REALTORS® Reshape 2023 Housing Landscape: Key Wins and What They Mean for You
2023 has seen the REALTORS® take center stage in the housing market, securing pivotal wins that make homeownership more attainable. From advocating for reduced mortgage fees to protecting property rights in court, their relentless efforts are reshaping the landscape of real estate, ensuring that the dream of owning a home remains vibrant and achievable.
Kenny Parcell, 2023 NAR President
Championing Homeownership Dreams
Making Dreams a Reality: 2023 has been a whirlwind year for the housing market, and the REALTORS® are at the forefront, ensuring that the dream of owning a home isn’t just a dream. They’ve scored some significant wins in the first half of the year with their relentless efforts.
Mortgage Insurance Gets a Boost: Thanks to the combined efforts of Vice President Kamala Harris, HUD Secretary Marcia Fudge, and the NAR, future homeowners can celebrate a 30 basis point reduction in mortgage insurance premiums.
No More Confusing Fees: The FHFA has ditched its proposed fee on borrowers with high debt-to-income ratios. This win came after NAR’s President Kenny Parcell stood up against these fees in a U.S. House panel.
Big Moves for Multifamily Loans: The Federal Housing Administration has upped the game by increasing the threshold for Large Multifamily Loans from $75 million to a whopping $120 million. Plus, there’s a chance for annual increases!
Protecting Renters and Housing Providers: NAR teamed up with the Institute of Real Estate Management to voice concerns about proposed tenant protections. Out of the thousands of comments submitted, REALTORS® made up nearly 40% of them.
Digital Notarization: The House has given the green light to the SECURE Notarization Act, paving the way for nationwide use of remote online notarization.
Health Plans for All: With the passing of the CHOICE Arrangement Act, more Americans, especially those in the real estate industry, will have better access to health plans.
Protecting Your Property Rights
Your Home, Your Rights: REALTORS® have fiercely defended property rights in court.
Building Equity Safely: The Tyler v. Hennepin County case, backed by NAR, confirmed that homeowners have a constitutional right to the equity they build in their homes.
More Transparent Building Regulations: The Sackett v. EPA ruling clarified the rules for building on personal land under the Clean Water Act.
Empowering Local Initiatives: The REALTOR® Party is making waves in communities, supporting real estate champions nationwide.
Community Outreach: A staggering 350 state and local association grant requests were approved, showing a 77% increase from last year.
Supporting Housing Initiatives: Over $4 million in grants have been used to support various housing initiatives across states.
Advocacy in Action. Taking the Fight to Congress: REALTORS® are not slowing down. They’re taking key housing priorities straight to Congress, advocating for acts incentivizing homeownership, promoting neighborhood stability, and ensuring fair housing for all.
The Future of Homeownership: As we move forward, REALTORS® remain committed to championing policies that make the American Dream of property ownership a reality for many more. Dive deeper into their current priorities and ongoing advocacy efforts on their website.
Remember, the dream of homeownership is alive and well, and with the relentless efforts of REALTORS®, it’s becoming more achievable than ever!
REALTORS® will continue to press for policies that make the American Dream of property ownership possible for more people. Read more about NAR’s current priorities at NAR.realtor/PriorityIssues and all the issues NAR is engaged on at NAR.realtor/AdvocacyAtoZ.