NewsCorp. Closes realtor.com Deal
Acquisition ends Move's 15-year run as a public company
Nov 14, 2014
It’s official: Global media giant News Corp. now owns realtor.com operator Move Inc., with the $950 million deal closing today.
News Corp. owns media outlets around the world including The Wall Street Journal, Barron’s, HarperCollins Publishers and London-based The Times. Those assets are expected to expand realtor.com’s reach in ways that haven’t been detailed yet.
News Corp. also gives realtor.com the resources of a $74 billion company to compete with Zillow, which has been pulling away from the pack in terms of both revenue and Web traffic share, and is on the verge of acquiring rival of Trulia.
“In partnership with the National Association of Realtors and its 1 million members, we look forward to turbocharging realtor.com and making it the most popular and profitable property site in America,” said Robert Thomson, CEO of News Corp., in a statement.
Move’s exclusive agreement with the National Association of Realtors to operate realtor.com remains in place, as do the direct listing feeds the portal receives from more than 800 multiple listing services across the U.S.
In “talking points” provided to Move employees to use at NAR’s annual convention in New Orleans, the company emphasized that “NAR has endorsed the acquisition … and looks forward to continuing the relationship.”
Move also sought to deflect speculation that the deal was driven by Zillow’s plans to acquire Trulia.
Greater Property Inventory Creates Valley Seller's Market
Dominique Fong, The Desert Sun 6:23 p.m. PST November 2, 2014
increase of property listings is opening up a seller’s market that has dominated the Coachella Valley market, housing reports show.
A short supply of homes – roughly three months’ worth – had cramped the desert over the last year. Real estate agents say a normal market has a six-month supply.
However, in September, more sellers appeared to prepare for the incoming crowd of vacation home buyers in tourist season.
“Now that the summer is over, people always wait until October,” said Kevin Stern, president of Town Real Estate in Palm Springs. “The market is getting a lot of new inventory, and it’s much more competitive.”
There were 2,355 single-family homes in the active inventory, a 7 percent year-over-year increase, according to the California Desert Association of Realtors. The Palm Desert-based organization tracks sales on its Multiple Listing Service.
Rapid appreciation has slowed significantly in the desert. Big price jumps had previously priced many buyers out the market and raised concerns about housing affordability while median household incomes remained stagnant.
The median price of all homes and condos was $255,000 in September, according to CoreLogic DataQuick, an Irvine-based real estate information services firm that compiles monthly reports from public records.
The median price increased a mere 2 percent year-over-year, a sharp difference from the double-digit growth reported early in the year.
For single-family homes, the median price didn’t just taper. The price was $371,000 in September, a 2 percent drop from the same month a year ago, according to CDAR.
“I’m starting to see some price reductions on properties that have been on the market,” Stern said. “People were overzealous, being a little aggressive.”
CDAR is excited to welcome in approximately 40 new members this month! Over the last quarter our Membership has shown a net gain, roughly 150 new members!
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Paul Herrera is the new Government Affairs Director for the California Desert Association of REALTORS® (CDAR).
In his role, Paul serves as an advocate for REALTORS® and their clients on local issues, helping to preserve and protect property rights and the value of homeownership.
Working with colleagues at the California Association of REALTORS® and the National Association of REALTORS®, Paul helps members make a difference for their clients at the local, state and federal levels.