Printable Version      Email to a Friend

Back to REALTOR® Connection Archive

August 22, 2011


    I n   t h i s   i s s u e . . .
 
Events
  • DC Salesperson License Renewals
        - Due Next Wednesday, August 31
  • HUGE SentriLock Lockbox Sale
  • 2012 Officers and Directors Installation
  • REALTOR® Store Specials
  • Annual DSA & Affiliate Award Nominations
  • MAR Conference
  • Labor Day Holiday
    Homeownership Matters
  • "Buy Suitland" Initiative
  • Debt Ceiling Analysis
  • Endangered: 3 Critical Homeownership Programs
  • My HOME Updates
        - $2.2 Million in Downpayment Assistance
  • Fannie Mae and Freddie Mac Offer
        3.5% Buyer Incentives Plus $1200 Agent Bonus
  • Amazing Homebuyer Incentives
  •  
    The Industry Insider
  • Updated Sales Contract Addendum
  • 2012 Dues Renewals are Online
        - Including an Installment Plan Choice
  • Market Sen$e: Prince George's County
  • REO Online Mapping Tool
  • Why Miss a Lead?
  • PGCAR Committee Volunteers - Thank You!
  • Sales Coach: Turn Your Passion into Profits
  • DC and MD CEU
  • Code of Ethics: Case #12-2
  • REALTORS® Federal Credit Union
  •  
     
    DC Salesperson Licenses Expire Next Wednesday, August 31

    9 days remain to meet CE hour requirements and renew licenses through the DC Real Estate Commission. Click here for the DCREC license renewal website.

    LAST CHANCE FOR DC CE HOURS
    BEFORE AUGUST 31 LICENSE RENEWAL DEADLINE
    15 total CE hours are required for license renewal.
    The required Financing Issues class is offered this Wednesday at PGCAR.
    3 CE Financing Issues / Update Wed, August 24 9:30 am - 12:30 pm Register here >
    PGCAR classes are also available to meet your 6 required DC Elective hours.
    3 CE MD Legislative Update Tue, August 30 9:30 am - 12:30 pm Register here >
    1.5 CE MD Fair Housing Tue, August 30 1:30 pm - 3:00 pm Register here >
    3 CE MD Code of Ethics Wed, August 31 9:30 am - 12:30 pm Register here >

    Register for classes TODAY >

     

    HUGE SENTRILOCK LOCKBOX SALE

    PGCAR is pleased to announce a special sale on SentriLock Lockboxes for PGCAR Members.
    Between NOW and OCTOBER 1, 2011, lockboxes will be sold as follows:


    1 - 9 Lockboxes
    10 - 19 Lockboxes
    20 - 29 Lockboxes
    30 Lockboxes or more
      $65 each + tax
    $60 each + tax
    $55 each + tax
    $50 each + tax

     

    The Prince George's County Association of REALTORS®
    cordially invites you to attend its



    Reception: 11:30 a.m. Dress: Business Attire
    Lunch: 12 noon Tickets: $35 per person



    2012 Board of Directors voting will open
    at www.pgcar.com next Thursday, September 1.

     
     

    Award Nominations Due September 6

    PGCAR is now accepting nominations for Affiliate of the Year and Distinguished Sales Associate of the Year. Click below for details and application forms.

    • Affiliate of the Year Award application    (    )
    • Distinguished Sales Associate of the Year Award application    (    )
    The nominations deadline is Tuesday, September 6 at 5:00 p.m.

     

     
     
    OPEN HOUSE BROCHURE STANDS   $12.50
    ALL GROUND SIGNS   $6
    SIGN RIDERS 6 X 24   $5
    SIGN RIDERS 5 X 17   $2.50
    YARD MARKERS   $21.50
    SIGN FASTENERS   $4 per 12 pack
     
    Specials are Good Through September 30.
    Come visit us at:
    9200 Basil Court, Suite 400
    Largo MD 20774
    (301) 306-7900

     
     

    MAR Annual Conference & Tradeshow


    September 12th - 14th
    in Ocean City, Maryland
    • Up to 15 hours of premier Continuing Education (CE)
    • Monday Keynote & light lunch with Steve Harney, Keeping Current Matters
    • FREE Conference Gift - ABS flashlight with auto tool kit
    • Exhibit Hall - with Monday grand opening, Tuesday happy hour, Wednesday brunch
    • YPN event ($10), more "Learning Labs", more grand prize winners!
    • Free bus transportation within Ocean City with your attendee badge

    More value–National Speakers–Networking–Exciting Tradeshow

    Conference Homepage      Hotel Information      Schedule (PDF)

    Online registration is open through August 31 >

     
     

    NEW! "Buy Suitland" Initiative Just Announced

    Prince George's County Department of Housing and Community Development has a new down payment and closing assistance program, the "Buy Suitland" Initiative, concentrating on seven census tracts in the Suitland area of Prince George's County. Introduction to this exciting program will be held:

    Lenders: This Thursday, August 25 @ 10:00 am
    REALTORS®: This Thursday, August 25 @ 2:00 pm

    Learn program guidelines, and how to submit a loan package. Lenders who attend the morning session will receive certification to participate.

    RSVP is required (space is limited): hstokes@co.pg.md.us.

     
     
     

    NAR Legislative Report - Debt Ceiling Analysis

    On Tuesday, August 2, President Obama signed S. 365 into law, known as the Budget Control Act of 2011, or the Debt Ceiling Bill. After careful analysis of the bill we can report that it contains NO DIRECT IMPACT ON REAL ESTATE TAX RULES OR SPENDING PROVISIONS. No tax laws of any kind were changed, nor were any housing programs cut. The bill passed the House and Senate on strong bipartisan votes: 269 - 161 in the House and 74 - 26 in the Senate. A potential debt default has been averted. Click here for a complete analysis.

    Bottom Line
    Now through October could be the most important part of the battle over Mortgage Interest Deduction and Carried Interest. The Super Committee is required to identify and vote by November 23, 2011 on $1.5 Trillion in additional deficit reductions over 10 years.

    Two additional and vitally important measures, FHA Loan Limits and National Flood Insurance Program expiration, were NOT acted on by Congress in advance of the five-week summer recess. Congress is not scheduled to return to Washington, DC until September 7, requiring swift action once they do return.

     
     

    Endangered: 3 Critical Homeownership Programs

    Mortgage Interest Deduction
    Status: Elimination or Reduction Still Under Consideration

    FHA / GSE Loan Limits
    Status: Expires September 30, 2011

    National Flood Insurance Program
    Status: Expires September 30, 2011

    Contact your U.S. Senators and Representatives while they are in recess and in their local districts. Ask for a 10 minute appointment to discuss why these 3 programs are critical to America's future and our economic recovery. Relay stories from your personal experiences of how homeownership is making a positive difference in the lives of Prince George's County and Maryland families.

    Maryland U.S. Senators >
    Representative Donna Edwards - district map and website link >
    Representative Steny Hoyer - district map and website link >

    With the Mortgage Interest Deduction still hanging in the balance for elimination or reduction, and FHA Loan Limits and the NFIP both expiring on September 30, 2011, we must act now. Bankers know that settlements can take 90 days from the time they start processing a mortgage loan request. REALTORS® across our nation have already reported a number of contract cancellations due to banks setting their loan requirements to the scheduled October 1, 2011 FHA standards.

    For complete details, see "Time is Running Short" in the August 8 REALTOR® Connection.

     
     
    -   -   -   My HOME Updates   -   -   -

    $1.2 Million Awarded to My HOME Program

    The My HOME Program has been awarded an additional $1.2 million for homebuyer assistance, bringing the total funding to $2.2 million. Thank you for helping the My HOME program be successful. Learn about this program, and let even more potential homebuyers know about it.

    Eligible Income Limits are Increased
    Effective Immediately


    As of July 13, 2011 households with slightly higher incomes are eligible to participate in
    the My HOME program. Click here for the new income limits.

    My HOME 203K Loan Addendum

    The My HOME office issued a loan addendum which is mandatory for any My HOME purchase utilizing a 203K loan. The new loan addendum is included in www.pgcar.com Members Only and here.

    Take advantage of the County's FREE training on the My HOME program for REALTORS®.
    Next offering is Tuesday, September 13 at 10:00 am.

     
     
    1. Freddie Mac 3.5% + Agent Bonus for Offers through September 30 - Freddie Mac is offering 3.5% toward closing and a $1,200 selling agent bonus on www.HomeSteps.com primary residence home purchases. Escrow must close by September 30, 2011. Complete details >


    2. Fannie Mae 3.5% + Agent Bonus through October 31 - homebuyers purchasing a www.Homepath.com property as their primary residence can also receive up to 3.5% in closing cost assistance. Eligible sales must close by October 31, 2011. A $1,200 selling agent bonus is also available! Complete details >


    3. Federal Home Loan Bank of Atlanta (FHLB Atlanta) - 2 new programs - The first offers up to $15,000 towards a foreclosure purchase. The second offers up to $7,500 to homebuyers earning up to 80% AMI and buying within NSP targeted areas in MD or DC. These two programs do NOT require you to be a first-time homebuyer.
      Consumer information page >   Details & webinars for REALTORS® >


    4. My HOME Down Payment and Closing Cost Assistance - up to 5% of Home Sale Price Offered to County Homebuyers who have not owned a home within the last 3 years. $2.2 million in total funds is now available.
      Consumer information page >   Details (in Members Only, updated July 21) >


    5. American Dream Downpayment Assistance (ADDI) - up to $10,000 to County Homebuyers who have not owned a home within the last 3 years. Details >


    6. The Maryland Mortgage Program (MMP) offered through the state's Community Development Administration (CDA) has announced 2 loan products for distressed properties. All MMP products have low, fixed interest rates and some offer matching funds. These 2 new products will assist in revitalizing communities burdened with foreclosed and rundown properties.

      The Acquisition / Rehabilitation Mortgage Program helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations.

      The Homeward Bound Program offers eligible buyers of foreclosed or short sale property a lower rate mortgage.

      Program Details >

    Most of these programs can be used in combination. Information on these and other homebuyer savings are available at pgcar.com. Sales agents - please study up and stay familiar with current homebuyer incentives, and send links to your contacts from these public information pages. For more My HOME program details, members can login to pgcar.com Members Only.

     
     

    Updated Sales Contract Addendum

    Updated Sales Contract Addendum An update to PGCAR Form 1301, Addendum of Clauses for Prince George's County was released last week. Download and save the revised addendum dated 08/2011 from PGCAR.com Members Only.

    Please discontinue and destroy any other printed or electronic copies of Form #1301 that may be accessible to sales staff.

     
     
    2012 Dues Renewals
    Choose Installments - First Monthly Payment is Due August 31

    Don't wait until the last minute to pay this year's dues.
    Use our fast and secure Online Dues Payment!
    Paying online is easy, secure, and supplies you with a receipt.

    Renew Online as Easy as 1-2-3:

    1. Click here
    2. Log in
    3. Renew online and receive receipt !

    2012 dues are in the amount of $625. The due date is October 1, 2011. They must be paid no later than November 30, 2011 in order to prevent late charges.

    Prince George's County Dues $300
    Maryland Association Dues $170
    National Association Dues $155
    Voluntary 2012 RPAC Contribution $  35
    Voluntary Scholarship Fund Contribution $   5

    Pay by Installment - Members may also choose to pay 2012 dues in 4 installments of $156.25 each, due by August 31, September 30, October 31, and November 30, 2011. Members using the installment plan must make an installment payment by next Wednesday, August 31. If you wish, you may also make voluntary RPAC and Scholarship contributions during any installment. It's your choice!

    August 31 $156.25
    September 30 $156.25
    October 31 $156.25
    November 30 $156.25

    Please note: If dues payments are not made online, they may not be reflected on the website.

     
     

    Market Sen$e: Mortgage Rates Fall to Historic Lows

    Average mortgage rates, fixed and adjustable, reached all-time record lows last week. This is amidst 1) the Federal Reserve's August 9 policy statement which included a decision to keep the federal funds rate below 0.25 percent, with expectation that the rate would be kept low at least through mid-2013, and 2) ongoing market concerns over the European debt market. Freddie Mac reports the following averages for the week ending August 18, 2011:

    • The 30-year fixed-rate mortgage averaged 4.15 percent, down from 4.32 percent a week ago.
    • The 15-year fixed-rate mortgage averaged 3.36 percent, down from 3.50 percent.
    • The 5-year Treasury-indexed hybrid ARM averaged 3.08 percent, down from 3.13 percent.
    • The 1-year Treasury-indexed ARM averaged 2.86 percent, down from 2.89 percent.

    Freddie Mac's Weekly Primary Mortgage Market Survey >>

     
    July Activity Sees Modest Decreases in Prince George's County

    After two months of gains, the number of contracts and settlements in Prince George's decreased for July.
    1,012 single family contracts were signed (75 less than in June 2011). 111 condo contracts were signed (28 less than in June 2011).

    Year-to-date comparisons. Condos continue their 2011 surge. Year-to-date settlements in the condo market are up 38.5% from 2010. (Last month's number was 29.1%.) Year-to-date contracts signed are up 31.5%.

    In the single family market, year-to-date contract signings are about even with 2010, up 3.4%. Settlements are down 5.5% from 2010 to 2011; however, the largest differential was from June 2010 to June 2011 and these numbers are now improving again. Most economic forecasts warned of larger decreases for early 2011, in comparison to January through June 2010 when homebuyers were rushing to close before the June 2010 Homebuyer Tax Credit settlement deadline.

    Visit www.pgcar.com/stats for detailed statistics.

    Median Sales Price of Existing Homes

    For the Metropolitan Statistical Area (MSA) which includes Washington, DC, Alexandria / Arlington, VA and much of Prince George's County, the average Single Family home price was $340,900 for second quarter 2011, an increase of 2.7% from second quarter 2010. For condominiums and coops it was $234,300 for second quarter 2011, a decrease of 5.7% from second quarter 2010.

    National July Existing-Home Sales - Down From June 2011, Up From 2010

    Existing-home sales for the nation declined in July from an upwardly revised June pace but are notably higher than a year ago, according to NAR. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.

    Total existing-home sales fell 3.5 percent to a seasonally adjusted annual rate of 4.67 million in July from 4.84 million in June, but are 21.0 percent above the 3.86 million unit pace in July 2010.

    Complete REALTOR.org article >

     
    Pending Home Sales Rise 8.2 Percent in June

    Pending home sales rose again in June with all regions experiencing gains from a year ago, according to the National Association of REALTORS®.

    The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4% to 90.9 in June. This is following a 8.2% increase in May 2011, and is 19.8% higher than in June 2010.

    Complete REALTOR.org article >

     
    Like us on www.facebook.com/pgcar to see August home sales statistics when they are released.

     

    REO Online Mapping Tool

    HUD now hosts a web-based mapping tool that displays the location of all foreclosed properties owned by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac. The portal also provides consolidated listing for user-defined neighborhoods with details such as list date, price, number of bedrooms, and bathrooms. It includes links to Fannie Mae's Homepath, Freddie Mac's Homesteps, and the HUD Homestore to connect potential buyers to each property's listing details.

    Visit the portal at www.huduser.org/REO/reo.html

     

     
    Why Miss a Lead? Update your REALTOR® profile today.

    The consumer friendly pgcar.com helps
    home buyers and home sellers find YOU,
    the experts
    in Prince George's real estate.

    Haven't updated your profile yet? Click here and log in to
    Members Only to edit your Membership profile.

     
     

    PGCAR Committee Volunteers - Thank You!

    Thanks to everyone already serving in PGCAR Committees, and for the
    wonderful response to 2012 PGCAR Committee Sign Ups!

    While committee leadership and membership decisions are already being made for the year beginning October 1, many committees do accept volunteers throughout the year. For anyone who still wants to sign up, please do so. The earlier the better. For most committees, you'll still be able to join us for the first meetings of the new membership year. Click here to sign up >

     
     

    Sales Coach: Turn Your Passion into Profits


    Many real estate professionals are underearning, and a major reason is that they procrastinate and keep putting off the number one activity needed for profits. What is that dreaded activity? Prospecting!

    More prospecting, done right, equals more business. Marry your passion to your business, and you'll find that prospecting comes easier because when you're excited, it's not prospecting anymore - it's sharing your excitement!

    Read tips on finding and engaging your passion >

     
     
     

    Earn All MD and DC Required CEU at PGCAR

    All classes are held at PGCAR offices, just off the Route 202 / Landover Road exit of I-495. Find our NEW association office at 9200 Basil Court, Suite 400, Largo, MD 20774. There's plenty of parking.


    This Wednesday, August 24
    Financing Issues / Update
    3 DC Required Financing Issues / Update CEU;
    3 MD Elective CEU
    Michael Chelst 9:30 am - 12:30 pm

    This Thursday, August 25
    GRI 200 Series - Module 205:
    Condominiums, Cooperatives & Buyer Brokerage

    MD CEU - 6.0 hours total
    8:30 am - 4:00 pm

    Next Tuesday, August 30
    MD Legislative Update
    3.0 MD Required Legislative Update CEU;
    3.0 DC Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MD Fair Housing
    1.5 MD Required Fair Housing CEU;
    1.5 DC Elective CEU
    Don Martin 1:30 pm - 3:00 pm

    Next Wednesday, August 31
    MD Code of Ethics
    3.0 MD Required Ethics Update CEU;
    3.0 DC Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MREC Required Supervision
    3.0 MD Required or Elective CEU
    Don Martin 1:30 pm - 4:30 pm

    Thursday, September 15
    Commercial SBA Loan Programs
    3.0 MD Elective CEU
    John Throne 9:30 am - 12:30 pm

    Friday, September 16
    203K Purchase Rehab
    3.0 MD MD Elective CEU
    Michael Chelst 1:30 pm - 4:30 pm

    Tuesday, September 20
    MD Code of Ethics
    3.0 MD Required Ethics CEU;
    3.0 DC Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MREC Agency-Residential
    3.0 MD Required Ethics CEU
    Don Martin 1:30 pm - 4:30 pm

    Wednesday, September 21
    ABC's of Rentals
    3.0 MD MD Elective CEU
    Chris Majerle 9:30 am - 12:30 pm

    Starting Wednesday, November 2
    GRI 300 Series - Full Series of 5 Classes
    MD CEU - 25.5 hours total:
    13.5 hrs Legislative Update and 12 hrs Elective CE
    - 8:30 am - 4:00 pm

    Complete CEU Schedule >>

     

    #12-2:
    Exaggeration in Advertising

    Prospect A noted REALTOR® B's classified advertisement describing a home with five acres "about 20 miles from the city" giving directions to the "modern 3-bedroom home, well maintained, and set in a charmingly landscaped site."

    After visiting the property, Prospect A clipped out the ad and pasted it to a letter to the Board of REALTORS® complaining of the gross exaggeration it contained, which had induced him to waste time and money in inspecting the property. The property, he said, was actually 36 miles from the city limits. Its wood-lath support for plaster, which was visible in many large breaks in the walls, indicated it to be 40 years old or more. There was no evidence of painting in recent years. Several windows were broken, half of the back steps were missing. The house was located at the end of a crude dirt road in a small cleared area that had become densely overgrown in weeds-a picture of extreme neglect.

    REALTOR® B was asked to respond to the charge of misleading advertising, and a hearing was called on the complaint by the Professional Standards Committee. REALTOR® B criticized the complainant for bringing the matter to the Board, pointing out that Prospect A had failed to mention that the property was priced at only $30,000; that at such a price it was an exceptionally good buy to anyone looking for a small place with a few acres; that to get attention to such properties it was necessary to do a bit of "puffing" to attract attention in advertising; that as a matter of fact the general lines of the house were similar to many of modern design; that the house had been well enough maintained to be salvageable by anyone who would do a reasonable amount of work on it; and that, in his opinion, the site was truly "charming" in its rugged simplicity.

    Based on your understanding of the Code of Ethics Article 12, how do you think the Professional Standards Panel ruled?

    Find out here >>

     

    Save BIG with REALTORS® Federal Credit Union

    Paying too much interest on your car or home? REALTORS® FCU offers auto loan rates and 30-year fixed rate mortgages as low as 4.25%. Fixed rate and adjustable mortgages of various terms are all offered at competitive rates, and with zero points! Refer a friend, or close on an auto loan yourself between now and October 31, 2011 (includes refinance loans) and receive an extra $50 cash. Apply for auto or home loans online at REALTORSFCU.ORG.

     

     

    We wish you a happy and safe
    Labor Day weekend!

    PGCAR will be closed on Monday, September 5,
    in observance of the Labor Day holiday.

      Happy Labor Day


    Prince George's County Association of REALTORS®
    9200 Basil Court :  Suite 400 : Largo, MD 20774
    Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2011 PGCAR

    Back to REALTOR® Connection Archive