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March 2022

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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March 2022
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VIDEO: Inside the 2022 Tech 500

Understand the latest leading real estate technology in a conversation with T3 Sixty editor-in-chief Paul Hagey, and T3 Sixty technology division executives Travis Saxton and Jonathan Peterson as they explore the trends and takeaways of the 2022 Tech 500, which published this week!
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March 2022
]

The swelling real estate technology consolidation wave

Real estate tech acquisitions have increased each year in the last three years and 2022 is on pace to again surpass the number of acquisitions the year before. This article chronicles the recent acquisitions and some of the reasons why it is happening now.
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March 2022
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3 ways to win with real estate technology

Technology has promised to make things simpler and more efficient for a long time. In this article, T3 Sixty identifies three proven habits brokers who successfully utilize technology adhere to.
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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.

NAR membership at record high for 2021

  • Article available on New York Times
NAR membership swelled to 1.6 million members in 2021, the highest for any year in the association’s over-100-year history. The ranks swelled by over 156,000 in just 2021 alone. With a blazing housing market, great price appreciation and the pandemic shifting the job market, many professionals turned their eyes to a real estate career and saw the appeal. While the industry is riding high right now, the ranks will shrink again when the market cools. Indeed, they make shrink further than in years past as a maturing industry demands more from agents than ever before.
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NAR-owned SentriLock sues rival Supra

  • Article available on Inman
The lockbox service provider SentriLock, owned by NAR, has sued rival Supra, alleging theft of technology. Lockboxes and the technology that supports them are a key, compelling part of the MLS and local Realtor association industry. These companies often obtain exclusive agreements with MLSs and/or the local Realtor associations that operate them, which can create downstream challenges for users. This suit may shed some light on this important industry tech.
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Mortgage rates hit 4%

  • Article available on Bankrate
Interest rates on 30-year fixed-rate mortgages rose past the 4 percent threshold in late February, the first time they rose above that amount in over two years. With inflation running rampant in the U.S. economy and the economy at large giving off healthy signals, mortgage rates are rising again after reaching all-time lows in 2021. This could signal a begin to a more balanced supply-demand market after years of severe low inventory.
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DOJ upholds Fair Housing claim

  • Article available on Inman
A pair of Black California homeowners sued an appraisal company alleging violations of the Fair Housing statutes when another appraisal company valued their home for approximately $500,000 when all indications of race were removed from the home. The DOJ rejected the appraisal firm’s motion to dismiss. Housing discrimination has played a big role in how communities have been shaped. Lawsuits like this one and an increased awareness of the discrimination still present in the industry will hopefully create a more equitable housing landscape.
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Bidding Wars

  • Article available on Redfin
In January, 70 percent of the offers Redfin agents wrote experienced bidding wars. That’s the highest percentage since the national brokerage began tracking the stat in April 2020. In addition, Redfin data shows that in the four weeks through February 13, 57 percent of homes that went under contract did so within two weeks of listing. The housing market remains blazing hot as the spring selling season just begins to kick off. Mortgage rates will likely balance the market more than in the past two years, but time will tell exactly how much.
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