Who will win in the changing Boston condo for sale market?
The competition is on, the players, Zillow, Redfin and Homes.com
Redfin, many in the industry think that their real estate platform is in trouble, as stock fell on the NAR verdict. Shares have plummeted about 12% since Friday.
But one potential winner has emerged from the chaos.
Shares of CoStar Group, parent company of Homes.com, have shot nearly 10% higher since Friday.
Homes.com plans to spend $1 billion in advertising this year. It operates by charging agents for extra visibility on their listings so that the buyers can go directly to the listing agent.
This is a critical difference in a future where more buyers are likely to be their own agent.
The terms of the NAR settlement could make seller agents more important in transactions, wrote analysts from William Blair in a note. That’s another huge plus for the CoStar business model.
What about Zillow?
There’s a lot of disagreement between analysts about the future of Zillow and the real estate industry at large.
Dan Kurnos, managing director at the Benchmark Company. rates Zillow a buy with a price target of $60 a share.
Bank of America has downgraded the stock from “buy” to “neutral”
Spruce Point Capital says to short shares.
What’s clear is that Zillow, and the national real estate industry, are at an inflection point.
My Boston condo for sale thoughts
The big winners will be the Seller brokers, the rules are changing. Bottom line for Boston condo brokers and agents, it will all be about obtaining listings, listings, listings
Source: CNN real estate market
Updated: Boston condos for sale 2024
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