NAR President Tracy Kasper’s Candid Conversation About the Real Estate Turbulence
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Rising Mortgage Rates Stirring Up The Market
* Jenny from the block, AKA Tracy Kasper, NAR President, decided to take a catwalk on CNBC’s “The Exchange”. She didn’t just break the hot gossip in real estate, she crushed it.
* Our real estate diva emphasized on a new trend alert: rising mortgage rates. Let’s just say, they’re not just ‘climbing up the charts’; they’re getting a standing ovation. But it’s not all roses and rainbows, because higher rates mean higher costs and that might play a game of Jenga with market stability.
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Affordability Takes The Back Seat
* Due to rising costs, affordability’s starring role is getting diminished. Sorry affordability, it’s just not your season. Will Tracy be handing out roses or thorns on this one? Seems like the latter.
* Conscious about the housing affordability issue, Kasper expressed concern that a good number of the audience (potential homebuyers, in our reality TV show equivalent) are getting ‘voted off the island’. Enters our villain: price inflation.
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The Not-so-glamourous Side of Commission Structure
* Tracy showed up ready for battle or better, a boardroom showdown discussing the potential harm of altering the knotted web, known as the current commission structure.
* She thinks dismantling how agents make their cheese could be the open Pandora’s box of the real estate industry’s Greek tragedy. Spoiler alert from our sage NAR President: it’s not going to be pretty.
Hot Take
So, the red carpet rundown is: up, up and away goes the mortgage rates, leaving affordability in the dust like last season’s fashion. Meanwhile, our beloved commission structure is caught in the crosshairs, putting everyone on the edge of their seats (or couches if you’re house hunting). Kasper, playing her part as the industry’s guiding light, urges caution.
In this twisty TV series of real estate, everyone’s gunning for the season finale. But hang tight, fans, we’ve got plenty of episodes left. With all the plot twists and cliffhangers, who needs “Game of Thrones” when you’ve got real estate? While the ticket price of admission might be steep, it sure makes for some binge-worthy drama. One thing is certain; no one’s skipping this real estate rollercoaster ride. After all, doesn’t everyone loves a thrilling ride? With all the ups, downs, and roundabouts, prepare your popcorns – things are about to get real-estately interesting!
Original article: https://www.inman.com/2023/12/15/nar-president-commission-changes-will-marginalize-buyers/