The National Association of Realtors is pleased with the Senate passing of the "Housing Opportunity Through Modernization Act" on Thursday night.
In plain English, it eases the FHA recertification process and reduces the owner-occupancy requirement for condos. In the long run, it should help condos to be more affordable for more people.
The NAR went as far as to issue a Press Release about its passing to increase awareness.
One thing we don't agree with is the Association's constant references, including in this release, to the "lack of inventory" of property listings in many areas. They have the "fewer available properties means fewer buyers" approach.
From our point of view, it is supply and demand. More people going for fewer listings means multiple offers and sometimes a bidding process for sellers. From here, that's a good thing.
People are more likely to move into a specific community with more evidence that their property will become more valuable within the next five years. Too many properties for sale means lower sale prices and often conveys a message that the neighborhood is less desirable.
Would love your thoughts on this.
Here is the NAR's press release about the bill which passed:
http://www.prnewswire.com/news-releases/nar-backed-condo-legislation-passes-us-senate-offers-relief-for-homebuyers-300299228.html
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