Redfin Is Leaving the National Association of Realtors (redfin.com)

Article summary

Redfin is leaving the National Association of Realtors (NAR) due to disagreements over policies, including the requirement of a fee for the buyer's agent on every listing and alleged sexual harassment. Redfin has paid over $13 million in dues since 2017 but feels that NAR's policies do not benefit consumers. The company will require its agents to leave NAR in areas where possible. Redfin wants NAR to decouple local access to tools like Multiple Listing Services from support for the national lobbying organization.

Main themes

• real estate industry disruption
• housing as investment
• NAR and MLS policies
• tax benefits of homeownership
• algorithmic valuation of homes
• affordability and accessibility of housing
• alternative approaches to housing

What commenters say

• The real estate industry is in need of disruption, particularly with regards to the monopolistic practices of the NAR and the MLS system.
• Leveraging is necessary to make housing an acceptable investment, but it comes with significant risks and fees.
• Housing should not be treated as an investment, but rather as a basic need, and the current system leads to misallocation of resources and rentierism.
• The tax benefits of homeownership, such as mortgage interest deductions, can make it a more attractive option, but these benefits may not be available to all and can distort the market.
• The use of algorithms to estimate home values is imperfect and can lead to significant errors, particularly when prices are changing rapidly.
• The concept of 'breaking even' is not relevant when it comes to housing, as it is a basic need and not a luxury item.
• The current system of homeownership is precarious and can lead to financial difficulties for individuals, particularly when prices are volatile.
• Alternative approaches to housing, such as renting or community land trusts, may be more equitable and sustainable in the long term.