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Freakonomics Radio
618. Are Realtors Having an Existential Crisis?
Jan 17, 2025
Chad Syverson, a professor of economics, discusses the looming challenges faced by realtors amid a pivotal legal settlement. Lawrence Yun, chief economist at the National Association of Realtors, provides insights into declining sales and rising mortgage rates. Kevin Sears, the 2024 NAR president, emphasizes the need for adapting commission structures. The conversation explores the potential obsolescence of realtors, drawing parallels with travel agents, and the implications for consumer trust and market dynamics as the real estate landscape evolves.
53:07
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Quick takeaways
- The real estate industry is under pressure due to significant challenges and competition, prompting a reevaluation of its commission structure amid declining home sales.
- The National Association of Realtors faces scrutiny over its commission model and practices, particularly after settling a substantial antitrust lawsuit that enforced regulatory changes.
Deep dives
Difficulties in Real Estate Transactions
The real estate industry has faced significant challenges, particularly illustrated by a recent decline in home sales, hitting the lowest levels in 30 years with only 4 million existing homes sold in 2023. Contributing factors include high mortgage rates, lingering COVID-19 impacts, and overall economic uncertainty. Buying or selling a home remains a stressful, complicated process that often intimidates individuals, making real estate agents essential for guidance. Though they are meant to assist clients, there are criticisms concerning whether realtors always act in the best interests of those they represent.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode