NAR dues rising 50%
In March, we broke the news that the National Association of Realtors’ annual Mid-Year meeting in Washington DC would play host to a major vote proposed and voted upon by the Board of Directors regarding a potential rise in dues by 50% up to $120 annually.
Several raised important questions while others balked the idea of any change. The Realtor Party Political Survival Initiative was explained in detail that a recent Supreme Court ruling put NAR and members at a major political disadvantage as the reason for the need to raise dues (hence “survival”).
We were the only news organization that asked what would come of the dues if the ruling was overturned and were told by NAR program director Liz Giovaniello told AGbeat, “The funds for this initiative are needed NOT ONLY because of the Supreme Court ruling, they are needed in order to help ensure the success of our state and local association advocacy efforts – to help them be as successful as possible. Even of [sic] the ruling had not occurred, we would need to bring our advocacy efforts to a higher level.”
The vote passed
We are again the first to break the news that this morning, the NAR Action Center said that the “NAR Board of Directors votes to fund political survival initiative through $40 dues increase, beginning in 2012.”
Sources say a motion to reconsider the vote was overwhelmingly defeated as a strong majority of the Board voted for the increase.
Realtor responses varied to the overwhelmingly affirmative vote ranging from Duane Fonts, President of the Arizona Area Association of Realtors who tweeted congratulations to Realtors (which appeared to be genuine and not facetious) to Maryland Realtor Tyler Wood noting that it “would have be nice for the minority to have had opportunity to be heard” and even Florida Realtor Lisa Rose-Mann asking, “when does the class action begin? Sign me up.”
We asked you, our readers, what your thoughts were on an increase in dues and the AG report on sentiments on NAR dues reflected 66% of respondents were “very upset” about a potential increase, and 14% were mildly upset with 32% saying they only pay dues because they have to in order to use the MLS. The upset on the increase by our readers was similar to several other studies published afterward which confirms Wood’s feelings that he (and other Realtors) are not well represented at the Board level.
We would love to hear your thoughts in the comments. Did you think this measure would pass or fail? Are you upset or glad RPPSI passed? Do you think the Board of Directors is in touch with what you and your peers are experiencing?
Austin tops the list of best places to buy a home
When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?
Looking at the bigger picture
(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).
That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).
They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.
“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
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