Real Estate Blog

Author: Dallas

  • US Housing Market Crash: Why So Many Realtors Are Quitting

    The slowdown in the housing market, mostly caused by the COVID-19 pandemic five years ago, has taken a toll on real estate agents. The rising mortgage rates and economic hardships drove most potential buyers away from buying homes, causing agents, who live on commissions, to struggle to keep their businesses afloat.

    According to the Federal Reserve Bank of St. Louis, the number of full-time real estate agents and brokers was around 543,000 before the pandemic in 2019. That figure declined to 524,000 by 2021 and 512,000 by 2022. The decline accelerated in 2023 with only 440,000 agents remaining, and by 2024, that number dropped again to 398,000. These are the lowest levels since 2013, far from the over 504,000 agents at the start of the financial crisis.

    In addition to economic factors, AI is changing the real estate industry. More people are using websites and apps to buy and sell homes without real estate agents, the industry is being disrupted. Online platforms offering home valuations, virtual tours, and market analysis are becoming more popular and downplaying the role of real estate agents as intermediaries.

    Accordingly, the number of brokers and agents that are full-time has declined from its pandemic-era peak. Both regulatory reforms and tech disruption are responsible for this transformation.

    Adding to the pressure, dozens of lawsuits have been filed against the National Association of Realtors (NAR). NAR settled with plaintiffs in March 2024 for $418 million for complaints that it required home sellers to offer big commissions to agents representing the buyers under the “cooperative compensation” practice of NAR. NAR changed rules under the settlement terms that forbade sellers from including the offer of commissions for agents representing the buyers within the terms of the property for sale.

    Emily Oster, Founder of DALTX Real Estate, says this is part of a larger industry trend. “It’s the new era that agents have to be more flexible and focus more on niche areas,” she said. She cited the necessity for agents to leverage tools like AI for finding leads and processing transactions as the most vital tools for future agents.

    Real estate agents need to adapt and thrive in the changing real estate market. With so many property websites available now, sellers and buyers are increasingly able to find homes on their own, without needing an agent. Agents who don’t keep up with the changes will be left behind. Future agents will need to specialize in market analysis, finance, and developing strong negotiation skills. While the tech streamlines the transactions’ process, agents are still valuable trusted advisors.

  • Luka Dončić’s $15 Million Dallas Home Purchase Stuns Fans After Lakers Trade

    Luka Dončić of the Dallas Mavericks got a shocker of a deal sending him to the Los Angeles Lakers, this just after he reportedly dropped $15 million on a new Dallas home, according to ex-NBA player Chandler Parsons. The move left the 25-year-old superstar in tears, according to Parsons.

    On February 2, basketball fans were shocked by the announcement that Doncic would be leaving the Mavericks after seven seasons. The trade sent Doncic, Maxi Kleber, and Markieff Morris off to the Lakers in return for Anthony Davis, Max Christie, and a first-round draft pick in 2029.

    Doncic, who became the Mavericks’ leading man after being traded from the Atlanta Hawks in 2018, had formed strong connections with the city of Dallas. He had led the team to its first NBA Finals appearance in 13 years and was widely regarded as the franchise’s cornerstone.

    Nico Harrison, the general manager for Dallas, stood by the trade when he spoke to ESPN, citing concerns over the team’s defense and how snagging Davis could really step up their game. Despite this, the fans weren’t buying it. USA Today noted that Doncic hadn’t asked for the trade and was crushed by the news.

    Adding insult to injury, Parsons disclosed on FanDuel’s “Run It Back” that just a week before the trade, Doncic had finalized the purchase of a $15 million home in Dallas.

    [envira-gallery id=’515440′]

    “This dude bought a $15 million house, just closed, like, last week in Dallas,” Parsons said. “Apparently, he cried when he found out.”

    Lara Beth Seager, Doncic’s business manager, later clarified to The Dallas Morning News that he was in the process of purchasing a home, but the deal had not yet closed. “As Luka said yesterday, he expected to spend his career in Dallas. He had been in the process of purchasing a home in the area for himself and his family,” Seager said, though she did not disclose details about the property.

    Property records show that the only Dallas property under Doncic’s name is a four-bedroom house in the upscale Preston Hollow neighborhood, which he bought for $3.3 million in June 2020. Constructed in 1984, the home has been updated with a modern renovation, featuring an open floor plan, hardwood floors, and a sleek kitchen. In a quiet cul-de-sac location, it is a first preference for athletes who seek a private atmosphere.

    The uncertainty surrounding Doncic’s real estate plans has only fueled speculation about the trade’s abrupt nature. A lot of folks think the Mavericks dropped the ball in communicating their plans, which left Doncic caught off guard.

    Parsons was highly critical of the organization, calling their handling of the trade “bad business” and “extreme BS.” He pointed out that Doncic’s commitment to the city was evident in his actions. “It wasn’t a case where Luka was unhappy and wanted out of Dallas. He was invested in the community and the city,” Parsons said.

    The frustration extended to Doncic’s father, Sasa Doncic, who voiced his disappointment in an interview with Arena Sport.

    I” understand there comes a moment when you disagree with a certain philosophy. You don’t like this or that player, all good—I get it “. he said.

    “But I think this secrecy, or maybe even hypocrisy, hurts me personally. Because I think Luka absolutely doesn’t deserve this.”

    In a heartfelt farewell message to fans, Doncic shared his love for Dallas and expressed his heartbreak over leaving the team he thought he would retire with.

    “Seven years ago, I came here as a teenager to pursue my dream of playing basketball at the highest level. I thought I’d spend my career here and I wanted so badly to bring you a championship,” he wrote. “Dallas is a special place, and Mavs fans are special fans. Thank you, from the bottom of my heart.”

    Mark Cuban, who once owned the majority of the Mavericks and now holds a 23% stake, denied having any hand in the trade. Cuban, who once joked he’d rather divorce his wife than see Doncic go, claimed he was in the dark about the deal until it was sealed.

    As Luka Dončić starts his new chapter in Los Angeles, there’s still uncertainty about his real estate in Dallas. It’s not known if he’ll sell his Preston Hollow property or go ahead with buying a new home. Meanwhile, Anthony Davis, who’s moving to Dallas, has a $31 million pad in California, but it’s still up in the air whether he’ll put it on the market.

    Beyond the transaction, the move is a sign of a growing chasm between player and team affiliation. Doncic’s surprising move is a reminder that, in NBA business, even a pillar of a franchise isn’t exempted from a surprise move.

    The trade has had a great impact on Doncic, the Mavericks and their fans who have not yet recovered from losing their favorite super star, as can be seen now that the dust has settled.

  • Check Out What’s Coming to the Old ‘Leaning Tower of Dallas’ Spot

    Big news for everyone who’s been keeping an eye on that spot where the ‘Leaning Tower of Dallas‘ used to be – it’s getting a major makeover. De La Vega Capital Development is turning this spot into The Central, a new spot that’s looking to give Uptown a run for its money. And y’all, it’s right in the heart of East Village, which is about to get a whole lot livelier.

    So, where’s all this happening? Right off Haskell Avenue and U.S. Highway 75. They’re planning to spread this out over 27 acres, just north of where you’d pop into Cityplace Tower or hit up Target store. It’s pretty close to Uptown and West Village, where there’s always something going on. But with this new project, East Village is set to be the next big thing in Dallas.

    They’re planning a four-acre park right in the middle of it all, which they’re hoping will become a new hangout spot with shops, restaurants, and apartments. “We’re not just building a place to live and shop. We’re creating a community vibe that you’d typically see in places like New York City, where every neighborhood has something cool to offer,” said Artemio De La Vega, the CEO, at a talk he gave recently.

    Remember that half-torn down building that became a selfie hotspot overnight? That’s where all this is going down. After it finally came down, they’ve been plotting to turn the area into something special. And it sounds like they’re really thinking about what makes a place great to hang out – not just for the locals but for everyone in Dallas.

    The plans are pretty ambitious. They’ve got everything from apartments and offices to shops and a hotel in the pipeline. Groundbreaking kicked off last fall, and they’re hoping to start opening parts of it by next summer.

    Annmarie De La Vega, who’s helping run the show, said, “We’re really excited to see how this whole area along Haskell and East Village is going to come alive. It’s going to be a game-changer for sure.”

    So, keep your eyes peeled, Dallas. The Central might just be your new favorite spot to chill, shop, and live.

  • Los Angeles Wildfire: Let’s Keep Dallas Homes Safe!

    A wildfire ripped through an upscale coastal area of Los Angeles in early January 2025, marking one of the worst the city has ever seen. Starting on January 7, began at around 10:30 a.m. local time on Tuesday, the fires spread quickly due to the dry, powerful Santa Ana winds blowing down the mountains toward the Southern California coast.

    “A timelapse shows how quickly the wildfires spread across Los Angeles County’

    The Palisades Fire has burned more than 23,700 acres around the Pacific Palisades area, and the Eaton Fire near Pasadena burned up 14,117 acres. As of January 13, killed at least 24 people and over 12,000 buildings have been damaged.

    Thousands were forced to evacuate, and the wildfire smoke became a public health crisis. The economic hit? They’re saying it’s destroyed tens of billions of dollars’ worth of property. The cause? Still unknown, but investigators are digging into it.

    The weather made things worse, with those powerfull Santa Ana winds blowing up to 80 mph and fueling the flames. Hot temps and dry air made the fire even harder to control.

    How Dallas Can Prevent Wildfires

    Watching the destruction in California, its time for Dallas to ready itself. We must learn from LA and do some things that hopefully will keep a similar thing from happening here. Some ideas that help keep Dallas safe from wildfire disaster include:

    1. Raising Awareness: People need to be aware of the risks and causes of wildfires. The people in Dallas need some basic training in fire safety and a reminder of securing the space around their homes. That means no burning of trash during dry weather or random fireworks.
    2. Managing the Land: Dallas has a program to keep trees and brush under control, especially near roads and homes. Dry vegetation is fuel for wildfires, so keeping it trimmed could make a huge difference.
    3. Drought Rules: We need tighter regulations during the dry season. Things like banning open burning in fire-prone areas and being careful with outdoor tools that could cause sparks. Regular clearing in risky areas should be a priority.
    4. Upgrade Infrastructure: More hydrants and a better early-warning system would go a long way. Using tech like satellites and drones to monitor high-risk areas in real-time could help spot small fires before they blow up into something big.
    5. Train and Prepare: Firefighters and volunteers should be trained regularly, so they’re ready if something big happens. And let’s get the community involved with emergency drills so everyone knows what to do if they need to evacuate.
    6. Speak Up!: If you see something off, like someone lighting fireworks near dry land, report it! Every little bit counts in the effort to keep our neighborhoods safe. We can all look out for one another and help prevent fires from starting by being watchful.
    7. Keeping an Eye on the Weather: Extreme weather is a big reason fires happen, like what we saw in LA. Dallas has its own hot weather and low humidity, which can increase the risk of wildfires. It’s important for both residents and the authorities to stay on top of the weather and be ready when conditions are ripe for a fire.

    It’s not just about relying on fancy tech or regulations – staying fire-safe means working together as a community. We’ve got to recognize the warning signs and do what we can to protect the environment around us.

    The wildfires in LA are a wake-up call for other cities, Dallas included. Fire risks are everywhere, so let’s stay alert and keep pushing for better policies and tech that can help us avoid disaster.