A detailed, three-year investigation by Long Island, New York, news site Newsday found that real estate agents contributed to housing discrimination based on consumers’ race. Using undercover testers, hidden cameras and fair housing experts, the journalism site found that real estate agents provided disparate treatment on 40 percent of the 86 tests it conducted.
The investigation shows that even if real estate agents are not aware of it, they may be contributing to housing inequality. Brokers and agents should reflect on their unconscious biases, develop training to emphasize treating all consumers fairly regardless of race, gender, etc. and take corrective steps where appropriate.
A new startup, Culdesac, has raised $10 million to build a 1,000-home car-free development in Tempe, Arizona. Development began in November with a slated opening in fall 2020.
Opendoor pioneered its paradigm-changing iBuying model in Phoenix in 2014. Founders and VCs with wild ideas are turning their attention to real estate in a big way. Could this be another game-changing new residential real estate model?
Realogy’s stock price suffered a devastating 75% collapse from its peak in 2019. Senior leadership Ryan Schneider (CEO Realogy Holding Company), John Peyton (CEO Franchise Division) and Ryan Gorman (CEO NRT), now two years in their new roles, the company took a number of strategic steps, especially during the last two quarters of 2019.
Realogy leadership’s corrective decisions have turned the industry’s largest real estate holding company and franchisor around; the company’s market cap has doubled since bottoming out in September. Most of the company’s recent actions will, however, only really affect next year’s results, so expect an upward year for Realogy in 2020.
A third-quarter 2019 analysis by Redfin of iBuyers Zillow Offers, Opendoor, Offerpad and RedfinNow in 18 markets revealed that they bought 3.1 percent of the homes sold in the quarter, up from 1.6 percent from the third quarter 2018.
Still just a few years old, the iBuying business model is gaining share. As Zillow, Opendoor and other iBuyers continue to aggressively expand their across the nation, real estate brokers and agents will increasingly have to account for their presence.