Last week, five Realtor bloggers from Virginia, Scott Brunner (VAR CEO), and Ben Martin (VAR Director of Communications & New Media) met with Dr. Lawrence Yun, the chief economist for the National Association of Realtors. We had a fantastic opportunity to speak with Dr. Yun about the current housing market, market trends across the country, how NAR makes home sales forecasts, and much more. Dr. Yun was able to provide very candid comments on a lot of issues and questions that many Realtors have about our current market. A few observations about Dr. Yun, who I consider to be one of the great assets of the National Association of Realtors . . .
Driven By Vision
When Dr. Yun took on the leading economist role for NAR, he recognized that it was an opportunity to make the National Association of Realtors the number one source for information about and analysis of the housing sector, as it relates to the larger U.S. economy. He then filled some of the open positions in his research division, and has compiled a team of economists that together provide the multitude of studies and and research papers that can be a great resource for Realtors on the ground.
To accomplish the vision above, Dr. Yun recognized the need for independence in his economic research and analysis, and he has been given the space to do so, and taken the prerogative to do so. Dr. Yun does not pass his economic assessments or outlooks by a panel of NAR leaders to get approval of his analysis. The information and commentary he provides is simply based on the data. Additionally, he doesn’t become preoccupied with what other well known economists might be saying about the housing market or the economy at large. Dr. Yun and his staff of 10 economists look at the data from the housing sector, and all other related economic indicators, and puts forth the forecasts, analysis and commentary as they see it.
Perceptive and Insightful
Dr. Yun loves the opportunity to meet with and talk to Realtors from around the country, as he is at different conferences making presentations, and otherwise. While he can’t necessarily accommodate for all of qualitative data he gathers from these conversations, it definitely helps him to have some additional data points as he analysis the amazing amounts of quantitative data that he works with on a daily basis. The questions he had for us drove this point home even further, as he inquired about market conditions and trends that we have been seeing of late in our respective areas of Virginia. For example, he has spoken with many Realtors lately in the DC area who have started to see an increase in open house activity and showings.
For more insight on Dr. Yun, check out the the following posts: