Tag Archives: NAR

Arizona, Real Estate

NAR Gets Woke – Will We All Go Broke?

REALTORS® who engage in hate speech or discriminatory conduct even outside of their real estate practice could face disciplinary action under the Code of Ethics. The National Association of REALTORS®’ Board of Directors on Friday approved a proposal intended to hold members to a higher standard of ethics in everything they do. The board meeting was held during the virtual 2020 REALTORS® Conference & Expo.

NAR President Vince Malta called the passage of the proposal “a monumental moment for NAR” in reaffirming its commitment to fair housing. The changes go into effect immediately but do not retroactively apply to members’ past activities or actions. REALTORS® who make discriminatory remarks, on their business or personal social media accounts, can be subject to disciplinary action.

NAR’s Professional Standards Committee first developed the new rules this past summer after nationwide social unrest following the death of George Floyd.

Local, state, and national REALTOR® associations reported receiving an “unprecedented” number of complaints about members posting hate speech on social media. “I applaud NAR’s Board of Directors and our Professional Standards Committee for their efforts to raise the bar on the professionalism and private speech of America’s 1.4 million REALTORS®,” Malta said Friday. “Combating and overcoming bigotry and injustice starts with each of us.

REALTORS® today took tangible steps to ensure we are held to the highest possible standard while providing a mechanism of enforcement for those who violate our new policies.” The new rules extend Article 10 of the Code, which already prohibits discrimination in professional services and employment practices, to include discriminatory speech and conduct.

Article 10 prohibits REALTORS® from discriminating on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. The new Standard of Practice, 10-5, will now state: “REALTORS® must not use harassing speech, hate speech, epithets, or slurs” against members of those protected classes. The board also approved a revision to NAR’s bylaws to expand the definition of “public trust” to include all discrimination against the protected classes under Article 10, as well as all fraud. Going forward, associations will be required to inform their state real estate licensing authority of final ethics decisions that hold REALTORS® in violation of the Code in instances involving real estate–related activities and transactions where there is reason to believe the public trust may have been violated. Prior to approval, the hate speech proposal was reviewed and thoughtfully debated by members.

Some suggested the Code shouldn’t change, and instead, the proposal should become a conduct suggestion. Others expressed concern that the new standard could be viewed as violating the First Amendment right to free speech. NAR, however, is a private association that is supported by member dues and, therefore, has the ability to impose ethical duties on its membership, according to FAQs from the Professional Standards Committee.

Other board members welcomed the no-tolerance policy against hate speech, saying that discrimination on the part of any real estate professional reflects poorly on the entire membership. Board member Maurice Hampton, speaking in favor of the proposal, said the nation’s 1.4 million REALTORS® are “not looked at as individuals. We are looked at as a whole. We have a fiduciary duty to protect the REALTOR® brand.”

Board member Boyd Campbell, echoing support for the proposal, said the policy should not be looked at as solely a race issue. It applies to protecting all classes outlined in Article 10 of the Code. “We have a choice to be a REALTOR®. And if you choose to be a REALTOR®, you have certain qualifications, characteristics, and duties that you have to fulfill,” Campbell said.

Any complaint alleging a violation of Article 10’s prohibition on hate speech can now be brought to a hearing panel at a local REALTOR® association. Members accused of violating the standard of practice will be given an opportunity to present their case and defend themselves before the hearing panel, which would weigh the specifics of the alleged violation, whether the comments were made inadvertently or unintentionally, and whether the member has any previous ethics complaints. NAR’s professional standards policies include a defined process of checks and balances to protect members and evaluate potential Code violations.

NAR’s Professional Standards Committee will continue to develop case interpretations to assist members and professional standards enforcement volunteers understand the Code. NAR has produced training and resource materials to assist leaders with understanding and implementing the changes and will roll those out in the coming weeks.

Source: In ‘Monumental Moment,’ NAR Cracks Down on Hate Speech | Realtor Magazine

My comment (which they wouldn’t post.)

I have to seriously consider remaining with an organization that is so averse to free speech. You know, the First Amendment in the Bill of Rights. Stupid is as stupid does. Get woke, go broke.

These are the same morons that thought we needed even bigger FHA loans in 2007, just before it all blew up harming millions of homeowners.

I will continue to express myself as I please and I don’t need big NAR brother to police my private life. F**k you! If you guys worried more about the membership & the public, and less about all of your expensive parties in DC & your foolish moralizing, we’d all be better off. Why should I pay $1,000/year for this BS? NAR – National Association of Reprobates.

I urge all of you fellow Realtors to vote with you wallet. Losing millions might end this idiocy. Meanwhile, I promise to physically harm anyone who even tries to take away my livelihood. God, you pompous a******s.

Yes, we’re talking to you: Charlie Oppler, Leslie Rouda-Smith, Kenny Parcel, Nancy Lane, Vince Malta, Leigh Brown, Tommy Choi, And Bob Goldberg. We know who you are, and we know where you live and work. Next time, let us vote on stuff like this, instead of just assuming you know best. You need us, we really don’t need you.

Real Estate

7 in 10 Homes Sold in Less Than a Month in September

The numbers: Existing-home sales increased for the fourth consecutive month in September, as the U.S. housing market benefitted from low interest rates.

Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up nearly 21%.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Lawrence Yun, the trade group’s chief economist, said in the report. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Economists polled by MarketWatch had projected existing-home sales to rise to a median rate of 6.36 million.

What happened: The fast pace of home sales has quickly dwindled the remaining supply of homes on the market, however. More than seven in 10 homes on the market in September sold in less than a month.

As a result, by month’s end the total inventory of homes for sale dropped to a 2.7 months’ supply, the lowest on record. A 6-month supply of homes is considered to be indicative of a balanced market.

Source: Existing-Home Sales Soared in September—7 in 10 Homes Sold in Less Than a Month | realtor.com®

Here in Mohave County sales are brisk with residential sales continuing in “boom” territory, and many sales are closed over the original asking price. It’s a feeding frenzy.

Land sales have picked up, and we’re seeing real appreciation for the first time in many years. Anything with a septic, or better yet a well is hot these days. Gotta go, there’s the phone again….Ben

Real Estate

Home Sales Stay Hot in August

Sales of previously owned U.S. homes remained brisk in August as low mortgage rates and demand for space in the suburbs sustained strength in a housing market that’s a bright spot for the economy.

Closing transactions increased 2.4% from the prior month to a 6 million annualized rate, the strongest pace since the end of 2006, according to National Association of Realtors data issued Tuesday. The figure matched the median estimate in a Bloomberg survey of economists.

Prices jumped 11.4% from a year earlier on an unadjusted basis to a record. While the increase in existing home sales in August was smaller than the record 24.7% jump a month earlier, the level is consistent with steady growth. The housing sector has been one of the strongest parts of the economic rebound, in part because of ultra-low mortgage rates, as well as cooped-up urbanites looking for homes and yards outside of city centers during the pandemic.

Source: U.S. Existing-Home Sales Increase to Fastest Pace Since 2006 – Bloomberg

Real Estate

Good News Again – Housing Starts Soar 22.6% in July

The numbers: Home-building activity has staged a significant turnaround from the coronavirus-related slowdown.

U.S. home builders began construction on homes at a seasonally-adjusted annual rate of 1.496 million in July, up 22.6% from the previous month and 23.4% from a year ago, the U.S. Census Bureau reported Tuesday. The pace of home building is now 7% down from the pre-coronavirus high.

Permitting activity occurred at a seasonally-adjusted annual rate of 1.495 million, up 18.8% from June and 9.4% from July 2019.

Source: Housing Starts Soar 22.6% in July as Americans Reenter the Housing Market in Droves | realtor.com®

It’s wild here as we are clearly in a “boom.” Sadly, land prices are just beginning to move up, primarily because the market is being driven by California and other big city refugees looking for immediate housing. Still, there are encouraging signs: same day land sales (we haven’t seen that for a long time,) multiple offers, and shrinking inventories are all contributing to somewhat more solid prices.

The lack of ready infrastructure is holding many folks back. Some would be more than willing to live temporarily in an RV, but just don’t want to start completely from scratch. Having a septic, or even a basic driveway are all helpful. A well  or utility power are hot sellers these days.

Meanwhile, it’s just startling to see how active the market is in the residential world. At least 50% of sales in Kingman are on the very first day of the listing. – Ben

(Photo: Realtor.com)

Real Estate

Record Low Interest Rates and Improving Economic Numbers

The already scalding-hot housing market is likely to heat up even more.

Mortgage interest rates continued their downward descent, hitting yet another record—largely thanks to the pandemic, and the resulting economic downturn, dragging on. Rates fell to just 2.88% for 30-year, fixed-rate loans in the week ending Aug. 6, according to Freddie Mac.

That’s the lowest rates have ever been since Freddie Mac began tracking them in 1971. They fell from 2.99% last week and are down from a higher 3.6% at the same time last year. “The mortgage rates are really fueling the [housing] market this summer,” says George Ratiu, realtor.com®’s senior economist.

Source: Mortgage Rates Fall to New Record Low ,Adding Fuel to Housing Market | realtor.com®

Real Estate

Real Estate Sales Roar in June

The housing market came roaring back in June, as low mortgage rates and increased economic activity helped push sales of previously owned homes up 20.7% from the prior month.

Demand was strong from apartment renters seeking more space, young families moving to the suburbs and wealthy city dwellers looking for second homes, brokers and economists say. At the same time, the supply of houses for sale remained low, as the pandemic has made potential sellers cautious about letting people tour their homes.

Existing-home sales rose in June to a seasonally adjusted annual rate of 4.72 million, the biggest monthly increase in records going back to 1968, the National Association of Realtors said Wednesday. The June sales marked a 11.3% decrease from a year earlier.

The median existing-home price rose 3.5% from a year earlier to $295,300, NAR said. There were 1.57 million homes for sale at the end of June, up 1.3% from May and down 18.2% from June 2019. At the current sales pace, there was a 4.0-month supply of homes on the market at the end of June.

Existing-home sales rose the most month-over-month in the West, at 31.9%, and in the South, at 26%, according to the NAR data.

Source: U.S. Existing-Home Sales Rose 20.7% in June

Meanwhile, we’re a part of those strong sales numbers here in Mohave County. Every day brings more sales, and we truly haven’t seen this much activity since the heady days of 2005-2007.

Land sales are greatly improved, and there finally is some upward pressure on land prices here in the Yucca area, but still too many properties that were purchased as tax liens, or inherited & where the owner doesn’t care about price, and just wants a fast sale.

What’s most encouraging to me is the interest from agents outside of the area, who have been mostly missing for years. The bad news is that many from outside of the area list out here with only a picture of a map and sketchy, missing, or incorrect data. It hurts the market as sellers become desperate over time, and are more inclined to accept fire sale prices. It seems unfair that poor service that hurts our market and sellers can be allowed, but such is the market today.

Real Estate

Pending Home Sales Soar 44.3% in May

Contracts to buy U.S. previously owned homes rebounded by the most on record in May, suggesting the housing market was starting to turn around after being hammered by the COVID-19 pandemic along with the rest of the economy.

Other data on Monday showed an improvement in manufacturing activity in Texas in June after three months of record or near-record declines in output. But surging infections of the respiratory illness in many regions, including the densely populated Texas, Florida and California, pose a risk to the nascent recovery. The economy fell into recession in February.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, surged 44.3%, the largest gain since the series started in 2001.

Still, contracts remain 10.6% below their level in February before businesses were shuttered in a bid to slow the spread of coronavirus, almost grounding the economy to a halt.

Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, rebounding 18.9% in May.

Pending home sales fell 5.1% from a year ago. Home resales tumbled to a more than 9-1/2-year low in May. Economists believe the housing market could emerge more quickly from the recession, which started in February, thanks to historic low interest rates.

Source: Pending Home Sales Rebound Record 44.3% as Homebuyers Rush Back Into Market | Newsmax.com

Arizona, Real Estate

Home Sales Down in May

Sales of previously owned homes fell 9.7 percent in May compared April, the third monthly decline, the National Association of Realtors said Monday.

Existing home sales are counted at the time of closings. So these would have been based on contacts signed in March and April, when most of the country was under instructions to stay at home and real estate showings were off-limits in many areas.

Compared with a year ago, home sales were down 26 percent. Home sales hit an a 13-year high in February but began plunging as the coronavirus discouraged shopping from home, public health officials told Americans to avoid unnecessarily venturing out of their homes, unemployment jumped higher amid mass layoffs, and many states and cities prohibited realtors from showing homes in person.

Previously-owned homes make up most of the housing market, although the sales have a smaller impact on gross domestic product because so much of the work on them has already been completed. Nonetheless, existing home sales can drive sales in appliances, furniture, and home improvement goods. And they remain an important barometer of household confidence and prosperity.

Each of the four major regions of the country witnessed dips in month-over-month and year-over-year sales, with the Northeast experiencing the greatest month-over-month drop, according to the NAR. The decline was worse than the 8.8 percent expected.

Many economists expect that low interest rates and the reopening of the economy will drive up sales in June and in the months to come. Real estate showings are once again permitted in most of the country. Home sales typically peak in mid-summer.

Source: Home Sales Plunged 9.7% in May as Coronavirus Lockdowns Kept Americans Indoors

Real Estate

Real Estate Listings Plummet in April – NAR

April is usually one of the busiest months for the housing market, as the spring home-buying season is well underway. Not this year. The novel coronavirus has dealt the real estate market a series of blows, starting with sidelining both buyers and sellers and worsening the already severe housing shortage.

The number of homes that went on the market plummeted in April compared with the previous year. New listings were down 44.1% nationally, according to realtor.com®’s Monthly Housing Trends Report. That affected the overall number of homes for sale, which was down by about 189,000 listings, representing about a 15.3% drop in housing inventory in April compared with the prior year.

Source: Number of Home Listings Plummeted in April as Coronavirus Took Its Toll | realtor.com®

And we’re busier than in years… Ben