The Association has been hard at work interviewing candidates in anticipation of the 2014 Primary Election on Tuesday, June 24th. All of the candidates who were interviewed and who responded to our candidate questionnaire offer a wide range of personal and career experience. Unfortunately, elective office is limited to one, so difficult choices had to be made.
With such strong candidates, there were many issues to consider during our discussions. However, after thorough debate and careful deliberation, PGCAR believes that the candidates listed below best share the REALTOR® vision, and that they possess a deep knowledge of the issues facing our members and the real estate industry. These candidates demonstrated that they understand the issues of concern to the real estate community, homebuyers, sellers and property owners in Prince George's County. Each of these candidates shares a strong commitment to ensure an excellent quality of life in Prince George's County.
PGCAR is pleased to endorse the listed candidates for local office:
Whether in Upper Marlboro, Annapolis, or on Capitol Hill, PGCAR is advocating for you and your clients. We encourage your support of these PGCAR REALTOR® Party endorsed candidates beginning with early voting from this Thursday, June 12th through next Thursday, June 19th, or the official primary election on June 24th.
Maryland Association of REALTORS®
and Prince George's County Association of REALTORS®
Endorse Statewide Candidates
The Maryland Association of REALTORS® (MAR), who represents more than 22,000 real estate professionals, announced its endorsements for statewide races in the upcoming Maryland Primaries.
For Governor, MAR has endorsed Lt. Governor Anthony Brown in the Democratic primary and real estate business owner Larry Hogan in the Republican primary. "Through the interview process, both candidates demonstrated keen knowledge of housing issues and the important role real estate plays in Maryland's economy," said Ilene Kessler, 2007 MAR President who chaired the interview committee for the association.
Mrs. Kessler stated further, "from his time serving in the Maryland Legislature to his run for Governor, Anthony Brown has demonstrated a strong commitment to protect homeowners and strengthen Maryland's housing recovery."
Mrs. Kessler added, "MAR was equally impressed by Mr. Hogan's extensive knowledge of the real estate business and his plans to work for an economic environment in which Marylanders will prosper."
For Attorney General, Mrs. Kessler stated, "MAR endorses Senator Brian Frosh. Senator Frosh has played a key role in providing new protections to Maryland homeowners and consumers. He also understands the importance of providing fair and enforceable rules so that the housing industry and consumers can thrive."
For Comptroller of Maryland, Mrs. Kessler announced "MAR's support for Peter Franchot who works hard to protect the tax money paid by Maryland individuals and businesses."
|THURSDAY, JUNE 19
at La Fontaine Bleue
Earn 6 CE hours for MD and DC Continuing Education
- MREC Agency - Residential
3.0 CE, MD Required "H" hours
Instructor: Fredericka Lloyd
- DC Fair Housing
& Predatory Lending
3.0 CE, DC Required hours
Instructor: Jackie Talpa
- Financing Issues
3.0 CE, DC Required & MD Elective hours
Instructor: Michael Chelst
- Risk Management
3.0 CE, MD Elective hours
Instructor: Don Martin
- MD Code of Ethics
3.0 CE, MD Required "D" & DC Elective hours
Instructor: Don Martin
- DC Legislative Update / Exam Prep
3.0 CE, DC Required hours
Instructor: Jackie Talpa
3.0 CE, MD & DC Elective hours
Instructor: Al Monshower
- Current Mortgage Guidelines
3.0 CE, MD & DC Elective hours
Instructor: Michael Chelst
Terrific Courses & Instructors
Choose One Morning and
One Afternoon Class
Breakfast, Lunch and
Ice Cream Social
All for Only
$75 REALTORS® or PGCAR Members
$100 Non-REALTORS® / Non-Members
TO REGISTER AND
TO SELECT YOUR
CLASSES NOW !
Click here for a printable flyer.
YPN Brown Bag Session Tomorrow, Tuesday, June 10
Topic: Dealing With Credit Challenged Buyers
Please attend the Young Professionals Network's latest Brown Bag Session from 12 noon to 2 pm tomorrow, Tuesday, June 10 at the PGCAR Office. Credit repair and building experts will illustrate to agents how to help buyers improve their credit and purchase a home, following a few basic principles. Cost is only $10.
Read Sales Coach in this issue to learn how this Brown Bag Session can help build your business!
Register NOW at www.pgcar.com >
Please Help the Red Cross Save Lives: Give Blood!
Next Tuesday, June 17
PGCAR is hosting a Red Cross Blood Drive®
According to the American Red Cross, more than 41,000 blood donations are needed each day, and 30 million blood components are transfused in the U.S. every year. The Red Cross needs YOU!
Join us Next Tuesday from 9 am to 2:30 pm
at the PGCAR office:
9200 Basil Court, Suite 400
Largo, MD 20774
ALL ARE WELCOME!
Please come and give the gift of LIFE!
MAY COUNTY SETTLEMENTS AND CONTRACTS:
ALL ARE HOLDING STEADY OR INCREASING
In the Prince George's single family market, May 2014 contracts kept an even pace with April 2014, while settlements increased another 7.5%.
In county condo/coop sales, contracts increased 7.4% from April to May, while settlements increased 2.4%.
Single family listings are up 22.6% from 2013 to 2014 year-to-date, with increases in all $200,000 - $899,999 price ranges. Condo & Coop listings are up 10.1% year-to-date, with increases in the 0 - $199,999 and $400,000 - $499,000 ranges.
See the detailed Prince George's County sales statistics for April at www.pgcar.com/stats.
Also see these national stories from NAR:
Pending Home Sales Edge Up in April
Led By Multifamily, Improvement Seen in All Commercial Real Estate Sectors
REALTORS® Back HUD and OMB Nominees Julian Castro and Shaun Donovan
NAR Member Survey Shows Rise in REALTOR® Income and Sales Volume
The June Issue of REAL Trends is Ready for You!
- Lessons Learned - Insights gleaned from former President George W. Bush.
- It is About the Transaction Not the Maginot Line - About the listings data battle.
- The Value We Add - Addresses leadership of real estate agents.
- The REAL Trends Housing Market Report - Complete with analysis.
- Where Does the Housing Market Go From Here?
- Discusses real estate's stagnant sales.
- Top 10 Tech Takeaways - Revealed at the 2014 Gathering of Eagles.
NEW! Maryland DHCD Introduces The Maryland HomeCredit Program
Available Now Through December 15, 2015
On June 1, the Maryland Department of Housing and Community Development (DHCD) launched the Maryland HomeCredit Program, which lets eligible homebuyers lower their federal taxes each year for the life of their loan. The federal tax credit is equal to 25% of the value of mortgage interest payments paid yearly, up to $2,000, and may be claimed annually.
For additional information on the Maryland HomeCredit, please click here >
Mortgage Late? Don't Wait!
FREE Foreclosure Prevention Workshop
This Saturday, June 14 9 am to 3 pm
Prince George's Sports & Learning Complex
8001 Sheriff Road, Landover, MD 20785
There are still too many foreclosures in Prince George's County. In this workshop, you can meet with loan servicers, learn how foreclosures can be prevented, speak with housing counselors and attorneys, and find out how Maryland's foreclosure prevention laws affect you.
Help is available, yet foreclosures have happened in nearly all neighborhoods. Please pass this information on to your customers, community news boards, family members, and anyone who might know someone who can benefit from this workshop.
Pre-register online by June 12 >
On-site registration will be available after June 12.
Click here for more information >
Share and post the flyer >
To pre-register for a FREE legal consult with an attorney, call the Pro Bono Resource Center of Maryland.
1-800-396-1274 x 3052
- My HOME / My HOME II Program
Up to 5% or $20,000 in Homebuyer Incentives!
Program offers up to 5% of sale price (through My HOME) of a primary residence anywhere in Prince George's County; up to $20,000 (through My HOME II) within targeted zip codes. Program details >
- College Park Live Smart Program
Up to $5,000 in Homebuyer Incentives!
College Park's program highlights affordability and convenient location to encourage home sales in the community, offering up to $5,000 in incentives to home buyers. Program details >
- Homebuyer Savings for City of Laurel
Buyers of foreclosed homes receive tax credits. The program offers a five-year descending City tax credit of up to $3,500 for buyers purchasing their primary residence within Laurel City limits.
Program Details >
- $30 Million Targeted Areas Initiative for All Homebuyers
First-Time Homebuyers Can Gain Same Benefits in ANY Prince George's County Area
Reduced interest rates starting at 2.875% (APR 3.675%) for qualified homebuyers purchasing a new primary residence. Program Details >
- Buy Suitland Initiative
$40,000 Maximum in Downpayment & Closing Cost Savings!
Up to 5% of home purchase price to first-time homebuyers or those who haven't owned within the last 3 years; Up to 7% for local civic employees. Program Details > Revised Buy Suitland Flyer >
- Federal Home Loan Bank of Atlanta (FHLB Atlanta)
Up to $15,000 toward a foreclosure purchase; Up to $7,500 toward the purchase of a property located in area approved for NSP funds. Program Details >
- American Dream Downpayment Initiative (ADDI)
Up to $10,000 to County homebuyers who have not owned a home within the last 3 years.
Program Details >
- Freddie Mac HomeSteps SmartBuySM
Offers up to $500 for purchase of a home warranty.
Home listings and incentive details > Sign up for homesteps.com buyer leads >
Most of these programs can be used in combination. Information on these and other homebuyer savings are available at pgcar.com.
Consumer Tip: Be Prepared
When Disaster Strikes, Does Your Family Know What to Do?
With hurricane season having officially begun on June 1, it's a good idea to review emergency preparedness measures now. Whether or not you've escaped the effects of storms in the past, no one wants to be caught short in a disaster, and having plans and materials ready will help both your physical and mental comfort when sirens sound.
Know two ways to get out of every room (be sure to have escape ladders for upstairs rooms), map your local and regional evacuation routes, have two designated meeting places - home and a remote site, and know the emergency plans for your office and/or school.
Designate a family member to serve as everyone's communications contact, as well as someone outside of your immediate area in case local lines are down. The remote contact should keep everyone's cell and office numbers, as well as email addresses; program this person's number into cell phones as "ICE" - in case of emergency - so responders can contact them if you're disabled. If all phones are down but Internet is available, family members can go to the Red Cross' Safe and Well site, click the "List Yourself Here" button and enter their names with a short message (names are also searchable).
Keeping Options Open
Save that old corded phone: cordless ones go out with the power. Also consider a hand-crank or solar charger for your cell phone, and a battery-operated or hand-crank radio for emergency information. An uninterruptible power supply (UPS) attached to your router will keep your computer powered temporarily in an outage, as well.
Be sure to discuss your safety plans with all members of your family, and review them regularly (making adjustments as necessary). Everyone should know where to find your emergency kit, too. That way, if disaster does strike, no one is left wondering what to do - and wasting precious moments.
For more information and tips on emergency preparedness, go to visit Houselogic.com.
Earn All MD and DC Required CEU at PGCAR
All classes are held at PGCAR offices unless otherwise noted.
PGCAR Members and REALTORS® - Enjoy steep discounts on ALL classes held at PGCAR!
Register for ANY 3 CE class for $18 early bird, $33 regular.
Register for ANY 1.5 CE class for $11 early bird, $26 regular.
REALTORS® Introductory Guide to Rentals
Resource Booklet Now Available to PGCAR Members
PGCAR has released the REALTORS® Introductory Guide to Rentals. Whether you manage one rental, specialize in rental property management, or are considering rentals, the Guide includes information useful to you. Here are just a few of the topics covered:
Download the Rentals Guide at www.pgcar.com Members Only >
- Advertising Rental Properties
- Landlord Tenant Law - Legal Requirements
- The Rental Application Process
- Fair Housing Requirements and Resources
- Treatment of Pets Versus Service Animals
- Security Deposits
- 2014 Legislative Changes Affecting Rentals
- Resource Links
- . . . and Much, Much More!
Please note: Minor edits were made on May 7 to clarify "Multiple Applications / Property Status" on page 7.
Market Sen$e: Fixed Mortgage Rates Stay Close to 2014 Lows
Last Thursday, June 5, Freddie Mac released results that showed fixed mortgage remaining relatively flat for the week.
"Mortgage rates were little changed amid a week of light economic reports," observed Frank Nothaft, Freddie Mac's Vice President and Chief Economist. "Of the few releases, real GDP was revised down to -1.0 percent growth in the first quarter of 2014. ADP Research Institute estimated the private sector added 179,000 jobs in May, which followed a slight downward revision of 5,000 jobs in April. Meanwhile, the Institute for Supply Management reported the manufacturing industry saw a slight acceleration in monthly growth for May."
Freddie Mac reports the following averages for the week ending June 5, 2014:
Freddie Mac's Weekly Primary Mortgage Market Survey >
- The 30-year fixed-rate mortgage averaged 4.14%, up from 4.12%.
- The 15-year fixed-rate mortgage averaged 3.23%, up from 3.21%.
- The 5-year Treasury-indexed hybrid ARM averaged 2.93%, down from 2.96%.
- The 1-year Treasury-indexed ARM averaged 2.40%, down from 2.41%.
Like us on Facebook to see monthly Prince George's County home sales and weekly mortgage reports as soon as they are released!
Sales Coach: Getting Buyers and Sellers Off the Sidelines
It can be difficult to engage buyers and sellers who aren't quite ready to make the real estate leap, and many of us overlook these potential clients because we don't see a sufficient payoff for our efforts.
While some skip marketing to the potential buyers who rent, live in their parents' homes, have credit issues, or are simply too scared to make the purchase, REALTORS® who reach out to these markets have reaped rewards. Consider educating renters about the benefits of home ownership, helping those whose poor credit is the only obstacle*, or advising those who are just scared of the process: creativity and persistence can make a big difference in your business (and just think of the referral potential!).
Sellers, too, may only need some of your expertise to be coaxed onto the playing field. If you can maintain communication while they deliberate, you'll be able to dispel fears and misconceptions. Being honest about the local market, what they can expect from a sale, and how you can assist them may set them at ease enough to make the leap.
To read examples of REALTORS® who've successfully tapped into the waiting market, and for additional ideas to help build your client base, please visit Realtormag.org.
*Attend tomorrow's YPN Brown Bag Session, Dealing with Credit Challenged Buyers!
Disclosure of Secured Interest in Listed Property
Buyer X was interested in purchasing a home listed with REALTOR® B but lacked the down payment. REALTOR® B offered to lend Buyer X money for the down payment in return for Buyer X's promissory note secured by a mortgage on the property. The purchase transaction was subsequently completed, though REALTOR® B did not record the promissory note or the mortgage instrument.
Within months Buyer X returned to REALTOR® B to list the property because Buyer X was unexpectedly transferred to another state. REALTOR® B listed the property, which was subsequently sold to Purchaser P. The title search conducted by Purchaser P's lender did not disclose the existence of the mortgage held by REALTOR® B since it had not been recorded, nor did REALTOR® B disclose the existence of the mortgage to Purchaser P. The proceeds of the sale enabled Buyer X to satisfy the first mortgage on the property, and he and REALTOR® B agreed that he would continue to repay REALTOR® B's loan.
Following the closing, REALTOR® B recorded both the promissory note and the mortgage instrument. When Purchaser P learned of this, he filed an ethics complaint alleging that REALTOR® B had violated Article 4 by selling property in which she had a secured interest without revealing that interest to the purchaser.
Based on your understanding of the Code of Ethics Article 4, what do you think the hearing panel concluded? Click here to find out >
REALTORS® Federal Credit Union
Personal and Professional Lines of Credit
Whether you're consolidating higher interest debt, investing in home or business improvements, spreading tuition or annual dues payments, or simply opening a line of credit "just in case", you can cover it with a REALTORS® Federal Credit Union line of credit or personal loan.
Apply for personal or professional loans and find out more about great offers here >
PGCAR and WCR Membership Applications for 2014
New Agents? Looking for a PGCAR or Local WCR Membership Application?
Download the 2014 PGCAR Membership Application from www.pgcar.com >
Women's Council of REALTORS® Prince George's Chapter Membership Application >