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January 2023

T3 Insight Monthly Executive Brief

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The industry has so many stories, blogs, press releases and announcements each month that we all struggle to digest the information and distinguish between truly meaningful developments and hype or advertisement. Here are this month’s articles.

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January 2023
]

Exploring the future of the discount brokerage model

The concept of a discount brokerage — in which brokerages offer services to real estate buyers and sellers for less than the predominant commission-based model — has existed for decades in the real estate space. This article provides a brief overview of where this model has been and where it may be headed.
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[
January 2023
]

What’s happening with home prices at the national and metro level

After two years of rapid growth, home prices have slowed markedly as the housing market transitions to a period of lower sales amid higher mortgage rates. This article provides an analysis of the current home price trend and some details of how it has impacted metros.
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[
January 2023
]

Inside the 2023 Swanepoel Power 200 (SP 200)

Every year, T3 Sixty ranks the nation’s 200 most powerful residential real estate brokerage leaders in the Swanepoel Power 200 (SP 200). The 2023 edition launched on January 10.
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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

US sees 10th consecutive month of home sales declines

  • Article available on The Wall Street Journal
Existing home sales dropped 7.7 percent from October to November, according to NAR’s latest existing home sales report. That marks the 10th consecutive month of month-over-month declines. The housing market has definitely turned. This stat reflects the new reality brokerages face as they confront 2023 – fewer home sales, which means fewer transactions and less revenue. This is the year when the validity of sharp business practices and profitable models reveal themselves.
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Canada bans foreign homebuyers

  • Article available on Real Estate News
Effective January 1, Canada has begun a two-year ban on most international homebuyers in an effort to support affordability and availability of homes for Canadian citizens. The country has experienced outsized price appreciation in recent years, especially in some of its larger metros, which has attracted billions of dollars of real estate investment from foreign buyers and investors. The Canadian government has recently been more aggressive of a regulator of its real estate business, but should inventory remain an issue for US homebuyers, especially those with lower incomes and wealth, it could look to introduce policies to support citizen homeownership.
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Anywhere drops alternative finance program RealSure

  • Article available on Real Estate News
In a continued blow to the once-hot alternative financing trend, in which companies provided innovative financial products to consumers to streamline the selling and buying process, such as iBuying, Anywhere has announced it is winding down its division that offered those services RealSure. The company will focus on its stitching its digital offerings into a single platform for consumers. This refocus comes amid a lot of companies battening down the hatches for a tougher 2023 and focusing on more core business activities.
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Supreme Court sends back NAR’s pocket listing case appeal

  • Article available on Inman
The US Supreme Court denied NAR’s appeal to review a lower court’s ruling that a lawsuit the private listing firm The NLS (National Listing Service) filed against NAR and three large MLSs could proceed. The NLS alleges that NAR’s Clear Cooperation Policy, which requires brokerages to input listings into MLSs within one day of marketing publicly, and its application by MLSs violates antitrust provisions as the policy limits competition from listing databases not affiliated with NAR. In addition to this litigation, NAR faces significant legal challenges with the federal government and class-action suits challenging the industry’s traditional brokerage compensation model.
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Water rights a budding real estate issue in the West

  • Article available on New York Times
The West is facing massive water-shortage issues. Lake Powell and Lake Mead, two key portions of the dammed Colorado River, provide water for millions of residents and businesses in the West, are drying up. This New York Times feature profiles a housing development of 500 to 700 homes in Arizona that is left without water service as neighboring Scottsdale, which had provided service, cut it off citing the need to conserve its allotment. This is just the beginning of a major readjustment to life and growth in the West as it confronts increasing populations and decreasing water reserves.
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