Housing supply is the number one issue for millions of consumers who are locked out of the market. NAR has been on the front lines for the past two years advocating for affordable housing – and spurring legislative and executive action. Read more about President Leslie Rouda Smith’s recent White House meeting to discuss solutions to the nation’s housing supply and affordability crisis.
What You Need to Know
According to a recent analysis by Dr. Jessica Lautz, NAR’s vice president of demographics and behavioral insights, tight inventory means homes are still moving at a fast pace despite rising rates and prices. The median number of days on the market is just 16, up from 14 days in the previous two months. In comparison, homes took 96 days to sell in 2011.
The rate for a 30-year fixed mortgage hit the highest point in 16 years at the end of September, according to the Mortgage Bankers Association. NAR sent a coalition letter to the National Economic Council urging a reduction in the Federal Housing Administration’s annual mortgage insurance premium to help low- to moderate-income and first-time homebuyers remain competitive in the housing market.
The More Homes on the Market Act, a bipartisan, NAR-endorsed bill recently introduced in the House of Representatives, would double the capital gains exclusion for sales of principal residences from $250,000 to $500,000 for single filers and from $500,000 to $1 million for married couples – and index these amounts for future inflation. While the bill is unlikely to move in 2022, it’s a great first step to build on next year when a new Congress convenes.
On September 30, the President signed a continuing government funding resolution that extended the National Flood Insurance Program (NFIP), among other measures, through December 16, 2022. The short-term resolution averted a government shutdown, funding federal agencies and extending several expiring programs.
Spearheaded by President Leslie Rouda Smith, NAR announced a partnership last month with the National Forest Foundation to plant 1.575 million trees – at least one for each REALTOR® – across the United States by the end of 2025.
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.
Santa Barbara Association of REALTORS® Rallies Voters Against Expensive and Ineffective Rent Control Proposals
Using the REALTOR® Party’s Advocacy Everywhere program, the Santa Barbara Association of REALTORS® mounted a member- and consumer-facing Call For Action that generated a 23% response rate in opposition to unreasonable rent control measures being considered by the City Council. Message heard, the city backed away from the objectionable proposals and instead initiated a Housing Crisis Ad Hoc Committee to continue studying solutions to the area’s housing challenges.
A “Decline to Sign” campaign led by Montana REALTORS® convinced voters to keep a damaging constitutional amendment proposal off the ballot, aided by polling and an Issues Mobilization Grant from the REALTOR® Party. While backers of the amendment sought to exploit public angst over residential property taxes, REALTORS® knew the measure would shift the tax burden to anyone buying property in Montana and disincentivize people from listing their homes for sale.
NAR’s recent housing affordability study inspired the San Antonio Board of REALTORS® to commission a local study of its own, with help from an Issues Mobilization Grant from the REALTOR® Party. The association then used the analysis of the area’s homestead tax exemption policies to convince city and county legislators to maximize tax relief for over-burdened homeowners.
With the help of a REALTOR® Party Placemaking Grant, the MIBOR REALTOR® Association and the Heart of Lebanon Main Street organization injected color throughout downtown Lebanon, Ind., with butterfly-themed artwork. The Catalyst for Change project celebrates what’s on the horizon for the City of Lebanon while invoking a sense of pride in the local community.
The Mark Twain Association of REALTORS® used a Placemaking Grant from the REALTOR® Party to help complete a railway-themed alley activation celebrating the history of Monroe City, Mo., and to jumpstart growth in the city’s downtown area.
Resources & Opportunities
Since 2008, NAR’s Growth Management Fact Book has provided REALTOR® associations a comprehensive look at modern growth management techniques. The latest version includes updates on tree preservation, neighborhood conservation districts, scenic districts and conservation easements, vacant property regulations, rental restrictions, inclusionary zoning, housing linkage, and accessory dwelling units.
Legislative and regulatory proposals that may harm property rights often arise quickly and require expert analysis. The Land Use Initiative will analyze planning and zoning-related measures that impact the transfer of real property to help state and local associations advocate on behalf of members. Learn how the Scottsdale Area Association of REALTORS® used the LUI to champion property rights and allow for future development.
Would you like the Community Outreach team to present virtually at one of your upcoming association meetings? Leadership and staff can learn ways to tackle community development and fair housing initiatives using a Housing Opportunity, Smart Growth, Placemaking, Rural Outreach, or Fair Housing grant.
Fair housing protects our livelihood as REALTORS® by ensuring that all qualified buyers in the market have access to the American Dream of homeownership. NAR’s ACT! Fair Housing Plan provides innovative fair housing trainings and resources to help you prevent discrimination in real estate. Visit NAR.realtor/fairhousing to learn more about these resources.