Voice for Real Estate 72: Flood Insurance, CEO, Sustainability, Commercial

The latest Voice for Real Estate news video from NAR looks at close cooperation between House Financial Services Committee members and NAR in getting improvements made to flood insurance reauthorization. The insurance program expires at the end of September and lawmakers took an important step to renewing it by protecting homeowners from big rate increases should the flood map in their area change. They also capped how much rates can go up at any one time. The bill still needs to be taken up on the House floor. The video also looks at NAR’s sustainability summit, the latest home sales figures, NAR’s commercial member profile, and a call by new NAR CEO Bob Goldberg to get member input as he leads the association into the future. Access and share the video. 

Featured Segments

Flood insurance
Sustainability
Commercial agent income
Home sales
Agent safety
New NAR CEO

Transcript

Lawmakers agree with NAR on flood insurance

Commercial Realtors are making more money

And NAR’s new CEO wants your feedback

These stories and more on The Voice for Real Estate.

Hi, I’m Stephen Gasque with the National Association of Realtors.

Long-term, comprehensive federal flood insurance reform has cleared an important hurdle -- thanks to close cooperation between NAR and lawmakers in Congress. After working together for several weeks, lawmakers on the House Financial Services Committee agreed to NAR’s request that existing homeowners not be penalized -- if the flood map of their area changes. That protects them from sudden, large premium increases. Lawmakers also agreed to limit HOW MUCH premiums can increase at any one time. NAR’s Ken Wingert has more.

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Now – the flood insurance bill heads to the full House for a vote. Once that happens, it’s the Senate’s turn. We’ll let you know how these votes unfold.

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Commercial real estate agents and brokers are making more money. NAR just released its 2017 commercial member profile and found the income of commercial real estate professionals jumped more than 11 percent last year, from $108,800 in 2015 to $120,900 in 2016. And the typical transaction volume jumped as well, from about $2.9 million to 3.5 million, an increase of more than half a million dollars. Here’s NAR’s Jessica Lautz with more.

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You can access the brand new report by searching “2017 commercial profile” on nar.realtor.

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More homes than ever are energy efficient! That’s good for the environment and people’s pocketbooks, because households spend less on energy. Communities are becoming more energy efficient, too, thanks to the rise of LED street lighting and other technological advances. To help ensure your views as a Realtor stay front and center as we see more of these advances, NAR hosted a sustainability summit in Washington last week. Dozens of experts in technology, planning, real estate, and other fields put their heads together on how to make these rapid changes work in tandem with what homeowners and commercial property investors want.

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Recent NAR research shows that 71 percent of real estate professionals say it’s valuable to promote listings as energy efficient… and more than 40 percent say solar panels help increase a home’s value.

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Mixed signals on home sales. The latest existing home sales figures are down 1.8 percent, to a sales pace of about 5.5 million units.

But pending home sales? They’re up! By 1.5 percent, according to NAR’s forward-looking pending sales index.

In fact, the nation’s real estate markets have been moving up and down, all year. The reason? There simply aren’t enough homes for sale for the market to take off. Here’s NAR Chief Economist Lawrence Yun.

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Despite the challenges facing home sales, more Americans are becoming homeowners. The U.S. Census Bureau last week released its latest homeownership data and the result is an increase in the national homeownership rate, to 63.7 percent. That’s an increase of almost one percentage point in the past year.

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Now as we all know, safety is a matter that no real estate professional can ignore. Sometimes a routine meeting with someone we think is going to be a new client is actually something quite different.

Carl Carter, Jr., a sales associate with EXP Realty in Little Rock, Ark., is the son of Beverly Carter, a real estate professional whose life was taken in 2014 by a couple that claimed they were looking to buy a home. In memory of his mother, Carter launched a foundation earlier this year to help make safety a part of every real estate professional’s daily practice. He spoke about that on the latest Takeaway with Nobu Hata podcast.

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You can get information on the foundation by going to beverlycarterfoundation.org. And NAR has safety resources for agents on the Realtor safety page at nar.realtor.

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Do you have ideas for how NAR can help you stay central to the real estate transaction even as technology changes the way you do business? NAR’s new CEO, Bob Goldberg, in a video he released on his first day on the job, says he wants your ideas for meeting the challenges that lie ahead.

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If you want to share your ideas, go to facebook.com/realtorsCEO or search “Bob Goldberg” on Linkedin.com.

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And that’s our show for the week of July 31. You can get more on everything we talked about today on The Voice for Real Estate page on nar.realtor. Thank you for joining us and be sure to join us again as we share the latest news on The Voice for Real Estate.

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