10,000 REALTORS® from across the country met in Washington DC to get training, conduct their annual meeting and most importantly advocate for the real estate industry and property rights.
The three most important issues addressed by the industry were tax reform, National Flood Insurance and sustainable homeownership. The National Association of REALTORS® is a powerful voice representing not only more than a million REALTORS®, but tens of millions of homeowners.
The message on tax reform was that we need tax reform but it must not do harm to homeownership. Thus, REALTORS® want to preserve the mortgage interest and property tax deductions. In addition to tax revenue, homeownership provides social benefits to communities, increasing neighborhood stability and community involvement. REALTORS® are also in favor of maintaining 1031 Like-kind Exchange provisions which allow a seller to reinvest into another property increasing economic growth and job creation.
Authority for the National Flood Insurance Program expires on September 30, 2017 which will jeopardize 40,000 home sales a month. REALTORS® urged Congress to pass a multiyear re-authorization to avoid uncertainty in the real estate market. They also encouraged Congress to enable consumers to meet federal requirements with private plans, which are currently offering better coverage at a lower cost. Additionally, there is a need for modern mapping technology to unburden property owners of amending maps with expensive surveys.
REALTORS® also expressed the need to protect sustainable homeownership by responsibly reforming the secondary mortgage market to ensure that qualified borrowers have access to affordable financing. Dismantling Fannie Mae and Freddie Mac without identifying a viable replacement would put the 30 year mortgage and thus homeownership for many at risk. Another concern is Congress’ use of mortgage guarantee fees to offset the cost of legislation unrelated to housing. These fees which are charged to lenders increase borrower’s costs and unfairly burden homebuyers to cover unrelated federal spending.
The issues REALTORS® brought to Congress this week are vital to homeowership, which has always been a cornerstone of our nation and differentiates the US from many countries around the world. This is why the Preamble to the REALTOR Code of Ethics begins:
“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. Realtors® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment. Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which Realtors® should dedicate themselves…”
It was an honor to attend the 2017 NAR Legislative Conference with the dedicated and committed leadership from the local Upstate Alliance of REALTORS® and Indiana Association of REALTORS®.
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.
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