Voice for Real Estate 42: Condos, Young Buyers, Legal Help

Voice for Real Estate 42: Condos, Young Buyers, Legal Help


NAR urges the Senate to ease condo financing
The Supreme Court to will hear a land case – that matters
to you And young households are racing to the suburbs
These stories and more on The Voice for Real Estate
Hi, I’m Stephen Gasque with the National Association of
Realtors. Did you know buyers use FHA financing on fewer
than 10 percent of all condominiums in the United
States? That’s
because FHA requires at least half of all condominium
units to be owner-occupied—a tough threshold because
many owners rent their units out. But that’s not the only
issue. Under the current rules, FHA won’t let more
than 25 percent of the property be used for commercial
purpose, and, it requires condo boards to undergo
frequent expensive, time-consuming certifications. These hurdles are a problem for real estate
markets, because a condo purchase is typically one
of the most affordable avenues into homeownership. And that’s why
NAR is asking the Senate to pass a bill the House passed
just a few weeks ago. It’s called the Housing Opportunities
Through Modernization Act, and it makes safe, affordable
FHA condo financing available for more buyers than ever. . NAR Vice President Michael Labout, a branch
broker at ERA Shields Real Estate in Colorado Springs,
Colorado, has more. [QUOTE]
Once the bill passes the Senate, any differences with the
House bill will have to be ironed out and then sent to the
president, who is expected to sign it. [SWOOSH]
Question: what properties require a permit under the
Clean Water Act? It’s a tough question, especially because
the Environmental Protection Agency and the U.S. Army
Corps of Engineers have increased the jurisdiction of the
Clean Water Act. They want it to cover many more bodies
of water all across America. However – a federal judge has temporarily
blocked that – while the issue heads to the U.S. Supreme
Court. It’s a huge issue. Because as more bodies of water are
covered – more property owners often challenge the
federal government – about whether they have the right –
to invoke Clean Water rules – on private property. In the upcoming Supreme Court case, the justices
will look at whether landowners can sue the federal
government if they believe their land is NOT covered under
the law. Right
now, if the government says you’re covered, you can’t
challenge that without first going through an expensive
and time-consuming permitting process. NAR’s Russell
Riggs has more. [QUOTE]
The Supreme Court is expected to weigh in on this
important issue this spring. We’ll keep you – updated on
the issue. [SWOOSH]
Most Americans think it’s a good time to buy a home, but
among renters? That positive view is shrinking. That’s
according to NAR’s quarterly Housing Opportunities and
Market Experience—or HOME—survey. NAR Chief
Economist Lawrence Yun says Renters are disproportionately affected by rising prices,
because they can’t count on home equity to fund their down payment. [QUOTE]
Another NAR report finds — there’s no bigger home
buying group in the United States than millennials—those under 35 years of age. That’s the conclusion of the Home
Buyer and Seller Generational Trends report – just released
by NAR. It finds that Millennials make up 35 percent
of all homebuyers. For years we’ve talked about their
preference for urban living, but now that they’re buying,
most are choosing a single-family home in the suburbs. NAR’s Jessica Lautz has more. [QUOTE]
In another finding, 89 percent of millennials chose to work
with an agent on their purchase, a rate higher than that of
any other generation. [SWOOSH]
NAR wants all its members to know about a very powerful
ally they have, in important legal fights: NAR’s Legal Action
program. For more than 40 years, it’s been fighting
for private property rights, and fair business
practices – on behalf of brokerages, and state and local
associations of Realtors. Over the years, NAR has helped in hundreds
of cases, sometimes providing money to help a broker
or association cover legal costs, and sometimes
providing expert legal commentary. There are many reasons NAR might get involved
in a case. NAR Deputy General Counsel Ralph Holmen talks
about what the association looks for when an application
for assistance is submitted under its Legal Action
program. [QUOTE]
Learn more about the Legal Action program in a new video
from NAR Legal Affairs. [SWOOSH]
Home sales took a hit last month, dropping several
percentage points in February from the previous month. NAR Chief Economist Lawrence Yun says a continued
shortage of inventory remains a big problem, in many
markets around the nation. [QUOTE]
Despite the setback, the sales pace remains on track for a
solid year, with more than 5 million home sales expected. [SWOOSH]
What could be more important to you as a real estate
professional than serving your clients as well as you can? Well, the professionals who staff your state
and local associations of Realtors just completed the
2016 Association Executive Institute in San Antonio,
Texas. And
it was all about finding ways to serve you better. [QUOTE]
Big topics this year were the future of multiple listing
services, techniques for managing data, and protecting
brokers and MLSs from misuse of copyrighted listing
photos. (Swoosh)
And that’s our show for the week of March 21. You can get
more on everything we talked about today at The Voice
for Real Estate page on nar.realtor. Thank you for joining
us, and be sure to join us again as we bring you the latest
news on The Voice for Real Estate.

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