2021 was a year of uncertainty and change, encompassing a mix of anxiety-inducing events and unexpected developments. Despite the similarities to its predecessor, it stood out as a unique chapter in our lives. As we reflect on the stories that captivated us throughout the year, we uncover a blend of our fears, desires, and the ever-present drama in the real estate industry. Join us on a journey down memory lane as we unveil the top 21 Inman stories of 2021.
Housing Market Uncertainty: A Slowdown on the Horizon?
At the beginning of 2021, mortgage giants Fannie Mae and Freddie Mac predicted a potential slowdown in the housing market. Despite an improving economy and strong homebuyer demand, these market influencers expected a decrease in mortgage originations. Fannie Mae revised its forecast, anticipating a drop from $4.5 trillion in 2020 to just under $4 trillion in 2021. Read the story here.
Ikea's Intriguing Venture into Tiny Homes
Ikea, known for its affordable furniture and Swedish meatballs, surprised the world with its foray into the real estate market. In collaboration with Vox Creative and Escape, a Wisconsin-based tiny home builder, Ikea unveiled a compact 187-square-foot structure. Finally, an option that doesn't require assembling furniture and comes at an affordable price. Read the story here.
Bubble Trouble: The Unpredictable Housing Crash
The real estate industry experienced a homeseller market crash that exceeded expectations. With historic lows in inventory and rapidly eroding affordability, potential homebuyers faced numerous challenges. The pandemic only exacerbated the situation, making it difficult for individuals to find suitable housing options. This article delves into the intricacies of the market crash and explores the absence of quick solutions. Read the story here.
Keller Williams President Josh Team's Departure
In a surprising announcement on Facebook, Keller Williams President Josh Team revealed his departure from the company. This move followed a series of changes within the organization, including the promotion of CEO Gary Keller to an executive chairman position. With the real estate industry facing dynamic shifts, this departure marked a significant transition for Keller Williams. Read the story here.
Zillow's Acquisition of ShowingTime: A Game-Changing Deal
Zillow sent shockwaves through the real estate world with its agreement to acquire ShowingTime for a whopping $500 million. This strategic move highlighted Zillow's commitment to open platforms and industry-wide collaboration. In an industry where technology plays an increasingly vital role, Zillow aimed to enhance the showing management and market analytics landscape. Read the story here.
Ramsey vs. eXp: A Feud Between Titans
In a surprising feud, renowned business coach Dave Ramsey and his company took aim at eXp Realty. Ramsey declared that he would no longer work with eXp Realty agents unless they switched to another brokerage. This clash shed light on the fierce competition within the real estate industry and the unique challenges faced by brokerage firms. Read the story here.
Zillow's Decision to Shut Down Zillow Offers
After a temporary pause in its iBuying program, Zillow dropped a bombshell: it planned to shut down Zillow Offers entirely. This unexpected move would lead to a significant reduction in Zillow's workforce. The real estate industry watched closely as Zillow shifted its focus and strategized its next steps. Read the story here.
Zillow Cancels Zillow Offers Contracts
In another twist to Zillow's iBuying saga, the company canceled approximately 400 contracts with homesellers nationwide. This decision left homeowners and industry insiders grappling with the repercussions of Zillow's exit from the iBuyer market. The cancellation highlighted the complexities and challenges of the evolving real estate landscape. Read the story here.
Compass Faces Lawsuit Alleging Contract "Bait-and-Switch"
A former Compass agent filed a class-action complaint against the brokerage, accusing them of fraud, breach of contract, and violation of labor law. This lawsuit shed light on the inner workings of real estate companies, emphasizing the importance of transparency and ethical business practices. Read the story here.
Zillow's Shift to IDX: What Agents Need to Know
Zillow's transition to an IDX feed brought about subtle changes on the surface, but significant transformations behind the scenes. This move impacted how data flowed to Zillow.com, resulting in a few hiccups that the company aimed to resolve promptly. Navigating these changes became a crucial consideration for real estate agents. Read the story here.
Justice Department Withdraws from Settlement with NAR
The U.S. Department of Justice's decision to withdraw from a proposed settlement with the National Association of Realtors (NAR) intensified their investigation into the trade group's rules. This development sparked concerns within the industry and signaled potential changes in the way real estate professionals conducted business. Read the story here.
Compass Counters Realogy with a Lawsuit of Its Own
Following Realogy's initial lawsuit, Compass retaliated by filing a counter lawsuit. The legal battle between these rival brokerages shed light on the competitive nature of the real estate industry. The complaint emphasized the modernization of the industry and the challenges faced by established players. Read the story here.
The Inventory Insanity: A Nationwide Housing Shortage
The shortage of available homes for sale in the U.S. became a pressing issue in 2021. Real estate agent Brian Evans shared an anecdote about clients who made a strong offer, only to find themselves outmatched. This story exemplified the challenges faced by potential homebuyers in a market with limited inventory. Read the story here.
Keller Williams' Plan to Combat Zillow's ShowingTime Acquisition
In response to Zillow's acquisition of ShowingTime, Gary Keller addressed the Keller Williams Family Reunion attendees, emphasizing the need for a competitive fight. Keller Williams unveiled a strategic plan that focused on lead generation control for their agents and local advocacy to influence Zillow's listing displays. Read the story here.
Compass Takes Steps Towards Going Public
Compass made waves in January by confidentially filing paperwork with the U.S. Securities and Exchange Commission (SEC) to go public. This move highlighted the company's intention to pursue an initial public offering (IPO), differentiating itself from other real estate companies opting for mergers. The real estate industry eagerly awaited Compass's next steps. Read the story here.
Agent Commissions on the Brink: A Time for Reflection
The U.S. Department of Justice's withdrawal from the proposed settlement with NAR triggered concerns about potential shifts in the industry. Brokers and agents grappled with the uncertainties surrounding MLS rules and policies that had shaped the business for decades. Amidst the apprehension, agents contemplated the future of agent commissions. Read the story here.
A Wild Brawl Among Mortgage Banks
Mortgage lenders are typically known for their reserved nature. However, a shocking brawl between two mortgage banks in a Harrah's Atlantic City casino caught everyone's attention. This unexpected incident showcased the unexpected side of lenders, proving that they too can pack a punch. Read the story here.
NAR Approves Display of Buyer Broker Commissions
The National Association of Realtors' board of directors approved policy proposals that required MLSs to display buyer broker commissions. This decision aimed to enhance transparency and empower brokers and agents to make informed decisions. It also symbolized a step towards greater openness within the real estate industry. Read the story here.
Federal Judge Lifts Nationwide Eviction Ban
As the U.S. faced the eviction ban's expiration, a federal judge made the decision to lift it prematurely. This legal battle between the Alabama Association of Realtors and the United States Department of Health and Human Services triggered significant changes in the housing market. Read the story here.
Unforgettable Closing Gift Ideas
Closing a deal marks a pivotal moment in the real estate journey. The closing gift, a small but meaningful gesture, holds the power to forge lasting relationships and turn satisfied clients into loyal advocates. This article presents ten unique closing gift ideas that are sure to leave a lasting impression on your clients. Read the story here.
Generating Listings in a Low-Inventory Market
The low-inventory market posed a significant challenge for real estate professionals. This article provides an additional 12 strategies to proactively persuade potential sellers to put their properties up for sale. Despite the challenges, it emphasized the importance of adaptability and creativity in overcoming obstacles. Read the story here.
As we bid farewell to 2021, these stories remain etched in our memories. They serve as a reminder of the resilience and adaptability required in the ever-evolving real estate industry. While the road ahead may be uncertain, we can learn from the past and embrace the opportunities that lie ahead. Here's to a year of growth, innovation, and surprises in 2022.
