Click here to print out a copy of the entire testimony in PDF format (264K PDF file).
Hearing Before The House Financial Services
Subcommittee on Housing and Community Opportunity
Entitled
“The Changing Real Estate Market”
Testimony of Pat Vredevoogd-Combs, ABR®, CRS®, GRI, PMN
2006 President-Elect
National Association of REALTORS®,
July 25, 2006
Conclusion
America’s residential real estate market is a model of efficiency – real estate brokerage is a $60 to $70 billion industry that directly accounts for 15 percent of the U.S. gross domestic product (GDP). Our residential real estate market is also a model of competition providing significant opportunities for aspiring entrepreneurs as well as cost-efficient mechanisms for consumers when selling or buying a home. In an economy in which large, national corporations such as Wal-Mart or Microsoft increasingly dominate the marketplace, real estate stands apart.
Change in real estate brokerage reflects the following paradox: the more things change, the more they stay the same. Real estate firms use the latest technology to provide sellers and buyers with information about properties, but real estate professionals play the same role in facilitating real estate transactions. Changes in technology, the economy and the competitive landscape are transforming the environment for real estate brokerage. The industry is evolving and creating a wealth of opportunities for all types of real estate brokerages. While the future is never certain, real estate professionals’ willingness to adapt and change will help the market participants grow and prosper, which is good for the economy, good for household wealth accumulation and good for every working American family wanting to achieve the dream of homeownership. Thank you for your time and I will be happy to answer any questions you may have.
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