REALTORS® Win: AB 2416 Killed in the Senate Study Reveals Homebuying Dreams of Gen Z Teens C.A.R. Reveals 2014 Champions of Home Award Winners Consumer Housing Sentiment Loses Momentum Housing Market Activity After Labor Day Likely to Be the Strongest in 5 Years Additional stories C.A.R. REVEALS 2014 CHAMPIONS OF HOME AWARD WINNERS C.A.R. is pleased to reveal this year’s Champions of Home Award winners – Reeza Gervacio of Century 21 Astro in Cerritos, Calif., and Lois Gerace of RE/MAX Olson and Associates in Woodland Hills, Calif. Now in its second year, the award honors REALTORS® who have gone to great lengths on behalf of their clients and who practice business with the highest ethics and morals. The winners will receive the honors during a luncheon on Wednesday, Oct. 8, during C.A.R.’s CALIFORNIA REALTOR® EXPO 2014 to be held in Anaheim, Calif. “Reeza Gervacio and Lois Gerace are exemplary REALTORS® who push themselves and consistently set higher standards by showing extreme diligence and persistence in serving their clients,” said C.A.R. President Kevin Brown. “They rise above the rest and set an example to others for their dedication and passion, and I’m proud to recognize them as our 2014 Champions of Home.” More info HOUSING MARKET ACTIVITY AFTER LABOR DAY LIKELY TO BE THE STRONGEST IN 5 YEARS Home buyers who have been willing to wait for better deals will be rewarded for their patience, as sellers drop listing prices to meet buyers more value-focused expectations, according to the latest Housing Market Tracker from Redfin. In the report, Redfin Chief Economist Nela Richardson explains that a slowdown in home price growth and a shift in pricing power from sellers to a more balanced market combined to cause this change in housing activity as the market transitions from summer to the fall buying season. For the first time in five months, price growth was flat in July across all 35 markets included in the report. That shift has been nearly nine months in the making from when sales began to first decline last November. As a result of this shift, the number of homes that sold above list price in July is down nearly 7 percent to 20.1 percent from 26.8 percent a year ago, the biggest drop of the year. Redfin expects an unusual surge in home sales this fall and that prices will continue to flatten and potentially decline month over month in September or October. If that happens, it will be the first three-month price decline since fall 2012. More info AGENT RELATIONSHIP REMAINS CRITICAL TO THE CUSTOMER EXPERIENCE A client’s relationship with his or her real estate agent will largely determine how satisfied that customer is in the homebuying and/or selling experience. Among first-time buyers there is a strong need and opportunity to keep the customer comfortable and informed and offer a seamless process, according to the recently released J.D. Power 2014 Home Buyer/Seller Satisfaction Study. The study, now in its seventh year, measures customer satisfaction among first-time and repeat home buyers and sellers with the nation’s largest real estate companies. Overall satisfaction is measured across four factors of the home-buying experience: agent/salesperson; real estate office; closing process; and variety of additional services. For satisfaction in the home-selling experience, the same four factors are evaluated plus a fifth factor, marketing. Key findings: Although the agent relationship with the customer is the most important factor in determining customer satisfaction with buyers, for sellers, marketing of the home is the most important factor, as it is a tangible way for the customer to assess how the agent is supporting the sale. Overall satisfaction with real estate companies is higher among repeat customers compared with first-time buyers or sellers. The average score among repeat home buyers is 840 on a 1,000-point scale and 821 among repeat home sellers. The industry average for the first-time buyer segment is 835 and 820 among first-time sellers. Buyers and sellers choose a real estate firm based on its reputation (30 percent buyers vs. 35 percent sellers), past experience with the agent/salesperson (21 percent vs. 25 percent), and/or recommendation (24 percent vs. 21 percent). The average listing price in 2014 is $200,000, the same amount as in 2013. The average number of open houses is three, and the average number of showings to sell a home is nearly eight times. More info BUILD YOUR BRAND AND YOUR BUSINESS AT EXPO Time is running out. There’s less than a month until CALIFORNIA REALTOR® EXPO 2014, October 7-9 at the Anaheim Convention Center. Don’t miss your chance to take part in more than 30 FREE sessions and a wide variety of paid sessions, all designed to build your brand and make your business more successful. Make sure that you’re registered and don’t forget to sign up for your paid sessions today. Here are some of the “can’t miss” options that you can choose from at One Cool EXPO: Start your Wednesday with “Website Shredder,” presented by Eric Stegemann, Tribus, Inc. Learn how to create a website that speaks to your clients, is easy to navigate, and helps you convert leads to real sales. Beth Ziesenis, author of Your Nerdy Best Friend, will teach you how to use free and bargain technology to improve your office and upgrade your design aesthetic. After this high-energy session, your friends and clients will be asking How Do They Do That? Purchase tickets here. How would you like to sit down for lunch with one of the most sought after speakers in America? You can on Tuesday at One Cool EXPO. Join Terri Sjodin, author of the national bestselling book, Small Message, Big Impact, as she guides you through How to Build Your Persuasive Presentation. Learn how to be more creative, refine your communication skills, and ultimately close more deals. Purchase your tickets today. How effective are you at marketing your brand and your business? Marketing Success Strategies will provide you with the knowledge and tools to put you and your business on the pathway to success. During this full day of sessions you will learn to infuse your brand, increase your client impact, and make more money. Sign up for Marketing Success Strategies today. Whether you’re joining us for one day or all three, be sure to download our One Cool EXPO mobile app. You’ll have everything that you need to navigate through EXPO in the palm of your hand. Go to expo.car.org/mobile on your mobile device or download it from iTunes or Google Play by searching for CALIFORNIA REALTOR® EXPO. LEARN. NETWORK. PLAY. Register for One Cool EXPO for FREE today. REALTORS® WIN: AB 2416 KILLED IN THE SENATE C.A.R. had been opposing AB 2416 (Stone), a bill that creates a new kind of lien for wage claim disputes. C.A.R. opposed AB 2416 because it denies due process to the owner of the property and unnecessarily clouds title. AB 2416 failed in the Senate on a bi-partisan vote, but was eligible for another vote on the last day the Legislature was in session this year. AB 2416 required 21 “Yes” votes to pass the Senate; it only received 13. The proponents were unable to muster enough votes to bring the bill up again, and the bill died as the legislative session ended. REALTOR® activism played a critical role in defeating what was a very bad piece of legislation. While C.A.R. worked as part of a coalition to oppose the bill, it was the thousands of REALTOR® calls, Tweets, and Facebook updates that made the difference. Thank you to everyone who responded to the Red Alert! More info What do #1 RE/MAX, Century21, & KW agents have in common with Bravo TV & HGTV Stars? Quit cold-calling, buying leads, begging for referrals with the Proven System of the nations top-producing agents. FREE Training Event: First 277 Agents ONLY>> STUDY REVEALS HOMEBUYING DREAMS OF GEN Z TEENS A new study by Better Homes and Gardens Real Estate reveals that Generation Z, teens ages 13-17, hold traditional views on homeownership, and are willing to give up modern luxuries for the mainstream definition of the American Dream. Nearly all of the teens surveyed (97 percent) believe they will own a home, and four out of five (82 percent) indicate that homeownership is the most important factor in achieving the American Dream. Not surprisingly, 95 percent of these Gen Z future homeowners believe they will take key steps in the home buying process online. Viewing home listings and taking virtual tours reign supreme, however, 29 percent expect to video chat with real estate agents. While this generation has been navigating the mobile and online space for years, a 59 percent majority believe they will undertake the search process for their future home with help from a real estate agent. When it comes to buying, a mere 19 percent believe they are likely to purchase a home online, while 81 percent will use more traditional methods such as working with a real estate agent. Highlights from the study include: These potential home buyers aim to own their first home by age 28 – three years earlier than the median age of first-time homeowners, according to NAR. More than half (51 percent) of Gen Z believe they know more about saving money compared to their parents at the same age. While city living tends to appeal to young generations looking for a variety of career, entertainment, and social opportunities, nearly half (47 percent) of respondents said their future home will most likely be located in a suburban neighborhood, followed by a city (23 percent), country or rural areas (20 percent), and destination locations (10 percent). On average, this generation plans to own just two homes in their lifetime. When it comes to prioritizing square footage versus amenities, it’s nearly a 50/50 split. More info Are your marketing efforts as effective as they should be? C.A.R.’s Marketing Success Strategies can help you get the most out of your marketing dollars and turn them into more clients. Click to find out more about this one-day event! CONSUMER HOUSING SENTIMENT LOSES MOMENTUM Americans’ attitudes toward the housing market continued to soften in August and suggest that housing activity may resume its modest recovery in 2015 after some pullback this year, according to results from Fannie Mae’s August 2014 National Housing Survey. The share of consumers who said now is a good time to buy a home dipped for the second consecutive month, falling six percentage points since June to 64 percent – tying the all-time survey low. Highlights from the survey include: The average 12-month home price change expectation fell to 2.1 percent. The share of respondents who say home prices will go up in the next 12 months held steady at 42 percent. The share who say home prices will go down increased to 9 percent. The share of respondents who say mortgage rates will go up in the next 12 months fell by four percentage points to 50 percent. Those who say it is a good time to sell also decreased—to 38 percent. The share of respondents who think it would be easy to get a home mortgage today increased by one percentage point. The share who say they would buy if they were going to move fell to 64 percent, while the share who would rent increased to 32 percent—the narrowest gap in over a year. More info Do You Need Listings? Identify homeowners that are most likely to sell their home! And stay in the know with the ReboGateway system. Grow Your Farm> HOME PRICES ROSE 7.4 PERCENT YEAR OVER YEAR IN JULY CoreLogic recently released its July CoreLogic Home Price Index (HPI) report, which shows home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared with July 2013. This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared with June 2014. Including distressed sales, the five states with the highest home price appreciation were: Michigan, 11.4 percent; Maine, 10.6 percent; Nevada, 10.6 percent; Hawaii, 10.5 percent; and California, 10.5 percent. More info One Cool Expo is right around the corner! C.A.R.’s annual Expo is coming Oct 7-9 in Anaheim, have you registered yet? Fantastic lunch speakers, FREE sessions, FREE exhibit hall, and FREE networking events for all C.A.R. members! Click for info! C.A.R. REPORTS AUGUST ETHICS VIOLATIONS In an effort to make ethics violations and the disciplinary process more transparent, C.A.R. is publishing the names of members who are found in violation of the Code of Ethics as well as summaries of the members’ unethical behavior. Publication is triggered only if the discipline imposed is a reprimand, fine, suspension or expulsion – anything other than a letter of warning or stand-alone education. The information will be published on this members-only section of car.org, and local associations will also be free to republish the information in their local members-only publications. C.A.R. is pleased to report that there was no discipline imposed triggering publication for the month of August 2014. More info FAST FACTS Calif. median home price: July 2014: California: $464,750 Calif. highest median home price by region/county July 2014: San Mateo, $1.1 million Calif. lowest median home price by region/county July 2014: Glenn, $145,000 Calif. Pending Home Sales Index: July 2014: Decreased 2.3 percent from 107 in June to 104.5 in July. Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.) Mortgage rates: Week ending 9/4/2014 (Source: Freddie Mac) 30-yr. fixed: 4.10% fees/points: 0.5% 15-yr. fixed: 3.24% fees/points: 0.5% 1-yr. adjustable: 2.40% Fees/points: 0.4% This message was sent to bettye.sutton@coldwellbanker. Visit your subscription management page to modify your email communication preferences or to update your personal profile. To stop receiving this email in the future, click to remove yourself from this list. C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. C.A.R. does not in any way endorse or sponsor any product or service or vendor mentioned herein unless expressly stated. EDITED BY: Mary Belongia, [email protected] ADVERTISING INQUIRIES: learn how you can advertise in this email newsletter. If you wish to update the email address to which this newsletter is sent, please do not reply to this email. EMAIL ADDRESS change requests must be directed to your local association. QUESTIONS OR COMMENTS: contact C.A.R. FOR PERMISSION TO REPRINT CONTENT FROM C.A.R. NEWSLINE, please complete this request form. Copyright © 2014 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
Posted on: Fri, 12 Sep 2014 17:40:02 +0000
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