Printable Version      Email to a Friend

< Back to REALTOR® Connection Archive

Members Only  |  Forms  |  Education  |  Calendar
February 17, 2015


REALTORS® LEARN ABOUT NEW DOWN PAYMENT ASSISTANCE OFFERED THROUGH THE MARYLAND MORTGAGE TRIPLE PLAY PROGRAM

Over 350 REALTORS® gathered last week at an event sponsored by PGCAR and the Maryland Department of Housing and Community Development, to learn how the new Maryland Mortgage Triple Play Program can enhance their business and assist their clients.

The packed house of REALTORS® from around the Washington Metro area learned how this new $100 million initiative will help an estimated 500 buyers realize the American dream in Prince George's County. During the Networking Lunch, REALTORS® heard from officials with the Maryland and Prince George's County Departments of Housing and Community Development (DHCD) and had the opportunity to mingle with approved lenders.

TriplePlay mortgage and down payment assistance in Prince George's County
Bill Ariano, Doris Kessebeh, Desiree Callender, Eric Brown, Katherine Sewell, Gene Frazier

For more details on the TriplePlay program, click here >


Thank you to our sponsors for helping to ensure the great success of this event:
First Home Mortgage, Prime Lending and Village Settlements!

     
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
David Maclin Scholarship 5K Fundraiser

A great way to have your company acknowledged as you help raise David Maclin Scholarship Funds for local high school graduates!! Sponsors will be recognized during the event, on the T-Shirts and Banners, on the PGCAR.com website and PGCAR facebook page, and in REALTOR® Connection.

Sponsorships start at $150, for which your company will be advertised with a sign along the 5K path, and you'll receive a FREE 5K entry, and you'll be linked to from our website, all upcoming email promotions, and our facebook page!

.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
A MESSAGE FROM THE PRESIDENT - JANUARY 30
In Response to The Washington Post Articles

By now I'm sure many of you are familiar with the recent real estate articles in The Washington Post. As you might imagine the articles are not being received well by your Board of Directors. In fact, I penned a article and submitted it to The Washington Post. It is at this point unknown, as to whether or not they will choose to print it.

As REALTORS® representing and selling Prince George's County, we know that investment here is a positive and fruitful proposition. We cannot let outside influences cast an untrue and unrealistic view of our marketplace. Hopefully our response will assist in dispelling the negative aspects of this narrative.

Read the letter here >
Desiree Callender photo
Desiree Callender
2015 PGCAR President
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
DC LICENSE RENEWAL DEADLINES
Broker License Deadline is February 28; Sales Agent Deadline is August 31


DC Broker and Property Manager license renewals must be submitted and paid by Saturday, February 28, 2015 to avoid penalties. ALL CE Hours must be completed and reported before-hand. The same rules will be applicable to DC Sales Agents, who must renew their DC real estate licenses before August 31, 2015.

Register now to meet your required topic CEU before license renewal deadline!

This Thursday, February 19 - DC Elective
1:30 pm to 4:30 pm Risk Management Register here >
This Friday, February 20 - Required DC Categories
9:30 am to 12:30 pm DC Fair Housing & Predatory Lending Register here >
1:30 pm to 4:30 pm DC Legislative Update / Exam Prep Register here >
Next Thursday, February 26 - DC Elective
9:30 am to 12:30 pm Home Inspection & Environmental Issues Register here >
Next Friday, February 27 - DC Elective
9:30 am to 12:30 pm MD Code of Ethics Register here >


You may also complete your remaining CEU anytime 24/7 online.  Just click here for class listings >

License Renewal CE Requirements >
Online Renewal for Brokers and Property Managers >
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  


Brought to you by PGCAR, dotloop is coming to you! Join us next Wednesday, February 25 for a 3 CEU in-depth-training on how to become an expert looper. At bootcamp, you will learn document editing, eSignatures, task management, third party collaboration and more.

Improve client experience, drive savings and productivity by getting the most out of dotloop.
Sign up today, spots are limited:

Wednesday, February 25
at La Fontaine Bleue
Choose one of three classes! FREE for PGCAR members!
9:30 am - 12:30 pm or 1:30 - 4:30 pm or 6 - 9 pm
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
AT A GLANCE: EDUCATION HIGHLIGHTS AT PGCAR

Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
This Thursday, February 19
Risk Management - 3 MD Elective CEU;3 DC Elective CEU
This Friday, February 20
DC Fair Housing & Predatory Lending - 3 DC Required Fair Housing CEU
DC Legislative Update / Exam Prep - 3 DC Required Legislative Update CEU
Next Monday, February 23
MREC Agency-Residential - 3 MD Required or Elective CEU
Next Thursday, February 26
Home Inspection & Environmental Issues - 3 MD Elective CEU; 3 DC Elective CEU
Next Friday, February 27
MD Code of Ethics - 3 MD Required Ethics CEU; 3 DC Elective CEU
See the complete schedule and register at www.pgcar.com >

INCLEMENT WEATHER / SNOW POLICY >
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
MY HOME PROGRAM SUSPENDED AS OF JANUARY 28
Nearly 1,300 Prince George's Homebuyers Have Been Assisted

Due to the overwhelming demand for down payment and closing cost assistance for first-time homebuyers, the Redevelopment Authority of Prince George's County (RDA) has suspended the "My HOME" homebuyer assistance program effective January 28, 2015, due to funding depletion. Completed applications received by January 28, 2015 that are pending approval, will be funded on a "first completed" basis, as additional funds become available.

Since 2009, the Redevelopment Authority has assisted nearly 1,300 homebuyers purchase a home in Prince George's County. In 2014 alone, the RDA provided 267 loans to first-time, moderate income homebuyers which generated over $2,133,300 in property, recordation and transfer taxes for the County. "My HOME provided hundreds of families the opportunity to begin building family wealth, as well as stabilizing county neighborhoods by promoting homeownership," said Howard Ways, Executive Director of the Redevelopment Authority of Prince George's County.

Homebuyers interested in obtaining down payment and closing cost assistance to purchase their first home should now consider applying for the "Maryland Mortgage Program Triple Play in Prince George's County." This home buyer initiative, launched in November 2014, offers homebuyers mortgage financing with incentives that are tough to beat anywhere in the Washington metropolitan region. Here's how the initiative works:

When eligible Maryland Mortgage Program (MMP) borrowers purchase in Prince George's County, they could receive up to $20,000 in down payment and closing cost assistance. Ten thousand dollars will come from the State of Maryland as a zero interest loan that must be paid back when the buyer sells or transfers the property; however, the buyer is eligible for an additional $10,000 in the form of a grant if they purchase a property within 14 targeted zip codes in Prince George's County. These zip codes are areas where some of the highest foreclosure rates are occurring in the County. Additional incentives included in the "MMP Triple Play in Prince George's County" include: a 0.25% discount on the interest rate of the standard MMP loan; and a tax credit for up to $2,000 annually on the homebuyer's federal income taxes for the life of the loan.

For more information on the "Maryland Mortgage Program Triple Play in Prince George's County," visit the website: http://mmp.maryland.gov or call 1.800.638.7781.
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
CONTRACT FORMS AND PROPERTY MANAGEMENT CHANGES - JANUARY 2015


The REALTORS® Introductory Guide to Rentals is newly revised!

The Guide has been extensively revised to bring it into conformance with new state and county laws. Revisions include:
  • The Security Deposits section was revised, due to new Maryland and Prince George's law changes which became effective January 1, 2015 and now mirror one another with respect to payable interest and "notice of damage" requirements.
  • Interest on rental security deposits are now to accrue at the daily U.S. Treasury Yield Curve Rate for 1 year or 1.5%, whichever is greater. The former required interest rate for Prince George's County was 4%.
  • Notice of damages or violations must be given within 45 days after lease is terminated. The former requirement for Prince George's County was 30 days.
  • The Lead Based Paint section was revised, due to Maryland Lead laws which are effective as of January 1, 2015. All residential rental units built before 1978 must now be registered with the Maryland Department of the Environment (MDE) and meet other lead law requirements.
  • At the end of the Rentals Guide, several Prince George's Municipalities and Resources Links have been updated.

Eight contract, listing or notice forms were also revised or added during January, due to changes in the Maryland Lead Laws effective January 1, 2015; Maryland and Prince George's County property management laws effective as of January 1, 2015; and additional state or county legislation.

.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
THE REALTOR® CREDIT CARD IS HERE!

Apply for a business or a personal credit card:
  • Competitive interest rates as low as 8.00% APR
  • A comprehensive rewards program
  • No balance transfer or cash advance fees
  • No annual fee
  • Customized real estate-themed designs
  • Apply Today at www.realtorsfcu.org >
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
NEW AGENTS? INTERESTED AFFILIATES?
2015 Applications are Online

.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
MAKING HOME AFFORDABLE (MHA) PROGRAM WEBINARS

Sessions are scheduled for both MHA Trusted Advisors and MHA Servicers. Click here to see all scheduled classes. Click on Event Center tab if not immediately directed to webinar listing.

Upcoming sessions:

Wednesday, February 18, 3:00 pm - 4:00 pm
Unemployment Program for Servicers

Thursday, February 19, 2:00 pm - 3:00 pm
Home Affordable Foreclosure Alternatives Program for Trusted Advisors

Monday, February 23, 3:00 pm - 4:00 pm
Home Affordable Foreclosure Alternatives Program Webinar

Wednesday, February 25, 3:00 pm - 4:00 pm
HAMP Standard and Alternative Modification Waterfalls
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
Membership / Office Terminations
for Members with Non-Paid 2014 - 2015 Dues
Brokers and Non-Paid Agents - A $100 reinstatement fee was added to unpaid accounts on Tuesday, January 6. January 31 was the deadline to pay 2014 - 2015 dues or remove any unpaid agents from your office roster. All new licensed agents in your office were also required to join by January 31. Suspensions are now taking effect for offices with non-paid members.

Reinstate your membership, SentriLock key privileges, MRIS discount, ZipForms and other REALTOR® membership benefits at www.pgcar.com.
  1. Click here
  2. Log in
  3. Pay and receive an itemized receipt for your
    2014 - 2015 PGCAR, MAR and NAR membership renewals.

RENEW IMMEDIATELY at www.pgcar.com, or if your account has already been suspended, please call the office at 301-306-7900 to reinstate your membership. Don't let your office suffer suspension!
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
COULD YOUR CHARITABLE WORK BENEFIT FROM FUNDS AND MENTORING?
Apply for a $1,000 Grant and Mentoring Program by February 27!

As REALTORS®, we enjoy helping people fulfill the dream of homeownership. Many of us go beyond that, though, to improve the communities where we live and work: we give time and effort to support charitable causes. If you are just such a REALTOR®, please consider responding to the Good Neighbor Society's call for applications to the 2015 Volunteering Works grant and mentoring program.

The program looks for REALTORS® participating in charitable efforts that have growth potential; it selects five individuals whose dedication and goals for their respective organizations - with the aid of a $1,000 seed grant and Good Neighbor Society mentoring - are likely to expand or improve the charity's work. The five Volunteering Works recipients are each mentored by past recipients of REALTOR® Magazine's Good Neighbor Award, whose longstanding experience in community service provides valuable insight.

If you'd like to submit an entry for Volunteering Works, visit www.Realtor.org/gna and click on "Apply for Volunteering Works grant." The deadline for entries is next Friday, February 27, and recipients will be notified in April.

To read more about Volunteering Works and the call for entries, click here.
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
REALTORS® LEGISLATIVE MEETINGS & TRADE EXPO IS MAY 11 - 16

The REALTORS® Legislative Meetings & Trade Expo (renamed from REALTOR® Party Convention & Trade Expo) will be Monday, May 11 through Saturday, May 16 in Washington, DC. The Trade Expo will be open both Wednesday and Thursday from 10 am to 6 pm. Please plan to join other NAR members at this informative and inspiring annual event.

Registration opens THIS Wednesday, February 18, at 1 pm. If staying overnight in DC during any portion of the week, please register early for the best hotel selection.
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
A WEALTH OF INFORMATION - 24 X 7! - Find important industry information, as well as details and registration for PGCAR Events and Classes - all at the PGCAR.com Events Calendar.
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  

- - - CONSUMER'S CORNER - - -
Great reasons to stay in touch! Share these with your customers.


BE A HERO TOMORROW, FEBRUARY 18
You, Too, Can Save Lives at the PGCAR Blood Drive

Set yourself a reminder for this Wednesday, February 18, anytime between 9 am and 2:30 pm. Now title your reminder "Save Lives". Yes, you read that right! When you join us for the Red Cross Blood Drive at the PGCAR offices this Wednesday, you can save up to three lives, just by giving blood to the American Red Cross.

Encourage family, friends, and colleagues to join us, too: all are welcome!

Blood donors save lives.
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
DAVID MACLIN MEMORIAL SCHOLARSHIP
Applications Due Next Saturday, February 28th

Do you know a Prince George's County Public High School Senior who wants to further his/her education and is already making a difference in the community?

Alert them to submit a David Maclin Memorial Scholarship application before Saturday, February 28. Winners will receive a $2,500 scholarship towards further education in any community college, university or trade school.

Please also share this with Principals and Teachers at your local schools, so you may enable someone who may not have received the materials to share this opportunity with their class.

You can make an important difference in the life of a student!

Scholarship Letter   •   Scholarship Application   •   Permission Slip

Scholarship Applications are Due next Saturday, February 28, 2015.

Email Scholarship Info to a Friend

.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
HOME-PRICE GROWTH SLIGHTLY ACCELERATES IN FOURTH QUARTER OF 2014

The majority of metropolitan areas experienced steady but slightly stronger price growth in the fourth quarter of 2014. Lawrence Yun, NAR chief economist, says improved sales activity compared to a year ago and tightening supply contributed to faster price appreciation in the final quarter of 2014. "Home prices in metro areas throughout the country continue to show solid price growth, up 25% over the past three years on average," he said.

The national median existing single-family home price in the fourth quarter was $208,700, up 6% from the fourth quarter of 2013 ($196,900). For all of 2014, the median price increased 4.8% in the third quarter from a year earlier; 4.2% in the second quarter from a year earlier; and 8.3% in the first quarter from a year earlier.

NAR President Chris Polychron, says sparked by an improving economy, REALTORS® throughout the country are reporting slightly improved buyer demand compared to a year ago. "Interest rates below 4%, rising rents and healthier local job markets are convincing more consumers to consider homeownership," he said. "For those entering the market in the months ahead, working with a REALTOR® will make the complex buying process easier to navigate as buyers review their options, secure financing and ultimately close on a home."

Lower interest rates and an uptick in the national family median income ($65,782) slightly improved affordability in the fourth quarter compared to the third quarter.

For the year, the average price of Prince George's County single family homes increased 10.9% (from $227,537 in 2013 to $252,450 in 2014). The average price of condos/coops increased 13.3% (from $101,383 in 2013 to $114,824 in 2014).

Monthly stats? New contracts for single family and condos in January increased 0.7% and 26.7% respectively. January 2015 compares very favorable to January 2014 except for a large number of condo contracts coming to settlement more slowly. Single family new contracts increased 3.9% and settlements increased 10.2% year-to-date. Condo new contracts increased 16.7% and settlements decreased 14.9% year-to-date. For more details, visit www.pgcar.com/stats.

National Market News:
As Mortgage Rates Inch Up, Applications Fall
Income Increases Boosting Housing Optimism
HUD: '2015 Is Year of Housing Opportunity'
REALTORS® See Uptick in Housing Markets
Tax Deduction Advice for Your Clients
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
FIXED MORTGAGE RATES STILL NEARLY HALF POINT BELOW A YEAR AGO
Rates Remain Near May 2013 Lows

"Mortgage rates rose this week following strong economic data [PDF]," stated deputy chief economist for Freddie Mac, Ken Liefer. "The economy added 257,000 new jobs in January after robust increases of 329,000 in December and 423,000 in November. The unemployment rate edged up to 5.7 percent last month from 5.6 percent in December. Average hourly earnings rose 0.5 percent, following a 0.2 percent decline in December."

Freddie Mac reports the following averages for the week ending February 12, 2015:

The 30-year fixed-rate mortgage averaged 3.69%, up from 3.59% ~ Last year: 4.28%
The 15-year fixed-rate mortgage averaged 2.99%, up from 2.92% ~ Last year: 3.33%
The 5-year Treasury-indexed hybrid ARM averaged 2.97%, up from 2.82% ~ Last year: 3.05%
The 1-year Treasury-indexed ARM averaged 2.42%, up from 2.39% ~ Last year: 2.55%

Freddie Mac's Weekly Primary Mortgage Market Survey >

Like PGCAR at www.facebook.com/pgcar to see monthly home sales statistics and this week's mortgage rate report as soon as they are released!
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
SHARE HOMEBUYER SAVINGS FROM PGCAR.COM

First-time homebuyers, homeowners buying again, Military homebuyers, teachers... There are real estate deals for everyone in Prince George's County. It's easy to find the right information and send links from www.pgcar.com >
.   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  


9200 Basil Court, Suite 400  |  Largo MD 20774  |  Phone 301.306.7900  |  Fax 301.306.8273
PGCAR.com  |  jostenso@PGCAR.com  |  ©2015 PGCAR
                    

< Back to REALTOR® Connection Archive