Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

How credit scores impact lenders’ pipelines in a purchase market

When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

AgentReal EstateReal Estate Enthusiasts

Are homebuilders burning bridges with real estate agents?

Some homebuilders won’t pay buyer’s agents in a hot housing market. Is that a mistake?

HW-Alanna-Strei
Alanna Strei of eXp Realty in San Diego and Cornerstone Communities’ new San Diego townhouses

Real estate agent Alanna Strei’s client wanted to check out “Tesoro Vista Del Sur,” 134 newly built townhouses in the Ocean View Hills area of San Diego. The three-story abodes were part of an array of newly built properties that homebuilders are creating across Southern California

So Strei, an agent affiliated with eXp who specializes in relocating military personnel, and her potential homebuyer strode into the sales office of Cornerstone Communities, the site’s San Diego-based builder.

“The first thing they said to me was, ‘I’m not paying you,’” Strei said of Cornerstone, who did not return numerous messages left by HousingWire. “They were so rude and off-putting.”

Increasingly, homebuilders like Cornerstone are either not paying real estate agents like Strei a commission or offering a sharply reduced one, according to agents, homebuilder industry insiders and builders themselves.

The reason is simple: demand is through the roof. 

“Do you need an agent when you have 10 buyers for every home?” said Tim Costello, CEO of Bdx Inc. a consortium of 32 different homebuilders. 

Agents don’t want to hear that. At the very least, they want to believe that homebuilders will need them again, eventually. 

“They are burning their bridges,” said Abigail Jennings of Lake Norman Realty in Cornelius, North Carolina. “And this is not going to end well.”

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    Most Popular Articles

    Fannie Mae: Mortgage rates and home prices will rise in ’22

    Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory

    Oct 15, 2021 By
    3d rendering of a row of luxury townhouses along a street

    Log In

    Forgot Password?

    Don't have an account? Please