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December 13, 2010

I N   T H I S   I S S U E . . .
   

 
Office Hours Next Monday
The PGCAR office will be closed next Monday, December 20 from 11:30 am to 2:00 pm.

 
Membership Renewals are Past Due
Renew Today to Keep Your Membership Benefits

Membership renewals were due on Tuesday, November 30th, 2010. Thanks to the majority of members who renewed on time.

Missed the deadline? Renew today using the secure, easy online dues renewal at www.pgcar.com.

  1. Click here
  2. Log in
  3. Pay and receive an itemized receipt for your
    2010 - 2011 PGCAR, MAR and NAR membership renewals.

Please pay your 2010 - 2011 dues by midnight, December 31st to prevent loss of SentriLock key privileges, your MRIS discount, ZipForms and other REALTOR® membership benefits.

 
 
Help pack the Holiday Food boxes this Tuesday and Wednesday.
Location: Bunker Hill Fire Department, 3716 Rhode Island Ave, Brentwood

  Volunteers can still sign up to help this Tuesday and Wednesday. We'll be packing boxes from 9:30 am to 3 pm tomorrow (Tuesday, December 14) and from 9 am to 3 pm on Wednesday (December 15). Please volunteer and come for whatever part of the day you can.

Click Here to Volunteer Today >>

Thank you for your participation and generosity. We will announce the number of families helped and our complete list of sponsors in the December 27th REALTOR® Connection.

 
 
URGENT - PROTECT THE MORTGAGE INTEREST DEDUCTION

"I'm disappointed that anyone in Congress - or on a Presidential Commission - would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States. We must act now to make sure the MID is not changed."

Millions of Americans rely on the mortgage interest deduction to ensure a small income tax return each April, which they then invest back into the economy through a home improvement, appliance, or other needed family item purchase. Please use the suggested talking points to urge our Congress to not be penny-wise, pound-foolish. The Mortgage Interest Deduction is a wise, long-standing economic stimulus. Taking it away will be detrimental to home ownership, our economy, and to family finances across all income classes.

Take 5 minutes today - protect home ownership >

Thank you to everyone who has already taken action!
More than 20,000 REALTORS® called into the United States House of Representatives.
NAR is now directing calls to the Senate.

 
 
Give Blood — Save Lives

This Thursday, December 16
9:00 am to 3:00 pm at the PGCAR Office

Come give the gift of life!

The PGCAR Association Office is at:
8400 Corporate Drive, Suite 225
Landover, MD 20785

Family, friends and associates are welcome!


THANK YOU TO ALL DONORS AND VOLUNTEERS!   SEE YOU THERE!

 
 
PGCAR PRESIDENT IN THE NEWS!

PGCAR President Joanne Darling was interviewed for an expert's insight into the role of NSP and other factors contributing to stabilization of home prices in our area.

Sentinel article >

 
 
PGCAR Congratulates and Welcomes Our New County Leadership

Newly elected County Executive Rushern Baker, III and five new County Council Members were inaugurated to begin their official duties last Monday, December 6, 2010.

Newly Elected County Legislators:

Re-Elected County Legislators:

PGCAR looks forward to working with our newly elected and returning officials on all matters concerning real estate and private property rights.

 
 
Market Sen$e: Rates & Stats; Pending Sales Jump 10.4 Percent in October

Average mortgage rates have risen since all-time record lows were set 4 weeks ago. Freddie Mac reports the following averages for the week ending December 9, 2010:

  • The 30-year fixed-rate mortgage averaged 4.61 percent, up from 4.46 percent a week ago.
  • The 15-year fixed-rate mortgage averaged 3.96 percent, up from 3.81 percent.
  • The 5-year Treasury-indexed hybrid ARM averaged 3.60 percent, up from 3.49 percent.
  • The 1-year Treasury-indexed ARM averaged 3.27 percent, up from 3.25 one week ago.

Freddie Mac's Weekly Primary Mortgage Market Survey >>

November local market statistics are now online at pgcar.com REALTOR® Resources >> 2010 settlements are 23.2% above 2009 levels for single family homes and 38.3% above 2009 levels for Condo/Coop home sales.

Housing demand appears to be picking up recently according to two important indices.

The Pending Home Sales jumped 10.4% in October to the strongest pace since April when the Homebuyer Tax Credit expired. Lawrence Yun, NAR Chief Economist notes, "The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process." Recent loan performance data from Fannie Mae and Freddie Mac also indicates low default rates on recently originated mortgages. REALTOR.org article >>

The Mortgage Bankers Association reports that mortgage applications for home purchases rose for the three consecutive weeks ending on December 3. This represents a 17.7% increase and the strongest pace since the week of May 7, 2010. Refinance applications are slowing since the recent increase from historical lows; however, purchase applications are increasing. MBAA.org article >>

 
 
REALTOR® Safety: Free Webinar

Stay Safe! Holiday Safety Guide
This Wednesday, December 15
11 am - 12 noon

Parties, family, friends, shopping, decorations, gifts and a generous spirit. There are lots of reasons to celebrate the holidays, but many thieves see the holidays as the jackpot. This FREE webinar will give you practical tips and techniques to keep yourself, your family and your home safe during the busy holiday season.

FREE ~ Registration Required >

 
 
2010 Profile of Home Buyers and Sellers

FREE until December 31, 2010
The Profile of Home Buyers and Sellers, produced by the National Association of REALTORS® is based on annual surveys of recent home buyers and sellers. The Profile provides information on buyer and seller demographics, housing characteristics, the experience of consumers in the housing market, and the role of real estate professionals. . . and it's available free to REALTOR® members through December 31, 2010.

Login and download the report today >>

Check out other free and at-cost items at realtor.org, available through December 31, 2010.

 
 
MD and DC CEU at PGCAR


This Tuesday, December 14
Financing Issues / Update
3 DC Required Financing Issues / Update CEU;
3 MD Elective CEU
Prabhjit Singh 9:30 am - 12:30 pm
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Prabhjit Singh 1:30 pm - 4:30 pm

This Friday, December 17
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Don Martin 1:30 pm - 4:30 pm

Thursday, January 13
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Prabhjit Singh 9:30 am - 12:30 pm
Financing Issues / Update
3 DC Required Financing Issues / Update CEU;
3 MD Elective CEU
Prabhjit Singh 1:30 pm - 4:30 pm

Friday, January 14
MD Legislative Update
3 MD Required Legislative Update CEU;
3.0 DC Elective CEU
Larry Hudson 9:30 am - 12:30 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Larry Hudson 1:30 pm - 3:00 pm

Tuesday, January 18
DC Legislative Update
3 DC Required Legislative Update CEU
Prabhjit Singh 6:00 pm - 9:00 pm

Full CEU Schedule >>

 

INCLEMENT WEATHER / SNOW POLICY:
SNOW POLICY: PGCAR classes will be conducted as scheduled unless the Prince George's County Government offices are closed. If you are registered for a class and it is cancelled, your registration fee will be returned or transferred to a future class.

Please be safe and use your best judgment with regards to driving. If unable to attend due to weather, please e-mail Scott Miller or call Scott at 301-306-7961 and you will not be charged. If you will not be attending class, please indicate whether you would like to reschedule or if you would like a refund.

PGCAR committee meetings: If Prince George's County Public Schools are CLOSED, all PGCAR committee meetings will be cancelled. If Prince George's County Public Schools are on a delayed schedule, committee meetings will be held as scheduled.

PGCAR offices will be open unless the Prince George's County Government is closed.

 

Code of Ethics Case Study: #16-16:
Buyer Agent's Demand that Listing Agent Reduce Commission

REALTOR® B contacted REALTOR® A, the listing broker, and notified her that he was a buyer's agent and was interested in showing one of her listings to his client, a prospective purchaser. REALTOR® A made an appointment for REALTOR® B and his client to view the property. Shortly thereafter, REALTOR® B presented REALTOR® A with a signed offer to purchase from his client which was contingent on REALTOR® A's willingness to reduce her commission by the amount she had offered through the MLS to subagents and on the seller's willingness to compensate the buyer for the commission the buyer owed to REALTOR® B, his agent. REALTOR® A presented the offer to her client, the seller, explaining that she would not agree to reduce the previously agreed commission as specified in their listing contract.

REALTOR® A then filed a complaint with the local Board charging REALTOR® B with violating Article 16 as interpreted by Standard of Practice 16-16. In her complaint, REALTOR® A stated that REALTOR® B had interfered in her agency relationship with the seller by encouraging the buyer to condition acceptance of his offer on the renegotiation of REALTOR® A's commission arrangement with her client, the seller.

REALTOR® B defended his action arguing that REALTOR® A's refusal to reduce her commission by an amount equal to what she had offered other brokers for subagency services would have placed the seller in the position of having to pay an excessive amount of commission if he had accepted the offer agreeing to contribute to the buyer broker's compensation. In addition, REALTOR® B felt that it was his duty to his client to get the best price for the property by encouraging the buyer to reduce the costs of sale wherever practical.

Based on your understanding of the Code of Ethics Article 16, how do you think the Professional Standards Panel ruled?

Find out here >>

 
 
SAVE THE DATE
Annual Housing Fair
Saturday, June 11, 2011 • 10 am to 3 pm
Sports and Learning Center
8001 Sheriff Road, Landover, MD 20785

Foreclosure Prevention/ Loan Modification     Credit Rebuilding/ Financial Education
Short Sale Information     Senior Programs/ Reverse Mortgages
First-time Homebuyer Programs     Rental Information

Early Bird Special ~ Reserve Your
Exhibitor Booth Now for Only $300 >>
($200 off full pricing)

SPONSORSHIP OPPORTUNITIES (scroll down to June 2011 to see all options) >>

EXHIBITOR REGISTRATION >>

SPONSORS / EXHIBITORS GUIDE - (PDF)   or   (Word)

 
 
30 UNDER 30 - Applications Due January 15

In June 2011, REALTOR® Magazine will showcase 30 young real estate professionals who demonstrate innovation and leadership in the community and profession. REALTOR® members under age 30 as of May 31, 2011 are eligible.

HURRY - Apply by January 15.

 
 

Support Our Military - With a Click of the Mouse

Operation Home Relief is a NAR campaign to increase awareness, rally support, and raise funding for USA Cares, a nonprofit providing foreclosure assistance in the form of financial counseling and grants to post-9/11 active-duty U.S. military service personnel, veterans, and their families.

Click the "Join" button on Operation Home Relief's Facebook page, or donate to USA Cares while there. NAR's HouseLogic will contribute one dollar to USA Cares for every join or $1 donation, up to a total donation of $131,000.

"Join" the cause on Facebook >
Visit the USA Cares web site >

 
Save the Date!
MAR ANNUAL LEGISLATIVE DAY
will be held Monday, January 24, 2011
at the Loews Hotel Annapolis

 

The PGCAR offices will be closed from 12 noon next Thursday, December 23
until 9 am Monday, December 27 for Christmas.

We wish you and your family a Christmas of joy and gladness, good friends and good health!



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  :  ©2010, PGCAR

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