Real estate
BY COLBY FARR & CARSON WEAVER
Home Edition
2024
Readers, welcome to your annual CI Home Edition! This guide features news ranging from key real estate trends and new developments unique to your neighborhood to an overview of the housing industry across Texas. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. Over the last few years, we have seen the real estate market ebb and flow, and it’s hard to predict what the future holds. But, what we do know is more people have moved into the Harris County area within that time and it doesn’t seem to be slowing down any time soon. In this edition, we talk about the growing number of multifamily housing projects in the Lake Houston area. We also give an update on a $418 million settlement that will change the way homes are bought and sold. Whether you are a current homeowner or looking to put down long-term roots soon here in Harris County, I hope you find our annual home edition useful and informative.
What's inside
Property value growth slows in Harris County (Page 9)
Kinsey Crabtree General Manager kcrabtree@ communityimpact.com
Texas releases first statewide flood plan (Page 10)
June residential market data for Lake Houston area (Page 11)
Multiple Listing Service rules changing
Stay tuned
After the policy changes take effect, a final approval hearing for the settlement is scheduled for later in November. “Houston is going to be affected like everyone else because it’s a national settlement,” Mouton said. “We’re no different than any other state.”
A $418 million settlement with the National Association of Realtors in March may impact fees for buyers, sellers and real estate agents, starting in August. The settlement—brought on by class- action lawsuits alleging brokerages inflated buyer-seller commissions—will force the NAR to make policy changes to Multiple Listing Services, an online platform where real estate agents list homes. According to the settlement, sellers will pay smaller commissions and buyers will decide how much their agents are paid, among other changes. “When an agent searches for a home for their client, [the MLS tells] you what the listing agent is actually offering for compensation,” said Thomas Mouton, chair of the Houston Association of Realtors. “Now, that will not be displayed anywhere on the site.”
Updated MLS policies The changes outlined by the NAR settlement in March that go into effect in August include:
Compensation disclosures to sellers, and prospective sellers and buyers, are required. MLS participants can’t filter or restrict listings to clients based on the level of compensation offered to the agent. Listing agents can no longer make compensation offers to buyer agents on the MLS.
2024
March 15: Settlement agreement signed
April 24: Preliminary approval of settlement review granted by the court Aug. 17: Practice changes take effect; earliest day for lawsuit notifications to be issued to those impacted
MLS users must enter an agreement with buyers before home tours.
Nov. 26: Final approval hearing for the settlement
SOURCE: NATIONAL ASSOCIATION OF REALTORS/COMMUNITY IMPACT
SOURCE: NATIONAL ASSOCIATION OF REALTORS/ COMMUNITY IMPACT
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