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.
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.
If you were hoping for some bright spots in the real estate market this summer, you’re not alone—so was Dr. Lawrence Yun.
Yesterday, I attend the Economic Issues & Trends Forum at NAR’s Mid-Year Meetings in Washington D.C. at which, Lawrence Yun, Chief Economist for the National Association of Realtors, opened with a bit of candor: “I thought at this conference I would share some good news with you. Home sales are rising. Momentum is building. But we are not seeing that”.
Law professor and home seller Tanya Monestier has filed an appeal to overturn the Sitzer/Burnett commission lawsuit settlement. She argues the deal gives sellers almost nothing—about 0.1% of their damages—while leaving the commission system largely intact. If the court agrees, the entire $1.8 billion+ settlement could be thrown out, reopening the litigation and undoing all the current rule changes. Her brief is below for anyone who wants to dig into the details.
When Tanya Monestier first objected to the Sitzer/Burnett settlement last fall, I wrote that her critique exposed the uncomfortable truth: this deal might look good on paper, but in practice, it’s left most sellers just as stuck in the old system as before. Now, she’s doubled down with a formal brief to the U.S. Court of Appeals for the Eighth Circuit—and she’s aiming not just to revise the settlement, but to throw it out entirely.
Condo Market Hits a Decade Low for Investors—Is It an Opportunity for You?
Investor interest in U.S. condos has dropped to its lowest level in ten years, according to newly released data, with only 8,509 units purchased nationwide in Q1 2025. That marks a 3% year-over-year decline—and aside from the early-pandemic freeze, it’s the weakest quarter for condo investor activity in a decade.
Despite a steady nationwide vacancy rate, a subtle but growing trend in so-called “zombie” homes is worth watching. According to ATTOM’s latest data, 1.3% of all U.S. homes remain vacant—a figure that’s held remarkably steady for over three years. But while most markets are stable, the number of zombie foreclosures—homes that are vacant and in the foreclosure process—has crept up year-over-year.
Zombie properties still make up a small portion of the market (just 3.3% of homes in foreclosure), but they’re up from 2.9% this time last year. That’s not enough to panic over, but it does signal some stress beneath the surface, especially in pockets of the Midwest and South. Metro areas like Peoria, Cleveland, and Toledo are seeing double-digit percentages of pre-foreclosure homes sitting vacant—raising concerns about local property values and neighborhood stability.
Sun Belt Buyers Finally Have the Upper Hand—For Now
If you’re house hunting this spring, your experience might hinge on where you’re looking. According to new data from Zillow, there are major differences in how competitive local markets are, and that might be the edge buyers have been waiting for in certain parts of the country.
The National Association of REALTORS® (NAR) is set to consider revisions to Standard of Practice 10-5 at its upcoming June 2025 Board of Directors meeting. These proposed changes aim to address longstanding concerns about the scope and enforcement of the standard, which prohibits REALTORS® from using harassing speech, hate speech, epithets, or slurs based on protected characteristics.
Since its adoption in 2020, SOP 10-5 has been criticized for potentially infringing on members’ freedom of speech, particularly in contexts unrelated to their professional real estate activities. Notably, there have been instances where REALTORS® faced disciplinary actions for expressing personal religious beliefs outside of their professional roles. For example, Wilson Fauber, a Virginia REALTOR® and ordained minister, was found in violation of SOP 10-5 after reposting a Bible verse on his personal Facebook page. The post, which supported the biblical view of marriage, led to ethics complaints and potential penalties, including fines and loss of REALTOR® membership .
Howard “Hoby” Hanna didn’t mince words in his interview with Inman this week. The CEO of Howard Hanna Real Estate Services drew a hard line in the sand, declaring that his company will no longer view the National Association of Realtors’ Clear Cooperation Policy (CCP) as binding. “We’re giving our sellers and ourselves choice,” Hanna said, emphasizing the need for flexibility, innovation, and freedom from what he called “the edicts of organized real estate.” His broader point echoes what I’ve written about before—real estate is local, not one-size-fits-all. National policies that fail to respect the uniqueness of individual markets create confusion, increase legal risk, and ultimately don’t serve consumers or agents well.
Hoby’s argument, that MLSs should control their own participation rules rather than enforcing blanket NAR mandates, aligns with what many of us in the industry have been quietly thinking (although I’m not always so “quiet” on it). As the structure of compensation and cooperation continues to unravel post-NAR settlement, it’s time for brokerages to evaluate their models. I’ve long said that giving buyers and sellers more transparency and agents more tools is the path forward, not adding layers of compliance. Hanna’s defiance may seem bold, but it’s likely just the beginning. As he put it, “We actually think other people should take a hard look.” I think they will.