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.