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Prince George's County Association of REALTORS real estate news, events, education and legislation
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July 2018
    I n   t h i s   i s s u e . . .
 
Events & Industry Insider Info
Consumer's Corner


Graphic link to Other Real Estate Legislative News

The National Flood Insurance Program Expires July 31!

Urge Congress to Approve NFIP Reforms and Extension

ACT Before It's Too Late >

Expiration of the National Flood Insurance Program (NFIP) is less than TWO weeks away, denying necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide. Congress must act now to reform and extend the NFIP.

Over 60,000 Maryland properties are covered by the NFIP in every county -- making Maryland one of the most impacted states in the country. Without NFIP insurance, many property owners are not able to secure mortgages. The last time the NFIP expired, over 40,000 home sales a month were delayed because lenders would not approve loans for unprotected properties. Let your Congressmen know that this program is important to Marylanders and the real estate industry.

Help Maryland Homebuyers & Owners
Add YOUR Support Today >

REALTORS and REALTOR Endorsed Candidates are Victorious in Maryland Primary

Two REALTORS®, and One with Close REALTOR® Ties,
ELECTED to County Council

Maryland's Primary Election was held Tuesday, June 26, setting the stage for the General Election on November 6. Prince George's REALTORS® will be well represented on the new County Council with REALTOR® Jolene Ivey (D5) and REALTOR® Monique Anderson-Walker (D8), joining former REALTOR® Sydney Harrison (D9) to comprise the eleven-member Council.

The PGCAR / Maryland REALTOR® Ballot did extremely well overall in the Primary Election last month; the REALTOR® ballot was successful in all but five of their endorsed candidate races as of the July 6th Board of Elections report.

Some of those listed below will face challengers on November 6. We hope that you will continue to give them your support. Others will be on the ballot in November with no opposition.

Our congratulations go out to these primary election winners:

Maryland REALTORS Government Affairs

The Maryland REALTORS® endorses candidates at the state level. Here are their endorsed candidates for Prince George's County:

  • In the Democratic primary for Governor - No Endorsements
  • In the Republican primary for Governor - Larry HoganWINNER

Prince George's County Senate Delegation

 

Prince George's County House of Delegates

 

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 on October 25th or the official General election on November 6th.

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Interested in FREE PGCAR Dues?
Interested in FREE PGCAR dues?

If you haven't made a contribution towards your 2018 RPAC now would be a good opportunity!

Support RPAC Today - Enter the RPAC Raffle
BEFORE 3 PM JULY 31
for your chance to win FREE PGCAR DUES!!

CONTRIBUTIONS TO RPAC ARE NOT DEDUCTIBLE AS CHARITABLE CONTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. They are voluntary and are used for political purposes. You may refuse to contribute without affecting your membership rights. 70% of each contribution is used by Maryland RPAC to support state and local candidates. 30% is sent to the National RPAC to sponsor federal candidates and is charged against your limits under 52 U.S.C. 30116. This solicitation in intended for REALTORS® only. Nothing herein contained shall be construed as solicitation of contributions from non-members. Personal contributions made by check must be on a personal check, not on a corporate check. Contributions made on a corporate check will be treated as a corporate contribution as permitted under the Maryland Campaign Finance Law. For contributions made by credit card: You acknowledge that all credit card contributions are subject to the usual requirements of law applicable to RPAC contributions. The charge applied to the account as a result of the contribution must be paid with the personal funds of the individual(s) by whom the contribution is made.
Authority: Gloria Farrar, Treasurer.

Professionalism: Be It. Show It!

Professionalism, and how you demonstrate it to others, is a key component to your business and personal success and to your reputation. Protect your reputation with your clients, your colleagues and the public. Here are a few quick resources to improve and communicate professionalism.

Respect Starts Here: A Pathway to Professional Conduct
NAR created a brief, 10-minute video entitled "Respect Starts Here: A Pathway to Professional Conduct" on how to conduct yourself professionally in all aspects of business. It contains tips for showing respect for property, the public and your peers.


RAISING the BAR for REALTOR® Professionalism
Maryland REALTORS® has compiled basic good practice and common sense guidelines to help new and veteran REALTORS® in their dealings with each other and the public. These guidelines are voluntary, not a part of the mandatory Code of Ethics. Following them is an excellent way to build a reputation for professional behavior, that will enhance your standing and relationships with colleagues and clients. View & download the brochure >

Professionalism Resources for PGCAR Members
Continuing and advanced education not only builds knowledge and skills; it also helps your professionalism and reputation. Check out following articles highlighting PGCAR member opportunities for leadership training, professional certifications, CE classes and a lunch and learn.

NEW Homebuyer Assistance Program for Prince George's County
Up to $20,000 Down Payment & Closing Costs

The Prince George's County Purchase Assistance Program (PGCPAP) is newly available, providing home purchase assistance to eligible, first-time home buyers to purchase residential properties in Prince George's County. Home purchase assistance includes down payment, mortgage principal reduction and/or closing costs.

  • Purchase price limit: $462,000 (resale or new construction)
  • Maximum loan amount: $15,000 for most cases
  • Buyers who are one of the following may be eligible for up to $20,000
    • Police Officer
    • Deputy Sheriff
    • Classroom Teacher
    • Firefighter
    • Emergency Medical Technician
    • Nurse
  • Household annual income up to 120% of the area median income (AMI) for the county
  • Home buyer(s) must contribute a minimum of 1.75% of purchase price (includes earnest money deposits, appraisal fee, inspection fees, homeowner's insurance premium, credit reports, termite, housing counseling fee and HQS Inspection)
  • Loan terms: 0% interest, deferred payment, to be paid back when the home is sold, transferred or ceses to be the primary residence of the buyer(s) regardless of the length of residency
$3 Million Expansion of Maryland SmartBuy Program
Will Offer More Opportunities for Homebuyers With Student Debt

On July 16, the Hogan administration announced that Maryland SmartBuy, a nationally-recognized program that assists first-time homebuyers burdened with student debt, will relaunch as Maryland SmartBuy2.0 on August 6.

Maryland SmartBuy 2.0 will allow participants to purchase any eligible home in the state, while eliminating up to $30,000 in student debt.

Currently, SmartBuy requires buyers to purchase select homes designated by the Maryland Department of Housing and Community Development (DHCD). "We are proud that Maryland continues to be home to one of the most highly educated populations in America, but the harsh reality many face today is that earning a college education often goes hand-in-hand with crippling college debt," said Governor Larry Hogan. "This new $3 million expansion of SmartBuy will help young people buy a home, removing the student debt roadblock to homeownership and allowing for financial security."

In his Fiscal Year 2019 budget, Governor Hogan approved a $3 million state appropriation for the program. This additional funding is expected to assist more than 100 homebuyers. Since its inception in late 2016, the Maryland SmartBuy program has helped homebuyers retire $1 million in student debt.

"We've already seen tremendous interest in the program, and buyers who want to participate in SmartBuy should get ready now," said DHCD Secretary Kenneth C. Holt. "Make sure to talk to one of our certified SmartBuy lenders to get your documents in order and get prequalified for a loan, and visit our website to learn about eligibility requirements, such as homebuyer education and income limits."

Mortgage loans will be provided through DHCD's Maryland Mortgage Program, the state's flagship homeownership assistance program for over 30 years. Traditionally, the program provides fixed-term mortgages, primarily to first-time homebuyers, along with downpayment and closing cost incentives.

The Maryland SmartBuy program has been profiled on the NBC Nightly News and in the Wall Street Journal, Washington Post, Baltimore Sun, and other major media outlets.

Maryland REALTORS® Leadership Academy
Applications Due August 1

Maryland REALTORS Leadership Academy logo Maryland REALTORS® is now accepting applications for the 2018 - 2019 Leadership Academy.

The Leadership Academy will include 8 sessions, the first on October 4, 2018 and the last - graduation day, on April 16, 2019. All applications are due by August 1st. Please be sure to indicate on the application your preferred interview date. Once received, Maryland REALTORS® will confirm your interview date and time.

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Graphic link to Other Real Estate Legislative News

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 2018 - 2019 membership year will become effective on October 1, 2018 and will serve until September 30, 2019. 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.

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PGCAR's 2018 Real Estate Round Up
Prince George's County is Hot!

Nearly 200 members of Prince George's County Association of REALTORS® were in attendance at PGCAR's "2018 Real Estate Round Up" luncheon held on June 13.

President / CEO Jim Coleman of the Prince George's Economic Development Corporation presented an energetic and exciting overview of development, business expansion, job and income growth that is currently happening in Prince George's County. His PowerPoint presentation can be found here. Per Mr. Coleman, "Prince George's County is HOT" and is still the fastest growing market in the DC Metro area.

Representing the Prince George's Police Department Assistant Chief of Police, Hector Velez offered an update on public safety. All were pleased to learn that violent crime is down 60% in the County.

Adam Iobst, Customer Success Champion, with Bright MLS, was on hand to address the most recent happenings with the multiple listing service.

Members learned details about state legislative issues from Maryland REALTORS® Senior Vice-President of Government Relations, Bill Castelli.

Long time PGCAR member and former Director, John Allen was awarded the NAR Emeritus Award for his 40 years of committed service to NAR, Maryland REALTORS® and PGCAR. Congrats John!!

Thank you to all of the affiliates who participated in the affiliate product showcase which preceded the event. Overall, everyone enjoyed the program and the opportunity to network with colleagues and friends.

Are You Taking Full Advantage of Your PGCAR Benefits?
Enhance Your Professionalism and GET PAID!!

Have you recently obtained your GRI, CRS or CCIM designation? Or maybe you're considering obtaining one of the industry professional designations? If so, you have made the commitment to enhance your professionalism and better serve your clients.

To reward you, PGCAR created the Prince George's REALTORS® Professional Designations and Education Trust Fund. The Trust Fund's purpose is to promote and encourage members to seek further real estate related education which will improve and enhance their ability to serve the public.

PGCAR members may be reimbursed up to 50% or a maximum of $100, for the cost of tuition and texts only, of any initial course taken in pursuit of the listed designations.

Further reimbursements may be paid for additional courses toward the same designation, at the rate of 25% or a maximum of $100 per course.

  1. Accredited Buyer's Representative (ABR)
  2. Accredited Land Consultant (ALC)
  3. Certified Commercial Investment Member (CCIM)
  4. Certified International Property Specialist (CIPS)
  5. Certified Property Manager (CPM)
  6. Certified Real Estate Brokerage Manager (CRB)
  7. Certified Residential Specialist (CRS)
  8. Counselor of Real Estate (CRE)
  9. General Accredited Appraiser (GAA)
  10. Graduate, REALTORS® Institute (GRI), Course Series 100 & 200
  11. NAR's Green Designation (GREEN)
  12. Performance Management Network (PMN)
  13. Residential Accredited Appraiser (RAA)
  14. Seniors Real Estate Specialist (SRES)
  15. Society of Industrial and Office REALTORS® (SIOR)

 

YOUR Membership in the Prince George's County Association of REALTORS® = $1,445 or more in discounted services!
Get the most from your membership!

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Wednesday
July 25
12 noon - 2 pm
 
Thursday
July 26
9:30 am - 12:30 pm
3 MD Required Legislative Update CEU (Category A);
3 DC Elective CEU
Register >
 
Thursday
July 26
1:30 pm - 4:30 pm
3 MD Required Ethics CEU (Category D); 3 DC Elective CEU
Register >
 
Wednesday
August 8
9:30 am - 12:30 pm
3 MD Required Agency - Residential CEU (Category H), or Elective
Register >
 
Wednesday
August 8
1:30 - 4:30 pm
3 MD Required Supervision CEU (Category I), or Elective
Register >
 
Friday
August 10
9:30 - 11 am
1.5 MD Required Fair Housing CEU (Category C);
1.5 DC Elective CEU
Register >
 
Friday
August 10
12 noon - 3 pm
3 MD Required Legislative Update CEU (Category A);
3 DC Elective CEU
Register >
 
Thursday
August 16
9:30 am - 12:30 pm
3 MD Elective CEU (Category F)
Register >
 


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Fair housing benefits everyone. On the 50th anniversary of the Fair Housing Act, the National Association of REALTORS® is reflecting on the progress made - and the work that still needs to be done-to end discrimination in housing markets and to promote housing opportunity for all. Read the NAR paper with recommendations for action and recent research on housing and neighborhood opportunity, as well as analysis of results from REALTOR® focus groups on the topic of fair housing and housing discrimination.

It is clear that the National Association of REALTORS®, ALL REALTOR® associations and ALL REALTOR® members have the opportunity and responsibility to increase efforts to support diversity and inclusivity in the real estate market.

Where people live has a direct impact on the quality of their health, education, and access to economic opportunities.

Discriminatory housing practices create racial and economic segregation in communities that can lead to disparate outcomes in overall quality of life. Fair housing supports the development racially and economically diverse communities.

Read more about Fair Housing and how REALTORS® can make an impact >


10 FREE or Low-Cost Things to Do in Prince George's County

10 FREE or Low-Cost Things to Do in Prince George's County

Want to improve your physical, mental and emotional health?

There's a simple way to improve all 3. Have some fun!

You can even help your fiscal health, by not spending a lot of your dollars to do it.

Fun Ideas Here >

Memory Game

The connection between healthy body and healthy mind is proven. As we improve one, we do much to improve the other.

Play the Memory Game as a quick break between hard tasks. Just as walking or stretching is healthier before and after strenuous exercise than a sudden start and stop, a short mental break like reading a short book chapter or matching these electronic cards, is a great mental rejuvenator before your next big task.

Play the Memory Game >
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COME ONE COME ALL to the
ALL YOU CAN EAT
ANNUAL CRAB FEAST

Friday, August 24 | 7 to 11 pm
at Martin's Crosswinds

Crabs, Fried Fish, Fried Chicken, Wings, Seafood Salad, Salad Bar with Fixings, Corn, Desserts
Beer - Sodas - Cash Bar for other Alcohol

Let's Eat, Let's Dance, Let's Have a Good Time

DJ ~ Dancing ~ Vendors

Help raise funds for Prince George's County students

Tickets: $75 in advance

Register Online today!

Presented by The Women's Council of REALTORS® of Prince George's County


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


Red Cross Blood Drive at the PGCAR Office

Give Blood ~ Save Lives
Tuesday, July 24 | 10 am - 3:30 pm | PGCAR Offices

Did you know that each blood donation can be used to save up to 4 lives?
Did you know that blood is almost always in high demand and low supply? Yet donating blood is one of the easiest ways to help?

Help spread the word, and ask others to donate blood.
Many get out of the habit after moves and other life changes. Hint, hint! This is the right kind of "good news" to even share with your home buyers and sellers.

You can schedule an appointment online at https://tinyurl.com/BloodDriveJuly24 or by calling 1-800-RED-CROSS.

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Sam Khater, Freddie Mac's chief economist, says mortgage rates moved sideways, primarily because of the mixed bag of economic data released this week. "Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment," he said. "This meant there was no driving force to move mortgage rates in any meaningful way, which has been the theme in the last two months. That's good news for price sensitive home shoppers, given that this stability in borrowing costs allows them a little extra time to find the right home."

Added Khater, "Unfortunately, don't expect much relief from the tight inventory conditions plaguing many markets. As seen again last month, new home construction is not picking up to meet demand, and as a result, home prices are still rising at double the pace of income growth."

Freddie Mac reports the following averages for the week ending July 19:

The 30-year fixed-rate mortgage averaged 4.52%, down from last week's 4.53% ~ Last year: 3.96%
The 15-year fixed-rate mortgage averaged 4.00%, down from last week's 4.02% ~ Last year: 3.23%
The 5-year Treasury-indexed hybrid ARM averaged 3.87%, up from last week's 3.86% ~ Last year: 3.21%

Freddie Mac's Weekly Primary Mortgage Market Survey >

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PRINCE GEORGE'S HOME SALES STATISTICS

County Home Sales Continue Their Growth Over 2017

Home settlements in Prince George's County rose slightly from the previous month for single family homes, and over 7% in the condo market. New contract signings, settlements and average pricing all continue to increase over 2017. The average days on market in June decreased to 35 days.


For single family homes, from May 2018 to June 2018:
  • Contracts down 5.3%, Settlements up 0.8%
  • Average sales price up 1.0%
For condo / coop home sales, from May 2018 to June 2018:
  • Contracts down 7%, Settlements up 7.1%
  • Average sales price up 2.6%
For year-to-date sales, 2018 single family contracts and settlements are PLUS 0.5% and 2.2% over 2017.

For year-to-date sales, 2018 condo / coop contracts and settlements are PLUS 1.9% and 3.8% over 2017.

Visit www.pgcar.com/stats to see the most current home sales, as well as past statistics.

8300 Corporate Drive, Suite 100  |  Landover, MD 20785  |  Phone 301.306.7900  |  Fax 301.306.8273
PGCAR.com  |  mikeg@PGCAR.com  |  ©2018 PGCAR
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