Biggest Factors Influencing the Real Estate Market Right Now
“We’ve seen a nearly 15% increase in home prices and 123 months of price gains. The market is still seeing a strong demand, but it’s leveling to a more normal pace,” said Dr. Jessica Lautz, vice president, demographics and behavioral insights, at NAR.
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New Year, New NAR Policy Updates
All Professional Standards changes are in effect as of Jan. 1, so they’re effective now. MLS policy changes are effective as of Jan. 1, but local Realtor®-owned MLSs have until March 1 to adopt the changes into their local rules. (Editor’s Note: That date has been moved to Sept. 1.)
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NAR Adopts Changes to MLS Policy
The changes ensure disclosure of compensation offered to buyer agents, ensure listings are not excluded from search results based on the amount of compensation offered to buyer agents and reinforce that buyer brokers do not represent their services as free. The changes take effect Jan. 1, 2022.
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Pittsburgh Realtor® Named Finalist for Realtor® Magazine’s 30 Under 30
A Realtor® since 2016, Brian Czapor said his biggest accomplishment thus far was earning a spot in the top 200 standings within the local multi-list by the time he was 22 years old, also breaking $10 million in sales in just his third year in the industry.
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Pandemic Contributes to Shifts in Real Estate Market
“More people are selling to be closer to family and friends,” said NAR’s Dr. Jessica Lautz. “Younger millennials’ reason for buying is to be closer to friends and family.”
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Pets Can Drive Buyers’ Choice and Location of Home
The National Association of Realtors® recent report found that 68% of Realtors® say that their clients’ decisions to rent or buy were influenced by the animal policies in that particular community.
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Majority of Sellers Haven’t Reduced Listing Prices During Pandemic
“In those states with a strict lockdown, such as in Pennsylvania, there are additional postponements of consumer decisions as many aren’t completely comfortable making a major expenditure without a physical visit,” said NAR Chief Economist Lawrence Yun.
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Pent-Up Demand for Homes Expected Following Pandemic
“Coming out of this, I believe we’re going to see a lot of pent-up demand. People will have spent a lot of time in their homes, thinking ‘how can I remodel?’ or ‘I really need to move to find another home that works better for my family’,” according to Dr. Jessica Lautz, vice president of Demographics and Behavioral Insights at the National Association of Realtors®.
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NAR Offers Products at Reduced and No Cost
NAR is relaunching the Right Tools, Right Now program, which was originally offered during the financial crisis, as a result of the COVID-19 pandemic.
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NAR’s Center for Realtor® Financial Wellness Offers Advice on Financial Security for Realtors®
The Center for Realtor® Financial Wellness online platform includes an interactive site with step-by-step guides to help members achieve financial security through planning and diversifying their savings. Free monthly webinars and upcoming live events are also available.
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