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- Nearly half of all US existing-home listings are considered stale, or over 60 days on market
Nearly half of all US existing-home listings are considered stale, or over 60 days on market
Plus: Invitation Homes pays $48M to settle FTC probe
☀️ Happy Thursday, or Friday Jr.
Today's newsletter is 596 words — a 2.5-minute read.
1. Half of all home listings have gone stale, unsold after 60 days on market
Nearly half (48%) of all U.S. listings have lingered on the market for at least 60 days, the highest share for any August since 2019, according to a new report from Redfin.
That share was up from 43.2% a year ago and marked the fifth straight month in which the share of homes sitting for at least 60 days posted an annual increase.
Year-over-year change in share of U.S. home listings on the market for at least 60 days without going under contract (in percentage points)
Source: Redfin
2. Report finds key phrases in for-sale listings can lead to big savings
According to a new report from Realtor.com released yesterday, nationally, listings with the phrase "Priced to Sell" or similar, in the listing description come with an average discount of just under $38,000 off the median-priced home.
Certain "value" based words used in listing descriptions correlate with lower listing prices and can help homebuyers find true bargain properties during their online home search.
At the national level, phrases such as "priced to sell," "undervalued," "underpriced," and "bargain" are associated with listing prices that are 8.5% lower on average than similar homes with similar configurations in similar neighborhoods.
A MESSAGE FROM 1440 MEDIA
Daily News for Curious Minds
“I stopped watching the news, so sick of the bias. Was searching for an alternative that would just tell me WHAT happened, with NO editorializing. I found it. It’s called 1440. It assumes you are smart enough to form your own opinions.”
3. Catch up quick
💵 Invitation Homes deceived renters and will refund $48 million. (FTC)
📣 Side announces mentorship-focused revenue share program. (Side)
🗺️ Realtor.com releases enhanced map-based search feature. (Realtor.com)
🌮 Austin food truck named best taco spot in Texas by Yelp.
⚾️ Austin Baseball Commission holds a launch party in an effort to bring MLB (Major League Baseball) to Austin. (Statesman)
🍟 Fun read: Doritos challenges you to make their next Super Bowl ad for a chance to win $1 Million. (Doritos)
4. Side seeks to dismiss Texas copycat commission suit
On Friday, Side, a white-label brokerage, filed a motion to dismiss the QJ Team copycat commission lawsuit.
The lawsuit, filed in Texas in November 2023, centers around the National Association of Realtors’ (NAR) Participation Rule which requires listing brokers to make a blanket offer of compensation to buyer brokers in order to list properties on the MLS.
“The Complaint never attempts to link Side specifically to NAR; it never asserts that Side is a member of NAR, that any of Side’s affiliated agents is a member of NAR, or that Side requires its affiliates to join NAR. Additionally, the Complaint does not attempt to explain how Side could have conspired with NAR to implement the Compensation Rule, which was promulgated by NAR more than 20 years before Side was founded.”
5. NAR rival AREA launches petition to end Clear Cooperation Policy
The American Real Estate Association (AREA) has launched a petition calling on the National Association of Realtors (NAR) to repeal its Clear Cooperation Policy.
The petition which has gained nearly 3,000 signatures on the Change.org site claims that NAR forces real estate professionals to submit listings to the Multiple Listing Service (MLS) within one business day of public marketing, regardless of their clients’ wishes.
This one-size-fits-all mandate violates the fiduciary duty agents have to their clients, forcing them to disclose information that may not be in the homeowner’s best interest.
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