As MLSs across the country work to implement the National Association of Realtors’ (NAR) Multiple Listing Options for Sellers (MLOS) policy, brokerages and some Realtor associations are busy creating the new disclosures needed for delayed marketing exempt listings. 

Over the weekend, Compass‘s new “Addendum to Listing Agreement” form began to circulate on social media alongside the “seller advisory” form debuted last week by eXp Realty.

While both forms discuss private and delayed marketing listings, these listing strategies are framed very differently. This should come as no surprise given the firms’ differing views on NAR’s Clear Cooperation Policy (CCP).

Three-phase marketing

Compass’s form outlines what it has coined as its “three-phase marketing strategy,” in which a property is listed as a Compass Private Exclusive, then as a Compass Coming Soon, and lastly on the MLS if it has failed to sell during the first two phases.

According to the form, this strategy gives sellers “multiple opportunities to make a first impression prior to [their] property being offered on the MLS.” 

The client can then select options A (private exclusive), B (coming soon) or C (on the MLS). They must sign to acknowledge that if they chose options A or B, they are doing so “for marketing, privacy, security, or other legitimated nondiscriminatory reasons.” Additionally, the form notes that if a property is marketed as a private exclusive, it will not be publicly advertised through the MLS. 

The form discusses risks, but instead of mentioning any potential risk of not advertising on the MLS, the form stresses the negative impact that days on market or price drop history can have on a property’s value. 

Douglas Miller, an attorney at Miller Law PLLC and executive director for Consumer Advocates in American Real Estate, wrote in an email that Compass’ marketing plan is not “consumer-forward” and instead is a “structured funnel that prioritizes internal deal flow.”

“The form provided by Compass is written to give the appearance of sophisticated strategy and informed consent, but in reality, they’re structured to protect brokerages — not consumers. They shift risk onto the seller while preserving control for the firm,” Miller wrote. “They sanitize what is, at its core, a form of legalized steering that undermines fiduciary duty and suppresses market competition.

“The seller is given options, but it’s hard to argue meaningful informed consent when the language is carefully framed to favor in-house marketing and downplay external risks. These phases aren’t about helping sellers — they’re about controlling inventory,” he added.

Stephen Brobeck, a senior fellow at the Consumer Policy Institute, also feels that the Compass form is not consumer friendly. In his opinion, the length of the form — combined with its small type face and the notion that most sellers will not understand the options they are given — will lead consumers to do whatever their agent tells them, rather than making a truly informed decision. 

Brobeck also highlighted the lack of risk disclosures. 

“There is no disclosure that if property is being privately listed but publicly marketed in any way, it probably never will be able to be listed by Zillow and Redfin,” he added. 

According to a Compass spokesperson, everything the firm does “follows all the guidelines and compliance requirements of all the markets” the brokerage operates in. 

“As a publicly traded company, obviously, everything we do [is to] the highest standards of regulatory and compliance review,” the spokesperson told HousingWire. “There’s nothing we’re doing that from a regulatory perspective or compliance perspective has not been thoroughly vetted or approved, and nothing we are doing is new.”

Compare and contrast

Given eXp’s support of CCP, it is unsurprising that its “seller advisory” form carries a very different tone than Compass’s form.

The document has a subhead that reads “Risks of limited market exposure,” and it outlines four ways in which privately listing a home could impact a seller. These include limited buyer exposure, financial risk, longer time on market, and the possibility that the listing may be ineligible to be posted on public listing portals like Zillow and Redfin. 

“eXp Realty strongly encourages you to consider exposure to the broadest market possible which include the MLS and broader public marketing channels available to all consumers, prior to accepting an offer,” the form states.

“Prior to engaging in any form of ‘office exclusive’ or ‘private listing network’ or ‘pocket listings,’ it is imperative to establish priorities and assess the potential ramifications of restricted visibility on both buyer demand and transaction results.” 

According to Brobeck, the information included in this form should be disclosed to all home sellers. “And because the document is written in plain English in large type and requires seller acknowledgement, it is likely to be read,” he added. 

While Miller feels that the tone of eXp’s disclosure is “more honest,” he believes the document mainly functions as a “cover-your-assets form.” 

“It correctly warns that limited market exposure may reduce buyer competition, lower sales price, and extend time on market — but it still places the burden on the seller to assess these risks,” he wrote.

“Most sellers have no frame of reference to understand how exposure decisions impact outcomes, especially when their understanding is shaped entirely by a commission-incentivized agent. The form stops short of naming the obvious: that pocket listings and delayed marketing primarily benefit agents, not sellers.”

In general, Miller believes that there should not be a standard delayed marketing listing disclosure, as he feels there is no standard scenario for a consumer to choose this marketing strategy. 

“These situations are highly fact-dependent,” Miller wrote. “They require a full understanding of the seller’s goals, risks, and vulnerabilities — not just a checkbox. A generic form will never provide meaningful informed consent. In fact, I’d argue that a properly drafted disclosure, if it truly included all the risks and downsides, would almost always result in the seller rejecting the idea altogether.”

In short, Miller said he feels the brokerages that promulgate these disclosure forms are using them “to create the appearance of disclosure without ensuring the seller truly understands the consequences. That’s not informed consent — it’s manufactured consent. And it’s dangerous and probably illegal.” 

Prepping for changes

Leo Pareja, the CEO of eXp Realty, told HousingWire in an emailed statement that while the MLOS policy does not go into effect until September, he did not want his agents to be caught flatfooted.

This prompted Pareja and his team to replicate their effort with the buyer agency agreement form they created in the summer of 2024 in response to the NAR commission lawsuit settlement agreement. 

“Holly [Mabery] and I determined that the best way to ensure full disclosure was to create our own version that could be used across all 50 states,” Pareja wrote. “We believe in seller choice, accompanied by seller truth. If a seller truly needs privacy, we support that — but only after fully explaining the trade-offs.

“We believe in buyer choice, which has been lost in this conversation. Buyers should have access to all available inventory without being forced to work with one particular company. We believe this steering campaign — by a company pushing sellers into a private exclusive funnel — is a fair housing nightmare. Both the National Association of Hispanic Real Estate Professionals and the Consumer Federation of America have sounded the alarm on this.”

While real estate compliance consultant Summer Goralik declined to comment on the brokerage-specific forms, she wrote an opinion piece for Inman News on how state regulators may perceive private listings.

Goralik noted that if privately listing a property is truly driven by a seller’s preference or needs, and not something pushed by the brokerage or agent, then the disclosure form will reflect the consumer’s “informed decision-making.” 

“When that happens, regulators can see that the brokerage upheld its fiduciary duty, prioritized the client’s best interest and did not sacrifice transparency for the sake of convenience, control or financial self-interest,” she wrote.

“But when that narrative doesn’t hold, when the rationale for avoiding the MLS looks more like a business strategy than a client-specific need, that’s when real trouble begins. Brokers and agents, don’t mistake business creativity for legal immunity.”

With its low taxes, affordable housing and warm weather, Texas has been a hot destination for households in high-cost markets since the COVID struck in 2020.

But the housing markets in the state’s four major metropolitan areas show inventory continues to grow by large percentages year over year, and new listings are spiking as they usually do this time of year.

While homebuyers have more options, they’re not yet pulling the trigger on a new home at a pace matches inventory, as sales haven’t followed despite prices generally remaining constant. 

Rising supply without a response in demand suggests that Texas markets could get worse before they get better.

Texas is already experiencing downward press on prices, according to data from Altos. In March, single-family homes sold for less than the asking price by 10.5% in San Antonio, 10.1% in Dallas and 4.4% in Houston. Those gaps are the most of the 50 markets HousingWire analyzed.

There are a number of macroeconomic conditions that could explain why this is happening. The obvious one is mortgage rates, which have jumped in the wake of President Donald Trump’s new global tariff policies.

Anxiety around tariffs have pushed the stock market, the dollar and the bond market down sharply (fears that Fed Chair Jerome Powell will be fired hasn’t helped). As a result, the mortgage rate on a 30-year fixed conforming mortgage has risen from 6.69% on April 11 to 6.98% as of Tuesday.

There’s also the matter of how the uncertainty around tariffs and the economy is impacting the behavior of buyers and sellers. 

The University of Michigan Consumer Sentiment Index for April fell considerably on expectations of rising inflation because of the tariffs. A survey in March from John Burns Research & Consulting showed the share of respondents saying they’re “very pessimistic” about the economy jumped by 10 percentage points. 

In Texas markets, new listings have jumped while sales haven’t. While this may simply be a temporary lag on the part of buyers, economic uncertainty impacts buyers and sellers in different ways.

Sellers may want to get ahead of any negative changes in the economy by listing their home. Buyers might want to wait a bit to see how things shake out with tariffs and inflation. If this is a widespread dynamic that holds through the spring, it will slow the home sales market.

This dynamic is present in all four major Texas markets. In the fall, home sales picked up year over year in Houston as new listings rose. But since then, home sales have stopped growing while new listings are up by 16.8% year over year, and that number appears primed to rise.

It’s the same in Dallas. The pace of sales growth began to fall in the winter and has since turned negative. This is despite the growth in new listings spiking and inventory still rising by 40% or more year over year.

San Antonio is an interesting case because it appears the market has slowed on all fronts. Home sales busted out of the 2022 slump in a big way the following year, rising by as much as 115% year over year. But mere months later that number turned negative and is presently flat. 

At the same time, new listings and overall inventory aren’t growing as much as they were, suggesting a market that’s settling into the general dynamic after years of volatility.

Austin has been one of the most volatile markets since the pandemic, having become a hot spot for people migrating from California. Heading into 2025, year-over-year growth in sales, inventory and new listings began to fall.

So far in 2025, sales have turned negative year over year while inventory continues to rise by more than 40%, and growth in new listings has spiked from negative territory in February to up by 12.8% now.

The current metrics in these markets suggest that supply is beginning to dramatically outpace demand, which could push what’s been flat prices into negative territory. However, the full impact of Trump’s economic policies on local market conditions likely won’t be entirely clear in the data for another few months.

An architect-designed two-storey home has set a new price bar in the beachside hamlet of Breamlea.

The circa $2.1m sale at 4 Blyth St becomes the first property in the town to beat the $2m barrier.

Bellarine Property, Barwon Heads selling agent Peta Walter said it’s a beautiful home.

“It’s so rare that a property of that calibre comes to market (in Breamlea), but it certainly was well received,” Ms Walter said.

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“It was an enormous campaign with lots of inquiry and inspections – I feel like a lot of people have discovered Breamlea.

“It’s always been one of the better kept secrets of the Bellarine. It’s certainly got a lot of buyers who are actively watching it.”

The 1229sq m property sold after an 11-week campaign when local buyers stepped forward.

It had been listed with $2.1m to $2.3m price hopes

Ms Walter said they seized the opportunity to purchase a home where all the work was done.

The house occupies a position at the corner of Blyth and Vagg streets, a four-minute walk to the beach.

The two-storey design offers four split levels.

There are four bedrooms, including two master retreats with ensuites, and a separate ground floor wing with two bedrooms and a “zen-inspired” bathroom.

The cathedral ceiling and double-storey voids envelop two open-plan living spaces, while an upper level balcony off the mezzanine floor provides views across the dunes to Thirteenth Beach.

A bespoke blackwood curved island bench, a walk-in pantry and a Falcon Professional+ FXP 90 dual fuel range cooker with a teppanyaki cooktop are featured in the renovated kitchen, while the dining area has custom glazing looking out to a tranquil Japanese-inspired garden with fishpond and outdoor shower.

The home is all set for weekends and weekdays, including a workshop with an epoxy floor and custom lighting, storeroom, and split system airconditioning, and a vegetable garden is within a possum/rabbit-proof enclosure.

Ms Walter said a lot of people have discovered the secret of the town that’s capped in its size.

“You actually often find buyers that come and inspect have holidayed here as a child or they have some association with the town,” she said.

“You can’t get any bigger than it is. There are a lot of coastal towns that are getting bigger, so it’s nice to have that real classic coastal hamlet.

“There’s not a lot of access to the beaches for tourism, so they actually do still remain quite locals-only beaches.”

Five homes have traded hands in Breamlea so far this year, outstripping the number of transactions in recent years.

Ms Walter has listed a nearby four-bedroom house at 3 Blyth St, with price hopes from $1.85m to $1.95m.

The post Breamlea: Architect-designed home sets record in beachside hamlet appeared first on realestate.com.au.

Ken DeGiorgio, former CEO of First American Financial Corp., will collect a hefty payout following his termination from the title insurance giant, according to a shareholder report filed with the U.S. Securities and Exchange Commission.

First American announced that DeGiorgio’s employment had been terminated “without cause,” allowing him to receive a severance package worth an estimated $18.6 million.

The payout includes $7.24 million in severance, $9.14 million from accelerated vesting of equity, and $2.2 million under the company’s retirement plan.

DeGiorgio was ousted earlier this month after being arrested and charged with a March 31 assault while on a Virgin Voyages cruise in the Caribbean.

According to an FBI criminal complaint, DeGiorgio was traveling near San Juan, Puerto Rico, when he was accused of choking a barefooted passenger at the On the Rocks bar. The incident was reportedly captured on surveillance footage and witnessed by ship security.

DeGiorgio’s legal team has maintained that he was not the aggressor in the altercation, which reportedly stemmed from a ship passenger making a “crude remark” to DeGiorgio’s wife.

Had DeGiorgio been terminated for cause — a rarity for CEOs at publicly traded companies — he would not have been eligible for any severance compensation, First American stated.

First American has appointed Mark Seaton as its new CEO following his 10-plus-year tenure as the company’s chief financial officer.

In addition to managing all financial-related activities, Seaton has overseen First American Trust, the company’s federally charted bank, as well as First American’s technology group. Seaton joined First American in 2006.

DeGiorgio had served as CEO since 2022. He joined the company in 1999 and has overseen banking operations, the international division and multiple corporate functions across his tenure. He received $7.8 million in total compensation last year, according to SEC filings.

When assessing the landscape of housing affordability today, conversations between members of the millennial and baby boomer generations can often devolve into finger pointing over which of them is to “blame” for the high costs of housing.

New survey data from Clever Real Estate indicates that while the blame game continues, 31% of respondents blame millennials for affordability woes compared to 27% who blame boomers.

But the survey‘s respondent pool was composed primarily of baby boomers (52.4%), compared with smaller numbers of other cohorts like Generation X (27.2%), millennials (14.2%), the Silent Generation (4.6%) and Generation Z (1.8%). The survey was conducted over a four-day period in late February 2025.

In terms of the two generations blaming each other for these problems, “35% of millennials selected boomers, while only 25% of boomers picked themselves,” Clever explained. “Meanwhile, 33% of boomers blamed millennials, while only 21% of millennials pointed the finger at their own generation.”

Broadly, the full respondent pool mostly ascribes blame for the housing crisis to millennials (30%), agreeing with a statement that they are “most responsible for the lack of housing inventory, as opposed to boomers (24%), who largely led the policy, planning, and business decisions that shaped the current market over the previous decades.”

Specific to housing inventory, 19% of millennials blamed their own generation for a lack of supply versus 30% of baby boomers, while 24% of boomers say their own generation is responsible.

“Altogether, it’s discouraging evidence that different generations can’t even agree on how we got into the current housing trouble, much less the proper solutions,” Clever explained.

But there were a couple points of agreement. Nearly two-thirds of respondents across the board view down payments as a key hurdle to achieving homeownership.

The No. 1 housing affordability concern for baby boomers is home maintenance costs, with 64% of the cohort saying this makes homeownership unaffordable. This compares to 43% of Gen Xers and 25% of millennials.

Roughly 90% of all respondents also agreed with the notion that homeownership is still a part of the American dream.