The latest initiative aims to educate the
public that without buyers' agents, historically underserved and
underrepresented communities are at risk of further distancing
themselves from the American Dream of homeownership
SANTA
CLARA, Calif., June 17,
2024 /PRNewswire/ -- The homebuying process is
complex, but for individuals in underrepresented communities the
hurdles can be even more daunting. That's why
Realtor.com® is extending the reach of its highly
successful buyer representation campaign with the launch of a new
initiative promoting the benefits of buyer's agents for individuals
in historically underserved and underrepresented communities,
including BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and
lower-income buyers.
Low-income earners are 22% more likely to be denied a
loan1, LGBTQ+ are 25% less likely to own a home compared
to all Americans2, one in four Hispanic individuals
complete the homebuying process entirely in Spanish3,
seven in 10 Veterans are unaware they qualify for a zero-down home
loan4, and the gap between Black and White homeownership
is worse today than in 1968 when the Fair Housing Act was
passed5. If the commission settlements lead to increased
transaction costs or reduced access to buyer representation, it
could further limit the ability of these groups to purchase homes
and exacerbate existing inequalities in homeownership.
With the campaign, Realtor.com® is highlighting the
indispensable role buyer's agents can play in overcoming specific
challenges faced by these individuals during the home buying
process. Sellers have their own agent looking out for them, and
buyers need and deserve the same support and protection. With
access to and a better understanding of how a buyer's agent can
help, consumers can make more informed decisions during the home
buying process.
"Buyer's agents provide essential expertise and support in the
biggest financial transaction of people's lives. This is especially
true for first-time and underrepresented buyers with limited
resources or knowledge of the process. However, if the commission
settlements increase upfront costs or reduce access to buyer agency
it could make homeownership less affordable to the very people who
need the most help," said Realtor.com® CMO Mickey
Neuberger. "During June's Homeownership Month, we urge the industry
to join us in being a champion for consumers, raising awareness and
advocating for the advantages of buyer representation for all home
buyers, but particularly for first-time buyers and individuals in
underrepresented communities. Faced with the biggest real estate
affordability crisis in recent history, the last thing we should do
is make it even harder for these individuals to access a chance at
generational wealth."
Since its launch on April 18,
Realtor.com®'s buyer agency campaign has been very
successful with consumers and the industry, garnering widespread
support and social shares from prominent thought leaders and
leading real estate companies, including Zillow and Compass. The
campaign has drawn nearly 40 million impressions and 18,000 agent
toolkit downloads.
Prominent real estate organizations join the
movement
As part of the campaign, several prominent
real estate organizations are signing on to a joint letter
in support of buyer agency, which will be published in the
Wall Street Journal, New York Post and Washington Post throughout
the next month. Digital campaign ads will also appear on the Wall
Street Journal and New York Post and be shared widely across trade
and social media. The supporting organizations include the Asian
Real Estate Association of America, Homeownership
Council of America, LGBTQ+ Real Estate Alliance,
National Association of Hispanic Real Estate Professionals,
National Association of Real Estate Brokers, and Veterans United
Home Loans.
"The large majority of net new homeowners over the next twenty
years are expected to be from Hispanic and other diverse
communities. The overall health and well-being of America's
housing economy will rely on these consumers having access to
competent buyer's agent representation to help them navigate
through a complex and challenging home purchase process," said
Gary Acosta, NAHREP CEO and co-founder.
111 reasons why buyer's agents
matter
Additionally, Realtor.com®
is launching an updated version of "Here's 111 things to do,
or do 1 thing. Find a buyer's agent" campaign creative that
highlights the benefits for underserved and
represented communities with customized messages for each group. A
buyer agent toolkit, to be updated with the latest
campaign creative, includes co-branded assets, such as print,
digital and social ads for sharing. Realtor.com®
is once again encouraging industry stakeholders to join the
effort and spread awareness and support.
Data sources: 1. Urban Institute, 2023 Rising Interest Rates
Put the Brakes on the Mortgage Market for Borrowers with Low
Incomes, 2019–22 Home Mortgage Disclosure Act data; 2. LGBTQ+
Real Estate Alliance, May 2023 3rd
Annual LGBTQ+ Real Estate Alliance Report; 3. NAHREP 2022
Glossary of Real Estate Industry Terms; 4. Based on a national
survey of 300 respondents, split evenly between active duty service
members and Veterans, conducted in October
2023 by data and analytics firm Sparketing on behalf of
Mortgage Research Center, LLC. VeteransUnited.com |
1-800-884-5560 | 550 Veterans Dr, Columbia, MO 65201 NMLS #1907 | Not a Govt.
Agency | Equal Housing Opportunity. Licensed in all 50 states.
Licensed Mortgage Banker – NYS Department of Financial
Services.
About Realtor.com®
Realtor.com®
is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real
estate more than 25 years ago. Today, through its website and
mobile apps, Realtor.com® is a trusted
guide for consumers, empowering more people to find their way home
by breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted
partner for business growth, offering consumer connections and
branding solutions that help them succeed in today's on-demand
world. Realtor.com® is operated by News
Corp [Nasdaq: NWS, NWSA]
[ASX: NWS, NWSLV] subsidiary
Move, Inc. For more information, visit
Realtor.com®.
Media Contact
Sara
Wiskerchen, sara.wiskerchen@realtor.com
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SOURCE Realtor.com
