Earlier this month, while members of the National Association of REALTORS® met with Congressional representatives in Washington, D.C., 31 of the organization's leaders traveled across the country, not literally, but virtually.
The NAR media tour, titled “Real Estate and Housing Market Trends After Summer,” matched NAR leadership team members, regional vice presidents, and state and local leaders with television and radio reporters from around the country.
The one-day tour, conducted from the Walter E. Washington Convention Center, used virtual station connections, satellite connectivity, and on-site camera, lighting, and audio production capabilities, reaching 332 broadcasts and nearly 11 million viewers. It created an audience. Mantil Williams, NAR Vice President of Public Affairs and Communications. More importantly, he spoke to local, state and national leaders about NAR's latest Metropolitan Home Price Report, which tracks median prices in 221 metropolitan areas and reinforces the value of working with a REALTOR® agent. It gave me the opportunity to do that. This tour is part of his NAR's aggressive representation campaign, providing NAR members with content and context that highlight his REALTOR® differences in the local market and nationally.
“Memphis looks good,” Regina Hubbard, president of Tennessee Realtors®, told Andrew Douglas on Action News 5 on the city's NBC station, WMC-TV. “We expect sales to increase through the spring and summer months. The median sales price was $272,400, an increase of approximately 1.4%. [year over year]”
Memphis brokers Hubbard, ABR and RENE reminded Action News viewers that there are “a lot of moving parts” to a real estate transaction. Working with an agent gives buyers an advantage. “We know what's going on in that market. We know the process. We know the format and disclosure,” she said. “We want our clients to know their stuff and have things taken care of in a timely manner. If we don't, it can be quite costly for them.”
In a report from the New York metropolitan area, where the median price is $663,000, up more than 18% from a year ago, Bronx Net's Kivin Alleyne tells NAR Regional Vice President Jennifer Stevenson that some We asked young people about their feelings about not being suitable for shopping. they.
“I primarily work with first-time buyers on the market,” said Stevenson, of broker ABR, PSA in Ogdensburg, New York. “It's a little expensive,” he said. .. When you buy a house, it's yours, and every time you make a payment, you're putting money in the bank for yourself. You are building equity in that house. And we're seeing a lot of our younger buyers actually share their homes. They are recruiting roommates to reduce the impact on salaries. They are still navigating and still functioning. It's just a different way of doing things. ”
At about the same time, about 1,700 miles southwest of New York and 645 miles southwest of Memphis, Trevor Scott, host of “We Are Austin” on CBS affiliate KEYE-TV in Austin, Texas, was talking to TV show chairman Jeff I was talking to Con. Texas REALTORS® Board.
“The last few years have been a roller coaster in the local real estate market,” Scott said. “What trends are we seeing this spring? And what can we expect for the second half of the year?”
“There are more homes on the market this spring than last year,” said Conn, a Houston commercial worker, CCIM, C2EX. “The last few years have been a little tough for people looking to buy a home in the Austin area. But there's more inventory on the market, and in fact, for the first time in a decade, we've reached a four-month supply of inventory. …which means consumers just like you have more options when looking for a home.
“The median price is $467,000, which is very similar to 2022 prices,” Conn added. “But as our viewers remember, from 2020 to 2022, prices rose very quickly. So it's a good thing that they've slowed down. Interest rates are still high. We have to deal with it, but it's good that prices aren't rising as quickly while people are looking to buy their next home.”
“I don’t care who you are,” Scott said. “This is not a climate you can overcome on your own.”
“It was a no-brainer,” Conn said. “It doesn't have to be completely stressful. Find a trusted real estate agent who is a REALTOR® to help you complete the process.”
