by Andrew Kantor, Blogmaster on September 2, 2010
Sorry, no time for snarky comments or insightful dialog. Just a quote from the AP:
The number of buyers who signed contracts to purchase previously occupied U.S. homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.
The National Association of Realtors said Thursday its seasonally adjusted index rose 5.2 percent from a month earlier to a reading of 79.4. Economists surveyed by Thomson Reuters had expected the index would fall to 74.9.
The index was still down 19 percent from the same month last year. June's reading was the lowest on records dating to 2001. It was revised slightly downward to 75.5.
Click here for the full story.
by bmartin@varealtor.com on September 1, 2010
Now's your chance to sign up to volunteer with VAR. Need a reason to volunteer your time? We'll give you three (and it starts with making more money):
It's simple, really: The more you learn, the more you'll earn.
If you want to know more than your competitors, it's simply not enough to read the news, blogs and (shameless plug) Commonwealth magazine -- anyone can do that. You need to make bigger commitment: to dive deep into discussions with your peers and discover tomorrow's issues before they become today's issues.
And that's why volunteering with VAR works for you. When you volunteer with VAR, you hear and talk about stuff that will affect your business -- before the competition does.
Need some more reasons? Here are two bonus perks:
- When you volunteer with VAR, you get to represent your local area in policy decisions that affect you and your clients. Volunteering with VAR is the only way to assure that the concerns of your local area are heard in VAR policy deliberations.
- You'll network with Virginia's best and brightest real estate pros when you're on a VAR committee. VAR has an elaborate volunteer selection process, and our leadership appoints only the most qualified brokers and agents. Competition for seats is tough, and the quality of people on VAR's committees is top-tier. You'll learn from and get to know some of the most exceptional Realtors in Virginia by volunteering.
And if you're a broker, you owe it to yourself to urge your agents to volunteer with VAR. Why wouldn't you want an army of more knowledgeable, better trained, better networked agents working for you?
Click here to volunteer with VAR today.
by bmartin@varealtor.com on August 31, 2010
In the early 1990s, VAR was instrumental in passing an overhaul of Virginia’s real estate agency law and regulation. In light of changing business practices since that time, VAR leadership has been asked to consider recommendations for possible updates to Virginia's license law during the 2011 General Assembly Session. There are three general recommendations under consideration:
- Requiring that all brokerage relationships be in writing
- Requiring disclosure explaining clearly what specific services the licensee and can and cannot provide parties in disclosed dual agency situations
- Eliminating the current seller disclosure (disclaimer) form and replace it with a general disclosure directing buyers to a DPOR-maintained website listing all disclosures
These recommendations are outlined in much more detail in a report prepared by VAR volunteers, which will be discussed in a town hall meeting at the REal Show, VAR's Convention & Expo. This may be your only opportunity to provide feedback on the recommendations before VAR leadership makes a decision in early October on whether or not to move forward with the recommendations. VAR leadership hasn't determined whether or not to recommend pursuing these potential changes to Virginia's license law: Your feedback will help them decide.
If you want to be a part of these important discussions about the future of Virginia's agency laws, please plan to attend the Agency and Professionalism Town Hall Forum: Saturday, October 2, 2010 at 8 a.m. in the Virginia Beach Convention Center.
Register now to reserve your spot at this session and all the other great events happening at the REal Show, VAR's Convention & Expo 2010.
by Andrew Kantor, Blogmaster on August 30, 2010
If you haven’t already, you should be receiving your next issue of Commonwealth in the next day or so. Check out our cover story on the state of Virginia’s housing markets, and our feature on healthcare reform – why it’s good for Realtors®. Not to mention the usual suspects: Legal Lines, Life Lessons, Forms Factor, and a whole lot more.
by andrew@varealtor.com on August 24, 2010
According to NAR, sales of previously occupied homes fell more than 27 percent from June to July, the largest month-to-month drop on record. And they dropped to the lowest level in 15 years, more than 25 percent below their July 2009 level.
Click here to read the full story at Realtor.org.
by bmartin@varealtor.com on August 20, 2010
Lenders are taking heat from buyers, sellers and Realtors® for the length of time and complexity involved in going through a short sale. You've probably got your hunches about which banks are the worst to deal with and which ones take the most time to complete a transaction. Well, HousingWire magazine recently published a list ranking selected major mortgage servicers by how quickly they conduct short sales. Here's the scoreboard:
- Quickest: GMAC, averaging about 6 months per transaction
- 2nd fastest: CitiMortgage, about 7.5 months per transaction
- 3rd place: Wells Fargo, roughly 8 months per transaction
- Last: Countrywide (Bank of America) at 13 months per transaction
Any surprises?
by aarwood@varealtor.com on August 20, 2010
VAR is now an official partner of the REALTORS® Federal Credit Union. REALTORS® FCU is a not-for-profit credit union. And because credit unions are member-owned, earnings accrue to benefit members–not stockholders.
REALTORS® Federal Credit Union Now Offers:
- Highly Competitive Interest & Dividend Rates on Certificate Investments
- Traditional & Money Market Savings
- Free eChecking with MasterCard Debit Card with access to Surcharge-Free ATM Transactions at Thousands of CO-OP Network & CU24 Network ATMs
- Free myBranch Services Including: myAccounts Online, Online Statements, Deposits, Transfers, Bill Pay and more!
- Personal Loans & Credit Lines
- New & Used Vehicle, Boat & RV Loans
- Home Loan Financing
- Business Savings & Money Market Accounts
In support of our partnership, the Virginia Association of REALTORS® will keep you informed of all the benefits REALTORS® FCU has to offer. REALTORS® FCU is new, but is quickly growing! Coming soon are exciting products and services including; additional Business Services, retirement products and more! Visit REALTORSFCU.ORG and subscribe to myNews emails to receive updates on the credit union.
Not a member? Not a problem! All REALTORS® and their immediate family members are eligible for lifetime membership. Visit REALTORSFCU.ORG to learn more and join online! Don’t forget to enter promotional code VA11 to give Virginia Association of REALTORS® credit for their referral! We look forward to serving you.
by bmartin@varealtor.com on August 18, 2010
by bmartin@varealtor.com on August 17, 2010
The country's dire financial straits extend beyond homeowners, as one Virginia city's officials are learning. In the go-go days of 2004 and 2005, the city of Buena Vista in the Shenandoah Valley borrowed $9 million to build and refinance a city golf course. On the refinance application, they offered up two public buildings as collateral: the Buena Vista city hall and its police station.
Now, the bills are coming due and the city can't afford to make payments, making it quite possible that the financier, ACA Financial Guaranty Corp., will exercise its right to seize the buildings.
"They put up City Hall to finance the golf course," says Bonnie France, a lawyer for ACA. "It's collateral, so they could lose it. I've worked in public finance for 30 years and never seen this happen."
Buena Vista isn't alone. Harrisburg, the state capital of Pennsylvania, is considering filing for bankruptcy, and Central Falls, R.I. turned its finances over to a receiver when it couldn't repay its obligations.
Read more at WSJ.com.
by bmartin@varealtor.com on August 17, 2010
If you see Hampton Roads Realtor® James Arnhold out and about, be sure to give him a pat on the back and a hearty atta-boy: He was just named a finalist in NAR's 2010 Good Neighbor Awards.
From Realtor® Magazine:
Arnhold has supported EQUI-KIDS Therapeutic Riding Program, an organization that offers therapy to people with mental and physical disabilities, since 2002, when he and his partner donated 92 acres of land for its move and expansion. He supervised the facility’s construction, including an indoor horse-riding arena to allow therapy year-round. He has also headed the Capital Campaign and raised more than $3 million for the organization. Currently, 70 students a week work with the horses to improve self-confidence, fine motor skills, balance, concentration, and social skills.
Thanks for making us proud, James.
