T3 Insight

The high-profile antitrust lawsuit filed by homeseller Moehrl against NAR, some of the nation’s largest brokerage companies and 20 MLSs has been granted class-action status by a federal judge. The suit, which alleges that the industry’s compensation structure supported by NAR and brokerages stifles competition and increases brokerage fees, resembles a similar suit that gained class-action status in 2022. While a judge ruled that the U.S. DOJ must end its investigation of NAR’s Clear Cooperation Policy, the industry’s predominant brokerage compensation structure still faces immense potential changes. Read the lead chapter in the 2023 Swanepoel Trends Report, “Evaluating Real Estate’s Compensation Structure and Its Future” for more

Wes Foster, co-founder of Long & Foster Companies, passed away at the age of 89. He represents an era of family-founded and -owned real estate companies that has slowly been disappearing. He co-founded Long & Foster in 1968 and eventually bought out his co-founder. In 2017, following the corporatizing trend among the nation’s largest companies, he sold his firm to HomeServices of America. The brokerage continues operating under its brand as a subsidiary of the larger HSA company.

Anywhere Real Estate has tapped Kamini Lane as president and CEO of its company-owned Coldwell Banker offices. Reporting to Sue Yannaccone, president and CEO of Anywhere’s franchise division Anywhere Brands and its company-owned brokerage division Anywhere Advisors, Lane reflects the increasing role women are playing at the highest level in real estate corporate boardrooms. Every year, T3 Sixty tracks the industry’s 200 most powerful leaders in the SP 200. 2024 is shaping up to be potentially a record year for women on the ranking.

Boomers have retaken the title as the most populous generation of homebuyers from millennials, according to NAR’s 2023 Home Buyers and Sellers Generational Trends report. The report reveals that boomers led all generations with 39% of home purchases in 2022, followed by millennials accounting for 28%. In 2021, millennials led with 43% share compared to boomers at 28%. Older homebuyers often have more resources and can weather turbulent economic times, like the U.S. is experiencing now, better than younger buyers. Brokerages and agents can leverage this insight to adjust their marketing and prospecting to better meet and serve current buyers.

Home sales jumped 14.5% in February the month previous, the largest jump in over two and a half years, according to the latest existing home sales report from the National Association Realtors. Median existing home prices, however, dropped 0.2% in February from a year previous, marking the first year-over-year drop in over a decade! Inventory remains low, which could sustain demand despite rising interest rates. The market continues to throw mixed signals. At this time, strategic, focused marketing will help brokers and agents stand out and resonate with real estate consumers facing a difficult market.