Industry News
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.
However, barriers are preventing the homeownership rate for Asian Americans and Pacific Islands from stretching even higher, according to the Asian Real Estate Association of America.
The homeownership rate among Asian Americans and Pacific Islanders has seen a “remarkable surge”—now over 60%—but the affordability crisis is threatening further gains for this community, according to the 2023 State of Asia America Report released by the Asian Real Estate Association of America. Fully unlocking this segment of eager home buyers will require policy changes and extra attention to key issues that are holding back further progress, says Sharon Wong, president of the Chicago chapter of AREAA.
