The Group Real Estate Insider - November 2023

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Opening Day is right around the corner–November 22–and our
residents and visitors alike are hoping for the mercury to drop and
the snow to start flying! If the Farmer’s Almanac is to be believed,
snow and colder temperatures are on the way.

As of November 14, 2023, Routt County has 146 active residential
listings. That’s down slightly from 149 this time last month, and down
about 30% from this time last year (213). The number of currently
pending listings (65) is the down from this time last month (97), and
up from this time last year (30). The closed listings county-wide in
October 2023 (55) were on par with the month prior, September (56),
and down slightly compared to October of 2022 (68).

According to Freddie Mac, the national average for a 30-year fixed rate
mortgage as of November 9, 2023, was 7.5%, which is about what it
was this time last month, thankfully down from north of 8% that we
saw a couple of weeks ago.

The big real estate news capturing national headlines was the recent
verdict in the Sitzer/Burnett et al. v. National Association of Realtors
et al. case. The Sitzer/Burnett case involved a class action lawsuit
against the National Association of Realtors and various associated
brokerages alleging anti-competitive behaviors, particularly as it
relates to the commission-sharing system in which sellers’ brokers
have traditionally shared a portion of the sale commission with
buyers’ brokers. On October 31, 2023, a jury found in favor of the
plaintiffs, and against NAR and the other defendants.

The Sitzer/Burnett case has a long way to go, though, as the
defendants have indicated that they will be appealing the verdict,
arguing that the histories-long commissions practices serve the
best interests of consumers, provide opportunities to buyers who
could not otherwise afford to pay a buyer’s broker, support market driven
pricing, and advance business competition. We here at The
Group anticipate that our clients may have questions regarding the
lawsuit, and encourage you to contact one of our informed agents
to help you understand the nuances.

During this season of giving thanks, we here at The Group would
like to extend our heartfelt thanks to all of you, our clients. We are
grateful for the opportunity to be your trusted advisors, and are
here for any questions you may have. Happy Thanksgiving from all
of us at The Group!