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Fair housing strengthens our community, builds wealth




CopelandSHANNON_FONTAINE

CopelandSHANNON_FONTAINE

America prides itself on personal freedoms — freedom to pursue our goals and aspirations, the ability to secure financial freedom and the freedom from discrimination. These freedoms are what make the American dream unique.

One major milestone of achieving that dream is homeownership.

To reach this milestone, it’s important that all Americans have access to all housing. If a buyer wants a home, they should be able to see, visit and purchase any home that meets their needs. This not only represents the values that Realtors and our industry live by, it also makes the dream of homeownership attainable.

That is why the Fair Housing Act is still such an important issue in our industry. There was a time when buyers — particularly African-Americans, though other groups experienced the treatment — were discouraged, shown property only in certain areas, denied or given punitive loans or prevented from owning homes. In the 50-plus years since its passage, it has played a significant role in highlighting and minimizing these discriminatory practices so that more Americans have access to homeownership and the long-term benefits it can bring, including tax savings and community.

 

 

When real estate professionals and lending agencies adhere to fair housing practices, individuals and the country’s economy thrive. The National Association of Realtors (NAR) estimates that “each home sale at the median added $88,500 to the economy in 2019.”

When consumers are given the freedom to an open housing market without discrimination, they aren’t just getting the opportunity to become homeowners. They are given choices about where and how they want to plant families, educate children, relate to neighbors and select local amenities. They are gaining the opportunity to build generational wealth.

For example, we know that homeownership is an effective way to build wealth, especially for low-income households. The lower the income of a person owning a home, the greater the share of its wealth coming from homeownership. This pattern has remained consistent over the last three decades, according to the historical Survey of Consumer Finances data.

By adhering to fair housing practices, I have seen these benefits come to fruition throughout our city during my 15-plus years working as a practitioner and serving in real estate. I’m proud to be part of an industry that lives by the values represented in our code of ethics and to have an active role in an industry that makes homeownership attainable for the people in and coming to Nashville whom my fellow Realtors serve in our community.

Over the course of my career, I have watched our industry grow in immeasurable ways as we build a legacy that lives by the core principles of equity and inclusion, and in return, I have witnessed our industry help build strong and prosperous communities through the benefits that homeownership brings.

From bolstering the economy of not just Nashville but the nation, to individuals gaining access to better economic opportunity and the ability to sustain wealth, fair housing practices continue to deliver positive impacts for people and their communities.

As our industry continues to expand protections from discriminatory practices, we should continue to expand our commitment to providing homebuying education and opportunities, particularly for those who have been unfairly denied the fullness of this opportunity. This benefits homeowners, Nashville and the nation. I look forward to continuing alongside my fellow Realtors in making this happen.

Brian Copeland (M.S., B.A., CRS, GRI, CIPS, ePRO, ABR, Broker) prides himself on one-on-one buyer and seller service. He has been one of the most sought-after real estate speakers in America, served as the 2017 president of Tennessee Realtors, 2019 vice president of the National Association of Realtors, and advocates for property rights at the local, state and national association levels. He is president of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. Contact Brian at brian@nashvilleandbeyond.com.

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