Zillow Gone Wild Sued, NAR Settlement Chaos, & the Rise of Renter Nation - What You Need to Know!

this Week in Real Estate

Join us for today’s episode as we dive into the hottest real estate headlines. Zillow Gone Wild is facing a $300K copyright infringement suit from a real estate photographer, which could shake up the way property photos are used online. Consumer watchdogs are advising buyers to pay agents '2% or less' amidst shifting commission rates, with the typical buyer’s agent now earning 2.55% in commission—a decline since the NAR settlement announcement in March. With the big August 17 deadline approaching, the NAR settlement remains confusing for many, but NAR has rolled out resources to help sellers and buyers navigate these changes. In the past year, 10% of agents have switched brokerages, highlighting industry volatility.

Meanwhile, America’s renter population is growing three times faster than its homeowner population due to rising homebuying costs. Despite lower mortgage rates, pending sales have posted the biggest year-over-year decline in nine months, indicating buyer hesitation. Mortgage rates have plunged to their lowest level in over a year following a weak employment report, spurring a 16% surge in weekly mortgage refinance demand and giving homebuyers nearly $30,000 in extra purchasing power over the past month.

In a surprising twist, nearly 25% of Gen Z house hunters are willing to sacrifice safety to afford a home, according to a Redfin survey. Additionally, thousands more people are moving into fire- and flood-prone areas, driven by migration to states like Texas and Florida.

Tune in today at 10 PST / 1 EST for a deep dive into these stories and more. Subscribe, hit the bell for notifications, and join us live on Clubhouse to share your thoughts and be part of the conversation.