Lawmakers sound the alarm about Compass-Anywhere deal 

Two U.S. senators spoke out this week against Compass' plans to acquire Anywhere Real Estate, raising concerns about the impacts such a deal could have not only on the real estate industry but on everyday consumers.

In a letter addressed to a top Department of Justice (DOJ) antitrust official and to the chair of the Federal Trade Commission (FTC), the legislators urged the agencies to "closely scrutinize" the $1.6 billion deal for potential antitrust violations.

A threat to transparency? In their Dec. 16 letter, Democratic Senators Elizabeth Warren of Massachusetts and Ron Wyden of Oregon suggested that the proposed deal's antitrust implications "are significant."

On the industry side, the merger "could raise barriers to entry for smaller firms, and threaten the transparency of real estate listings by allowing a dominant brokerage to dictate how listings are shared and with whom."

The letter later highlighted Compass' embrace of private listings and warned that a Compass-Anywhere merger may "further entrench" this listings strategy.

A harm to consumers? On the consumer front, the deal could harm buyers and sellers "by making it easier for these merged firms to keep commission fees artificially high and allow the merged company to exert greater control over the real estate market, consumer access, and the homebuying process," the letter said.

Warren and Wyden also pointed to the nation's ongoing housing affordability crisis, which they suggested a major consolidation within real estate would exacerbate.

How we got here: On Sept. 22, Compass announced its intent to acquire Anywhere in an all-stock transaction. The proposed deal would create the world's largest brokerage, with about 340,000 agents operating in around 120 countries and territories, and an estimated combined value of $10 billion.

At the time of the announcement, Compass CEO Robert Reffkin described the agreement as a "monumental step" toward his company's mission to "empower real estate professionals with everything they need to grow their business and better serve their clients."

Anywhere CEO Ryan Schneider said the move would make it possible "to deliver even more value to home buyers and home sellers across every phase of the home buying and home selling experience."

What lawmakers want to happen next: In their letter, Warren and Wyden urged the DOJ and FTC to "thoroughly investigate whether this merger threatens competition and undermines transparency, and block it if it is not consistent with antitrust law."

The deal, which could close as early as the second half of 2026, "threatens to stifle consumer choice and fair industry competition while entrenching existing antitrust and price manipulation concerns that have been at the center of mounting litigation," the senators' letter concluded, risks that "demand close scrutiny under federal antitrust laws."

Real Estate News has reached out to Compass and Anywhere for comment.

Other investigations: The FTC is actively investigating another real estate deal — a $100 million rentals partnership between Zillow and Redfin — and filed an antitrust lawsuit against the two companies in September. The government agency also recently sent warning letters to 13 rental software companies regarding potentially deceptive advertising practices.

Two even larger industry M&As appeared to avoid regulatory scrutiny, however. Rocket's $1.75 billion acquisition of Redfin in March, followed weeks later by its acquisition of mortgage rival Mr. Cooper — a deal originally valued at $9.4 billion that ultimately closed at $14.2 billion — were completed without a hitch.