The Tsunami is Coming: NAR Ruling and its Knock-on Effects for Real Estate
November 1, 2023
In this week's edition of Above the Line, we could be witnessing the start of a tsunami in the real estate market—a Missouri jury found that the National Association of Realtors conspired to maintain high commission rates, leading to $1.8 billion in damages. The markets responded swiftly; real estate stocks plummeted, and with potential future rulings, there could be structural change ahead.
Missouri Jury Hits NAR with $1.8 Billion in Damages
New York Times
A landmark verdict finds NAR and several real estate firms guilty of conspiring to inflate commission rates. This legal blow could potentially usher in a wave of similar lawsuits across other states, disrupting traditional commission structures.
Real Estate Stocks Take a Hit
MSN
Shares of Opendoor Technologies Inc., Zillow Group Inc., Redfin Corp., and RE/MAX Holdings Inc. saw significant declines following the ruling. The market's reaction indicates broader apprehensions, reflecting uncertainties over future commission practices in the real estate industry.
Yardi Innovates Amid Industry Challenges, Eliminating ACH fees
Yardi Press Release
We love spotlighting our clients and Yardi makes it easy. They have eliminated ACH fees for clients and residents in the US and Canada, taking a progressive step towards consumer-friendly practices.