American real estate is the envy of the world and a shining example of the potential of our nation’s free market system. Considering the fight being waged against our members in some corners of the country, though, you wouldn’t always know that’s the case.
And NAR is actively working to correct the misconceptions that continue to swirl around Washington.
REALTORS® are grateful that our jobs afforded many of us the ability to earn a paycheck as COVID-19 persisted. And with the average REALTOR® taking home an annual salary of just over $43,000, those are paychecks that were desperately needed. REALTORS® navigated one of the most complex markets any of us had ever seen, and we continued to put roofs over our clients’ heads, food on our families’ tables, and keys in the hands of America’s small business owners. Entrepreneurs and innovators who endured some of the most significant COVID-induced financial hardships.
And it’s here where the perils of any actions by the Department of Justice against the MLS system are most alarming. Despite the White House’s strong, genuine desire to increase opportunities for homeownership among families of color, a fight against the MLS system would have the opposite effect.
If buyers had no choice but to pay a commission directly to an agent on top of their closing costs, it would increase out-of-pocket expenses in a way that could freeze out many from an already competitive market. With the nation in the midst of a historic, ongoing inventory shortage, that’s a problem that’s all too real today.
NAR, too, is raising the alarm about that shortage—our report released last month found the U.S. is short about 6 million new housing units dating back to 2001—and we’re pushing lawmakers to adopt policies to increase home construction and rehabilitation.
Of course, no matter what else is going on in Washington, NAR continues to advocate for policies that ensure the market is healthy and functional, that the American Dream is accessible for as many families as possible, and that our laws and regulations reflect real estate’s importance on the broader U.S. economy.
Our desire for property ownership—just like our belief in the free market—is part of our DNA as Americans. NAR continues to fight tirelessly for both. And it’s a fight that will continue to benefit our clients, U.S. consumers, and the nation as a whole.
Housing is critical infrastructure and 1 of the top national security risks.
thank you for the article
I’m not familiar with that issue, and I appreciate the article. The one issue that is important to me — and one that I would like to see addressed by NAR — is the seemingly endless eviction moratoriums, which are devastating for landlords — and for all property owners who are trying to evict a squatter and simply gain access to their own property. Instead, they’re forced to have no income from the property, while still having to pay properties taxes, mortgages, and HOA fees.
Michele Frederick saysat
I am a proponent of allowing a buyer’s agent commission be financed, rather than paid out of pocket or “over and above” the sale price.
Buyers have been financing commissions for both sides of the deal since the beginning of brokerage.
This whole attack on MLS and disclosing of buyer agent fees should also apply to the listing side of the transaction. Full disclosure on ALL sides.
Melanie Williams saysat
Good perspective. Housing must be attainable by all.
Melanie Williams saysat
Great perspective on MLS and affordability. Housing must be attainable by everyone.
Deborah Booth saysat
Great job. Good article. Thank you
Ownership of private property is foundational to our democracy; without that right we have no guarantee of any other rights. Thank you for your article and to the NAR for fighting to protect that right.
I’m so happy to read an article that emphasizes NAR being an advocate for “FREE MARKETS”. We can never lose sight of how imperative the Real Estate Industry is the United States economy and how it truly sets us apart from any other nation in the world. After 18+ years in the industry I am still amazed when I review a settlement statement and see all of the people & businesses that benefit from a real estate sale…inspectors, contractors, insurance companies, attorneys, lenders and list goes on & on.