There are many signs of strength in the real estate market driving consumers today and looking ahead in 2016, the National Association of REALTORS® aims to maintain the momentum by staying focused on legislation and preserving key tax provisions that will continue supporting its consumers, said 2015 NAR President, Tom Salomone, in his Presidential Agenda held at the 2015 National Association of REALTORS® Conference & Expo.
“We’re fighting to keep all the tax provisions related to real estate the way they are. We continue to support the Mortgage Debt Tax Relief Act that expired in 2014. It’s critical to support families, and NAR hope to see the measure renewed and retroactive to January 1 of this year,” said Salomone.
While the NAR will continue to work closely with the CFPB to make sure that rules that went into effect in October are being carried out, Salomone ensured that the work at NAR goes far beyond Washington. NAR will continue to make sure REALTORS® have the info, knowledge and tools to help clients achieve the dream of homeownership.
“REALTOR® members are the driving force helping people achieve that dream,” said Salomone. “We are even prouder that the work of a REALTOR® doesn’t stop at the closing table. We’re committed members of our communities, putting in tens of thousands of hours of service each year.”
NAR will continue to encourage members to get involved and give back in those communities, as part of its 2016 partnership with the Boys & Girls Clubs of America.
Millennials will also remain a top priority in real estate heading into the new year. According to NAR’s generational survey, Salomone said millennials make up 32 percent of homebuyers in America. “Reaching out to young homebuyers will be a priority for NAR as we continue to highlight the benefits of homeownership and having a REALTOR® by [the clients’] side every step of the way.”
Student debt will still be a major reason why lots of younger people are renting – not because they want to renting, but “because their student debt will throw their ratios out of whack with their banks,”said Salomone. Looking forward, NAR will continue to work with the banks to talk about what their qualifying requirements are going to be.