Printable Version      Email to a Friend

Back to REALTOR® Connection Archive

March 14, 2006

AWARDS LUNCHEON THIS THURSDAY!

 

Please join us at the
Annual PGCAR Awards Luncheon

this Thursday, March 16
11:30 a.m. to 3 p.m. at La Fontaine Bleu

Tickets: $50 for PGCAR Members/$65 for Non-members
Click here for a registration flyer!
For Sponsorships, inquire with jostenso@pgcar.com.

Congratulations to all of our Honorees!


 
ANNUAL RPAC FUNDRAISER

ANNUAL RPAC FUNDRAISER


The Annual RPAC Fundraiser will be held at La Fontaine Bleu on April 19. The Fundraiser has a country/western theme with something for everyone. The committee is hard at work securing items for the silent auction, which always features wonderful items to bid on. Brought back by popular demand is the Texas Hold'em Poker competition. This year we will have a beginners table-no need to be shy if you're not an experienced player.

Attend the RPAC Fundraiser!
Sponsor this Fundraiser!
Outlook reminder

 
RESULTS FROM PREVIOUS ONLINE POLL
What PGCAR events will you attend this year?
Awards Luncheon
RPAC Fundraiser
Volunteer Recognition Luncheon
Installation
Holiday Party
75%
40%
24%
27%
59%

BE IN THE SPOTLIGHT. REACH OVER 150,000 HOMES AND BUSINESSES!

The Gazette accepts articles in the MONTHLY SPOTLIGHT SUPPLEMENT. If you are interested in writing an article that has to do with REAL ESTATE, do not hesitate to write it up and e-mail it to hlamere@gazette.net. The only criteria requested is: You cannot steer people to you. You cannot have your phone number in the article. You may say you are a PGCAR member and the city and office you work in.

Space Deadline Tuesday,
Mar. 28
  Ad Copy Deadline Tuesday,
Mar. 28
  Publication Date Thursday,
Apr. 13

Contact Heidi LaMere for Advertising & Submissions
240-888-7509 direct   301-731-2134 desk   hlamere@gazette.net


NEW MEMBER ORIENTATION

Our next New Member Orientation is Wednesday, April 26, from 11:30 a.m. to 4 p.m. at La Fontaine Bleu. Affiliates: If you would like an exhibit table, please RSVP to info@pgcar.com no later than Friday, April 21.

 

VOTER REGISTRATION

Make your voice heard-Register to vote! Read the instructions and download an application (formulario y instrucciones disponibles también en Español). Register by August 22 to vote in the Gubernatorial primary election to be held on September 12.

 

NAR MIDYEAR MEETINGS: REGISTRATION OPEN

Register and make hotel reservations for the REALTORS® Midyear Legislative Meetings & Trade Expo, May 15-20, in Washington, DC, online now. Hurry--reservations for hotels near the conference sell out quickly. To view preliminary schedule, click here. Remember: Registration is FREE for all REALTORS®.

 

GOOD NEIGHBOR AWARD DONATIONS INCREASED TO $10,000

The Good Neighbor Award nomination cycle has begun. Please feel free to nominate yourself, or other REALTOR® members who should be recognized for their volunteer work, or pass this information along to them. This year, the five winners will receive grants of $10,000 for their community cause, as well as travel expenses to attend the REALTORS® Conference & Expo in New Orleans, where the awards will be presented. Entries must be received by May 26. For more information and an entry form, click here.

 
REALTOR® EXPO AND TRADE SHOW
Join us on May 4 at the Equestrian Center in Upper Marlboro for PGCAR's Annual REALTOR® Expo and Trade Show. The event draws nearly 650 real estate professionals from across the metro area seeking to obtain continuing education credit, learn about the industry's latest products & services, and to network with other agents. A reception and prize drawing cap off this exciting day.  Registration coming soon!

 
MORTGAGE RATE UPDATE

This Week Last Week
30-Year Fixed 5.85% 5.81%
15-Year Fixed 5.48% 5.42%
Jumbo (30-Year) 6.11% 6.08%
5/1 ARM 5.52% 5.44%

 

February 2006 Market Report

Full details may be found by clicking here.

It's official. 2005 was the best year in real estate in Prince George's County. In all, $4.64 billion and 15,067 existing homes were sold. The total dollar volume bested 2004's record tally by $1.01 million, even though the number of units sold slipped by only 170.

Single-Family homes are bouncing back from a lull. After dropping to a 41 percent absorption rate in December, the absorption rose to 54 percent and 50 percent in January and February, respectively. This rate is usually better in the robust spring market, which will begin soon. Prices are stable, although as you see the average & median prices decreased by about $4,000. The number of units sold surprisingly equaled January's amount and was only off January 2005's rate by 30.

Slow down?-What slow down? Prince George's County's condo market is still strong. Although inventory is up, absorption is 95 percent---the highest rate since August 2005. Prices are up by roughly 5 percent. New contracts are up. Units sold are up.

 

National Harbor Touts Bookings

Advance booking for rooms and convention facilities at Gaylord Hotels' $850 million National Harbor development in Prince George's County, which is scheduled to open in 2008, have surpassed pre-construction contracts signed at its other locations, the company said yesterday. Large groups and conventions have reserved 547,000 room-nights at the hotel, which anchors the National Harbor development on the Potomac River. Viewed consecutively, all of those nights -- booked over the next several years -- translate to 9 1/2 months of business with the hotel filled to capacity. Because conventions are typically booked three to four years in advance and a financial commitment is required to hold a date, the company said it is confident the bookings will hold up. -The Washington Post

 

TAX TIP: Thinking about getting rid of that SUV?

Over the last few years, many REALTORS® took advantage of a law that allowed a self employed individual to purchase an SUV over 6,000 lbs and deduct up to $100,000.00 as a business expense. A multitude of individuals saved tens of thousands of dollars in taxes in a very short period of time. Now, with the rising cost of gasoline and diesel fuel in the United States, many of those new SUV's are being traded in for smaller, more fuel efficient vehicles in an effort to cut the costs of running a vehicle. What most people do not know is that by giving up those SUV's, which they expensed all at once on their tax return, they are creating a "major, costly, taxable event." The IRS has ruled that if you dispose of your SUV before the 5 year holding period expires you must add back potentially a large portion of the cost you expensed on your return as income and pay the government not only income tax on the added back amount, but also self employment tax as well. This has been catching many REALTORS® by surprise. However, you can avoid some or all of the tax on this disposition of the SUV by performing a "like kind exchange" of your SUV for a smaller automobile. The IRS has ruled that SUV's and automobiles are considered like-kind property and therefore may be exchanged for one another. The process is a bit involved and before making the move to exchange your SUV you should consult with your tax advisor. For more information on this process or any other tax questions please contact Linda de Marlor, President of Tax-Masters, Inc. at 301.230.0200 x303 - tax@tax-masters.com or Mike Fine, Director of Operations for Tax-Masters, Inc at 301-230-0200 x319 - Mike@tax-masters.com.


REALTOR® STORE FEATURED ITEMS

While supplies last, buy REALTOR® Caps, Visors & Umbrellas for only $12.50 each, and REALTOR® Golf Balls for only $7.00!
Great for yourself, or as appreciation gifts, and the bold yet stylish REALTOR® merchandise is sure to be a great conversation starter. Perfect for talking up your business.
Through March 31 in the PGCAR REALTOR® Store.
Don't delay — buy today!

UPCOMING CONTINUING EDUCATION CLASSES

Date Course Title Instructor   Time   Hours
Mar 15 GRI IV Module 403 - New Homes Subdivision Marketing & Property Management   8:30 am - 4:00 pm 6
Mar 17 GRI IV Module 404 - Taxes, Exchanges & Understanding Investment Property   8:30 am - 4:00 pm 6
Mar 20 Advertising Obligations of Real Estate Licensees Al Monshower 1:00 pm - 4:00 pm 3
MD & DC
Mar 22 GRI IV Module 405 - Broker Law / Relocation and Your Business   8:30 am - 4:00 pm 6
Mar 24 Taxes — Save Money Linda de Marlor 10:00 am - 11:30 am 1.5
MD Only
Contracts Al Monshower 1:00 pm - 4:00 pm 3
MD & DC
Apr 12 Taxes — Save Money Linda de Marlor 1:30 pm - 3:00 pm 1.5
MD Only
Apr 19 MD Legislative Update Don Martin 9:30 am - 12:30 pm 3
MD & DC
MD Fair Housing Don Martin 1:30 pm - 3:00 pm 1.5
MD & DC
Apr 27 MD Real Estate Ethics Don Martin 9:30 am - 12:30 pm 3
MD & DC

Registration fee for REALTORS® is only $25 for 3 hours of credit and $15 for 1.5 hours of credit. Above classes are limited to the first 45 registrants. For reservations made less than 3 days prior to a class, please add $15 to the Tuition Fee. ABSOLUTELY NO WALK-INS. For more information call Scott Miller, Education Director, at the association office 301-306-7961 or visit our website at www.pgcar.com for the latest schedule.


Code of Ethics Case Study
Case #1-16: Obligation to Advise Client of Market Value

REALTOR® A listed Client B's house at $136,000. The house was sold to Buyer C, who met Client B at a cocktail party a month later and told him that he had just been offered $148,000 for the house but declined the offer feeling that if he decided to sell, he could do considerably better.

On the basis of this information, Client B charged REALTOR® A with unethical conduct in not having advised him as to fair market value and pointing out that the offering price was considerably below market value. The Board's Grievance Committee referred the complaint to the Professional Standards Committee for hearing.

The Hearing Panel reviewed the facts. At the time the listing contract was signed, REALTOR® A advised his client that he had not recently been active in the part of the city where the house was located and that before fixing the price definitely it might be well to have an appraisal made, but the client declined saying that he felt $136,000 was a fair price.

REALTOR® A's defense was that he had indicated the desirability of an appraisal to determine a fair asking price; that he had indicated he was not active in the neighborhood where the home was located; and that while he had a feeling that the client might be placing a low price on his property, he felt his professional obligation to the client was discharged when he suggested having an appraisal made.

It was the finding of the Hearing Panel that REALTOR® A's defense was valid and that he was not in violation of Article 1.

Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2006, PGCAR
Back to REALTOR® Connection Archive