Consumer Tips

Employee at Center of CoStar/Realtor.com Legal Conflict Put on Paid Leave

In a court filing July 23, CoStar Group has asked a judge for an order for expedited discovery in its legal conflict with realtor.com parent Move, Inc. Included in the filing is that James Kaminsky, the CoStar employee formerly employed by Move, who Move claims improperly accessed proprietary information to be used by CoStar, has…

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JPAR® – Real Estate Announces Enhanced Agent Revenue Model

JPAR® – Real Estate announced a significant reduction in its cap fee model, effective immediately.  JPAR stated that the reduction in cap fees, from 23 to 16 sides—the lowest since 2016—is particularly beneficial for agents committed to their real estate careers, as it reduces agent transaction fees to less than $10,000 annually. This initiative provides…

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Rent Prices Continue to Decrease, but Remain Elevated

Rent prices continued to drop for the 11th straight month this June, according to the latest data from Realtor.com®. Despite continued decreases, however, rents remain elevated from the pre-pandemic levels of 2019. Realtor.com’s Rental Report for June found that overall rents decreased by 0.4% to $1,743—0.6% ($11) below the August 2022 peak. Breaking down the…

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Despite Drop in Rates, Mortgage Applications Decreased This Week

Despite the most recent drop in average mortgage rates, mortgage applications decreased this week, down 2.2% from last week’s 3.9% uptick, according to the latest Weekly Applications Survey from the Mortgage Bankers Association (MBA) for the week ending July 19, 2024. This week’s data: The Market Composite Index, a measure of mortgage loan application volume,…

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New-Home Sales Fall Below May Rate, as Fed Rate Cuts Loom

Sales of single-family homes in June were 0.6% below the May rate of 621,000, reaching a seasonally adjusted rate of 617,000, according to data released by the U.S. Census Bureau and the Department of Housing and Urban Development. This is significantly below—7.4%, specifically—June 2023’s estimate of 666,000 new-home sales. Spencer Hakimian, founder of Tolou Capital…

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CoStar Says Homes.com Is ‘Fast Approaching’ Zillow in Traffic

CoStar Group, the commercial real estate heavyweight that is making waves in residential spaces, announced in an earnings call July 23 that revenue for the quarter ended June 30, 2024 was $678 million, up 12% over revenue of $606 million for the quarter ended June 30, 2023. Net income was $19 million in the second…

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Navigating the Changing Landscape

Above, Dave Karoly Dave Karoly Vice President of Sales & Operations, REALTOR® Lamacchia Realty Waltham, Massachusetts https://www.lamacchiarealty.com  Region served: New England and Fort Lauderdale Years in real estate: 17 Number of offices: 17 Number of agents: 600 Best tip for getting the right listing price: Stop telling sellers the price. Instead, provide the guidance so…

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Vice President Kamala Harris’ Plan for Mortgage AVMs Is Realized

Six federal agencies—including the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA) and the Federal Deposit Insurance Corporation (FDIC)—recently announced a new standard of quality controls for automated valuation models, or AVMs, as used by mortgage originators and secondary market issuers. AVMs are algorithms that can estimate a property’s value using large…

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Staten Island Brokerage Joins the CENTURY 21 Brand

Century 21 Real Estate LLC. continues to fortify the brand’s presence in the Empire State with its latest affiliation of veteran-owned Herman & Co. Real Estate based in Staten Island.  Since the brokerage’s founding in 2004 by current broker/owner, Herman Herrera, it has been responsible for over $1 billion in sales volume throughout Staten Island…

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NAR’s Yun Predicts Interest Rate Cuts, With More to Come in 2025

Interest rates may be seeing their first cut this fall, possibly even as soon as September, according to the National Association of REALTORS®’ (NAR) Chief Economist Lawrence Yun. Yun shared this prediction and more during NAR’s recent Residential Real Estate Forecast Summit for 2024. The biggest question looming on many in the industry’s minds is,…

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