REALTORS® tackling supply, affordability challenges; agents also working to nix barriers for home buyers
NAR members live with the challenges every day: Low inventory, high prices, and, more recently, rising interest rates have dramatically cut into buyers’ spending power. Soaring rents and other factors make it difficult for many people to save or qualify for their first home. Meanwhile, local regulations, combined with material and labor shortages, are suppressing the production of new homes. Estimates of the housing supply shortage are from 4 million to 6 million units nationwide.
As a result of all these factors, housing affordability has reached historic lows. As of April 2023, only 23% of listings were affordable to households earning the median income of $75,000 or lower. Compounding the challenge, America’s decades-old housing finance system doesn’t meet the needs of many creditworthy borrowers. Click here to read the full article.
REALTOR® members can apply to a 2024 Committee and help shape the direction Nevada REALTORS®. Now through September 30, members may submit their applications in order to be considered for a committee member position.
NVR members are encouraged to submit multiple requests in order to be considered for all committees they have an interest in serving on. However, members will only receive limited appointments, per current policy. Applications are compiled for review by NVR Officers during the association’s committee selection process.
To the extent possible, the composition of committees shall be representative of the general membership. While broad-based representation is desirable, this should not be construed as limiting the president from appointing the most knowledgeable and competent individuals available to serve on committees. Click here to apply for a Nevada REALTORS 2024 Committee.
Conventional wisdom says you need a 20% down payment to buy a house, but let’s face it: That sum can be daunting, particularly for first-time homebuyers who don’t have a pile of cash from a property they have just sold.
The good news is that the average down payment for first-time homebuyers can be as low as 3.5% depending on what type of mortgage you get or grants programs you are eligible to apply for. Even still, coming up with a decent amount of cash when you’re first starting out can be tough. Thankfully, there are a number of first-time homebuyer programs aimed at helping you get a loan. Click here to learn more.