Empowering Local Governments to Address Housing Affordability
NAR’s most recent Existing Home Sales report showed nationwide housing inventory lower than it’s been since we began tracking this data nearly four decades ago – way back in 1982.
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By the Numbers
Owning a house is cheaper than renting in 15 of America’s most major metropolitan areas, according to new research from realtor.com®. The January 2021 analysis compared the median monthly costs of buying a home to renting a 2-4 bedroom unit in each of the top 50 U.S. markets.
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U.S. homeowners who have been financially impacted by the pandemic are now eligible for up to 18 months of mortgage forbearance. The Federal Housing Finance Agency announced last month its decision to extend protections for certain borrowers with Fannie- and Freddie-backed loans.
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Sales of newly built, single-family homes were up 19% from one year ago in January, as NAR’s calls for more construction amidst one of the most competitive housing markets in history are being answered. Month over month, sales of new homes were up 4.2% from December 2020.
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But despite all the inventory constraints, existing homes sales in January were 23.7% higher than the same month last year. With the demand for homeownership showing no signs of decline, the median existing home sale price climbed to $303,900 in January, representing 107 straight months of year-over-year gains.
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The latest COVID-19 relief legislation passed by Congress includes $350 billion in aid for state and local governments, helping to protect real estate interests in small and struggling communities. Other NAR priorities contained within the bill include $21.55 billion for rental assistance (on top of the $25 billion allocated in December).
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The REALTOR® Party At Work
Highlighted here are a few of the many REALTOR® Party success stories across the nation. These and others are cataloged in the Success Stories section on REALTORParty.realtor.
District of Columbia Association of REALTORS® Resists Long-term Rent Control Decisions During Pandemic
DCAR mobilized late last year as Washington, D.C.’s City Council fought to pass a raft of rent control legislation. With the pandemic having already put significant strain on local landlords, the association pushed back with a Call for Action that prompted hundreds of messages from REALTORS® and the public, forcing the City Council to back down. The proposed measures would have expanded rent control to newer buildings and those with fewer than five units.
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Oklahoma Association of REALTORS® Leverages Consumer Advocacy Outreach Grant to Create Long-term Real Estate Information Resource
Forced to pivot away from its 2020 plans in the wake of the pandemic, OAR used a Consumer Advocacy Outreach grant from the REALTOR® Party to create a new, consumer-facing website designed to provide critical industry information to the state’s 4 million residents. Although OAR had initially intended to use the grant to promote Oklahoma’s new first-time Homebuyer Savings Account legislation, Oklahomans now have a practical, informative real estate resource at their fingertips.
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Wisconsin REALTORS® Association Leverages Consumer Advocacy Outreach Grant to Communicate Statewide Need for Workforce Housing
A new collaborative option offered by the REALTOR® Party’s Consumer Advocacy Outreach grant program allows multiple local associations that had previously been working independently toward the same goal to now band together, pool resources, and project a unified message to consumers. WRA set the stage for the innovative approach amid its ongoing effort to raise awareness about workforce housing shortages across Wisconsin.
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Resources & Opportunities
Participate in the NAR Smart Growth Challenge
to build more livable communities. Associations are invited to submit their best proposals under three separate grant categories, each designed to help REALTORS® make their communities become better places to live, work, and raise a family. Associations that execute a grant in 2021 will be featured in NAR’s On Common Ground magazine or on its Best Practices Webinar, where they will be asked to demonstrate the impact these projects can have on an association’s advocacy and community betterment efforts.
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Engage Your Community. Build Coalitions. Advocate for Housing Affordability.
With home prices expected to continue rising in 2021 and 2022, NAR’s Housing Affordability Toolkit continues to provide valuable resources to help REALTORS® and state and local REALTOR® Associations address affordability challenges in the communities they serve. The toolkit is based on the successes of other associations and offers practical tips and examples for a range of activities, including housing fairs, buyer education classes, housing forums and more.
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Rural Outreach Grant’s help Stabilize, Secure, and Strengthen Rural Communities
NAR offers Rural Outreach Grants to help local associations address many of the unique needs of rural communities, including broadband infrastructure; septic, sewer and well maintenance; and open space preservation issues. As part of its broader rural outreach initiative, NAR offers individualized resources and technical assistance to REALTOR® associations in U.S. communities with less than 30,000 residents and which are rural in character.
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Understand five key impacts COVID-19 had on the U.S. housing market in 2020
NAR conducts its REALTORS® Confidence Index Survey each month to gather on-the-ground information from REALTORS®. This feedback from REALTORS® provides valuable information at the local level that is then aggregated to create a broad picture of housing market trends. The group recently highlighted five key trends which show how the pandemic impacted America’s housing market last year.
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Commercial Real Estate Local Market Reports Are Now Available
NAR’s Commercial Metro Market Report provides economic and commercial statistics on 52 metropolitan areas in which significant commercial transactions take place. Data released in December of 2020 was compiled from publicly available statistics and proprietary data. The reports include economic, demographic, and commercial market data that provide REALTORS® with information on the factors driving commercial real estate transactions in these 52 markets.
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The Search is Over! Be Found with a Top-level Domain
Set yourself apart and set your business up for exponential growth with a .realtor™ or .realestate domain that separates you from the pack and clearly positions your brand as a cut above the competition. Claim your name and up your game today at get.realtor!
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Interactive REALTOR® Party Resource Guide
Get the latest updates and information on advocacy grants, programs, resources, and educational opportunities with the Interactive REALTOR® Party Resource Guide. A new design, dynamic search functions, and integrated Realtor Party Tracker data offer a complete view of the REALTOR® Party at work in communities nationwide. Bookmark this invaluable online resource today.
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