It was wonderful to see so many REALTORS® in Chicago this week. NAR’s strength and success is only possible because of our members and the thousands of volunteers who invest their time and talent to this association. Learn more about this past week’s events here.
After C5 next week, NAR’s fourth annual iOi Summit will be held from September 28-29 in Los Angeles. The iOi Pitch Battle competition offers a rare opportunity for real estate technology startups to showcase their innovations live on stage and to a global audience via livestream. Last year’s winner, Feather, offers some inspiration to this year’s participants.
What You Need to Know
NAR Chief Economist Lawrence Yun testified to the Senate Banking Committee on July 21 that housing inventory may increase in some markets, but not enough to ease nationwide affordability constraints. Yun explained that a $200,000 mortgage taken out today would cost about $293 more each month than a loan with a 3% interest rate.
The U.S. House of Representatives passed legislation late last month expanding the availability of remote online notarization, a key advocacy priority for NAR dating back to before the pandemic. Even as COVID-19 becomes less of a factor, virtual closings remain in demand. NAR research found that 12% of sales in June took place virtually.
Nearly three of five REALTORS® say limited inventory prevented their clients from buying homes in 2021, according to NAR’s Member Profile. NAR remains active on Capitol Hill to address ongoing housing supply constraints in America. The typical NAR member also had a higher sales volume and more transactions in 2021 than in 2020.
NAR announced support of the National Fair Housing Alliance’s Keys Unlock Dreams Initiative, expanding housing opportunities for underserved groups. NFHA is made up of more than 200 nationwide fair housing and civil rights agencies. Keys Unlock Dreams specifically targets structural barriers that perpetuate racial inequality and homeownership gaps in ten cities across the U.S.
The Biden Administration recently announced new steps to tackle America’s housing supply crisis, allowing $350 billion in previously allocated American Rescue Plan funds to be used toward the development, repair, and operation of affordable housing units throughout the U.S. NAR continues to work alongside public and private partners to help alleviate the nation’s historic housing challenges.
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.
With help from a REALTOR® Party Smart Growth Grant, the Orlando Regional REALTOR® Association brought a panel of experts to Oviedo, Florida, to explain the compelling economic modeling that spurred higher-density development in the region.
A campaign supported by an Issues Mobilization grant from the REALTOR® Party reminded voters how important a new wastewater infrastructure system in Yarmouth, Massachusetts, was to residents, local environments, and the broader regional economy.
Using a Rural Outreach Grant from the REALTOR® Party, the Missoula Organization of REALTORS® is working to educate homeowners, builders, and local community members about new rules governing residential property wastewater systems in Ravalli County, Montana.
Coastal Massachusetts’s South Shore association was able to mobilize in opposition to radioactive waste dumping in Cape Cod Bay, thanks to support from the REALTOR® Party’s Advocacy Everywhere program. Local REALTORS® have turned into outspoken advocates for responsible nuclear wastewater disposal.
Resources & Opportunities
Legislative and regulatory proposals that may harm property rights often come quickly—and unexpectedly—requiring expert response and analysis. NAR’s Land Use Initiative will analyze and provide talking points for proposed planning and zoning related measures that impact the transfer of real property to help state and local associations advocate on behalf of members. Review past measures that have been submitted and reviewed by key word, issue, date, and state.
Smart growth focuses on improving communities to increase sustainability, economic growth, and so much more. State and local associations can apply for a Smart Growth Grant to support advocacy in promotion of efforts like downtown revitalization, walkability enhancements, or improved land use.
What are some of the best practices to prepare for extreme weather events? Learn how towns recover from destruction by implementing state-of-the-art building techniques and preventative measures to protect communities from nature. An online version is available via the OCG APP (Apple) (Google Play) and at nar.realtor/on-common-ground.
Building a successful online brand is the key to cultivating new clients and growing your business. Claim your free realtor™ domain and learn more about all the capabilities of the Free Professional Website, included with your web address! Get all details at www.get.realtor.