Real Estate From The Trenches

Private Listings: A Risky Move as Buyer Demand Shifts

June 17, 2025

Private Listings - Hidden from the Market

As the real estate market tips slowly toward a buyer’s market, it’s time for a serious gut-check on the rise of private or “exclusive” listings. Damian Eales, CEO of Realtor.com, hit this issue head-on in an Op-Ed yesterday, calling out what he sees as a growing and dangerous trend: the quiet erosion of transparency and competition in the U.S. housing market.

According to Eales, “Selling a secret is no way to start a bidding war and will surely result in shortchanged sellers.” I have to agree. The data doesn’t lie—more eyeballs mean more competition, and more competition typically means better offers.

DOJ Seeks Early Termination of Multiple Redlining Settlements

June 16, 2025

In recent weeks, the U.S. Department of Justice has moved to terminate or seek early termination of several redlining-related consent orders with banks, citing substantial compliance with the terms of the original settlements. These actions mark a shift in approach and have sparked conversation across the financial and regulatory landscape.

Key updates include:

State Regulators Are Watching: Private Listings May Carry Big Risk for Agents

June 14, 2025

Private listing networks and state real estate license regulators - ARELLO

While the industry debates Clear Cooperation, buyer comp rules, and MLS policy shifts, state real estate regulators — the ones with enforcement power — are quietly stepping in.

In a recent post on her blog, former California DRE investigator and real estate compliance consultant Summer Goralik sounded the alarm: Private listings are drawing increased scrutiny, and state agencies are preparing to act.

High Costs and Deep Debt: New Report Ranks Riskiest U.S. Housing Markets

June 13, 2025

It’s no secret that affordability is a concern almost everywhere, but according to ATTOM’s Q1 2025 Special Housing Risk Report, certain U.S. counties are showing more signs of vulnerability than others. Topping the list? California and New Jersey.

In total, 23 of the 50 most at-risk housing markets were in those two states—14 in California and 9 in New Jersey—according to the report, which considered home affordability, seriously underwater mortgages, foreclosures, and unemployment rates.

NAR Revises Controversial Speech Rule: Should REALTORS® Punished Before Now Receive Justice?

June 12, 2025

Rob Hahn recently ignited an important conversation about the National Association of REALTORS® (NAR) decision to significantly modify Standard of Practice 10-5, a rule initially established to prevent harassment based on protected characteristics. While NAR’s move to restrict 10-5’s scope solely to REALTORS’ professional activities has been welcomed as a step toward safeguarding free speech, Hahn highlights another critical dimension needing attention: restitution for those previously penalized under its broader interpretation.

According to Hahn, now that NAR acknowledges the overreach of the initial rule, it owes apologies and possibly reparations to REALTORS previously sanctioned under it. As Hahn emphasizes, individuals like Brandon Huber, Wilson Fauber, Chad DeVries, and Jamie Haynes faced serious professional and personal repercussions for actions now clearly outside the revised scope of harassment. These repercussions included damaged reputations, career setbacks, and financial losses from legal defenses. Hahn calls for immediate revocation of any sanctions, restoration of membership, and financial reparations to make these individuals whole.

Organized Real Estate Under Fire: A Wake-Up Call from the Inside

June 12, 2025

Over the years, I’ve watched this industry change in a lot of ways—but I’ve rarely seen a company founder publicly challenge the power structures of organized real estate quite like Robert Reffkin did last week during Compass’s retreat in Denver. His keynote speech, aimed at Compass agents, was less about motivation and more of a pointed indictment of NAR, MLSs, and portals like Zillow. Whether you agree with him or not, he raised some serious questions that the broader real estate world can’t ignore.

Reffkin framed the issue as “choice versus control,” painting organized real estate as a system designed not to protect consumers, but to maintain control over listing data and membership dues. He made the case that MLSs and trade associations—backed by $2B in annual agent dues and $86M in lobbying spend—have gone well beyond their original missions. He described Clear Cooperation rules as less about collaboration and more about squashing alternative listing platforms, especially those that allow for strategic pre-market exposure or “private exclusives” that don’t route through the usual channels.

MLS Subscribers Surge Past Realtors as Access Models Shift

June 11, 2025

Number of MLS members vs Realtor Members

The MLS is Growing, But Not the Way You Might Think

The structure of organized real estate in the U.S. is undergoing a quiet but meaningful transformation, and for agents and brokers navigating multiple markets, the implications are real.

Federal Lawsuit Targets REALTOR® Associations for Alleged Antitrust Violations on Dues

June 10, 2025

John Diza lawsuit versus National Association of Realtors over dues for non-members

Another day, another lawsuit taking aim at the National Association of REALTORS® (NAR) and its long-standing policies. But this one doesn’t center on buyer broker compensation like the Sitzer-Burnett or Moehrl cases. Instead, it targets a different piece of NAR’s structure—the so-called “three-way agreement” and its Variable Dues Formula (VDF), which, according to a new federal complaint, forces brokers to either pay dues for agents who don’t want to be members or disassociate with them altogether.

Filed June 9 in the Central District of California by broker John Diaz, the complaint alleges that NAR, the California Association of REALTORS® (CAR), and two local associations (Lodi and Central Valley) have violated federal antitrust law through a coordinated effort that restricts competition and punishes brokerages that don’t fall in line.

Investors Unload Record Number of Homes as Market Pressures Mount

June 10, 2025

Investors Selling off Record number of homes

Real estate investors sold nearly 11% of all homes nationwide in 2024—the highest share in over two decades of tracking, according to Realtor.com’s latest investor report. That figure represents over 500,000 homes sold by investors last year alone. But unlike the investor selloffs we saw during the housing boom, this time it’s not about taking profits—it’s about stopping the bleeding. With rental prices cooling and returns tightening, investors are repositioning fast.

The shift is visible in the numbers. While investor buying slowed slightly compared to 2021 and 2022, the drop in sales volumes didn’t mirror that pace. Instead, more investors decided to exit, particularly in states where home values have flattened or rent growth has stalled. The map below tells the story—investors are still net buyers in most states, but the gap between what they’re buying and what they’re offloading has narrowed significantly.

Revisiting Subagency: A Hard Look at Real Representation in Real Estate

June 5, 2025

Maybe Subagency Isn’t So Crazy After All

So… Rob Hahn stirred the pot again. In his recent piece, A Modest Proposal: Bring Back Subagency, Rob suggests we ditch buyer agency and go back to the “good old days” where everyone worked for the seller—and he makes the case better than I expected.

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