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The country's largest private independent real estate brokerage, Chantilly-based Long & Foster, has been sold by its founder, 84-year-old Wes Foster.
HomeServices of America, an affiliate of Warren Buffett's Berkshire Hathaway, acquired the 49-year-old real estate company for an undisclosed sum, the Washington Business Journal reports.
The dominant residential brokerage in the D.C. region, Long & Foster had $13.92B in Metro-area sales in 2016 and $14.65B in 2015. With the acquisition, HomeServices expects its 2017 sales volume will reach $123B.
The acquisition of the company with 11,000 real estate agents is a major deal for the industry, but will likely not change much for those on the ground selling homes. The new owner plans to keep the Long & Foster brand, and does not expect to close any of its 230 offices or lay off any employees.
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