The Voice for Real Estate: August 5, 2019

The REALTOR® profile is getting larger on Chicago's Magnificent Mile, foreign purchases of U.S. homes dropped significantly in the last 12 months, and young real estate professionals are getting soaked for a good cause. Hear these stories and more in our show for the week of Aug. 5, 2019. This week's video is sponsored by the REALTOR Benefits® Program.

The Voice for Real Estate: August 5, 2019: Transcript

The REALTOR® profile will soon be raised along the Chicago skyline.

A new NAR report shows a big decrease in foreign purchases in the United States.

And a fun summer fundraising challenge starts with a splash.

All this and more – on The Voice for Real Estate.

The Voice for Real Estate is sponsored by NAR’s REALTOR Benefits® Program. Your official member benefits program. Bringing you savings and unique offers on products and services, just for REALTORS®.

Learn more at nar.realtor/realtorbenefits.

Hi, I'm Stephen Gasque, with the National Association of REALTORS®.

[SWOOSH]

It’s one of the most visible "REALTOR® Rs” in America, and soon millions of people will see it in a brand new way. 

The REALTOR® building on Chicago’s Magnificent Mile, will soon display a brand new, and very big REALTOR® R!

Part of NAR’s 10-year Master Vision Plan for its Chicago headquarters. 

Phase 1 of the project is nearing completion, and among those celebrating is Connecticut REALTOR® Linda St. Peter, chair of NAR’s Real Property Operations Committee.

[QUOTE]

You know, we have the opportunity as a brand to really be face forward in terms of greening our own space and looking at things from sustainable materials, energy efficiencies, all of those things

On July 30, St. Peter joined NAR Treasurer John Flor, Chicago Alderman Brendan Reilly and others for a rooftop ribbon cutting.

[QUOTE]

Overall as an investment, it’s a really positive thing for our membership. Plus it updates, renovates and gives us a proud new home here on North Michigan Avenue for all of our members to be proud of. 

Chicago’s Magnificent Mile gets more than 50 million visitors every year. And soon when they look up? They’ll see - that brand new REALTOR® R!

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June home sales are in the news. The National Association of REALTORS® reports that existing-home sales experienced a modest drop of 1.7% month over month and 2.2% year over year. 

Next pending home sales, which represent contracts that have been signed but which have not yet gone to closing. And better news here - as Pending Home Sales rose 2.8%, in June, compared to May. 

But perhaps the biggest development in home sales. Fewer foreign buyers are purchasing homes in the United States. 

That’s according to a new report from NAR Research, which found a 36% decline in foreign purchases of U.S. residential real estate over the past year.

We asked NAR Chief Economist Lawrence Yun what’s behind the numbers and whether there’s a connection between the slowdown in foreign buyers and recent declines in existing home sales.

[QUOTE]

Given that the international buyers cut back by more than 30%, and last year we saw the home sales also decline - if the international buying activity had been normal, and maybe just a small gain, we would have seen overall gain in national home sales.

Although the amount of foreign investment was down, the top markets for foreign investors did not change with Florida and California at the top of the list.

You can see highlights and download the report at nar.realtor.

[SWOOSH]

Everyone remembers the ice-bucket challenge, which raised more than $100 million for ALS research. Maybe you were one of those who got soaked with ice water for a good cause!

Well, young real estate professionals in Citrus Valley, California, have now put their own twist on it, creating the Summer Cool Down Splash Challenge to raise funds for the REALTORS® Relief Foundation. 

[QUOTE]
We are super excited today cause we’re going to be launching our Summer Cool Down Splash Challenge to raise money for REALTOR® Relief Fund. And what that is is:

REALTOR® Relief Fund helps REALTORS® nation-wide. 100% proceeds will go directly to that.

These members of the Citrus Valley Association's Young Professionals Network were moved by the work of the foundation, which provides housing assistance to disaster victims, including those left homeless by wildfires in California.

This year alone, the foundation has pledged more than $1.5 million in assistance for residents in seven states affected by tornadoes and flooding.

[QUOTE]

Here in Dayton we just experienced a bunch of Tornados that hit the Miami Valley region and other parts of Ohio, and it’s been absolutely devastating. We’ve lost thousands of homes and people are struggling - but luckily the REALTOR® foundation just awarded over $300,000 to Ohio REALTORS® to disperse to help these families out. So, I am a big fan of this foundation.

Well, now the challenge has gone viral, with REALTORS® all around the country donating a minimum of $20 to the foundation and nominating their friends to follow.

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You can watch their videos – and post your own – using the hashtag #ypn4rrf.

Then, make your donation at nar.realtor/RRF.

And remember, one-hundred percent of all the money you donate goes directly to disaster victims.

[SWOOSH]

And that’s our show for the week of August 5th! You can find more about everything we discussed today at nar.realtor.

And, a look ahead. Our next show will take you inside NAR’s Innovation, Opportunity, & Investment Summit, which will be held Aug. 21-22 in Seattle. And there’s still time to register!

Until then, thanks for joining us, and we hope to see you again soon, as we bring you the latest news on The Voice for Real Estate.

Brought to you by the National Association of REALTORS® - your advocate for housing and property rights in Washington, across America, and in your neighborhood. 

This is the voice for Real Estate.

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