
BrokeragesRedfin to change up agent recruiting, splits as losses continueAmid falling revenue and elusive net profits, the company plans to pilot a program to give agents "the lion’s share of the commission on self-sourced sales."Cheryl Reid-SimonsAugust 3, 2023
BrokerageseXp delivers a profitable second quarter — and adds agentsThe company reported a net income of $9.4 million, slightly below expectations, while its agent count grew by 7%.Dave GallagherAugust 3, 2023
By the NumbersMortgage rates approach 7% following U.S. rating downgradeFreddie Mac put the average 30-year fixed-rate mortgage at 6.9% this week, just below the peak seen in mid-July.Dave GallagherAugust 3, 2023
IndustryHomeServices of America loses appeal in commissions caseThe Eighth Circuit Court of Appeals upheld a ruling denying HSoA’s motion to force arbitration in the Sitzer/Burnett case, scheduled for trial in October.Dave GallagherAugust 3, 2023
BrokeragesRE/MAX profits up, revenue down — and U.S. agents keep leavingThe company's net income of $2 million was an improvement after losses in Q1, while revenue fell by more than 10% and U.S. agent count dropped by 6.3%.Cheryl Reid-SimonsAugust 2, 2023
IndustryZillow revenue exceeds expectations, bolstered by rentalsOverall revenue was up from Q1 and slightly higher year-over-year, but net losses continued to mount.Dave GallagherAugust 2, 2023
By the NumbersAs buyers move farther away, agents need to be ready for themNAR’s midyear forecast touched on a variety of trends, highlighting increased moving distances as a notable recent change.Dave GallagherAugust 2, 2023
IndustryOfferpad revenue down more than 60% but profits are upThe iBuyer reduced losses and acquired more homes over Q1, but sales and revenue dipped significantly.AJ LaTraceAugust 2, 2023
MLS/AssnWhy MLSs should play up their value to consumersEmily Chenevert, CEO of ABoR and the newly rebranded Unlock MLS, wants Austin buyers and sellers to associate "MLS" with more than just soccer. Dave GallagherAugust 2, 2023
IndustryPeople On the Move at OJO, @propertiesOJO promotes former KW CEO Chris Heller and Jerimiah Taylor to top roles; @properties elevates Branden Lopez to general counsel.Real Estate News StaffAugust 1, 2023
By the NumbersHELOCs now a riskier proposition for investorsHigh interest rates and economic uncertainty have made home equity lines of credit costlier and more precarious.AJ LaTraceAugust 1, 2023
IndustryZillow, Redfin build on partnership with new construction listingsThe two former rivals and popular home-search sites extend their connection beyond 3D Home, with Redfin calling Zillow listings “a new revenue opportunity.”AJ LaTraceAugust 1, 2023