Industry News
When the leadership of Miami REALTORS® brainstormed out-of-the-box responses to their region’s affordable housing crisis, their ideas ranged from housing teachers at school sites to constructing homes within parking garages. Ultimately, they decided to pursue an innovative solution: repurposing shipping containers into affordable dwellings. This initiative, supported by a REALTOR Party Community Outreach grant, involved developing two discarded containers into a 480-square-foot home on land contributed by the county. Over six years, they navigated regulatory barriers and effected significant improvements in the system, paving the way for future affordable housing developments.
Overcoming Regulatory Challenges
“The battleground of affordable housing is going to happen in the zoning and planning departments in all of our cities throughout the country,” says Miami REALTORS® 2022 Board Chair Fernando Arencibia, Jr. Danielle Blake, the board’s Chief of Commercial, emphasizes that the primary takeaway from the project was not the unit itself but the process. Their mission was to study the barriers to make this a viable solution for other builders.
The prototype, developed in partnership with NAR, Miami-Dade County, and the City of South Miami, was sold to a buyer whose income is 80% of the area median. By restrictive covenant, the property must remain affordable for a minimum of twenty years.
You and your clients feel it every day: the inventory crunch. Buyers are frustrated with too few options on the market, and you might be feeling stuck, wondering what you can do to make the situation better. You’ll find that your voice as a REALTOR® is one of the most important tools you have to create change for your clients.
That’s such an important concept to understand that the National Association of REALTORS® (NAR) is on a national Riding with the Brand tour to promote the collective power of REALTORS® in all 50 states. Get updates from the road. Drive With NAR host Marki Lemons Ryhal talks to two REALTORS® on both the residential and commercial sides of the business about the inventory issues in their communities and the action they’re taking to help fix the problem. Click here for the full podcast episode.
Several economic indicators are showing improvement, but the Fed warns that two more rate increases are likely this year. That has some economists concerned.Ending a cycle of 10 consecutive rate hikes, the Federal Reserve voted this week to hold off on another increase to its key short-term interest rate. The news fueled hopes that borrowing costs for home buyers could cool in the coming weeks, but only if the Fed continues to pause rate hikes. Mortgage rates are not directly tied to the Fed’s benchmark rate but are often influenced by it.
Here’s how you can help spread the word about the benefits of owning a home and support advocacy efforts to expand housing access.
Homeownership is a financial windfall for most households, with homeowner wealth soaring 40 times higher than renters. Over the last decade, most owners have earned more than $100,000 in equity, according to research from the National Association of REALTORS®. Homeownership has long been a primary avenue for building generational wealth and is a crucial component to closing the racial wealth gap in America.
