April 23, 2020
NAR REALTOR RESILIENCY REPORT
This communication from NAR to all Members describes the many ways NAR is working to guide and support REALTORS® and the real estate industry during the coronavirus (COVID-19) pandemic. Every week, you’ll find up-to-date, relevant information on how to ensure your health and safety, the virus’ impact on the economy and your business, its impact on NAR activities, and what NAR is doing to help.
- As circumstances concerning the coronavirus (COVID-19) continue to evolve, the NAR Leadership Team wants to assure members, staff, and partner organizations that your safety and well-being remain our top priority.
- The House of Representatives passed legislation today to replenish funding for several coronavirus small-business relief programs championed by NAR and available to REALTORS®; the Senate has already passed the legislation and the president is expected to sign it. Under the new legislation, the PPP will receive $310 billion in new cash, while the EIDL fund will receive an additional $50 billion.
- The CDC released a new fact sheet this week with guidance for your health and safety during this pandemic. It provides life-saving information in six areas: 1) Know about COVID-19; 2) Know how COVID-19 is spread; 3) Protect yourself and others from COVID-19; 4) Practice social distancing; 5) Prevent the spread of COVID-19 if you are sick, and 6) Know your risk for severe illness. See here for more information.
- REALTORS® have a special responsibility to take all necessary health and safety precautions, including those ordered by your state or locality, whichever are more strict. Even if real estate is deemed essential in your area, we strongly encourage you to use virtual showings and limit in-person activity in all other aspects of the real estate transaction to get us through this crisis. For a list of states that have implemented stay-at-home orders, visit here.
- In keeping with our Core Value of “Members First,” NAR has released “Coronavirus: A Guide for REALTORS®” online to provide guidance to members on some common transactional issues due to COVID-19, including open house guidance. The guide is updated frequently, please find it here.
- Nearly 3 in 4 REALTORS® currently working with sellers this week—74%— reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from NAR. This suggests interested home sellers are remaining calm and avoiding panic selling during the uncertain economic environment brought about by the pandemic.
- NAR’s latest Economic Pulse Flash Survey found that more than a quarter of REALTORS®—27%—said they were able to complete nearly all aspects of transactions while respecting social distancing. The survey also found that residential tenants are facing rent payment issues, but many delayed payment requests are being accommodated.
- This week, NAR also released research data showing existing-home sales increased year-over-year despite an expected monthly March sales decline due to COVID-19. The monthly decline followed a February that saw significant nationwide gains. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. Total existing-home sales dropped 8.5% from February to a seasonally-adjusted annual rate of 5.27 million in March.
- NAR also released today its 2020 Animal House: Pets in the Home Buying and Selling Process report, which analyzes REALTOR® recommendations and actions taken by home buyers and sellers to best accommodate their pets and present their homes in the best light. Please see the report for highlights.
- A new Protect Your Investment brochure is available from NAR designed to help homeowners who are struggling to meet their loan obligations. Protect Your Investment offers guidance on working with trusted professionals like REALTORS® and housing counselors at HUD-approved agencies. The brochure also provides information about payment options offered by lenders and tips for avoiding scams.
- In accordance with existing campaign rules, the Credentials and Campaign Rules Committee has put in place additional virtual campaign guidelines. Please see below for further information.
- In light of the social distancing, stay-at-home orders, and travel restrictions imposed by the current pandemic, the NAR Leadership Team has approved a recommendation submitted by the Association Executives Committee to suspend portions of the Core Standards requiring in-person interaction for the current cycle ending December 31, 2020. Additional details can be found here.
- NAR Treasurer John Flor recorded a video for our “Pivot in Place” series where he shares three “Financial Wellness Tools & Strategies” you can apply to your business strategy right away.
- In this new Financial Wellness video, hear directly from quick-acting REALTORS® with businesses of various structure and sizes who successfully obtained Paycheck Protection Program (PPP) Business Loans and Economic Injury Disaster Loans (EIDL). Learn how to navigate the Small Business Administration website, what forms to have on hand when applying, and tips for finding a lender in your area. Don’t wait—funding is limited.
- A new Member Hotline is available. Please call our new hotline at 1-800-874- 6500 to be connected to a Member Support Representative who can assist with your questions and concerns related to COVID-19. See below for more information.
- In addition to our hotline, stay in touch with the latest on our advocacy efforts on the pandemic by texting COVID19 to 30644. You’ll get information on how we’re fighting for members, and how recently passed legislation affects you. The response you’ll receive will send you to visit NAR.Realtor/coronavirus for the latest information.