REALTORS® Protect You Every Day!
While a REALTOR® usually comes to mind when you are looking to buy, sell or lease your property, you may not realize that REALTORS® are your biggest advocate for your rights to buy, sell and lease your property. The National Association of REALTORS® has a primary mission of protecting private property rights. REALTORS® pay dues every year to fund these advocacy efforts on your behalf. Additionally, many REALTORS® voluntarily contribute their own money to help fund RPAC of Virginia and the NAR RPAC. This money goes directly to candidates who fight and vote for your private property rights. In addition, the REALTOR® Code of Ethics requires that REALTORS® give equal service delivery to all clients and that they are committed to following Fair Housing Law.
Following is just a short list of laws and regulations that the Hampton Roads REALTORS® either opposed or supported on your behalf:
1. Pushed for REALTORS® as essential workers during Covid so that you could continue to sell, purchase or rent property.
2. Extension of the National Flood Insurance Program, critical to homeowners in Hampton Roads.
3. Defeat of the attempt to end your mortgage interest deduction on your federal taxes.
4. Raised FHA loan limits so that more buyers (including buyers with lower credit ratings) could participate in low interest home loans.
5. Defeat of the attempt to end 1031 exchanges, a program that allows property owners to defer a tax on any gain if they reinvested the sale proceeds into a like property of equal or higher value.
6. Pushed for modification of the State and Local Fiscal Recovery Fund to add more flexibility to increase the supply of affordable housing is responsive to the impacts of the pandemic.
7. A change in underwriting with Fannie Mae & Freddie Mac to include modern credit scores that reflect alternative data like rents, utilities, and telecom bills. NAR advocated for this change for nearly three decades!
8. REALTORS® supported the Capital Projects Fund which expanded access to broadband in underserved areas.
9. Worked to extend the tax credit for energy efficient home improvements through 2023, increasing credit amounts, and replacing the lifetime cap with a $1200 annual credit limit.
10. Hampton Roads REALTORS® have and continue to work with local city councils to implement smart growth principles.