June 10, 2016
2016 State of Real Estate
Tuesday, June 14th Lunch and Forum Open to All PGCAR Members
Proposed Amendments to PGCAR Bylaws
Vote on Bylaws Amendments at June 14th Membership Meeting
The Board of Directors has just completed a review of the PGCAR Bylaws. During review, it was noted that several amendments are necessary to streamline processes, establish a "teleconference" policy, increase quorums based on member counts, clarify appointed terms, and to strengthen policy for failure to attend meetings.
are the articles which are proposed for amendment. All of the proposed amendments have been approved by PGCAR Legal Counsel. All members are encouraged to study the proposed amendments. The proposed amendments will be voted on by the membership at the PGCAR General Membership Meeting this coming Tuesday, June 14. A full copy of the current PGCAR Bylaws is available here
. Members may also obtain a copy of the bylaws by contacting the Association office.
Prince George's County Housing Fair
This Saturday, June 11
According to the Washington Business Journal, "Prince George's County continues to see one of the strongest housing rebounds in the region." That's why it especially important for you to come to this Saturday's Housing Fair. Invite your customers and prospective customers to attend. It will only increase their excitement, while better preparing them as a home buyer and home owner.
This year's expert panel discussions will include:
Last year, there was standing room only to hear the free advice in "Ask the Experts." The Fair will also hold workshops on financial literacy, managing your money and more.
- Condominium Ownership: Know Your Rights and the Laws
- Ask the Experts: Understanding the Value of Your Home, Knowing When to Buy and When to Sell
- Mortgage Late, Don't Wait - bringing in major mortgage bank servicers to discuss options with homebuyers trying to avoid foreclosure
Click here for complete details >
See you there!
2016 REAL ESTATE LEGISLATION
Below is a status report of issues followed by PGCAR and MAR during the 2016 Maryland General Assembly Session and 2016 Prince George's County Council. Representatives of PGCAR frequently traveled to Annapolis and Upper Marlboro to lobby legislators and testify on a number of these issues. This year, we are happy to report, that we ended the Annapolis Session with several "wins" for REALTORS®. Our efforts before the County Council are on-going, as their session runs through December.
2016 Prince George's County and Annapolis Delegation Issues
Dwayne Mingo, Director of Government Affairs - PGCAR
CR 13 - 2016 - Comprehensive Housing Strategy Ad Hoc Subcommittee
STATUS: ADOPTED - Effective March 8, 2016
This Council Resolution establishes a Comprehensive Housing Strategy Ad Hoc Subcommittee to develop a Comprehensive Housing Strategy for Prince George's County.
PGCAR ACTION - PGCAR SUPPORTS the concept and lobbied successfully to be named specifically in the resolution as a participant on the Comprehensive Housing Strategy Ad Hoc Subcommittee. A representative from PGCAR has been designated to serve on the subcommittee along with other members of the community and business interests.
HB 1025 - Prince George's County - Land Use - Zoning Powers and Review
STATUS: NOT PASSED
This bill would have provided for the review of certain zoning matters by the District Council in Prince George's County in a certain manner.
PGCAR ACTION - PGCAR MONITORED this land use bill. The legislation was centered on oversight authority regarding land development in Prince George's County. Currently we have a professional planning staff and an appointed board that judges land development applications after a review process which can include public input. MNCPPC staff advises the planning board members on a wide variety of issues and adheres to the law. For the reasons stated, the current process is supported.
HB 1083 - Prince George's County - Abandoned Property - Special Property Tax Rate
This bill would have required Prince George's County to set a special property tax rate for certain unimproved lots and certain improved real property that are deemed to be neglected. The special tax rate would be 15% higher than that imposed on other property in Prince George's County.
PGCAR ACTION - PGCAR OPPOSED the bill with the understanding and appreciation of the concerns relative to abandoned and neglected properties. These and vacant foreclosure properties have had a drastic effect on our overall property values. However, the precedent of establishing a "special tax class" that is specific to a certain property classification is a concern which could disproportionately burden certain property owners.
HB 1085 - Prince George's County - State and County Transfer Taxes - Exemptions
This bill would have exempted from the State and Prince George's County transfer taxes instruments of writing that transfer specified residential real property to employees of a specified federal law enforcement agency no later than 1 year after the federal law enforcement agency is issued a specified use and occupancy certificate.
PGCAR ACTION - PGCAR SUPPORTED the concept with amendments and lobbied vigorously to advance the bill. The bill was predicated upon the Federal Bureau of Investigation relocating their headquarters operation to Prince George's County. Offering a reduction in transfer taxes to benefit FBI employees would've strengthened the County's commitment to bringing them here.
HB 1198 - Prince George's County - Maryland-National Capital Park and Planning Commission - Extraordinary Development District
STATUS: PASSED - Effective June 1, 2016
The bill authorizes the Maryland-National Capital Park and Planning Commission (M-NCPPC) to enter into an agreement with Prince George's County to deposit all or a portion of M-NCPPC property taxes levied by the county on the tax increment in an "extraordinary development district" into a special fund for the extraordinary development district.
PGCAR ACTION - PGCAR SUPPORTED the bill authorizing the MNCPPC to designate a new "redevelopment district" specifically designed to meet certain criteria relative to the location of a federal law enforcement facility. The bill provides the enabling authority of the Prince George's County Council to enact an Extraordinary Development District by Council Resolution.
Summary of 2016 Maryland General Assembly Legislative Session
Maryland Association of REALTORS®
Vice President of Government Affairs, MAR
|Positions open for nomination, and upcoming election by the PGCAR membership are:
All terms begin on October 1, 2016.Have you served two of the last four years on PGCAR committees, or the Board of Directors?
- Secretary, and
- four (4) Directors to serve two-year terms.
If yes, please consider taking another step in leadership. If qualified as a candidate and then elected, you'll serve with an amazing group of talented and dedicated peers, and help guide PGCAR to be the BEST association in the State of Maryland.To be considered by the Credentials Committee for inclusion on the ballot:
- Prepare a 1-page listing of your qualifications. Please include your PGCAR, MAR, NAR and community involvement, professional education and certifications, special awards and other leadership experience.
- Save a photo of yourself in jpeg, gif or tiff format.
- Complete the Online Candidate Form in Members Only (preferred so we have your candidate information in electronic format), or you can print and fax a candidate form.
Every PGCAR member has a special talent and interest to contribute. Through PGCAR's many committees you can play a major part in the leadership of our Association, and the positive contributions PGCAR members make throughout Prince George's County communities.
Details regarding each opportunity are at www.pgcar.org
. Committees for the 2016 - 2017 membership year will become effective on October 1, 2016 and will serve until September 30, 2017. Interested? Click here
to sign-up and be aboard for the new membership and leadership year.
Interested in future leadership opportunities? Committee membership and leadership is the place to start.
If you have at least 2 years experience serving as a PGCAR committee member and interested in applying to be a candidate for the 2016 - 2017 PGCAR Board of Directors, the deadline is 5 pm Wednesday, July 13. Apply online
(preferred) or by submitting the PDF form
Earn Your Maryland and DC CEU at PGCAR
PGCAR members save BIG!
Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
Monday, June 13
Commercial Real Estate Series
6-Week Education Series Begins: June 13, 20, 27; July 11, 18, 25
SAVE by registering for complete 6-week series - 9 MD Elective CEU pending (total for series)
Homeownership for Individuals with Disabilities Program
Here are just a few highlights!
- One of the borrowers is disabled OR
- One of the borrowers is the parent or guardian of an immediate family member who is disabled.
An immediate family member includes a spouse, domestic partner, son, daughter, brother, sister, mother or father; regardless of the age of the immediate family member; who resides with one of the borrowers and is cared for principally by one of the borrowers.
- A disability is defined as a physical or mental impairment that substantially limits one or more major life activities (for example, hearing, seeing, speaking, sitting, standing, walking, concentrating, or performing manual tasks). The definition does not include a person whose disability is based solely on any drug or alcohol dependence.
- Must be a first-time homebuyers, or buying in a targeted area, or a veteran exercising a one-time exemption to first-time homebuyer requirement (must provide copy of DD-214).
- The total combined income of all members of the household may not exceed $107,000 for Prince George's County homebuyers (lower in some other counties outside of DC metropolitan area).
- Maximum home purchase price of $300,000 in Prince George's County (lower in some other counties).
- Meeting other program application criteria.
Visit the Program Website for details >
REALTORS® Introductory Guide to Rentals 2016
Now Available to PGCAR Members
The REALTORS® Introductory Guide to Rentals
has been updated for 2016. Whether you manage one rental, specialize in rental property managment, or you're considering rentals, the Guide will contain useful information for you. Here's just a few of the topics covered!
- Advertising Rental Properties
- Landlord Tenant Law - Legal Requirements
- Showing Properties
- The Rental Application Process
- Fair Housing Requirements and Resources
- Protections for Seniors - NEW
- Treatment of Pets Versus Service Animals
- Security Deposits - updated
- Rental Licensing - updated
- Recent Legislative Changes Affecting Rentals
- Resource Links
- . . . and Much, Much More!
- A "Protections for Seniors" section was added (on page 10), to explain the new requirement to offer a two-year lease option to any persons of 55 years of age or older, if the rental dwelling unit is in an age restricted senior housing development. The new law takes effect on June 1, 2016.
- The Security Deposits section was revised (on page 13), to clarify the Maryland and Prince George's law changes which became effective January 1, 2015. Interest on rental security deposits are now to accrue at the daily U.S. Treasury Yield Curve Rate for 1 year or 1.5% a year, whichever is greater. A resource link was also added, to the revised Maryland Department of Housing and Community Development (DHCD) Rental Security Deposit Calculator.
- The Rental Licensing section was updated (pages 17 - 18), to include details of the new fine of $1,000 per month for operating a rental unit without a license. This new penalty went into effect on January 11, 2016.
- At the end of the Rentals Guide, two Maryland DHCD resource links were added (on page 24).
Help Homebuyers and Sellers Find YOU!
Increase Your Leads. Dont' Leave Your realtor.com Profile Empty
ALL REALTORS® have a profile on realtor.com.
Is yours empty -- or complete with your listings, contact info, photos and more that will help attract buyers and sellers to YOU?
We urge all PGCAR REALTORS®. Please take advantage of this great tool, already included in your NAR membership.
Log in to claim YOUR realtor.com profile >
Then use this tool to manage what people learn about you on realtor.com, and help build repeat and referral business for yourself and your team.
Did You Know? FREE Training Webinars are Available
for Your Dotloop and ZipForms PGCAR Member Benefits
PGCAR Membership - It Pays!
As your Association, we strive to be a productive resource for you. As such, we are pleased to offer a full range of benefits to our REALTOR® and Affiliate members, and meaningful ways to be involved.
Another great opportunity for Affiliates is to join the Women's Council of REALTORS® Prince George's Chapter.
Here is the Affiliate Application >
REALTORS® Legislative Meetings & Trade Expo
Thank You for Joining Us in DC!
Although it was a disappointing and narrow loss to JoAnne's fellow candidate John Smaby for 2017 NAR First Vice President, we are excited to see what the near future holds for our Association and how JoAnne will choose to serve next.
We appreciate the organizers, sponsors, participants and anyone who donated time or money towards the scholarship fundraiser! Thankful too, for the rain waiting until after we were done! MORE photos were added in May, so please check it out.
Claim Your Free .REALTOR Domain Registration
Available to NAR REALTORS® and Brokerages
2016 is the last chance to get a .REALTOR web address FREE for the first year, one per member.
The term "REALTOR" is searched over 2 million times a month!
Help consumers easily find you -- with a .REALTOR web address.
After the first free domain, pricing for additional domains starts at $39.95, with multiple domains and multiple year discounts available.
Don't Miss Out! Claim your .REALTOR domain today >
Making Home Affordable (MHA) Resources
Visit the new online toolkit
that helps REALTORS®
and other trusted advisors gain valuable information to help homeowners struggling with mortgage payments.
Here's a few highlights:
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.
- MHA Storefront
Brochures, fact sheets and posters which may be downloaded or ordered for delivery to you, for the purpose of promoting MHA programs that help homeowners lower their mortgage payments or seek a better alternative to foreclosure. Sample fact sheet >
- Webinar: MHA Program Sunset Overview for Trusted Advisors
Tuesday, June 21, 2:00 pm - 3:00 pm
This session will include an overview of the MHA Program termination, or "Sunset" key dates for the Home Affordable Modification Program (HAMP), the Unemployment Program (UP), the Home Affordable Foreclosure Alternatives (HAFA) program, and the Second Lien Modification Program (2MP), in addition to other important policy updates.
- - - CONSUMER'S CORNER - - -
Great reasons to stay in touch! Share these with your customers.
Mortgage Rates Drop on Negative Jobs Report
Average fixed mortgage rates dropped following the drop in 10-year Treasury yields after the May employment report came in well below expectations.
"Growing optimism about the state of the economy was quickly erased with May's employment report," said Sean Becketti, Freddie Mac's chief economist. "The disappointing release caused an immediate flight to quality resulting in the 10-year Treasury yield dropping 10 basis points on Friday. The 30-year fixed-rate mortgage responded by falling 6 basis points to 3.60 percent. This week marks the 10th consecutive week the 30-year rate has averaged under 3.7 percent, allowing an extended window for homebuyers to take advantage of these historically-low borrowing costs."
Freddie Mac reports the following averages as of June 9, 2016:
The 30-year fixed-rate mortgage averaged 3.60%, down from 3.66% ~ Last year: 4.04%
The 15-year fixed-rate mortgage averaged 2.87%, down from 2.92% ~ Last year: 3.25%
The 5-year Treasury-indexed hybrid ARM averaged 2.82%, down from 2.88% ~ Last year: 3.01%
Freddie Mac's Weekly Primary Mortgage Market Survey >
NEWS YOU SHOULD KNOW
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