NAR’s $418 Million Settlement: Where Are We Now?

By NICOLE MURRAY The National Association of Realtors agreed to a settlement in March that is expected to permanently shift the real estate industry. Buyers will be expected to enter into written compensation agreements with their real estate agents and it will be optional for sellers to pay for the buyer’s agent commission. In addition, those commissions will no longer be marketed on the Multiple Listing Service. Preliminary approval of the agreement has been granted by a judge with a final approval hearing set for November, and industry experts are expecting these changes to roll out this summer. It’s hard to predict how long it will take for the market to adjust. Real estate agents and lenders who recently spoke…

No Day At The Beach: Coastal Homes Are At Risk From Flooding

By CHUCK GREEN In upcoming decades, U.S. homeowners in areas along coastlines could be up the proverbial creek. Sea level rise, along with changing storm patterns, could result in flooding that severely damages homes in many coastal areas. Especially vulnerable, according to estimates, are the Gulf of Mexico, Florida, the Carolinas, and the Washington, DC, area. In 2018, the Union of Concerned Scientists hoisted warning flags when it released an interactive map that showed the estimated number of homes at risk for chronic flooding in the coming decades due to sea level rise. That year, the group reported that burgeoning sea level rise – fueled mainly by climate change – was projected to exacerbate tidal flooding in the country. Within…

Americans Willing To Think Outside The Box To Afford A Home

Nearly 80% of potential buyers are willing to get creative when it comes to purchasing a home. A new survey from RE/MAX found that homebuyers burdened by unaffordable listings and high interest rates are willing to consider atypical options to buy a home in the next 12 months. Those options include purchasing a home two or more hours away from the workplace and signing up for a super commute, buying a multi-family home, and moving into a tiny home. Purchasing a home in need of remodeling, for either cosmetic or structural reasons, is the most popular option with 56% of buyers saying they would buy a fixer-upper. Millennials in particular see buying a house in need of repairs as a…

Tim Carroll Joins HomeGuide Mortgage As Venture President

Industry veteran Tim Carroll has been named new Venture President at HomeGuide Mortgage, the company announced in a press release. HomeGuide Mortgage is a joint venture between CMG Financial and RE/MAX Gold Nation. Carroll brings more than two decades of experience to the company, including roles in branch, sales, and area sales management.  Most recently he served as Regional Manager in CMG Financial’s Western Division. In his new position, Carroll will be responsible for recruiting and supporting loan officers, as well as working with partners at RE/MAX Gold to ensure LOs are meeting real estate agents’ needs. “Recruiting is the single most important task for me currently,” Carroll said.  “The greatest impact and influence I can have on the company…

Chris Erickson Appointed Product & Strategy VP For Motto Mortgage And Wemlo

Chris Erickson has been appointed Vice President of Product & Strategy for both Motto Mortgage and wemlo, the companies announced in a press release. Both are subsidiaries of RE/MAX Holdings. “I’ve always prided myself on being a leader who turns ideas into action, leveraging my refined skill set to take a concept from ideation to go-to-market in the most effective way,” Erickson said. “I am excited to join the Motto and wemlo teams during this time of rapid growth and am honored to be leading the charge in the development of an origination platform that is poised to disrupt the mortgage industry.” Erickson is an industry veteran with twenty years of experience in financial services. He previously held the positions…

A New Home For The Holidays? Buyers Are There Even With Some Sellers Waiting Until 2022

By KIMBERLEY HAAS It may be the week before Christmas, but that doesn’t mean potential homebuyers aren’t out searching for their perfect piece of real estate. Lewis Esposito, a licensed real estate professional at RE/MAX Preferred in West Chester, Pennsylvania, says buyers don’t want to wait until the new year and when asked if realtors are showing houses this week, he said if clients see a home they like then showings are being offered. “If you have a buyer, they’ll tend not to want to wait until after the new year. If they see something, they’ll jump on it,” Esposito said. Esposito, who works in the suburbs of Philadelphia, said he has a few clients who are holding off until…

RE/MAX: Home Sales, Median Sale Price Dropped in August

Inventory grew and prices fell in August according to a new report from RE/MAX, the latest sign the current red hot housing market may be cooling. Home sales dropped 3.5% and the Median Sale Price fell 1.2% to $335,000, according to RE/MAX’s National Housing Report for August. With fall just around the corner, August’s numbers suggest there won’t be any more record-breaking high points this year. August saw homes sitting on the market for only an average of 24 days. Month’s Supply of Inventory fell from 1.5 in July to 1.3 in August. Last August it was 1.9. A six months supply indicates a market balanced equally between buyers and sellers. Of the 51 metro areas surveyed in August, zero…

RE/MAX Reports “Very Encouraging” Q3 Results

RE/MAX reported “very encouraging” financial results for the third quarter for its real estate and mortgage brokerage service arms. “The continued execution of our strategy, coupled with the U.S. housing market’s remarkable run, drove our very encouraging results for the third quarter,” stated Adam Contos, RE/MAX Holdings Chief Executive Officer.  RE/MAX reported the following results for RE/MAX real estate brokerage and Motto Mortgage brokerage: Total revenue of $71.1 million, with revenue excluding marketing funds increased 0.5% percent to $53.8 million.Net income attributable to RE/MAX Holdings, Inc. of $3.6 million and earnings per diluted share (GAAP EPS) of $0.19.Adjusted EBITDA of $30.3 million, Adjusted EBITDA margin of 42.7% and Adjusted earnings per diluted share (Adjusted EPS) of $0.64.Total agent count increased 5.1 percent to 134,769 agents, while decreasing 0.3 percent in…