The National Association of Home Builders (NAHB) released a white paper on Wednesday calling for an overhaul of the system by which residential appraisals are determined. The group made a number of recommendations, some of which members of the National Association of REALTORS® have supported in the past, including the implementation of licensing and certification standards as well as minimum education requirements. However, another in their list of recommendations could have serious consequences for the role of the multiple listing service (MLS) in home sales.
A section of the white paper focused on data technology criticizes local MLSs for becoming “less reliable” in recent years. The solution to this, and the more general problem of a lack of data standards that apply across the country, is what NAHB refers to as “the development of a real estate superhighway.” The group proposed creating this in four sections:
- Terra.gov – NAHB proposed “a national real property registry… with access by all stakeholders.” They named this as the site of an “official record of the factual details of both the structure and the regulatory constraints on the land.” Some of the specific items mentioned as included in such a database were time stamped photographs, satellite images, and floor plans. As of Friday afternoon, the Terra.gov domain name remained unregistered according to WhoIs.com. Continue reading »
By Erica Christoffer, Multimedia Web Producer, REALTOR® Magazine
Developers of multifamily homes should be relishing in the fact that demand is incredibly strong. But in reality, developers are struggling to build new apartments because financing is so hard to come by.
The National Association of Home Builders is forecasting the construction of 208,000 multifamily residences in 2012, which is well below the 350,000 units needed to maintain balance in the market, according to Sharon Dworkin Bell, NAHB senior vice president for multifamily and 50-plus housing.
Bell, who spoke on a panel during the NAHB International Builders’ Show in Orlando last week, said that the demand for new apartments will only continue to grow as the economy improves and job seekers find employment.
What’s more, the young adult population entering the job market today is one of the largest in U.S. history, which is creating even more demand for multifamily real estate, said Ron Witten, president of Witten Advisors, a market research firm that works with multifamily developers.
“As an industry, we can’t keep up with this demand right now. This is likely to put inflationary pressure on rents, resulting in higher rents for consumers,” Witten said.
The multifamily market suffered a serious slowdown in production from 2008 to 2010, and now the lack of credit to finance the development of new apartments is likely to cause a supply and demand imbalance, according to the NAHB panelists. Continue reading »