I n celebration of its 40th anniversary, ERA Real Estate offers its take on the Top 40 Innovations that Changed the Real Estate Industry — a list that may contain some surprises, according to real estate professionals from Freehold-area ERA Real Estate brokerages.
“While some changes, like the beginnings of a Multiple Listing Service in the 1800s, were obvious game-changers for the real estate industry,” said Charlie Young, president and CEO of ERA Real Estate, “other more subtle changes, like the founding of Nordic Track that set the stage for the increasing popularity of home gyms, were also important in fostering the dream of home ownership in America. We think our list of the 40 innovations that changed our industry is a fascinating look back at the forces that shaped, and continue to drive the evolution of, today’s real estate industry.”
ERA Real Estate, an innovator in its own right, was the first real estate franchise to use the fax machine to transmit listings across the country, the first to expand internationally and the first to post listings online, says Young. But, in addition to the role that ERA Real Estate has played in helping to shape today’s real estate industry, area ERA professionals offer these highlights from the 40 Top Innovations list:
Homebuyer’s horizons expand
1. 1863 — The London Underground, the first subway, opens and people now don’t need to live in walking distance of their jobs.
2. 1921 — The Federal Highway Act is passed, allowing the Bureau of Public Roads to create paved two-lane interstate highways (originally meant to provide citizens with evacuation routes from the cities).
3. 1950 — The first year that more people lived in the suburbs than in the cities. Housing legislation evolves
1. 1934 — The National Housing Act is passed to spur homeownership during the Great Depression.
2. 1968 — The Fair Housing Act (Title VIII of the Civil Rights Act of 1968) is enacted, outlawing refusal to sell or rent to any person because of race, color, religion, sex or national origin. (In 1969 — The television show “That Girl” signaled the changing role of women in the era of feminism, which influenced the 1974 amend- ment of the Fair Housing Act that prohibits lending discrimination based on gender. )
3. 1974 — The Good Faith Estimate is introduced as part of the Real Estate Settlement Procedures Act, which eliminated kickbacks that inflated the prices of mortgages.
4. 1982 — The Garn–St. Germain Depository Institutions Act of 1982 deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans.
5. 1986 — The Tax Reform Act eliminates the broad deduction of interest on personal loans and creates a tax deduction for mortgage interest to encourage home ownership.
Technology lends a hand
1. 1969 — Battery-operated smoke detectors came to market, saving countless lives. Time magazine named the smoke detector to its “All-Time 100 Gadgets” list in October 2011.
2. 1978 — Home Depot is founded in Marietta, Ga. helping homeowners’ successfully complete do-it-yourself (DIY) projects.
3. 1982 — The personal computer begins to catch on with consumers — Time magazine names the computer the Machine of the Year. 4. 1983 — The first commercially available mobile phone is introduced, evolving into today’s smartphone, providing real estate agents an increased ability to be connected with clients and work from almost anywhere.
5. 1990 — The World Wide Web is introduced.
“We think our Top 40 list reflects the way not only our industry but also our society has evolved,” said Young. “We’re proud of the role that ERA Real Estate has played in this evolution, and we can’t wait to see what comes next. After all, Virgin Galactic made our list when they launched the world’s first commercial space line in 2008. When the time comes, we’ll be among the first to offer listings that are really ‘out of this world’.”
To view the complete slide show of the Top 40 Innovations that Changed Real Estate in chronological order, visit http://www.youtube.com/watch?v=niID3A kj4Oo. To learn more about ERA Real Estate, contact one of the following ERA Real Estate professionals: Stephanie Bellanova of Central Realty Group in Cream Ridge, who can be reached at 609-259- 0200 or [email protected] or by visiting Scott Lauri of ERA Absolute Realty in North Brunswick, who can be reached at 732-220-6611 or Office@AbsoluteERA. com or by visiting http://www.HomesOFNJ.com.