COVID-19 Impact on the Housing Market, By The Numbers, Success Stories, and More
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| February 11, 2020 |
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| Reflections on Wednesday, January 6 |
| As NAR recognizes Black History Month, we honor the legacy of great black leaders by carrying on their fight to eliminate housing discrimination, expand homeownership, and reduce wealth inequality. |
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| In equity was gained by the average American homeowner in 2020, according to research from ATTOM Data Solutions. Seller profits also increased in more than 90% of U.S. housing markets tracked last year, overall marking the highest equity gains for owners of single-family homes and condos since 2006. |
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| Real estate industry groups that joined NAR in a coalition working to maximize the distribution of $25 billion in rental assistance funding. Together, these organizations have called for electronic and paper application options to be made available while requesting additional clarity from the Treasury Department. |
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| Ago was the last time NAR’s annual existing home sales were as high as they were in 2020. NAR Chief Economist Lawrence Yun predicts the momentum will last through 2021, with more buyers expected to enter the market and economic conditions projected to improve. While inventory levels remain at record lows, home prices continue to post double-digit yearly gains. This stat is made even more critical by the fact that…. |
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| Additional minority households are expected over the next two decades, according to a January report from the Urban Institute. Between 2020 and 2040, researchers project about 16.1 million net new households will be created, including 8.6 million new Hispanic households and 3.3 million additional Black households. |
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| Was the average credit score of renters in 2020, a continuation of an upward trend among renter households. The average credit score of renters has been on the rise by one point each year since 2018, according to an analysis of more than 5 million lease applications nationwide by RENTCafe. |
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| The REALTOR® Party At Work |
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| Burbank Association of REALTORS® Defeats Threat of Extreme Rent Control, with Help From the REALTOR® Party |
| Well over 50% of Burbank, California’s population lives in rental housing, so a rent control measure on the November 3, 2020, ballot seeking severe restrictions on allowable annual rent increases, imposition of just cause eviction, and the creation of an autonomous commission with the ability to establish its own budget had huge implications on the region’s housing industry. The Burbank Association of REALTORS® responded by gathering a strong coalition to oppose the measure, and with help from the REALTOR® Party, conducted a powerful campaign to protect the rights of property owners. |
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| Bridge Association of REALTORS® Keeps Transfer Tax from Soaring with Compelling Campaign |
| The Bridge Association of REALTORS®, in the small but affluent city of Piedmont, California, fought against a bid by the city to increase real property transfer taxes in Piedmont’s higher than anywhere else in the state. With help from the REALTOR® Party, the association waged a public campaign and was successful in convincing residents to reject the measure on the November 3 ballot. |
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| Resources & Opportunities |
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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 the 52 markets. |
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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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| 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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