Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.

The Senate is expected to vote Monday evening for a “Motion to Invoke Cloture”. If 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action. NAR will continue to provide us with updates on the tax credit as events warrant.

Call Your Senator!

We are very close, but we need to ask for your help one more time! Please make a quick call to your Senator’s office today to ask for cloture on the Unemployment Insurance Extension bill that contains the tax credit provision. Again, this cloture vote is scheduled for Monday evening. Sixty Senators must vote yes so that a vote can be scheduled on the tax credit.

Click Here to enter your phone number and be connected to your senator’s office right now.

Thank you in advance for participating and showing why WRAR Members are the best!

There was an additional development in the Senate yesterday:

The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.

When analyzing the growth within the five major Wilmington zip codes, our average sales price has decreased 15.2% over year end 2008 which is only a decrease of 6.9% from last quarter. When we look at the median sales price, we have a 13.0% decrease over year-end 2008 and a 3.2% decrease over last quarter.

• Sellers received 95.4% of the asking price in 2008, compared to 95.5% for 3rd Quarter 2009.
• 3rd Quarter 2009 had an increase in the number of sold homes by 11.6% from 2nd Quarter 2009. 
• September 2009 was particularly significant because the number of sold homes during that month also outpaced levels achieved in September 2008. This is the first time in over three years that this has happened.

Over the last couple of years, an analysis of five Wilmington zip codes – 28403, 28405, 28409, 28411, and 28412 was conducted. The areas of focus were:  

• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List Price – The amount of money a home is listed on the market.
• Selling Price – The price the seller accepts for his or her house.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

2008 Year-End Average Selling Price vs. 2009 3rd Quarter Average Selling Price

3rd Quarter 2009 – 28403 Zip Code

• The average selling price of $192,580 has decreased 21.4% under the 2008 year-end average selling price of $244,932.
• 21.3% of sellers in 3rd quarter paid a concession compared to 16.5% in 2008. 
• The average list price of $202,337 for 3rd quarter has decreased 23.4% over the 2008 year-end average list price of $264,105.
• The average number of days a property remained on the market for 3rd quarter was 122 days compared to 112 days for year-end 2008. 
• The median sold price of $159,500 for 3rd quarter has decreased 18.2% from year-end 2008.
• Sold homes in 3rd quarter received 95.2% of the asking price, an increase from 92.4% year-end 2008.

3rd Quarter 2009 – 28405 Zip Code

• The average selling price of $245,441 has decreased 17.2% over the 2008 year-end average selling price of $296,397.
• 20.7% of sellers in 3rd quarter paid a concession compared to 18.5% in 2008. 
• The average list price of $261,798 for 3rd quarter has decreased 15.7% from the 2008 year-end average list price of $310,425. 
• The average number of days a property remained on the market for 3rd quarter was 140 days compared to 109 days for year-end 2008. 
• The median sold price of $186,000 for 3rd quarter has matched almost exactly $186,500 from year-end 2008.
• Sold homes in 3rd quarter received 93.8% of the asking price, a decrease from 95.5% year-end 2008.

3rd Quarter 2009 – 28409 Zip Code

• The average selling price of $312,199 has decreased 2.3% over the 2008 year-end average selling price of $319,619.
• 15.7% of sellers in 3rd quarter paid a concession compared to 14.1% in 2008. 
• The average list price of $332,776 for 3rd quarter has decreased 1.2% over the 2008 year-end average list price of $336,701. 
• The average number of days a property remained on the market for 3rd quarter was 128 days compared to 121 days for year-end 2008. 
• The median sold price of $240,000 for 3rd quarter has decreased 5.9% from year-end 2008.
• Sold homes in 3rd quarter received 93.8% of the asking price, a decrease from 94.9% year-end 2008.

3rd Quarter 2009 – 28411 Zip Code

• The average selling price of $250,287 has decreased 21.3% over the 2008 year-end average selling price of $317,945.
• 21.5% of sellers in 3rd quarter paid a concession compared to 25.2% in 2008. 
• The average list price of $259,059 for 3rd quarter has decreased 21.7% over the 2008 year-end average list price of $330,870. 
• The average number of days a property remained on the market for 3rd quarter was 127 days compared to 111 days for year-end 2008. 
• The median sold price of $211,450 for 3rd quarter has decreased 13.0% from year-end 2008.
• Sold homes in 3rd quarter received 96.6% of the asking price, an increase from 96.0% year-end 2008.

3rd Quarter 2009 – 28412 Zip Code

• The average selling price of $189,593 has decreased 10.6% over the 2008 year-end average selling price of $212,101.
• 25.0% of sellers in 3rd quarter paid a concession compared to 23.7% in 2008. The average list price of $199,122 for 3rd quarter has decreased 9.3% over the 2008 year-end average list price of $219,554.
• The average number of days a property remained on the market for 3rd quarter was 142 days, compared to 113 days for year-end 2008. 
• The median sold price of $165,950 for 3rd quarter has decreased 12.6% from year-end 2008.
• Sold homes in 3rd quarter received 95.2% of the asking price, a decrease from 96.6% year end 2008.

Summary

Our third quarter has shown limited, but significant progress. Now is the best time to buy with several positive indicators:

• Mortgage rates on a 30 year fixed loan are just below 5.0% – some of the lowest rates in 30 years.
• Current inventory of homes is high – from 13 to 15 months supply. 
• For first-time homebuyers, the $8,000 tax credit is still available until November 30, 2009.

While there is lots of conversation about expanding and extending this tax credit, it has not been approved as of the writing of this article. The downside has several factors:

• Qualified buyers are finding lending standards to be a lot tighter, from the need for higher credit scores and loan program restrictions.
• Sales are also suffering from the current foreclosures and short sales in the market. As these take place, we are finding new issues with appraisals having lower values and taking longer due to new appraisal rules.

Our market has experienced a sizeable increase of 11.6% in number of homes sold in 3rd quarter 2009 compared to 2nd quarter 2009. Sales to first-time home buyers are helping to drive this increase. In 3rd quarter 2009, we continue to see market corrections and adjustments in average sales price; overall, we decreased 15.2% from year-end 2008. All five zip codes had average sold price decreases from 2% to 21% over year end 2008. Our list to sales price ratio for the 3rd quarter 2009 is 95.05%, a slight decrease from 95.5% for 2008. The average list price of the sold properties is $245,972 and is down 14.9% from year end 2008.

Concessions offered to buyers are now offered in 15.7% to 25% of the transactions in 3rd quarter 2009. Our median sales price for 3rd quarter ($188,450) reflects a downturn of 13.0% from 2008 ($216,500). Our overall average days on the market are 133, an increase of 20 days from year end 2008. Sellers in 28411 got about 96.6% of their asking price while those in 28405 & 28409 only got 93.8% of their asking price. All four zip codes had an increase in units sold except for 28403. 2009 will prove to be a time when our market stabilized. With the current inventory of homes available and low interest rates, now is the best time in history to buy a home!

An Analysis of information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through September 30, 2009 – data pulled on October 14, 2009.

Home Sales Show Improvement

According to our data, home sales last month totaled 396 which is up from 380 in August. More importantly, it’s also up from 374 back in September 2008. This is the first time in over three years that this has occurred.

Please keep working hard with your clients to take advantage of the first-time home buyers tax credit before the November 30th deadline.

This great incentive has helped our market tremendously and it’s critical that Congress expands and extends it. If you haven’t already done so, please click on the button below to participate in NAR’s Call for Action and make sure your voice is heard.

REALTOR® Best Practices

As business continues to improve, let me also remind everyone that there are expectations as REALTORS® that we all must uphold.

Recently, I had some complaints from REALTOR® members stating that other agents had:

• Shown their listings to clients without making an appointment
• Failed to provide adequate feedback
• Did not bother to close or lock doors
• Set-off alarms 

Please make sure to be conscious of these items while showing property to your clients.

Several years ago, a WRAR task force identified behaviors that they thought were unacceptable. Based upon these behaviors, the task force identified what they believed were “best practices.”

The task force submitted the booklet to the Board of Directors. The Board approved and published it to the members. I would appreciate every member keeping in mind some of the guidance provided in the Best Practices manual. To see the entire Manual, Click Here.

First-time homebuyers should be working very hard right now to get under contract and close by November 30th. Given that it can take more than a month under some circumstances in this market to close on a home, buyers are running out of time.

Supporters of the tax credit agree it has succeeded in helping the housing market by getting rid of inventory and foreclosures that drag down value.

NAR is asking for your support by TAKING ACTION NOW through its Call for Action campaign. It is my understanding that only one third of REALTORS® have participated in the Call for Action to contact Congress about the tax credit.

Let your voice be heard in Washington D.C. by clicking on the link below: http://takeaction.realtoractioncenter.com/campaign/hbtc?rk=V1d57aMal5hHE.

You can also go to www.REALTOR.org and find links to the campaign from there. This is so important to our industry, so please take a few minutes to help. Your voice does matter, so do not wait… ACT NOW!

As my year as your President draws to an end, I have thoroughly enjoyed it and have fulfilled one of my goals which was to get more REALTORS® involved with the Association. We have had more people at the last two quarterly meetings than ever before. We want as many people to be involved as possible.

The 2009 Leadership Academy Graduates thought the program far exceeded their expectations, so if you are looking to get involved with the Association you may want to consider applying for the 2010 class. Click Here for an application which is due by midnight on November 20th. I know I got a lot out of it when I took it with the State Association. It gives you both professional and personal growth.

Thanks for your time and dedication to your Association!

FOR CRS DESIGNATED REALTORS® ONLY…

As your President and fellow Certified Residential Specialist (CRS), I ask that you please vote for REALTOR® Clinton Howlett of CENTURY 21 Brock & Associates in the upcoming 2010 NC CRS Election of Officers.

Clinton has been a dedicated member of your Association for over 6 years now serving as a REO Property Manager and currently a Broker-in-Charge.
 
He is the only director candidate from the Wilmington area and will strive to represent our local interests on the NC CRS Board.
 
Please follow the instructions below to cast your vote for Clinton before this Friday’s deadline.
 
VOTING INSTRUCTIONS
 
To be valid, each ballot must contain the Member’s Name and Council ID Number.
 
You may vote by several means:

1. In person on a paper ballot at the September General Membership Meeting.
   
2. By another person at the meeting provided written proxy bearing the signature and the Council ID number of the member whose vote is being cast has been fulfilled with the Secretary of the Chapter or in the Secretary’s absence with the Member chairing the meeting.
   
3. By e-mail to the Election Committee (Secretary’s Appointee) by e-mailing to: jane@century21trg.com.
   
4. By fax to NC CRS Election Committee C/O Jane Rolfe, NC CRS Director Fax: 252-355-8001
   
5. By ground mailing this ballot to: 
    NC CRS Election Committee
   C/O Jane Rolfe, NC CRS Director Century 21,
   The Realty Group
   502 Red Banks Road, Suite # A
   Greenville, NC 27858

If voting by fax, e-mail or ground mail, please use the following ballot and then transmit by ground mail, fax or e-mail according to the voting instructions above.
 
Click Here to View Ballot Now
 
In order for the Election Committee to bring these ballots to the election meeting…

THE DEADLINE FOR ELECTION COMMITTEE RECEIVING GROUND MAIL/FAX/E-MAIL BALLOTS IS FRIDAY 9/25/09 5:00 PM.
 
YOU MAY HOWEVER, IF YOU HAVE NOT ALREADY VOTED, CAST YOUR VOTE IN-PERSON OR THROUGH PROXY AT THE GENERAL MEMBERSHIP MEETING.
 
Thank you for your participation and support for Clinton!

• Vice President – Ashley Garner
• 3 Year Director – Tom Gale 
• 3 Year Director – Mary Jo Miller 
• 2 Year Director – Jody Wainio 
• 1 Year Director – Carlos Braxton
  (Carlos will immediately fill vacant term.)

Thank you to everyone who voted in this year’s election and/or attended last night’s Annual Meeting & Election. We had such a great turn-out and it was excellent to see so many people interested in the future of their Association.
 
Thank you to all of the candidates who ran this year. It is because of volunteers like you that our Association continues to grow and remain strong.
 
Building Motion
 
At last night’s meeting, the membership passed the following motion:
 
We, the members of the Wilmington Regional Association of REALTORS®, support and authorize the Board of Directors to move forward with the projected construction of a new building with construction expected to begin in the Spring or Summer of 2010 with the following stipulations; the Board of Directors will:

1. Inform our membership of our progress via website and by invitation to member offices;
2. Continue due diligence for a building appropriate for our needs and responsive to the current economy.

The Board wants to assure you that if at any time the financial projections change for the worse, we will not proceed with the current plan.
 
The website address to keep you informed is: http://www.wrar.com/progress.
 
This web page will be updated as new information is available. We will inform you of these updates to the web page via Broker Briefing, Broker Breeze, Facebook, and Twitter.
 
Leadership Academy Graduates
 
Congratulations to the graduates of WRAR’s Inaugural Leadership Academy class:

• Carlos Braxton
• Shannon Friedrichs 
• Bobby Jean Harvey 
• Ashley Garner 
• Cynthia Horgan 
• Kevin McKoy
• Amy Holcomb 
• Mary Jo Miller 
• Jody Wainio 
• Sue Waller

Thanks again for your participation and dedication to your Association.

If you have not yet registered for this year’s Annual Meeting and Election at Airlie Gardens, then you have less than 24 hours left to do so.
 
I am very excited about this year’s meeting and look forward to seeing you all there. This year’s meeting is on Thursday, September 17th from 6-9PM and the theme is “A Mid September Night at Airlie“.

We will be announcing the official election results for your 2010 Board of Directors and the membership will also be voting on a motion to move forward with the new building. An official copy of this Motion will be emailed out within the next couple of days for members to review before the meeting.
 
Please come join us for lots of great food, music, fellowship, and fun with your fellow REALTORS® and colleagues. To register for this event now, please Click Here. All members must register by Friday, September 11th at 12PM to attend. The meeting is free for all members and $15 for guests. Space is limited, so reserve your seat today!
 
If you already registered, please be sure that you received an email confirming that your seat was reserved. If you didn’t receive an email confirmation, you may log into Internet Member Services (IMS) to see if you’re registered or not. Click Here for further instructions on how to do this.
 
New Building Video – Part 2: 
 
Last week, your Association released part one of a video presentation by CPA, Chuck Earney and Building Chair, John Lennon explaining why it is financially feasible to build the proposed building now.
 
Part two of that presentation, the question and answer session with members of the WRAR Executive Roundtable, is now available for viewing. To watch it, please go to www.wrar.com/building.php.
I appreciate all of the positive comments and feedback that I have received about the proposed new building. There have been so many excellent questions that have been posed.

Please, if you have any questions, you may send them to newbuilding@wrar.com or call me. The latest edition of the Building FAQ page can be viewed by clicking here.
 
Thank you for your time and dedication to your Association!

• 2003 – Building Task force was formed to look for building sites. Eighty six percent of our membership now lives or works within seven miles of the Eastwood Road and Military Cutoff intersection.
• 2005 – Membership voted to purchase land at the end of Sir Tyler Drive (across from Mayfaire).
• 2007 - Closed on the land after completion of all due diligence (permits, site and soil evaluations, etc.). We do not have any debt on this property.
• 2008 – A second building task force began work to maximize the site for our new building. The task force has worked long hours including working with caterers, party planners, and others to determine the best building for our area. The task force selected an architect and together they have finalized a preliminary building plan.
• 2009 – Task force has submitted preliminary plans to contractors for estimates. This is the final step necessary before you vote on this project.

Please remember these facts about the long-range plan for our new building:

• Current building was built in 1991, basically to house staff. Member functions have never been held in this building due to size restraints. Your corporations paid almost $67,000 for meeting facilities to house member functions from 2007 through 2008.
• The current building value is in excess of $700,000. This building will be sold and all of the monies applied to the new home.
• Associations throughout the state have successfully developed a model to provide space for member functions, while providing a revenue stream to offset membership costs. Examples would be the Raleigh Regional Association of REALTORS® as well as the Greensboro and Durham Associations. Each of these associations has developed additional business to provide association income. No longer do they rely upon their members for all income. I encourage you to look at the website for these associations.
• Lastly, as REALTORS® we all understand the value of ownership. We have waited for many years in order to make the right commitment. We feel that our timing is good in this economy as it will actually favor lower building cost.

Your Board of Directors encourages you to email us your questions by clicking here. Thank you to those of you who have already done so. As promised, we have created a New Building FAQ page on WRAR.com to answer your questions. You can access this page by clicking here.

We are all excited to take this last step and to ask our membership for a vote of approval. We will vote at our Annual Meeting on September 17th to proceed and finalize our goal. To register for this meeting now, please Click Here.
 
Again, my sincere thanks to all of the members and staff, who have worked so hard to make this dream a reality.

Analyzing the growth within Wilmington’s five major zip codes, our average sales price has decreased 8.9% over year end 2008 which is a decrease of .07% from last quarter. When we look at the median sales price, we had a 9.9% decrease over year-end 2008 which is a 3.5% decrease over last quarter.

• Sellers received 95.4% of the asking price in 2008, compared to 93.8% for 2nd Quarter 2009.
• 2nd Quarter 2009 had an increase in the number of sold homes by 58.1% from 1st Quarter 2009.

Over the last couple of years, an analysis of five Wilmington zip codes – 28403, 28405, 28409, 28411, and 28412 was conducted. The areas of focus were:  

• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List Price – The amount of money a home is listed on the market.
• Selling Price – The price the seller accepts for his or her house.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.

2008 Year-End Average Selling Price vs. 2009 2nd Quarter Average Selling Price

2nd Quarter 2009 – 28403 Zip Code

• The average selling price of $228,909 has decreased 6.5% under the 2008 year-end average selling price of $244,932.
• 11.2% of sellers in 2nd quarter paid a concession compared to 16.5% in 2008. 
• The average list price of $245,395 for 1st quarter has decreased 7.1% over the 2008 year-end average list price of $264,105.
• The average number of days a property remained on the market for 2nd quarter was 166 days compared to 112 days for year-end 2008. 
• The median sold price of $182,938 for 2nd quarter has decreased 6.2% from year-end 2008.
• Sold homes in 2nd quarter received 93.2% of the asking price, an increase from 92.4% year-end 2008.

2nd Quarter 2009 – 28405 Zip Code

• The average selling price of $248,234 has decreased 16.2% over the 2008 year-end average selling price of $296,397.
• 31.7% of sellers in 2nd quarter paid a concession compared to 18.5% in 2008.
• The average list price of $264,079 for 2nd quarter has decreased 14.9% from the 2008 year-end average list price of $310,425.
• The average number of days a property remained on the market for 2nd quarter was 121 days compared to 109 days for year-end 2008.
• The median sold price of $186,500 for 2nd quarter has matched exactly $186,500 from year-end 2008.
• Sold homes in 2nd quarter received 94.0% of the asking price, a decrease from 95.5% year-end 2008.

2nd Quarter 2009 – 28409 Zip Code

• The average selling price of $274,570 has decreased 14.1% over the 2008 year-end average selling price of $319,619.
• 26.8% of sellers in 2nd quarter paid a concession compared to 14.1% in 2008. 
• The average list price of $290,652 for 2nd quarter has decreased 13.7% over the 2008 year-end average list price of $336,701. 
• The average number of days a property remained on the market for 2nd quarter was 137 days compared to 121 days for year-end 2008. 
• The median sold price of $229,000 for 2nd quarter has decreased 10.2% from year-end 2008.
• Sold homes in 2nd quarter received 94.4% of the asking price, a decrease from 94.9% year-end 2008.

2nd Quarter 2009 – 28411 Zip Code

• The average selling price of $305,237 has decreased 4.0% over the 2008 year-end average selling price of $317,945.
• 20.6% of sellers in 2nd quarter paid a concession compared to 25.2% in 2008. 
• The average list price of $328,704 for 2nd quarter has decreased .07% over the 2008 year-end average list price of $330,870. 
• The average number of days a property remained on the market for 2nd quarter was 153 days compared to 111 days for year-end 2008. 
• The median sold price of $223,900 for 2nd quarter has decreased 7.9% from year-end 2008.
• Sold homes in 2nd quarter received 92.8% of the asking price, a decrease from 96.0% year-end 2008.

2nd Quarter 2009 – 28412 Zip Code

• The average selling price of $188,404 has decreased 11.2% over the 2008 year-end average selling price of $212,101.
• 30.5% of sellers in 2nd quarter paid a concession compared to 23.7% in 2008. 
• The average list price of $197,500 for 2nd quarter has decreased 10.0% over the 2008 year-end average list price of $219,554. 
• The average number of days a property remained on the market for 2nd quarter was 130 days compared to 113 days for year-end 2008. 
• The median sold price of $169,900 for 2nd quarter has decreased 10.6% from year-end 2008.
• Sold homes in 2nd quarter received 95.3% of the asking price, a decrease from 96.6% year end 2008.

Summary

Our market during the second quarter continues to adjust. Among the positive features to assist homebuyers:

• Mortgage rates have been between 4.5% to 5.5% – some of the lowest rates in 30 years.
• The current inventory of homes is high – from 13 to 15 months supply.
• For First Time homebuyers, the $8,000 tax credit is available until December 1, 2009.

The downside has several factors: 

• Qualified buyers are finding lending standards to be a lot tighter due to the need for higher credit scores and loan program restrictions. 
• Sales are also suffering from the current foreclosures and short sales that are taking place. 
• As these take place, we are finding new issues with appraisals having lower values and taking longer due to new appraisal rules.

Our median sales price for 2nd quarter ($195,000) reflects a small downturn of 9.6% from 2008 ($216,500). In 2nd quarter 2009, we continue to see market corrections and adjustments in average sales price; overall, we decreased 8.9% from year-end 2008. All five zip codes had average sold price decreases from 4.0% to 16.2%, over year end 2008.

All five zip codes had an increase in concessions offered to buyers on the sales price; concessions are now offered in 11.2% to 31.7% of the transactions in 2nd quarter 2009.
Our market has experienced an increase of 58.1% in number of homes sold in 2nd quarter 2009 compared to 1st quarter 2009. All five zip codes experienced a growth in the number of homes sold from last quarter to this quarter which is an increase from 32% to 200% plus. This is typical for the second quarter of the year.

Our list to sales price ratio for the 2nd quarter 2009 is 93.8%, a slight decrease from 95.5% for 2008. Sellers in 28412 got about 95.3% of their asking price while those in 28411 only got 92.8% of their asking price. Zip code 28403 and 28411 had the greatest success in 2nd quarter 2009 over 1st quarter 2009. 28403 had a 10.2% increase in avg. sold price, a 11.3% increase in avg. list price, a 13.4% increase in median sold price, and a 200% increase in sold units – we went from 34 sold homes to 98 sold homes during this quarter. 28411 had a 13.7% increase in avg. sold price, a 14.7% increase in avg. list price, a 6.6% increase in median sold price, and a 48% increase in sold units – we went from 88 sold homes to 131 sold homes during this quarter. 

2009 will be a good market for our area with the inventory of homes available and interest rates being low. Now is the perfect time to buy!

An Analysis of information from the Wilmington Regional Association of REALTORS®, Incorporated, for the period Jan. 1, 2005 through June 30, 2009 – data pulled on July 13, 2009.

April McDavid, 2009 President

Serving as your President, I was able to attend the National Association of REALTORS® Mid-Year Meetings that were held in May in Washington, D.C. I was able to hear Alan Greenspan speak.  He stated that we needed to get prices under control in order to help the housing market stabilize which in turn will help the economy stabilize.  In other words we need to stem the tide of foreclosures and get rid of inventory.  Lawrence Yun, Chief Economist for NAR, stated he thought we would see recovery in 2010.

Markets in California are already showing signs of improvement.  Prices have decreased, but the number of sales are rising.  As you know, first-time home buyers using the $8,000 tax credit are making up a large portion of this buying movement.  While in Washington, our talking points to Senator Burr, Senator Hagan, and Representative Mike McIntyre were to get keep interest rates low and allow a tax credit for anyone purchasing a primary residence (not only first-time home buyers).

For the small amount of dues we pay the National Association of REALTORS®, we are definitely getting a lot of bang for the buck.  NAR is working to get the short sale process more standardized with lenders.  Currently, each bank has a different process and different paperwork that is needed.  If each lender had the same package, it would definitely improve the process.  President Obama’s movement to give bonuses to banks for getting short sales to work out will also help. We are having a task force meet with our Association to try and set guidelines for our members to go by. If you are representing clients with short sales, please try to get as much education as possible.  You can get information at www.REALTOR.org on the short sale process. I recently took the Short Sale C.E. course which gave a lot of valuable information.  I went on a listing appointment the other day and the clients told me that the last agent they were working with had advised them to do a short sale and advised them “that a short sale would not affect their credit”.  I think that clients should seek that advice from their accountant or attorney and not from us as agents.

The theme of the meeting in Washington was “Getting Back to Basics”.  As agents, that means doing the basics of client contact and follow up.  For lenders, it means back to the basics of lending – people need employment and good credit to be able to get a loan. Lending has gone back to the time when I first got in real estate in 1995. No more “no doc loans”. You may want to consider working on earning your designations, such as ABR, GRI, and CRS.  The more education we have, the more professional we all will be.

Thanks again for everyone who has stepped up this year and gotten involved with our Association.  You are the gears that turn the wheels which makes our Association the best it can be.  To change a quote from John F. Kennedy, don’t ask what your Association can do for you, ask what you can do for your Association.  Get involved!  It does make a difference!

Our Association has a “Best Practices Manual”.  Serving as your President, I get to hear all complaints.  It seems the most complaints I hear are from consumers in regards to agents not showing up for appointments that are scheduled and not providing satisfactory feedback.  We all get busy and can make mistakes, but please make an effort to improve our professionalism.  If you cannot make an appointment, call the call center to cancel.  That is one of the great things of having a call center; we only have one number to call and cancel appointments or to let the consumer know you are running late.  Also, please make sure that you make an appointment before going to any property, even if you assume it is vacant.  I could not get in to show a property this past week for a second showing because an agent had walked in on a tenant at 7:30 earlier that morning without an appointment.  Needless to say, that tenant was not going to let another agent show the property that day.  If you have any suggestions in getting the word out to members on improving our practice as agents, please let me know.  I hope everyone has a great summer and hope the fall will bring a lot of clients for us all.