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NAR Update: Key Issues Before Congress

Several issues have emerged in the early stages of Congress that are of critical importance to REALTORS®. Click here for a short summary on each of these issues:

  • Tax Reform, with a possible increase in the standard deduction which could reduce the relevance of the mortgage interest deduction (Legislation projected for late summer, 2017)
  • National Flood Insurance Program Reauthorization, since current program expires at the end of September (Legislation projected for late spring, 2017)
  • Government Sponsored Enterprises Reform, including restructuring of Fannie Mae and Freddie Mac (No projected legislation start date)
  • GSE Guarantee Fees, with goal of reducing high G-fees (Legislation has been introduced in the House; not sure whether similar legislation will be introduced in the Senate)
Congress is in recess April 10th - 21st. Stay tuned for more updates later this spring. 
 
April is Fair Housing Month
April 2017 marks the 49th anniversary of the 1968 landmark Fair Housing Act, which prohibits housing discrimination and draws attention both to the challenges that remain in housing and the progressive achievements to ensure Americans equal access to housing options. Because community is so central to the work and lives of our members, REALTORS® are key champions of 'inviting and sustaining diversity'. Communities with broad opportunity and inclusion are the most vibrant. Please take time this April to join REALTORS® and community leaders in promoting neighborhood diversity and revitalization.
 
Millennials Top All Home Buyers

For the fourth year in a row, millennials comprised the largest number of recent home buyers: 34% millennials (buyers 36 years and younger); 30% baby boomers (buyers 52-70); 28% Generation X (buyers 37-51); and 8% the silent generation (buyers 71-91). The National Association of Realtors' recently released 2017 Home Buyer and Seller Generational Trends study reveals that more millennials are buying outside the city; student debt is common among Gen X and boomer households; and a growing number of millennials and younger boomer buyers have children living at home.

All but the oldest of buyers started their home search online. All generations typically looked at 10 homes over a 10 week period. Eighty-eight percent of purchases were financed.

Regardless of age, buyers and sellers continue to rely on real estate agents and brokers. In the 2017 study, nearly 90 percent of buyers and sellers worked with a real estate professional. 

 
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