| CURATED for Agents | Zillow’s Preferred Reaches Two-Thirds of Connections, First-Time Buyer Share Rises to 22% & Signings Hit a Record October Low |
THURSDAY · NOVEMBER 5, 2026 Instead of checking a dozen sources, check one. Here’s what matters across real estate today. |
|
| 👋 Agents. Zillow’s Preferred agent program grew to two-thirds of its connections in the third quarter, up from one-third a year ago.
Zillow expects Preferred to reach 100 percent of its connections by the first half of 2027. Agents in Preferred pay Zillow a referral fee after the transaction closes. NAR says the first-time buyer share rose to 22 percent, and a record 10 percent of first-time buyers paid all cash. NAR also says 92 percent of sellers used an agent, an all-time high. And Realtor.com says October contract signings fell 17 percent to their lowest October level on record. Let’s get into all of it.
Enjoy, — CURATED. |
| 1st TakeZillow’s Preferred Program Grew to Two-Thirds of Its Connections in the Third Quarter as Revenue Missed ForecastsThe Quick TakeZillow’s Preferred agent partnership program, formerly known as Flex, grew to two-thirds of its connections in the third quarter, up from one-third a year ago, Real Estate News reports. Zillow is continuing to bet on Preferred and expects that share to reach 100 percent by the first half of 2027. Agents in Preferred pay Zillow a referral fee after the transaction closes. The earlier Premier Agent model required agents to pay for advertising upfront. Read more →What’s ChangingThird-quarter revenue rose 7 percent from a year earlier to 724 million dollars but came in below expectations, which CEO Jeremy Wacksman blamed on volatile mortgage rates. Zillow posted a net loss of 158 million dollars for the quarter. Wacksman said 80 percent of buyers need both a mortgage and an agent. | 📊 The Takes
Pay-at-closing referral fees win over the biggest share of agents, others plan to lean less on Zillow, and some eye the push to pair its buyers with a lender.
💸 Likes Paying at Closing — ‘A referral fee after closing beats paying for ads upfront. I pay when the deal actually closes.’
🧭 Builds My Own Pipeline — ‘All of Zillow’s connections could run through Preferred by the first half of 2027. I want more business from my own sphere.’
🏦 Watches the Lender Push — ‘Zillow’s CEO says 80 percent of buyers need a mortgage and an agent. My buyers will still compare lenders.’ |
| 2nd TakeNAR Says the First-Time Buyer Share Rose to 22% as a Record 10% Paid All Cash, and Agent Use Hit a Four-Decade HighThe Quick TakeThe share of first-time home buyers rose slightly to 22 percent from last year’s record low of 21 percent, according to NAR’s 2026 Profile of Home Buyers and Sellers. Their median age stayed at an all-time high of 40. A record 10 percent of first-time buyers paid all cash. Among them, 28 percent used an inheritance, compared with 9 percent of first-time buyers who financed. Read more →Why It MattersOf all buyers, 90 percent used an agent or broker, as did a record 92 percent of sellers. NAR deputy chief economist Jessica Lautz said agent use is at its highest level in four decades. NAR’s survey of recent buyers covers transactions from July 2025 through June 2026. | 📊 The Takes
Record seller use of agents is the stat many plan to share, while others adjust to first-time buyers arriving at 40 and to more cash in the first-time pool.
🤝 Shares the Agent Numbers — ‘Ninety-two percent of sellers used an agent, a record. That is the number I show every seller thinking about going it alone.’
🎂 Plans for Older First-Timers — ‘The typical first-time buyer is 40 now. I plan my first-time buyer talks around savings, family help, and timing.’
💵 Preps Financed Buyers — ‘A record 10 percent of first-time buyers paid all cash. My financed buyers need clean terms to stand out.’ |
| 3rd TakeOctober Contract Signings Fell 17% to Their Lowest October Level on Record as New Listings Dropped 7.5%The Quick TakeContract signings fell 17 percent from a year earlier in October and hit their lowest October level on record, Realtor.com reported. Its data goes back to July 2016. The stock of pending listings was down 10.5 percent from a year earlier, the steepest annual decline since October 2023. New listings fell 7.5 percent year over year, the steepest drop since September 2023. Active listings rose 7.4 percent year over year to 1,183,500. Read more →The Real StorySellers are disengaging rather than showing signs of real distress, the report says. Price cuts hit 20.5 percent of listings, just 0.2 points above last year. The median list price was 415,000 dollars, down 2.2 percent from a year earlier. | 📊 The Takes
Plenty of agents read the record-low October signings as a stalled market, some see sellers holding firm, and others welcome more listings to show.
🛑 Calls It a Stall — ‘Contract signings hit their lowest October on record. Buyers are sitting this stretch out.’
🧘 Sees Sellers Holding — ‘Price cuts barely moved from last year. My sellers are pausing, not panicking, and I price with that in mind.’
📈 Likes the Inventory — ‘Active listings are up 7.4 percent from a year ago. My buyers have more homes to choose from.’ |
|
|