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Typical homebuyers made $107,000 annually, used a real estate agent in 2023: NAR survey

Housing Wire

Homebuyers’ median household income increased by $19,000 this year from 2022, reaching $107,000, according to the National Association of Realtors ’ 2023 Profile of Homebuyers and Sellers. The report is an annual survey of homebuyers and sellers who closed transactions between July 2022 and June 2023.

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Opinion: Real estate is already changing, despite commission lawsuit’s outcome

Housing Wire

Phillip Cantrell is the CEO of Benchmark Realty LLC based in Franklin, Tennessee and the executive vice president of Strategy for United Real Estate. The rule change will prohibit listing brokers from paying buyer’s agents and will instead require sellers to pay them directly if they choose to pay them at all.

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Washington-based indy firm joins RE/MAX

Housing Wire

Yakima Valley, Washington-based The Real Estate Collective , is RE/MAX’s latest franchise, according to an announcement on Tuesday. Larson started her career in real estate as an agent at a large national franchise in 2014. Another independent brokerage has chosen to align with RE/MAX.

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Newest commission lawsuit doesn’t seek class-action status

Housing Wire

The real estate industry is facing yet another commission lawsuit , but this time the plaintiff is not seeking class-action status. From 2014 to the present, Wang reportedly bought several homes in Massachusetts, New York, New Jersey and Washington, D.C., In a lawsuit filed Thursday in the U.S. according to the complaint.

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The mortgage rate lock-in didn’t start in 2022

Housing Wire

That’s a swing of 17% fewer sellers in just a matter of days. What’s not measured in the FHFA paper is how by 2023, seller volume had already been declining for nearly a decade. In that period, we can see seller volume decreasing as more and more Americans had mortgages under 5%. Download the entire report here.

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The Real Brokerage snags top Phoenix team

Housing Wire

“David’s dedication to maximizing marketing and optimizing value for sellers aligns with the Real platform and our mission to give our agents the tools they need to succeed by providing the best consumer experience possible.” Newman has more than 20 years of experience in the real estate industry.

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Opinion: All the ways the class-action commission lawsuits are misguided

Housing Wire

No seller must use a real estate agent to sell a home — ever. In fact, considering inter-family and estate transfers as well as for-sale-by-owners, as many as 20% of all transactions may not include the use of an agent. No buyer must use a real estate agent — ever. I am repeating myself but bear with me.