The REALTOR® Association of Southwestern Illinois recently hosted their second annual ‘Economic Forecast’ breakfast. This event is designed to give members an insider’s peek at what is in store for the next year and the impact on the real estate market. This year was particularly insightful as the guest speaker was Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®.
Dr. Yun provided members national and regional economic data such as job growth, past and recent home sales, as well as trends in consumer confidence that are vital to increasing home sales. Citing a lagging GDP, low consumer confidence and slow job growth, Dr. Yun stated the economic recovery will be slow and will need help to fully get there.
As a Local Government Affairs Director, I am always advocating the actual value of the Illinois Association of REALTORS®’ role in effectively advocating for or against legislation that impacts our industry. Sometimes it is difficult to get the message across that what government does directly impacts the demand for and our ability to sell properties.
I was excited when an economist like Dr. Yun made the point to discuss the impacts changing the Qualified Residential Mortgage’s (QRM) 20% down would have inhibiting first-time homebuyers, how taking away the Mortgage Interest Deduction (MID) makes owning less financially advantageous, and how not guaranteeing access to a 30-year mortgage would affect an already struggling real estate market.
After the breakfast, several members commented to me on the connection Dr. Yun made between government affairs and the economics of real estate. It was a new level of interest from some members and it reaffirmed the belief other members already had in the role government affairs plays in the industry and why it is important the Illinois Association of REALTORS® is always there advocating on behalf of Illinois REALTORS®.
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Kyle Anderson, Local Government Affairs Director, represents the REALTOR® Association of Southwestern Illinois, the Greater Gateway Association of REALTORS®, and the Egyptian Board of REALTORS®.