The REALTOR® Party is ready to hit the ground running on a demanding year. Read our recap of 2023 successes and get a refresher on the resources available to your association to help advocate for property ownership and support REALTOR® champions in 2024.
What You Need to Know
During NAR’s year-end Real Estate Forecast Summit, Chief Economist Lawrence Yun forecasted an improved housing market in 2024 and predicted 4.71 million existing-home sales. “The demand for housing will recover from falling mortgage rates and rising income,” Yun said. “In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.”
The U.S. Department of Labor (DOL) proposed on Dec. 20 to rescind the 2018 Association Health Plans (AHP) final regulations which would have allowed real estate professionals and other small businesses to participate in an AHP. NAR will file detailed comments laying out strong objections to this proposal and setting the record straight that AHPs offer high-quality, low-cost health coverage options to employees of small businesses and self-employed individuals, including real estate professionals.
NAR welcomed Freddie Mac’s expansion of its Condo Project Advisor tool last month after previously advocating for these changes and calling for government-sponsored enterprises to improve the availability and consistency of association documentation, financials, and studies. These important steps will help HOAs meet the more stringent requirements established after the Surfside building collapse in 2021.
NAR submitted a letter to the Bureau of Reclamation last month on the Revised Draft Supplemental Environmental Impact Statement for Near-term Colorado River Operations. Eleven percent of the country’s water resources are used for residential and commercial property, and a lack of adequate water resources can have far-reaching impacts on real estate markets. NAR offered these comments to help ensure these water supplies remain viable over the long-term.
In 2023, RPAC fundraising reached 98% of its national goal with $49.5 million raised at all three levels of the association, and 133% of its federal disbursements allocation goal with $13.2 million raised at the national level. RPAC ended the year with 12,681 Major Investors (110% of goal), 1,783 President’s Circle members (154% of goal), and a 36% participation rate. Congratulations and thank you to every 2023 investor!
The REALTOR® Party At Work
Don’t forget to bookmark NAR’s Washington Report for the latest policy updates.
Like many areas formerly bolstered by the steel and coal industries, the city of Greensburg in western Pa. has experienced a notable population and business decline. Tapping into the REALTOR® Party’s Transforming Neighborhoods program, the REALTORS® Association of Westmoreland, Indiana and Mon Valley brought in the Counselors of Real Estate to provide in-depth economic analysis and recommendations. The final report is informing the city’s plan and inspiring leaders to think big as it addresses downtown redevelopment.
When the Greater Portland Board of REALTORS®, which serves the largest metropolitan area in the state of Maine, wanted to get its Fair Housing values in front of the community, it wrapped that message around a bus traveling the prominent South Portland route. Through a REALTOR® Party Fair Housing Grant, the colorful mobile campaign ran for three months, catching the public’s attention and positioning the local REALTORS® as leaders in diversity, equity, and inclusion.
Idaho’s natural beauty has made the state one of the fastest growing in the nation. While newcomers – and even long-time residents – may be avid enthusiasts of the landscape and waterways, they don’t always know what it takes to protect the long-term health of Idaho’s natural environment. As ambassadors for the state, Idaho REALTORS® used a REALTOR® Party Rural Outreach Grant to help create Your Idaho: A Stewardship Guidebook, which informs readers on how to safeguard Idaho’s natural resources for future generations.
The city of DeBary is Florida’s bicycle hub. With the Main Street Community Plan spurring new construction and growth, many citizens had expressed a need for transportation alternatives. Following discussions with city leadership, and with help from a REALTOR® Party Placemaking Grant, the West Volusia Association of REALTORS® designed a pocket park where many of the city’s bike trails meet.
Resources & Opportunities
Transform a vacant lot into a vibrant park or gathering spot. Tackle regulatory hurdles to address housing inventory and affordability. Further fair housing and advocate for smart growth. Community Outreach Grants empower state and local REALTOR® associations to enhance communities, improving affordability and livability. Associations can access grant applications through October 15th or until capacity is reached. Explore success stories or view a webinar recording for ideas.
Questions? Contact Christine Windle.
Local REALTOR® associations have a few more weeks to apply for NAR’s Transforming Neighborhoods program to bring the Counselors of Real Estate’s Consulting Corps expert real estate problem-solving skills to your area. Does your community need help reimagining a neighborhood or town center, repurposing a brownfield or other troubled site, spurring economic development, or igniting commercial activity? Online applications are due by Feb. 9.
NAR’s Major Investor Event-Based Fundraising Program helps associations educate REALTORS® on the importance and benefits of investing in RPAC. This program aims to recruit new and step-up RPAC Major Investors and President’s Circle members. Attendees get a special legislative briefing and the opportunity to hear a deep dive from RPAC volunteer leadership.
Questions? Contact Jenn Nguyen.
RPAC Fundraising Grants assist state and local associations in hosting fundraising events and activities designed to increase RPAC fundraising and participation. This program is limited to states with campaign finance laws that do not ban the use of corporate money to pay for RPAC fundraising activities. Fundraising activities must produce tangible results and cannot be recognition events. Read more about the policies and restrictions at the REALTOR® Party website.
Questions? Contact Carlyle Smith.
Curate, a product of FiscalNote, offers local legislative tracking software to keep your association ahead of policy change within cities, counties, and school districts. NAR has negotiated an exclusive rate package available to state and local REALTOR® associations who choose to partner with Curate for their policy tracking needs.
To learn more, contact Drew Myers.
The Vote, Act, Invest Advocacy Resource Guide includes resources and tools that can help associations reach their advocacy goals and meet Core Standards requirements. State and local REALTOR® association staff can request printed copies for events and conferences by contacting Kathleen LaMarre. Requests for printed guides must be submitted two weeks prior to the event.