Is low housing inventory bad for Texas?
09/04/2015 | Author: Editorial Staff
The last day of the 2015 Texas REALTORS® Conference included 12 CE sessions and the association’s Board of Directors meeting. Here are some items the board took action on:
- Approved the 2016 budget recommended by the Budget and Finance Committee, which includes continuing the $5 Issues Mobilization Assessment and the $5 Legal Defense Fund Assessment.
- Approved TAR support of two constitutional amendments on the November 3 ballot: Proposition 1, which would increase by $10,000 the statewide homestead exemption and ban real estate transfer taxes, and Proposition 7, which would secure a much-needed transportation-funding source.
National Association of REALTORS® President Chris Polychron, who spoke during the Board of Directors meeting, encouraged Texas REALTORS® to respond to NAR’s call for action against patent trolls. You can respond now at realtoractioncenter.com/stoppatenttrolls.
Why low inventory may hurt Texas homebuyers
“Texas is behind on supply—we’re going to have to build more houses or we’re going to have tight inventory for a while,” reported Harold Hunt, research economist at the Real Estate Center at Texas A&M University, during the association’s Board of Directors meeting. Hunt said Texas home values are up 7% overall due to low inventory—3.5 months’ worth—and high demand, but an under-supply of single-family housing markets in Texas may hurt affordability.
Training, technology, and treasures
On Wednesday, conference attendees enjoyed free admission to the Trade Expo and Technology Learning Center, where more than 130 vendors shared the latest innovations in technology, software, and marketing tools. Several winners took home valuable prizes in the treasure hunt drawing at the end of the day-long event.
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