Welcome to real estate insights born from many years “in the trenches.” This site cuts through the theory to deliver down-to-earth, field-tested advice for homeowners, buyers, and industry pros—covering everything from buying and selling to investing and development. It’s all practical knowledge for making smarter property decisions.
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.
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.
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.
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.
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.
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.
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.
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.
Just days after I wrote about the controversy surrounding NAR’s Standard of Practice 10-5 (SOP 10-5), the National Association of REALTORS® Board of Directors has officially ratified changes to the standard. As expected, the updates focus on clarifying the definition of “harassment” and narrowing its scope to only apply when REALTORS® are acting in a professional capacity.
This morning’s move at the REALTORS® Legislative Meetings in Chicago formalizes the proposed revisions that had been in the works since 2023. According to NAR President Kevin Sears, the aim is to better align Article 10 of the Code of Ethics with similar standards used by other large trade associations, while also easing enforcement for state and local associations.
If the preliminary vote tallies hold, Redfin shareholders just gave Rocket Companies the green light to buy them out for $1.75 billion. That vote took place yesterday, June 4, during a special meeting that followed some last-minute legal fireworks and a bit of political heat. Assuming everything stays on track, the deal will close before the end of June.
For those who haven’t been tracking it closely, this merger means Rocket, best known for Rocket Mortgage, is about to add a national real estate brokerage, tech platform, and salaried-agent workforce to its portfolio. It also means Redfin, which hasn’t had a profitable year in nearly two decades, gets absorbed into a company with the budget and appetite to scale their model nationwide.