Las Vegas Real Estate News

“I think we will see Nevada Realtors take steps to restructure how the fees are distributed,” he said. “Their control of the MLS listing system creates a secret communication and information system accessible by Realtors to decide which homes should be shown to buyers. Meaning, if someone offers the buyer’s agent less, those homes will likely not be shown.”

Rasmussen said the industry will have to adapt to a new reality of a “quantum merit” system where commissions are not bound by NAR’s rules or risk becoming “extinct” much like travel agents.

“These attorneys are trying to create a problem so they can solve it where a problem hasn’t existed in 100 years, all out of their own greed and for their 15 minutes of fame,” Jonathan Catalano, a real estate agent with ERA Brokers Consolidated in Las Vegas,

‘The end of the evil real estate empire’: Lawsuit targets artificially inflated fees A second federal class-action “copycat” lawsuit that has the potential to drastically change the residential real estate industry has been filed in Nevada.

Home listings dropped 52 percent in July from a year earlier, according to new data from Las Vegas Realtors.

Hawks said the local inventory is at a historical low for several reasons, including the Federal Housing Administration’s forbearance program which allows homeowners to pause or reduce mortgage payments.

“In Las Vegas, thousands of forbearances have allowed homeowners to take their house off the market or not put their house on the market,” he said.

“Instead they’re doing a forbearance where they don’t have to make a mortgage payment for say six, eight, 12 or 18 months. The FHA made forbearances mandatory for servicers last April.”

Plus, he said, low inventory has combined with rising interest rates to create a perfect storm in the valley housing market.

“So many people have low interest rates between 2% and 3.5 percent, it doesn’t make sense to sell your home and move up or move down when your rates are going to be 6 or 7 percent,” Hawks said.

“What many sellers are doing is they are buying another house and they’re keeping the house they live in and renting that out. In the past they would most always sell and buy. Now it’s rent and buy.”
Homeowners are using that extra cash flow to subsidize the payments on the new house, he said. “It’s ironic somebody can rent out their old house and have a renter pay off their old house and help them pay off their new house.”

Hawks said government intervention has affected the U.S. housing market when it comes to interest rates and a number of other measures, and not for the better.

“The Fed has really caused chaos in the real estate market,” he said. “Then you add the government programs like the forbearances and ERC (Employee Retention Credit), which is pumping more money into the economy and keeping inventory low for the foreseeable future.”

New players coming into the market have caused an imbalance as well, according to Hawks. Investors and companies buying real estate is nothing new to the city, as reports as far back as the start of the pandemic note the emerging trend due to historically low interest rates.

Hawks said this is hurting average buyers.

“Another major reason (for the unaffordable marketplace) is hedge funds own tens of thousands of starter homes in Las Vegas. Those homes are never coming on the market, making inventory in homes under $500,000 scarce forever.

It’s very sad that entry-level homes have been wiped out by these cash rich Wall Street landlords. They have destroyed the American dream for many as they are forced to rent from Wall Street landlords.”

Las Vegas home listings drop by more than half, report shows A local realtor cited many factors for the historically low inventory, including interest rates and homeowners renting out their houses instead of selling.

MLS Turns Back On Franchises.
Home sellers plan to use funds from MLS, the largest multiple listing service in New England, to continue antitrust litigation against Anywhere, Keller Williams, RE/MAX and HomeServices

The largest multiple listing service in New England agreed on Friday to overhaul its policies, pay $3 million and cooperate against the remaining real estate franchisors named in an ongoing lawsuit over commissions.

Plaintiffs in the case — known as Nosalek for its lead home seller — will use settlement money received from the broker-owned multiple listing service MLS PIN to fuel the ongoing suit against defendants Anywhere, RE/MAX, Keller Williams and Home Services of America, according to legal documents filed last week in the U.S. District Court for Massachusetts.

According to a proposed settlement agreement, MLS PIN shareholders, who are brokers, will be covered by the settlement unless they’re defendants in the lawsuit while homesellers in the settlement class will receive “substantial benefits” from the MLS, including $3 million to go into a fund and MLS PIN’s “cooperation” in the continuing litigation, including providing requested documents and depositions...........

MLS turns back on franchisors after settling commission case Homesellers plan to use funds from MLS PIN to continue antitrust litigation against Anywhere, Keller Williams, RE/MAX and HomeServices.

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