Latest News
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Housing Shortages Impact REALTORS® Closing Deals
A housing shortage is causing difficulties for REALTORS® in finding suitable listings for their clients. The lack of inventory, which reached its lowest level since 1999 in 2022, is making it challenging for agents to serve their clients effectively. A recent NAR report indicates that 30% of the over 1.5 million REALTORS® in the United States are struggling to find appropriate housing options due to the limited supply. The housing market is currently experiencing high demand, with homes selling rapidly. In May, 74% of properties sold in less than a month, and the average time on the market was only 18 days. Each listing received an average of 3.3 offers during this period. The shortage of available properties is compounded by potential sellers hesitating to trade their existing low mortgage…
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Idaho REALTORS® Good Neighbor Award
The Idaho REALTORS® Good Neighbor Award is a new award that recognizes REALTORS® who have made an extraordinary impact on their community through volunteer work. To be eligible, nominees must be members of Idaho REALTORS® in good standing and should have made a significant impact as a volunteer for a nonprofit organization. The award focuses on the level of personal contribution, the impact of personal contribution, the broadness of impact, and the project’s suitability as a role model for other REALTORS®. Nominees can document the results of their individual involvement through published reports and/or testimonials from the organization they served or the people they helped. The award is intended to recognize individual contributions, not the association- or company-wide efforts. Nominations must be accompanied by a completed entry form and received…
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Accepting IR ROTY 2023 Nominations!
Accepting Idaho REALTORS® REALTOR® of the Year 2022 Nominations!
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Existing-Home Sales Edged Higher in May
In May, existing-home sales showed a slight uptick of 0.2%, reaching a seasonally adjusted annual rate of 4.30 million. This, however, represents a 20.4% dip compared to the previous year. Meanwhile, the inventory of unsold existing homes increased by 3.8% from April, amounting to 1.08 million, equivalent to a three-month supply at the current sales pace. The median price for all housing types in May was $396,100, a 3.1% decrease from May 2022. Properties were typically on the market for 18 days in May, two days fewer than in April. First-time buyers accounted for 28% of sales, a slight drop from April. In the Western United States, existing-home sales rose 2.6% from the previous month to an annual rate of 790,000 in May, down 25.5% from one year ago. The…
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NAR Study Highlights Housing Shortage’s Impact on Middle-Income Buyers
A recent study conducted by NAR sheds light on the housing shortage and its disproportionate effects on middle-income buyers. The research reveals that the national market lacks more than 300,000 homes within price ranges affordable for this buyer segment. These homes, valued up to $256,000, fall within the affordability range for households earning up to $75,000 per year. Consequently, middle-income buyers face intense competition when searching for suitable homes, exacerbating their challenges in building wealth through homeownership. The report further emphasizes the persistent issues of low inventory and affordability, particularly affecting certain racial and ethnic groups. Currently, middle-income buyers can afford less than a quarter (23%) of all listings nationwide, compared to 50% five years ago. Although there has been a slight increase in inventory from the record lows of…
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Data Privacy Responsibilities for REALTORS ®
As the real estate industry increasingly shifts towards digital transactions, professionals are handling a substantial volume of digital client information. The enforcement of data privacy laws is intensifying, highlighting the critical importance of correctly managing this data. While no federal laws specifically regulate data privacy in real estate, many states are adopting comprehensive laws to protect consumers’ personal information, granting them rights to control their data. Alongside these emerging laws, data breach notification rules are now active in nearly all states. Businesses are required to alert individuals when their personal data may have been compromised. States have also introduced data disposal laws, obligating businesses to appropriately handle the disposal or encryption of personal information, ensuring privacy protection. REALTORS® must take their data collection responsibilities seriously, considering the increased potential for…
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Local Government Affairs Committees
Congratulations! Whether you are starting a government affairs committee or strengthening existing efforts, you are taking significant steps towards being a trusted and influential voice on all things real estate in your community. The fact is there is no offseason in politics. Policies that impact our industry and the people we serve are being developed every day at the city, county, state and national level. Having an effective government affairs committee will empower your association to help meaningfully shape those policies. Download the Local Government Affairs Flyer Download the 2023 Legislative Session Review TIP Advocacy is an immutable part of government affairs. Advocacy is a process. Successful advocacy is a long-term process. Contents Basics and NecessitiesNext StepsDevelop an Action PlanAdvocacy in ActionBuilding a Grassroots Network Resources Basics and Necessities Put…
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Beware of Vacant Land and Wire Fraud: Public Service Announcement
As technology advances, so do the risks associated with real estate transactions. In this video, Idaho REALTORS® shares insight from Sun Valley Board of REALTORS’ past President, Debra Hall, on the dangers of many new cases of transaction and wire fraud in her community. Fraud occurs when cybercriminals use sophisticated methods to steal funds during a real estate transaction. There has been a recent increase in out-of-state individuals posing as landowners that are trying to conduct quick transactions on property they don’t own to steal money during the transaction process. These scams can happen to anyone, anywhere, and can lead to devastating financial losses. As REALTORS®, it is important for our members to stay informed and take proactive measures to protect their businesses and their clients. Join us in the…
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Idaho REALTORS® 2022 Market Summary
Happy New Year to all IR members! We hope you had a wonderful holiday season and are ready to tackle the new year. As we start 2023, we wanted to provide our members with a look back at the state of the housing market in Idaho and across the nation last year. We hope that these resources will be helpful as you begin the new year and continue to grow your real estate business. In November 2022, the housing market in Idaho saw home prices decrease by 0.45% year-over-year, with a median price of $464,500. The number of homes sold also decreased by 40.5%, with 1,529 homes sold in November 2022. The median days on the market increased by 27 days to 52. The number of homes for sale in…
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2021 Top Questions for Legal Hotline
Hotline Top Questions – 2021 Your Idaho REALTORS® membership gives you free access to the IR Legal Hotline. Get the legal insights you need for your business! Please use the number below for the IR Legal Hotline. By utilizing the hotline member benefit all callers acknowledge and agree to the following terms of use: Terms of UseRisch Pisca PLLC represents Idaho REALTORS® (IR) and, in that capacity, operates the Legal Hotline to provide general legal responses to the association responding to questions and requests from association members relevant to broad-based real estate brokerage business practices and applications based on the limited facts provided during each specific call. Responses are based solely upon the limited information provided, facts are not independently investigated or verified for accuracy and specific document review is…
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