In today’s RealTrending, we speak with Bonneau Ansley, team leader of Ansley Real Estate and a partner with Christie’s International Real Estate in Atlanta. Ansley recognized early that school was not for him and figured out that his strengths lie in entrepreneurship. From his first business selling tee shirts his freshman year in college to his current position as a RealTrends + Tom Ferry The Thousand team leader, Ansley capitalized on these strengths to build a bustling real estate business. He outlined that success in his book, “Brokering Billions,” and shares some of his secrets today. He ..read more

In August, Zillow‘s 2023 Consumer Housing Trends Report proclaimed that half of all homebuyers are purchasing their first home, the highest share that Zillow has ever recorded. Up from 45% last year and a notable increase from 37% in 2021, the report also mentioned that this share of first-time homebuyers likely hasn’t been this high since 2010, when there was a first-time homebuyer tax credit. Zillow research also found that a majority of homeowners with mortgages have locked in a rate below 5%, and are almost half as likely to consider moving. It’s true that first-time buyers make up a lar ..read more

Today, the first class action commission lawsuit goes to trial in Kansas City, Missouri. While two of the defendants — Anywhere and RE/MAX — have settled in the case, those settlements have not been finalized. The National Association of Realtors, Keller Williams, and Berkshire Hathaway are still going to court to fight the allegations. Regardless of the outcome, real estate brokers are doing all they can to prepare their brokerages and their agents for more transparency, education on the value real estate agents bring to the transaction, and more, according to the 2023 Q4 BrokerPulse survey ..read more

The long-anticipated Sitzer/Burnett class action commission lawsuit enters its first day in court on Monday, leaving real estate professionals to ponder the fate of today’s cooperation and commission practices. At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing. Named in the class action are NAR, RE/MAX, Anywhere, Keller Williams and Berkshire Hathaway HomeServices. According to Katie Johnson, NAR’s ..read more

On today’s RealTrending, Douglas Elliman‘s Dina Goldentayer shares the strategies and lessons she’s learned moving from rentals to becoming the No. 21 individual agent by sales volume in the RealTrends + Tom Ferry The Thousand. Goldentayer is not afraid of hard work and saying no to opportunities that don’t fit. More than that, she’s built a huge Instagram audience by focusing on being authentic and informative. She shares her success strategies and offers a framework for building a luxury business. Here is a small preview of today’s interview. The transcript below has been lightly edited for ..read more

owney share their perspective on the commission lawsuits. Sonny is a past president of his local MLS and Ray is the incoming 2024 president, so they have a unique view of how things may shake out. Ray and Sonny also discuss how low-fee brokerage models are able to scale so quickly and offer services to agents, and how traditional brokers have a misguided perspective of the model. Here is a small preview of today’s interview. The transcript below has been lightly edited for length and clarity: Tracey Velt: There are several settlements to the commission lawsuits. Redfin just announced today t ..read more

In a surprising twist, the National Association of Realtors has announced a change in how interprets its Participation Rule, which requires listing brokers to provide buyer brokers an offer of compensation in order to list on the multiple listing service (MLS). While previously NAR has stated that the offer of compensation could be as little as a penny or a dollar, in a reversal of this stance, NAR is now saying that listing brokers can offer nothing and still comply with the rule, as first reported by Inman News. This change comes as the trade group prepares for the three-week trial of the Si ..read more

The terms of Anywhere Real Estate‘s $83.5 million settlement with plaintiffs in two bombshell buyer commission lawsuits have been made public, and they stipulate that the brokerage conglomerate make significant changes to its practices. A hearing for preliminary approval of the settlement is expected to occur next month, with final court approval expected in mid-2024. “I am pleased that Anywhere has reached a nationwide settlement with the plaintiffs in the Burnett and Moehrl cases,” said Ryan Schneider, Anywhere chief executive officer and president. “We believe this is the right co ..read more

The real estate market in China, both commercial and residential, have been unwinding over the last few years. Like a slow-motion train wreck at first, it is now definitively off the rails and heading over a cliff. Following a pattern eerily similar to the U.S. in 2008 and 2009. Lax lending standards and cheap credit, plus a popular belief that real estate values never decline, created a massive bubble. Earlier this summer, the story of Evergrande’s massive default hit the news, followed by Country Garden’s near failure. Now add in the most recent news of outright fraud and embezzlement by Eve ..read more

Mortgage rates kept climbing this week as spreads on the 10-year Treasury yield widened, reaching a 16-year high.  Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.49% as of Oct. 5th, up 18 basis point from last week’s 7.31%. By contrast, the 30-year fixed-rate mortgage was at 6.66% a year ago at this time. “Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed,” said Sam Khater, Freddie Mac’s chief economist. “Several factors ..read more