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#PROTECTING FIRSTTIMEHOMEBUYERS

Do No Harm to Homeownership

The outcome of the class action lawsuits and the subsequent Realtor® settlements are still evolving. The settlements have yet to be approved by the judges overseeing all the cases. At the center of the debate is how agents who represent buyers should receive their compensation. Competent buyer’s agents are essential to the homebuying process. While the terms of the settlements do not explicitly prohibit the practice of broker cooperation, the Justice Department and some consumer advocates have expressed that they would like to see it abolished altogether. This is a grave concern to many of us who advocate for minority homeownership and first-time homebuyers. If burdened with the added cost of having to pay their own agent fees, many would-be buyers could not afford to do so. The additional burden would either cause them to forgo purchasing a home altogether or prompt them to move forward without agent representation, leaving them vulnerable to a host of risks.

The National Association of Hispanic Real Estate Professionals (NAHREP) supports innovation in the industry, and solutions that improve affordability, reduce unnecessary barriers and enhance the buyer experience. However, NAHREP urges industry stakeholders, policymakers, and housing advocates to address these issues by first adopting a Do No Harm principle by agreeing that any major disruption to the housing industry should begin with a commitment to avoid harm to the homebuyer population that can least afford additional burdens placed on them. NAHREP advocates for the protection of broker cooperation in an effort to continue the work towards a more equitable housing ecosystem, and calls on government, consumer advocates and the entire housing industry to join us in this pledge.

What's at stake?

  • Upper-hand for wealthy and institutional buyers
  • Increase in dual agency
  • Fair housing concerns
  • Financing barriers

What can you do?

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ENSURE ACCESS TO INDEPENDENT REPRESENTATION

as homebuyers make what is often the largest financial transaction of their lifetime

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ALLOW FIRST-TIME HOMEBUYERS TO COMPETE

with wealthier and institutional buyers in an already competitive housing market

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REDUCE BARRIERS FOR FIRST-TIME HOMEBUYERS

as home prices continue to appreciate faster than at any time in our nation's history

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House and Sky

Adding additional hurdles to an already complex housing market will weaken the entire housing ecosystem. Real estate professionals and housing advocates play a crucial role in advocating for fair and equitable real estate practices. In light of the challenges posed by recent legal developments, it is imperative to actively engage with industry stakeholders, policymakers, and local communities to ensure that homebuyers have access to adequate representation. By participating in discussions, sharing insights, and promoting the importance of diverse and culturally competent representation, housing industry professionals can contribute to shaping a more inclusive and just real estate landscape.

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