Written by Chase Majerus

Everything You Need To Know About The NAR Settlement

Hello and welcome to This Week Today, your weekly guide to the real estate and mortgage industry. Whether you’re a thinking about buying and home or are already a homeowner, there’s always something new to learn and improve in the world of your personal finance. So grab your venti iced coffee bevy and let’s get started… and make this week a great one!

Here’s a video on Redfin’s CEO talking about the most recent NAR settlement, something we’ll get to later in this newsletter…

Today's Agenda:

A quick link to the article of your choice

Keychain: NAR Settlement Rocks Real Estate World

Major ManorMajor Manor: Duolingo Dwelling Hits The Market

Social Space

Financial Fitness: How to Navigate the NAR Settlement

Keychain: Compass Settles Up Too?

Vlog: #GROWTH at Synergy Sales Rally

Today's Agenda:

A Quick Link to the article of your choice

Keychain: NAR Settlement Rocks Real Estate World

Major ManorMajor Manor: Duolingo Dwelling Hits The Market

Social Space

Financial Fitness: How to Navigate the NAR Settlement

Keychain: Compass Settles Up Too?

Vlog: #GROWTH at Synergy Sales Rally

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Keychain

NAR Settlement Rocks Real Estate World

A recent class-action lawsuit against the National Association of Realtors and major brokerages led to a $418 million settlement. In a stunning turn of events that might actually require real estate agents to haggle for their supper, the National Association of Realtors has decided to shake things up by letting commissions be negotiable rather than sticking to the good old 5%-6% tradition.

The impact on buyers, especially first-timers, remains uncertain as they might have to pay out of pocket for services previously covered by sellers.

Major Manor

Duolingo Dwelling Hits The Market

Rather than highlight an absurd mansion for $20 million, I want to focus on a local market and how home prices are jacked up, metaphorically and literally.

Pittsburgh, Pennsylvania – the luxury real estate market is experiencing some turbulence after a record-breaking $6.3 million sale (which fetched the highest sales price ever in Fox Chapel) last year sent shockwaves through the city. Tax records show Lava Trust (the owner of the home) is controlled by Luis von Ahn, a Guatemalan computer scientist and CEO of the online language learning platform Duolingo. Now, the same $7 million mansion that nobody seemed to want to move into is back on the market, and apparently, buyers aren’t exactly lining up.

It seems like everyone’s trying to keep up with the Joneses, with neighbors jacking up their asking prices just because someone down the street dared to ask for more. And with $1 million becoming the new baseline for luxury, it looks like Pittsburghers are in for a wild ride of inflated egos and outrageous price tags.

Financial Fitness

How to Navigate the NAR Settlement

Listen, if you’re worried about how the NAR commission settlement affects you as a homebuyer, here’s some tips for you.

Pick Your Agent Carefully: Now more than ever, choose an agent who fits your exact needs—whether you’re a newbie needing hand-holding or a veteran looking for minimal services.
Go À La Carte: Only pay for the services you need. Manage some tasks yourself and hire professionals like Synergy One Lending for the tricky parts, saving money in the process.
Negotiate Fees: With agent fees now up for discussion, don’t hesitate to negotiate. Pay only for the value you believe you’re getting.

If you have any questions, chat with a Synergy One Lending mortgage professional. We would love to help you understand how to navigate the homebuying season.

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Download the app on the appropriate app store with the links below!

Keychain

Compass Settles Up Too?

Honestly, how very American. We actually AREN’T DONE with the settlement talk.

Real estate company, Compass, has settled nationwide commission lawsuits, agreeing to pay $57.5 million and make changes to its business practices. The settlement, subject to court approval, resolves claims against Compass by home sellers. While the National Association of Realtors (NAR) settled similar lawsuits, Compass fell outside its protection due to its large transaction volume. Compass’s independent settlement is less than what it would owe under NAR’s terms, and it was not originally named in the lawsuits, but faced challenges later.

Vlog

#GROWTH at Synergy Sales Rally

Exciting times at the Synergy One sales rally in beautiful San Diego!

The energy was infectious, and we’ve gleaned a ton valuable insights that are sure to make an impact in our market. One of the (many) highlights was a session with the one and only Barry Habib, who joined us to talk strategies that can turn challenges into opportunities for monetization – talk about game-changing!

What was truly remarkable was the spirit of collaboration and sharing among everyone here. It’s inspiring to see how we’re all committed to growth and success.

Reflecting on our theme of growth, it’s incredibly satisfying to see the progress we’ve already made as a company already in 2024. But the real magic lies in our ability to translate these learnings into action. Our Loan Officers aren’t just going to leave them on the shelf – we’re already working to implement the the tools and knowledge we’ve gained right away and watch our business thrive.

Let’s seize the opportunity to expand our market share, boost our business, and confidently take on new challenges. Here’s to an exciting future ahead for Synergy One Lending!

Watch the full video here!

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Everything You Need To Know About The NAR Settlement

Today's Agenda:

A quick link to the article of your choice

Today's Agenda:

A Quick Link to the article of your choice