Arizona
What will the National Association of Realtors settlement mean for Arizona homebuyers?
Report finds Americans are optimistic about buying a home in 2024
After years of feeling priced out of the market, potential homebuyers are feeling optimistic again, according to a new report.
Scripps News
A national $418 million settlement proposal over real estate commissions could drastically change how much homebuyers pay agents.
Under the National Association of Realtors deal, which needs federal court approval, the group with more than 1.5 million members has agreed to prohibit listing agents from offering buyer brokers compensation.
The case centers around an alleged practice called steering, which involves buyer agents guiding their clients to homes for sale on which they would receive the biggest commissions.
“This is the end of traditional real estate commissions,” said Greg Hague, the CEO and founder of 72SOLD. “It needed to happen. Consumers have spoken, and steering is absolutely happening.”
He gave an example of a $6 million Paradise Valley house that was on the market last year. The seller agreed to a $100,000 buyer agent fee. That’s less than half the 5% to 7% typical commission, which is often split between the buyer and seller agents.
The agent with the listing couldn’t get any showings, Hague said.
Hague said the listing agent was contacted by other real estate agents who required a 3% commission to show the house to buyers. The seller agreed to pay 3%, and the house quickly had 16 buyers looking at it, he said.
Attorneys from Hagens Berman Sobol Shapiro, the law firm that led the lawsuit against the Realtors group, say the settlement could save consumers billions of dollars a year in broker fees.
The National Association of Realtors continues to deny wrongdoing.
The settlement deal also calls for buyer brokers to have representation agreements that spell out the compensation they will receive from clients.
“We settled the NAR suit because it would have been more costly to keep fighting it. People don’t like Realtors,” said Christa Lawcock of Realty Executives. “But it’s the lawyers who win, not the first-time homebuyers.”
She said buyers without the money to pay commissions won’t have any representation and won’t get help negotiating a price or asking for home improvements or receive the recommendations for appraisers and mortgage brokers that agents can provide.
If the settlement is approved in court, the new rules could go into effect this year.
It’s not clear if this settlement will impact a similar lawsuit filed by an Arizona home seller against the state’s biggest Realtor associations and more than a dozen of its biggest residential brokerages.
Lawyers for Joseph Masiello, who filed the Arizona class-action complaint in January, didn’t respond to questions about the case.
The National Association of Realtors suit is the second settlement over commissions. Last fall, a jury ruled in favor of Missouri plaintiffs over real estate commissions, awarding them $1.8 billion.
Bobby Lieb, associate broker with Launch Powered By Compass, said the settlement doesn’t bother him.
“People selling million-dollar homes will pay experienced real estate agents to sell them because they end up making more money,” he said.
But he said commission issues are driving out inexperienced real estate agents who got into the business during the pandemic housing boom.
Hague said buyers who can’t pay a real estate agent out of pocket can negotiate an agent fee and roll it into their mortgage.
Tougher to purchase: New ranking says Arizona now among least affordable states to buy a house
Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor.
Arizona
Ex-Google CEO Eric Schmidt booed at Arizona commencement over AI, sex harassment claims from much-younger girlfriend
Former Google CEO Eric Schmidt was roundly booed by students at the University of Arizona’s graduation Saturday — following backlash over his selection as commencement speaker over sex abuse allegations from his much-younger ex girlfriend.
Tech billionaire Schmidt, 71, was discussing artificial intelligence and automation when students began jeering him, Business Insider reported.
However, he had been expecting a hostile reception regardless of what he said following allegations of rape and sexual harassment made in a lawsuit by ex Michelle Ritter.
Multiple left-wing and feminist student groups handed out flyers at Friday night’s commencement detailing the allegations made against Schmidt by 31-year-old tech entrepreneur Ritter, who was Schmidt’s lover and business partner.
Students were urged to “turn their backs to the stage” when Schmidt came on, “and/or boo to make it clear that the University of Arizona and greater community that we represent, whether from Tucson or beyond, do not support abusers being platformed,” reported the Arizona Daily Star.
Schmidt, who has long been public about having an open marriage, denies the allegations from Ritter.
The boos started for Schmidt when he appeared to admit some of the mistakes he made during his time at Google.
“We thought that we were adding stones to a cathedral of knowledge that humanity had been constructing for centuries, but the world we built turned out to be more complicated than we anticipated,” said Schmidt, who left Google in 2011.
“The same tools that connect us also isolate us. The same platforms that gave everyone a voice — like you’re using now — degraded the public square,” he added.
The boos for Schmidt grew louder as he discussed AI, which critics warn risks obliterating the jobs market for new graduates.
“I know what many of you are feeling about that. I can hear you. There is a fear,” Schmidt said, as he was briefly drowned out by boos.
“There is a fear in your generation that the future has already been written, that the machines are coming, that the jobs are evaporating, that the climate is breaking, that politics are fractured, and that you are inheriting a mess that you did not create,” he said, describing the fears as “rational” before insisting young people should adapt or else.
“The question is not whether AI will shape the world. It will. The question is whether you will have shaped artificial intelligence,” he said.
Arizona
Arizona high school band to perform at America’s 250th birthday parade
TUCSON, Ariz. – From the Friday night lights to the national spotlight, a local high school band is preparing for the performance of a lifetime. The Sahuarita High School instrumental program near Tucson will perform in the Salute to Independence Parade in Philadelphia this July, celebrating America’s 250th birthday.
What we know:
The announcement sparked a wave of emotions among the student musicians.
“Mix of shock, excited, and nerves mixed together in that,” junior percussionist Cade Gerl said.
Sophomore color guard member Zara Jacques shared similar sentiments about the upcoming travel.
“I’m like excited because I get to explore and see new things in the world. But I am scared because I’m not going to have my family with me. But I’ll have my band family with me so I’ll be ok,” Jacques said.
Big picture view:
The trip represents a once-in-a-lifetime opportunity for the students to perform while also visiting historical landmarks like the Liberty Bell and George Washington’s house. The itinerary also includes a quick stop in New York City to visit the 9-11 Memorial.
Instrumental music director Benjamin Garland emphasized the profound impact the trip will have on the students beyond the parade route itself.
“It’s such a huge honor for us to be representing Arizona and representing Sahuarita on this kind of national stage. But I also know on top of that, the history and the culture they’re going to get to engage with is going to be something they take with the rest of their lives,” Garland said.
By the numbers:
However, getting the crew of 116 staff and students across the country is no easy feat — or beat. Garland noted that the baseline financial hurdle just to transport the participants was staggering.
“The cost to get the students, just themselves, not the equipment or any of that, to get all of them across the country sat at about $185,000 when all is said and done,” Garland said.
Generous community donations have helped them meet that initial fundraising goal. Garland expressed immense appreciation for the local support.
“My gratitude is off the charts for what this community has been able to do for us,” Garland said.
Dig deeper:
Despite hitting the travel milestone, the financial effort is not over. The band is now still raising money for hotels, to get the instruments and equipment to Philadelphia, and to sponsor some student meals to help take financial stress off families. Community members who wish to support the program can donate via Zelle, Venmo, or by sending a check directly to the school.
The students are eager to experience the historic setting firsthand. “Getting to see buildings from the early eras of America’s birth that are still standing today, all these incredible monuments and memorials and just all this amazing history in one place,” Gerl said.
What’s next:
While they fundraise, they are also in rehearsal mode, getting ready to show the world what the school’s instrumental program is all about. The dedication is evident during their practice sessions.
“When we are practicing we all have fun, obviously we get the work done but I feel like there’s a lot of good energy whenever we perform,” Jacques said.
The Source: This information was gathered by FOX 10’s Annalisa Pardo.
Arizona
Big 12 Track Championships: Arizona sweeps shot put titles, Sydnie Vanek wins long jump

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