National Association of REALTORS® Priority Issues: August 2024
The National Association of REALTORS® has released their Priority Issues for August 2024.
If you’d like to take a look CLICK HERE.
REALTORS® serve residential and commercial property buyers and sellers in every zip code. Members of the National Association of REALTORS® provide critical support to consumers, serving as a trusted advisor through one of the biggest financial decisions of their lifetime.
With current market challenges like rising prices and low inventory, as well as shifting trends in commercial real estate, those seeking to buy or sell a home or open or expand a business know they need a REALTOR® by their side.
Today’s Real Estate Market: Quick Facts
- Considering the historical average level of housing construction and the 14 years of underproduction, our country still lacks 4.7 million homes.
- Middle-income buyers are feeling the inventory shortage the most. About 376,200 listings in the price range of $250,000 and under are missing from the market.
- Homeownership greatly enhances family net worth. Homeowners have 40 times the net worth of renters. Home equity and retirement accounts represent over 60% of households’ net worth.
- In the last decade, middle-income homeowners have accumulated more than $125,000 in wealth due to price appreciation alone.
- Real estate represents 17.8% of U.S. GDP. Each home sale produces $125,000 in local economic activity and generates two jobs.
- In 2023, state and local governments collected more than $760 billion in property tax revenue. Property taxes accounted for 37.6% of state and local tax receipts.
- Real estate professionals are vital to thriving communities. 88% of REALTORS® are independent contractors at their firms and 65% are women, using their professional expertise to help consumers navigate the intricacies of real estate transactions
