We’ve got some hot news from Capitol Hill that’s shaping the future of homeownership. Let’s take a look at the latest updates and what they mean for you.

Before we get into the details of what is happening on Capital Hill lets take a look at what the NAR Code of Ethics is.

“It is the duty of the REALTOR” to protect the public against fraud, misrepresentation, and unethical practices in real estate trans- actions. He should endeavor to eliminate in his community any practices which could be damaging to the public or bring discredit to the real estate profession”.

This ethic is close to our hearts.

Policy Forum Highlights Housing Legislation

At the recent NAR Policy Forum in Washington, D.C., lawmakers and industry experts came together to discuss crucial housing legislation. Proposed acts like the More Homes on the Market Act aim to boost homeownership by incentivizing home sales and rehabilitating properties. With NAR’s backing, these bills could pave the way for increased housing affordability.

Bipartisan Support for Housing Solutions

There’s bipartisan recognition of the need for housing reform. Legislation like the Yes In My Backyard Act, supported by Senator Todd Young, aims to increase affordable housing production. With growing concerns about housing accessibility, lawmakers are pushing for solutions to ensure everyone has a shot at homeownership.

Challenges and Solutions in Real Estate

Despite progress, challenges remain. High home prices and soaring interest rates pose barriers to affordability. Zoning and land use reforms are proposed to enable denser building and manage rising costs. Additionally, appraisal reforms and tax incentives for small businesses aim to support construction financing and make homeownership more accessible.

The Future of Homeownership: Optimism and Challenges

Keynote speaker Gary Acosta at the NAR policy forum highlighted the optimism and challenges in today’s housing industry. With the Hispanic homeownership rate on the rise, there’s hope for increased homeownership. However, economic headwinds and a lack of inventory threaten affordability, emphasizing the urgent need for action.

We’re closely monitoring these developments to ensure your homeownership dreams stay within reach. At Brazoban Realty, we’re here to guide you through these changes. Drop us a comment below and let’s continue the conversation!

Sources:

National Association of Realtors®, February 14, 2024

National Association of Hispanic Real Estate Professionals (NAHREP), February 14, 2024