This week on The Real Word, Byron Lazine and Nicole White discuss NAR’s appeal to Congress and the biggest real estate transitions of 2022.
NAR Testifies to Congress
First up is a headline from Realtor Magazine: “Yun to Lawmakers: Market Won’t Improve Without Action on Supply.” NAR’s chief economist Lawrence Yun testified on Capitol Hill on the state of the housing market, urging lawmakers to enact policies that will boost housing production.
In agreement with Yun, Byron doesn’t expect a drop in housing prices until there is a plan to increase supply. He doesn’t see Congress fixing the issue, either.
What (Congress) can do is make it easier for builders to get projects through. If it takes them four years to get a project through, if you can cut that time in half, reduce their costs from a regulations standpoint on building projects, I think you’ll see more inventory. For whatever reason, especially in certain markets, the more densely populated markets, they’ve had a hesitancy over the years to do that.
20 biggest real estate transactions of 2022
Next is an Inman article on the luxury real estate market: “The 20 biggest residential real estate transactions of 2022 (so far).”
Byron and Nicole go down the list of high-end properties with locations in southern California, New York, Florida, and Connecticut. While buyers at lower price points are struggling in the current market, there have been many impressive sales in the luxury real estate market.
What’s the new third segment of The Real Word?
With Nicole on vacation next week (her first family vacation since 2019), the new third segment may be postponed for another week.
Looks like you’ll have to keep watching to find out what the new third segment will be.
Watch the full episode for more.