VAR introduces: new regulations video series

Governor Terry McAuliffe signed the new Virginia Real Estate Board Regulations on August 3rd and they will go into effect November 1, 2015. Click here to hear VAR’s Associate General Counsel, Laura Farely’s overview on the new regulations.

The Virginia Association of REALTORS® will introduce a video series starting next Monday featured in the Commonwealth Daily:

  • Monday, August 17th – Part 1: Escrow & Self-Audits
  • Tuesday, August 18th – Part 2: Prohibited Acts
  • Wednesday, August 19th – Part 3: Education & Place of Business
  • Thursday, August 20th – Part 4: Advertising
  • Friday, August 21st – Part 5: Licensed Activity

All the new regulation resources will be included on a dedicated webpage on VAR’s website: www.varealtor.com (member login is required).

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SentriLock, LLC. provides July 2015 foot traffic

Every month  provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC. are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future. This infographic shows the latest index data along with trends and changes.

2015-07-foot-traffic-infographic

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Home prices rise in nearly all metro areas in second quarter

A promising climb in home sales throughout the country amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter, according to the latest quarterly report by the National Association of REALTORS®.

The median existing single-family home price increased in 93 percent of measured markets1, with 163 out of 176 metropolitan statistical areas2 (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Thirteen areas (7 percent) recorded lower median prices from a year earlier.

The number of rising markets in the second quarter increased compared to the first quarter, when price gains were recorded in 85 percent of metro areas. Thirty-four metro areas in the second quarter (19 percent) experienced double-digit increases, a decline from the 51 metro areas in the first quarter. Nineteen metro areas (11 percent) experienced double-digit increases in the second quarter of 2014.

Lawrence Yun, NAR chief economist, says the housing market has shifted into a higher gear in recent months. “Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring,” he said. “While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas.”

Adds Yun, “With home prices and rents continuing to rise and wages showing only modest growth, declining affordability remains a hurdle for renters considering homeownership — especially in higher-priced markets.”

 

Source: National Association of REALTORS®

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Consumer Agency unveils results of e-closing pilot

In a public forum attended by representatives of NAR on August 5, the Consumer Financial Protection Bureau (CFPB) heralded e-Closings as a significant step forward to enhance the closing process for both consumers and the mortgage industry. The pilot program, begun in 2014, was designed to demonstrate that electronic closings can improve consumer understanding of the mortgage process, thus empowering consumers, and improve efficiency and cut costs for providers and consumers. Click here to read the complete story.

Source: National Association of REALTORS®

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NAR Call for Action: Protect REALTORS® from Patent Troll abuse

Tell your Virginia U.S. House Representative to vote now and support bill number H.R. 9 – The Innovation Act.

Tell your Virginia U.S. House Representative to vote now and support bill number H.R. 9 – The Innovation Act.

Please act TODAY to support important legislation protecting the real estate industry. REALTORS®, Brokerages and Multiple Listing Services have received demand letters and been subject to frivolous lawsuits from so-called patent trolls, demanding fees to use common business tools such as website drop down menus and search functions and the copier scanner functions. H.R. 9, The Innovation Act, will help defend our industry against these predatory entities.

Contact your Member of Congress to Stop Patent Trolls

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NAR comments on home price index

On July 27, 2015, 2015 NAR President Chris Polychron submitted comments regarding changes to the national loan limit price index in response to a Federal Housing Finance Agency (FHFA) request.  The national limit determines the individual loan limits available under the GSEs and FHA and VA loan programs.  Each year the FHFA adjusts the loan limits based on market changes. FHFA requested input on the methodology used to determine the appropriate national limit.  NAR recommends a multifaceted methodology that accurately reflects price growth in markets while also ensuring that accurate limits are maintained.  The 2016 limits are expected to be published in October.

NAR’s Comment Letter

 

Source: National Association of REALTORS®

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Sign-up: Free NAR Safety Webinar Summit

2015-safety-summit-header

September is REALTOR® Safety Month. This year, there will be four webinars presented by five noted safety experts. Register now to reserve your place and learn valuable tips to keep you safe in your job.

Sept. 9, 2015, 11 a.m. to 3 p.m. CST
Safety Webinar Summit

Don’t Get in the Pen With the Bull – and Other Safety Tips for Rural Land Professionals
Instructor: Terri Jensen
11 a.m – 12 p.m. CST

REALTOR® Safety: Everyday Actions That May Compromise Safety
Instructor: Adrian Manzaneres
12 p.m – 1 p.m. CST

Discover REALTOR® Safety Through Technology and Change Management
Instructors: Mike Becker and Adam Havey
1 p.m – 2 p.m. CST

Online Thievery: What to Do If You Experience a Data Breach
Instructor: Melanie Wyne
2 p.m – 3 p.m. CST

It is recommended that you login before the scheduled webinar start time, as there is an attendee limit. Every registrant will receive a link to the recorded webinar after the live presentation from REALTOR® University’s technology partner, Learning Library.

Archived Webinars:

Data Security and Cyber Safety

Open Houses, Foreclosures, Vacant Houses

Personal Safety

Working With Clients

 

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NAR study: Real estate firms remain confident about future profitability

Real estate firms are confident in the industry’s future growth and their increasing profitability, according to the 2015 National Association of REALTORS® Profile of Real Estate Firms.

Highlights: 2015 NAR Profile of Real Estate Firms

  • Eighty percent of real estate firms have a single office, typically with two full-time real estate licensees.
  • Eighty-two percent of firms specialize in residential brokerage.
  • Firms typically had 30 percent of their customer inquiries from past client referrals, 25 percent from repeat business from past clients, and 10 percent from their website, five percent through social media, and one percent through open houses.
  • Forty-four percent of firms reported they are actively recruiting sales agents in 2015.
  • Sixty-eight percent of firms expect profitability (net income) from all real estate activities to increase in the next year.
  • Forty-five percent of firms expect competition to increase in the next year from non-traditional market participants.

The 2015 NAR Profile of Real Estate Firms was based on an online survey sent in July of this year to a national sample of 138,669 executives at real estate firms. Click here to download the survey (requires member log-in).

Pages from 270934373-Like-Kind-Exchange-Survey COVER

 

 

 

 

 

 

 

Source: National Association of REALTORS®

 

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Call for leadership applications for both VAR and NAR

Positions on the Virginia Association of REALTORS® Board of Directors, National Association of REALTORS® Board of Directors and Virginia Association of REALTORS® RPAC Trustees are now available for application. All applications are due by Sunday, August 16, 2015.

  • On October 8, 2015 the VAR Delegate Body will elect, or re-elect, ten members to serve on the VAR Board and will nominate two to three members (depending on the VAR July 31 member count) to serve as state allocated NAR Directors.

  • In addition, the RPAC of Virginia selection committee will be appointing, or re-appointing, seven Trustees to serve on the RPAC of Virginia Board of Trustees for service beginning January 1, 2016.

If you are interested in submitting an application for any of these positions please review the requirements and apply online. For more information about the Virginia and National Boards of Directors and the RPAC Trustees of Virginia, visit the VAR Volunteer FAQ Page.

*Incumbent members seeking re-election or re-appointment must also submit applications as described above.

Virginia Board of Directors CLICK HERE TO APPLY ONLINE

National Board of Directors CLICK HERE TO APPLY ONLINE

RPAC Trustees of Virginia CLICK HERE TO APPLY ONLINE

For questions about the election process or assistance with applications, endorsements, or governance policy, please contact Adam Smith (Adam@VARealtor.com).

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Millennials and the housing market

Despite millennials’ reputation as a transient generation that’s not ready to settle down , McFadden’s experience is more common than you might think. The National Association of Realtors 2015 report on generational trends found that millennials, who are currently between ages 25 and 34, make up the largest share of homebuyers at 32 percent. Even more striking, millennials now constitute 68 percent of first-time homebuyers. That percentage might soon grow even more: A survey of 1,002 adults by TD Bank released in July found that just under half of millennials will be looking to buy their first home over the next two years. Click here to read the complete story.

 

Source: USNews

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