Latest / #HomeForAll Podcast / Season 10 Episode 4 - Interview with Dr. Jessica Lautz

Transcript

Season 10 Episode 4 - Interview with Dr. Jessica Lautz · #HomeForAll Podcast

• 0:09
  SPEAKER_02: Hello everybody and welcome to another episode of the Home for All podcast.
• 0:14
  SPEAKER_02: Once again, I am Genevieve Menehart.
• 0:16
  SPEAKER_02: I am ACAR social and digital media coordinator and I'm here to help guide you through our newest episode that is hosted by Mike Valerino and Jamie McMillan featuring Dr.
• 0:26
  SPEAKER_02: Jessica Loutz.
• 0:27
  SPEAKER_02: So this is an incredible episode that we've really been looking forward to.
• 0:30
  SPEAKER_02: This one's just a little bit different because we did film this on Zoom, but that will have no difference for you guys when it comes to listening.
• 0:38
  SPEAKER_02: And it's just an incredible episode with a lot of really good resources and information that our members can take into account for the future of home buying.
• 0:47
  SPEAKER_02: So can't wait for you guys to hear this one and let's just jump straight into it.
• 0:54
  SPEAKER_03: The ACAR Home for All Podcast is a bi-weekly production where we will host interviews, facilitate conversations, and talk about what's happening in the world of real estate.
• 1:04
  SPEAKER_03: We'll introduce you to important people in your community and help you learn how to grow your real estate-related business.
• 1:11
  SPEAKER_03: This is an adult show, and some adult language might occasionally creep into the conversation.
• 1:17
  SPEAKER_03: This podcast is for educational and informational purposes, and the opinions shared on the podcast do not necessarily represent the views of Akron Cleveland Association of Realtors, Ohio Realtors, or the National Association of Realtors.
• 1:31
  SPEAKER_03: That said, let's move forward and find out what makes Northeast Ohio the best home for all.
• 1:42
  SPEAKER_00: All right, hi everybody.
• 1:44
  SPEAKER_00: This is your Akron Cleveland Association of Realtors CEO, Mike Valerino.
• 1:49
  SPEAKER_00: And uh today I'm joined by our Vice President of Advocacy, Jamie McMillan.
• 1:55
  SPEAKER_00: Hi Jamie, how are you doing?
• 1:56
  SPEAKER_04: Hi Mike, excited to be here.
• 1:59
  SPEAKER_00: Yes, and the reason for that is because we have a very special guest this morning.
• 2:04
  SPEAKER_00: Um, Dr.
• 2:06
  SPEAKER_00: Jessica Loutz, uh, who is the Deputy Chief Economist and Vice President of Research at the National Association of Realtors, where she has been since 2007.
• 2:18
  SPEAKER_00: Um, the core of her research focuses on analyzing trends for both NAR members and housing consumers.
• 2:26
  SPEAKER_00: She is in demand as a speaker and by major media outlets to provide commentary on the real estate market.
• 2:32
  SPEAKER_00: She has testified before Congress on behalf of NAR.
• 2:35
  SPEAKER_00: She also volunteers at Nottingham Trent University as an industry fellow mentoring real estate graduate students, is a committee chair at the National Association of Business Economics.
• 2:47
  SPEAKER_00: Dr.
• 2:48
  SPEAKER_00: Lautz has been recognized by Housing Wire's Women of Influence and Risk Media's Newsmaker Award.
• 2:56
  SPEAKER_00: Jessica received her doctorate of real estate from Nottingham Trent University in the United Kingdom.
• 3:02
  SPEAKER_00: She also holds a master's in public policy from American University and undergraduate degrees in political science and law and justice from Central Washington University.
• 3:14
  SPEAKER_00: Wow.
• 3:14
  SPEAKER_00: Dr.
• 3:15
  SPEAKER_00: Loutz, thank you so much for being here with us this morning.
• 3:18
  SPEAKER_01: Thank you so much for that intro.
• 3:20
  SPEAKER_01: I feel like you know pretty much everything about me.
• 3:22
  SPEAKER_01: I'm also a Leo.
• 3:23
  SPEAKER_01: I have four cats.
• 3:24
  SPEAKER_01: So I think that's literally everything at that point.
• 3:26
  SPEAKER_00: Then all the details.
• 3:27
  SPEAKER_00: All right.
• 3:28
  SPEAKER_00: Um and Jessica this morning, we should tell you, is is in uh Washington, D.C.
• 3:35
  SPEAKER_00: this morning.
• 3:35
  SPEAKER_00: Jamie and I are in Broadview Heights at our office, and we're recording this podcast by Zoom, which isn't our our uh normal way to do this, but we're we're so glad Jessica was able to make the time.
• 3:47
  SPEAKER_00: And uh you're also going to be uh our keynote speaker at our annual meeting on October 1st, which I think is going to happen um probably before this podcast drops.
• 3:59
  SPEAKER_00: Um but but want to thank you for for doing that and looking forward to spending spending some time with you there as well.
• 4:04
  SPEAKER_01: Yeah, excited to come to your great state next week.
• 4:07
  SPEAKER_01: So um it's gonna be a wonderful event and um yeah, happy to do this podcast.
• 4:12
  SPEAKER_01: Thank you.
• 4:13
  SPEAKER_00: Awesome.
• 4:14
  SPEAKER_00: So let's let's start at the 30,000-foot view, you know, of uh the real estate industry, the economy, um nationally as we look ahead to 2027.
• 4:28
  SPEAKER_00: What will be the biggest story in housing?
• 4:31
  SPEAKER_01: Yeah, I mean, I think the elephant in the room right now is really looking at mortgage interest rates, and all eyes are really on mortgage interest rates and what is the trajectory for them.
• 4:42
  SPEAKER_01: I will say that we estimate and and we expect that mortgage interest rates are going to stay about 7%, unfortunately, for home buyers out there.
• 4:50
  SPEAKER_01: And unfortunately, frankly, for home sellers who were thinking about placing their home in the market and may just decide to stay put.
• 4:56
  SPEAKER_01: Um, that being said, we know that home sales have been pretty sluggish this year with the rise in mortgage interest rates.
• 5:02
  SPEAKER_01: And so um, as we watch those moving forward, uh that's really, I think, where we're looking.
• 5:08
  SPEAKER_01: And um, we have to keep in mind there's a huge share of all cash buyers, but when it comes down to mortgage interest rates, that's that's the majority of buyers are taking out uh a loan and financing their property.
• 5:19
  SPEAKER_01: And so all eyes are on that.
• 5:21
  SPEAKER_00: Yeah, and not to go too far off script, but already so early.
• 5:25
  SPEAKER_00: But how much of the, you know, the the high rates or not high rates, but the rates um staying higher than projected, do you think has to do with, you know, kind of geopolitical events?
• 5:36
  SPEAKER_00: You know, I know it's tied to inflation, certainly, but um if you know, if the uh situation in Iran were to calm down, if oil prices were to come down, you know, do you think that those things are are what's kind of propping the um the rates up?
• 5:52
  SPEAKER_01: Um right now, what we're looking at is oil prices and so and inflation.
• 5:56
  SPEAKER_01: And so that's that's all intertied.
• 5:58
  SPEAKER_01: So as we watch oil prices go up, the cost of goods around the US is more expensive too.
• 6:03
  SPEAKER_01: Um, as we think about not just putting gas in the car, but also thinking about the how we order things um or how we actually uh go to the store uh to purchase things.
• 6:13
  SPEAKER_01: Um, all of that is more expensive.
• 6:15
  SPEAKER_01: So that's driving up mortgage interest rates as well as the bond market right now.
• 6:18
  SPEAKER_01: Um, I will say as we look at the decision of the Fed funds rate, it it is absolutely intertied, but the the bigger connection is really looking at oil prices right now.
• 6:32
  SPEAKER_04: Um, so I appreciate your insight on that.
• 6:35
  SPEAKER_04: And as as we look ahead to some of the other questions, I the one that I have for you kind of hits home for me personally.
• 6:42
  SPEAKER_04: So thinking about interest rates, you know, we've we've talked for many years about some homeowners kind of being locked in.
• 6:50
  SPEAKER_04: And I am one of those.
• 6:52
  SPEAKER_04: I I refied a few years ago and I'm at two and a half percent.
• 6:56
  SPEAKER_04: And so, of course, I'm I am one of those people that are reluctant to sell.
• 7:00
  SPEAKER_04: Um, do you expect that to lose?
• 7:02
  SPEAKER_04: I I know you talked a little bit about rates staying at 7%, but do we anticipate any changes coming on that front?
• 7:08
  SPEAKER_04: I know we just had a huge success with the 21st century Road to Housing Act, and those pieces and parts will hopefully start, um, we'll start to see some movement there.
• 7:19
  SPEAKER_04: But what do you think it's gonna take for us to finally get more homes on the market?
• 7:24
  SPEAKER_01: Yeah, I, you know, uh there are many uh potential home sellers, many homeowners who uh one, own their home outright.
• 7:32
  SPEAKER_01: So more than 40% of homeowners do own their home outright, don't even have a mortgage on their property.
• 7:36
  SPEAKER_01: So unless they have a big motivating factor, they're probably not going to place their home in the market.
• 7:41
  SPEAKER_01: Um, and then we do know that uh it's about equal the number of homeowners who have a mortgage below 3.5% as above 6%.
• 7:51
  SPEAKER_01: And so we know that that lock-in effect is real for a lot of homeowners, but it's not universal because people have purchased properties in the last few years as rates have been above six.
• 8:01
  SPEAKER_01: So we have to keep that in mind too.
• 8:03
  SPEAKER_01: Um, people are staying in their homes for longer periods of time.
• 8:06
  SPEAKER_01: This is not new though, and it's not completely due to mortgage interest rates.
• 8:10
  SPEAKER_01: And I think that's important to keep in in mind too, is that after the Great Recession, we saw that people used before the Great Recession, they'd stay in their home for six to seven years.
• 8:18
  SPEAKER_01: After the Great Recession, that moved to eight, nine, 10 years and now is at 11.
• 8:23
  SPEAKER_01: And so, of course, there is a connection there, but it's not completely tied.
• 8:28
  SPEAKER_01: Um, and I think as we look at more inventory coming into the market, we really have to look at building more inventory.
• 8:34
  SPEAKER_01: And you're absolutely right.
• 8:35
  SPEAKER_01: Uh, the massive legislation that was passed and signed into law is very encouraging, but it is going to take a minute to build those homes and to get them into local communities.
• 8:45
  SPEAKER_01: And a lot of that has to do with local regulations too, and really bringing those units into the market.
• 8:51
  SPEAKER_00: Is there um follow-up question to that?
• 8:54
  SPEAKER_00: Is is there any concern um that uh about uh, you know, you mentioned the time that it's going to take for this inventory to build up.
• 9:04
  SPEAKER_00: Is there any concern that it's going to take until tomorrow to solve today's problem?
• 9:09
  SPEAKER_00: And and do we run any kind of risk of overcorrecting where in the future there might be a concern with uh an aging population that we might be in a situation with um the opposite problem?
• 9:24
  SPEAKER_01: Um, so I know that that's always a concern, right?
• 9:27
  SPEAKER_01: Is is when we solve a problem today, what are the repercussions down the line um and what are the unintended consequences?
• 9:34
  SPEAKER_01: I will say though, when we look at this issue, uh, we have so much pent-up demand from young adults, and many of them are doubling up with family at a higher rate than we've ever seen in America.
• 9:44
  SPEAKER_01: And so this started during the pandemic and it really hasn't let go.
• 9:48
  SPEAKER_01: We know that a lot of young adults are saying, I can't afford to live independently.
• 9:51
  SPEAKER_01: So living with mom and dad for a longer period of time sounds like a sweet deal to me.
• 9:55
  SPEAKER_01: And they are doing so.
• 9:56
  SPEAKER_01: Um, at the same time, we do have an aging population.
• 9:59
  SPEAKER_01: The second biggest population in the US are baby boomers, but they are living longer, they are working longer, they are thriving longer, they are taking great vacations where they are completely active.
• 10:10
  SPEAKER_01: Um, and so we have to keep in mind that they are not the solution to our housing crisis either.
• 10:14
  SPEAKER_01: And so as we look at these two huge generations wanting to be in properties, living independently, um, I don't think this is something where we really can overcrept.
• 10:24
  SPEAKER_01: We we are looking at a deficit of 4.7 million homes in America to meet the needs of the current population.
• 10:32
  SPEAKER_00: Absolutely.
• 10:33
  SPEAKER_00: You know, and we've been talking about inventory, and you said kind of the other key word I think we've been hearing all year, which is affordability.
• 10:40
  SPEAKER_00: Um, and and and that's really become, you know, one of the biggest obstacles to homeownership in addition to the supply um uh nationally in 2027, you know, who do you expect will have the hardest time getting into the housing market?
• 10:57
  SPEAKER_00: How does affordability play into that?
• 10:59
  SPEAKER_00: And and what uh who who might actually have a better opportunity uh than they do today?
• 11:05
  SPEAKER_01: Well, right now when we're looking at the housing market, this is true nationwide, and I I suspect it's very true locally as well, is that when we look at homeowners, they're doing quite well.
• 11:15
  SPEAKER_01: They're building a ton of housing equity, um, they're building on their their long-term wealth as they build that housing equity.
• 11:22
  SPEAKER_01: So when we look at the economy overall, we have this K-shaped economy.
• 11:26
  SPEAKER_01: We also have a K-shaped housing market where homeowners who are doing well are building on that wealth.
• 11:31
  SPEAKER_01: Uh, retirees are building on that wealth.
• 11:34
  SPEAKER_01: Uh, luxury home buyers who are purchasing properties a million plus are building on that.
• 11:38
  SPEAKER_01: And so we'll continue to see them making housing trades.
• 11:42
  SPEAKER_01: They're less tied to mortgage interest rates because they can place very large down payments either with that housing equity that they've earned or through financial assets or both.
• 11:51
  SPEAKER_01: And so we see them making these trades in the housing market.
• 11:54
  SPEAKER_01: Those who are likely to continue to suffer, especially as mortgage interest rates are hitting seven, are first-time home buyers because they don't have that housing equity.
• 12:02
  SPEAKER_01: They're renting, they're paying more in rent, they're heading to the grocery store, they're paying more in groceries, and they're not able to absorb that in the same way as someone who has that housing wealth, who has that built-up equity is able to do when they encounter into the housing market.
• 12:16
  SPEAKER_01: And so first-time home buyers are really those at the bottom end of the K who are continuing to suffer.
• 12:21
  SPEAKER_04: So that that's kind of a great segue into the next question.
• 12:25
  SPEAKER_04: And, you know, we've talked about different generations and when and what kind of things they're looking for, where they're gonna go.
• 12:32
  SPEAKER_04: But what do you think um will change with those those um demographic forces?
• 12:41
  SPEAKER_04: Where do you think people are gonna want to build and or buy in in next year?
• 12:46
  SPEAKER_04: Because everyone's needs are very different, but some are also very similar.
• 12:49
  SPEAKER_01: Yeah, I think there's a lot of similarity when we look at um home buyers and what their needs are, actually, regardless of generation.
• 12:57
  SPEAKER_01: So we are seeing uh, for instance, baby boomers who are making trades are actually looking for single family homes, maybe a little more maintenance, maybe they're purchasing in an HOA, uh maybe that bedroom on that first level, as opposed to having to take stairs.
• 13:10
  SPEAKER_01: But we also see first-time homebuyers who are at a median age of 40 now.
• 13:14
  SPEAKER_01: And so they're actually looking for a single family home too.
• 13:16
  SPEAKER_01: And they're often looking in the burbs because they may have kiddos in school at this point.
• 13:21
  SPEAKER_01: And that's where traditionally um they're they're attracted to as they have a growing family.
• 13:27
  SPEAKER_01: And so we can watch uh these two generations really converging.
• 13:31
  SPEAKER_01: For multi-generational buyers, uh, they are very likely a Gen Xer and they may need a larger property to take care of or spend more time with an aging parent, have a young adult at home too, may even have a kid under the age of 18.
• 13:43
  SPEAKER_01: So looking at a bigger property, but that also means a single family home, probably in the verb.
• 13:47
  SPEAKER_01: So we can see this trajectory of a lot of home buyers and a lot of competition there.
• 13:52
  SPEAKER_04: I gotta just type in real quick on that.
• 13:55
  SPEAKER_04: It's I'm I'm glad to hear you say that just because we've got a number of communities here in Northeast Ohio who are actively making zoning changes to address some infill housing, to have more single-family homes as an option.
• 14:08
  SPEAKER_04: Post the recession, there was a ton of demolition in our area.
• 14:12
  SPEAKER_04: And so now we are starting to see cities making changes so that we can get some of those uh neighborhood single-family homes back.
• 14:19
  SPEAKER_04: That's encouraging.
• 14:21
  SPEAKER_00: And and, you know, as Jamie's talking about now, let's kind of bring things closer to home in Ohio.
• 14:27
  SPEAKER_00: We've been talking for a while now about uh an advantage that that our state has uh in terms of affordability.
• 14:35
  SPEAKER_00: Um just affordability in in terms of the cost of living, you know, not just housing, um, as as well.
• 14:44
  SPEAKER_00: Do you think that um, you know, looking forward, that's uh an advantage that Ohio is going to maintain?
• 14:50
  SPEAKER_00: Is is uh are we still going to be an affordable place to live, or is this a situation where that's now attracting attention from uh people who are looking to move from from costlier uh locations and and that might result in prices coming up in Ohio?
• 15:06
  SPEAKER_01: Yeah, I mean, all of the things, right?
• 15:09
  SPEAKER_01: So uh looking at migration flow, I will say um you do have migration flow in tier state.
• 15:14
  SPEAKER_01: It's not as strong as what we'll see for like Idaho and Texas.
• 15:17
  SPEAKER_01: Those are the two strongest states for migration flow in.
• 15:20
  SPEAKER_01: But in 2025, you did actually gain 40,000 new residents and they're they're gonna need someplace to live, right?
• 15:25
  SPEAKER_01: Even if they rent temporarily first and then go on to purchase.
• 15:28
  SPEAKER_01: Um, as we look at the the cost of ownership, we do know it's relatively affordable in Ohio.
• 15:35
  SPEAKER_01: Um, in Akron proper, you would need a qualifying income of$64,000 to purchase the median price home with 20% down.
• 15:42
  SPEAKER_01: So a lot of caveats to that data point, but um we can see that's relatively affordable in comparison to the US, um, and looking at a medium of 108.
• 15:53
  SPEAKER_01: So obviously relative affordability.
• 15:56
  SPEAKER_01: But as you continue to attract new residents, the the need to build more homes to accommodate more people to really meet those affordability needs and continue to be an affordable area will have added pressure, certainly.
• 16:10
  SPEAKER_04: So one of my one of my very favorite resources that that your team at NAR provides, and we always get to hear from you at our conferences and different webinars, is uh what buyers and sellers are looking for, that that profile.
• 16:24
  SPEAKER_04: So as we think about Ohio, and in particular Northeast Ohio, um, are there are there particular types of communities or uh characteristics of neighborhoods that might be attractive to buyers?
• 16:40
  SPEAKER_04: What are people looking for in a community?
• 16:43
  SPEAKER_01: Um, well, certainly we know that everyone's gonna have different needs, right?
• 16:47
  SPEAKER_01: But we do see that the majority of home buyers out there are married couples.
• 16:51
  SPEAKER_01: Um but I think one of the things to keep in mind is just 24% of home buyers right now have kids under the age of 18.
• 16:59
  SPEAKER_01: So thinking about schools is something that's actually moved down in the priority list as we look at community features.
• 17:06
  SPEAKER_01: Um, looking at overall affordability, looking at quality of the neighborhood, looking at walkability, all of those are really important to many buyers.
• 17:14
  SPEAKER_01: Um, something that has risen up, I will say it's a little more fun when we look at the data, um, is the influence of pets.
• 17:22
  SPEAKER_01: Um we can actually see that 16% of home buyers are influenced by their pets.
• 17:27
  SPEAKER_01: So thinking about those dog parks, again, the walkability, thinking about that fenced yard, the big yard to have that dog be able to run and play.
• 17:35
  SPEAKER_01: Those are things that are changing as we look at the changing demographics of home buyers who are out there.
• 17:40
  SPEAKER_01: Um, another demographic factor I want to throw in there too is that more than one-third of home buyers are actually single.
• 17:47
  SPEAKER_01: So when we talk about these big single family homes, if you're a single buyer, that may not actually be something that's going to attract you.
• 17:54
  SPEAKER_01: Maybe you're more attracted to a townhouse or easier living and not having to do the maintenance by yourself.
• 18:03
  SPEAKER_00: Um, it's great.
• 18:04
  SPEAKER_00: Jamie mentioned that report.
• 18:06
  SPEAKER_00: That's something that I think our members always um are excited to see coming out, the the profile of buyers and sellers.
• 18:14
  SPEAKER_00: Um could you talk a little bit about um you know what that report means for realtors, how the changing consumer um in 2027 um should should matter to realtors and what they should be thinking about in terms of the buyers and sellers that'll be in the market?
• 18:32
  SPEAKER_01: Yes, I am happy to do a shameless plug for my favorite report, the profile home buyers and sellers.
• 18:37
  SPEAKER_01: So um when we look at this report, we've been doing it since 1981 at NAR, so a very long period of time.
• 18:43
  SPEAKER_01: Um what it's able to tell us is how the consumer who actually purchased a home or sold a home, how they've changed.
• 18:49
  SPEAKER_01: So their demographics, if we look at the typical home buyer right now, we know that the vast majority of buyers are repeat buyers in the market because uh first-time home buyers have shrunk, for instance, and their median age is actually 62 years old.
• 19:03
  SPEAKER_01: That is a very different buyer than what we would have seen in the 1980s, which is a repeat buyer who is 36 years old, may have a growing family.
• 19:12
  SPEAKER_01: And so as we look at these changing demographics of buyers, it can help realtors really understand the marketplace as they move forward through their transaction, who they're marketing to, who they're talking to as their potential clients.
• 19:25
  SPEAKER_01: Um, we also have chapters within the report of what the buyer actually wants from the agent or broker, what the seller actually wants from the agent or broker, how they're finding them, um, how their needs have changed as well.
• 19:38
  SPEAKER_01: And so you can use this um to really guide you and what makes sense to put your training towards, um, what makes sense to put your marketing dollars towards as you think about your clients moving forward.
• 19:48
  unknown: Awesome.
• 19:49
  SPEAKER_00: And and how can our members find that report?
• 19:52
  SPEAKER_01: Yes, it'll be released um either the end of October or the beginning of November.
• 19:56
  SPEAKER_01: It always moves around.
• 19:57
  SPEAKER_01: We don't have a set date.
• 19:58
  SPEAKER_01: Um, but it's gonna be all over our social media at NAR.
• 20:02
  SPEAKER_01: Um, you will see a bunch of infographics on it as well.
• 20:06
  SPEAKER_01: Um, and the report is completely free to NAR members.
• 20:09
  SPEAKER_01: So we charge for non-members.
• 20:10
  SPEAKER_01: If you want this gem, you have to you have to pay for it.
• 20:13
  SPEAKER_01: But for members, you just log in and you download the PDF and it's yours for free.
• 20:19
  SPEAKER_04: I love that report.
• 20:20
  SPEAKER_04: I've used it in testimony when we've been talking about student loan debt and other things that can play into factors impacting whether people can buy a home or not.
• 20:29
  SPEAKER_04: And so thank you for the work that you do on that.
• 20:33
  SPEAKER_04: Um, we've talked a lot about affordability, and I know we've talked a lot about trends, but I wanted to for my last question, last night I was at a state of the city in one of our communities.
• 20:44
  SPEAKER_04: And in the housing report, they talked about um solar panels and solar permits being the big trend that they were really noticing in Maple Heights.
• 20:54
  SPEAKER_04: And so I'm curious if there are other housing trends that maybe we haven't touched on yet that that you all are noticing at NAR that might be interesting for our listeners to hear.
• 21:04
  SPEAKER_01: Oh my goodness, yes.
• 21:06
  SPEAKER_01: Um we have so much research on so many topics.
• 21:08
  SPEAKER_01: We have nerds who love to dick in.
• 21:11
  SPEAKER_01: Um, so as you look at and you want to find to research on something, we have a residential report on sustainability, we have a commercial report on sustainability, solar panels are absolutely part of that.
• 21:22
  SPEAKER_01: Um, and looking at the green features that home buyers may want.
• 21:25
  SPEAKER_01: I'll give you a little hint though.
• 21:26
  SPEAKER_01: When we look at home buyers, because inventory has been so tight, it's been very difficult to find a sustainable property, even if that's a strong desire.
• 21:34
  SPEAKER_01: So many homeowners, once they're into that property, if they have features to upgrade, then they're gonna take that turn and build those sustainable features within their home.
• 21:41
  SPEAKER_01: So thinking about replacement units uh for major appliances and making those more sustainable or windows and doors and such.
• 21:48
  SPEAKER_01: Um, we also have, and this is based on uh realtor feedback.
• 21:53
  SPEAKER_01: We we asked, What research can we do for you?
• 21:56
  SPEAKER_01: And I would solicit anyone who's listening to this podcast if you're like, you don't have research.
• 22:00
  SPEAKER_01: X, Y, and Z, or I would like to see research on X, Y, and Z, email us at data and n AR.realtor.
• 22:05
  SPEAKER_01: One of the things that we got at the beginning of the year and we heard a lot of is research on data centers.
• 22:10
  SPEAKER_01: So we just released a report on data centers, and we also released just this week a report on technology and how realtors are using AI in their business.
• 22:19
  SPEAKER_01: So you can look at this report on data centers and how property values and energy costs and all of those are changing around data centers or not, as well as the employment market.
• 22:28
  SPEAKER_01: And then you can also take a look at how realtors are actually embracing new technologies.
• 22:33
  SPEAKER_01: Hint a lot of it is AI and how they're actually using this in their business.
• 22:38
  SPEAKER_01: And perhaps that gives you some ideas too as a realtor out there.
• 22:40
  SPEAKER_01: So we have tons of research on all of these topics.
• 22:43
  SPEAKER_01: But we would encourage you, if you have ideas, you want us to do something, just send us an email.
• 22:48
  SPEAKER_01: And I promise you a nerd is going to dig into it.
• 22:51
  SPEAKER_00: That's awesome.
• 22:53
  SPEAKER_00: And I mean, the research that NAR does through through your team is really incredible.
• 23:00
  SPEAKER_00: It's a huge benefit to our uh to our members.
• 23:02
  SPEAKER_00: I know that um the members that we have who are involved in NAR and serve on committees, some of the greatest, the best testimonials I get about their experience are with the research uh committee and and the work that's done there because it's so important to our members and and you guys really just have your finger on the pulse of um everything that's going on with with the market and in the industry.
• 23:24
  SPEAKER_00: Um and so I want to thank you for that work.
• 23:26
  SPEAKER_00: I want to I'm excited for your visit um to Cleveland and Akron to uh to our annual meeting.
• 23:34
  SPEAKER_00: Um and I want to finish up on a question that actually wasn't in the list, if that's okay, um, that we traded.
• 23:41
  SPEAKER_00: Typically, when we have our this is the Home for All podcast.
• 23:45
  SPEAKER_00: Um and uh you know, Home for All is kind of our um our our our broad term for all of the um you know advocacy work that we do, um the work in the community, the work uh research, um government affairs, uh community outreach, you name it.
• 24:04
  SPEAKER_00: Um and one thing that we usually ask our guests is what does home for all mean to you?
• 24:11
  SPEAKER_01: Oh, well, that's I mean, that's a great question.
• 24:13
  SPEAKER_01: I mean, I think home for all is uh bringing more people into homeownership so that they can build on wealth and they can have stability uh for their household, whether that means them and their cat or whether that literally means them and a growing family.
• 24:29
  SPEAKER_01: And I think when I think about homeownership, that is the stability and it's really the backbone of the American dream is having that stability and having that as a wealth building tool.
• 24:39
  SPEAKER_01: That's what it means to me.
• 24:40
  SPEAKER_00: And I think that's the the the perfect note to to end on.
• 24:44
  SPEAKER_00: Uh, Dr.
• 24:45
  SPEAKER_00: Loutz, thank you so much for being here with us today and for uh speaking with our members through our podcast.
• 24:52
  SPEAKER_00: It it's it's really been a pleasure.
• 24:53
  SPEAKER_01: Thank you.
• 24:54
  SPEAKER_01: This is a great conversation.
• 24:56
  SPEAKER_02: Well, all I could say is wow, um, thank you so, so much, Dr.
• 25:02
  SPEAKER_02: Loutz, for such an incredible episode here on Zoom.
• 25:05
  SPEAKER_02: I know I speak for all of us here at ACAR.
• 25:07
  SPEAKER_02: As we previously said, too, thank you so much for your time and your insight on this episode today.
• 25:13
  SPEAKER_02: I know that um all of this knowledge is incredibly resourceful for our members when they're looking at the broad range of who a home buyer could be.
• 25:22
  SPEAKER_02: And thank you very much, Mike, and thank you, Jamie, for hosting such an incredible interview and for asking all the right questions.
• 25:28
  SPEAKER_02: Um, I appreciate everybody coming together on this group project, if you will, of podcasts.
• 25:33
  SPEAKER_02: Um, and again, uh we will keep an eye out on that resource coming soon uh from NAR on that guide.
• 25:40
  SPEAKER_02: And as soon as we know more, we will be sharing it out with our members as well.
• 25:43
  SPEAKER_02: The report, should I say.
• 25:45
  SPEAKER_02: Um, and yeah, I just I cannot say enough incredible things.
• 25:48
  SPEAKER_02: I'm really looking forward to getting this episode out, and I appreciate everybody coming together to make this happen.
• 25:52
  SPEAKER_02: So until next time, we will see you guys later.