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Prince George's County Association of REALTORS real estate news, events, education and legislation
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May 2020
PGCAR 2020 President Yolanda Muckle

PGCAR continues to compile vital information for its members. The PGCAR Coronavirus Resource Guide has useful information on state, federal, and association (MD-R / NAR) resources to navigate you through all of the available programs and guidance. I highly encourage you to study the Resource Guide, and check back often as the Guide is updated as new information is available.

After you've researched the Coronavirus Resource Page, you might ask, "What else can I do while I'm staying productive at home?" Here are some ideas:

And finally, PGCAR is serving members. Our staff is working remotely, the phones are being answered, and your questions are receiving responses. Staff is continuing to on-board new members, transfer members, responding to inquiries and providing many other services. If you need assistance, please visit the staff directory at PGCAR.com to submit your question by email (for the fastest response) or call 301-306-7900.

On behalf of the Officers and Directors, I wish you the best during this turbulent time.

Sincerely,

Yolanda Muckle, President
Prince George's County Association of REALTORS®, Inc.

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10 Ways to Stay Productive While Social Distancing

Click below for a few additional thoughts on how to stay productive during social distancing.

10 Things a REALTOR can do while Social Distancing
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COVID-19 Business & Health Resources

Mid-March, PGCAR compiled a list of resources, The COVID-19 Resource Guide, created to guide you through local, state, federal and industry coronavirus resources. As much as possible, we wanted to provide a one-stop listing of the best resources.

Here we highlight just a few to show the breadth:

Check pgcar.com/COVID-19-Resources often, as we continue to revise the Guide as new information emerges and assistance services change.

REALTORS fought HB 1628 and helped stop the proposed tax on services

Maryland REALTORS® continues to provide guidance on providing real estate services through Governor Hogan's stay-at-home order and as the COVID-19 pandemic and response evolve. Highlights which can also be found at pgcar.com/COVID-19-Resources or here include:


Maryland REALTORS guidance on best practices during COVID-19

And as always, our thoughts and best wishes are with you. Please stay healthy and well.

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CE Classes Available Online!
40% Off CE Shop Classes Through May 31

Be sure to enter SUPPORT 40 at check out to get 40% off!
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LIVE Economic Report
Thursday, May 7 at 3 pm
Economic Report

Set a reminder. Join us for a special LIVE economic report featuring Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®, and Anirban Basu, Economist with the Sage Policy Group. Thursday, May 7 at 3 pm.

This is a don't-miss event for anyone who wants a better idea of where the market is -- and where it's heading.

No registration needed. The LIVE event will be featured on the Maryland REALTORS® profile page and available after the event in the "Videos" Tab.

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10 am May 12 Bright MLS Remine Pro free webinar - click to register

Remine Pro combines property records, data visualization, tracking, and predictive analytics to enrich property and market information, and it comes with your Bright MLS subscription!

Register for this FREE May 12 Training Webinar
Discover how you can leverage the power of Remine Pro >



Tax-Reduction Strategies Webinar - click to register

Give Yourself a Raise in 2020! Learn Tax Strategies for the Real Estate Professional to save time and money!

In this interactive webinar, this is just some of what you'll learn:

  • HOW to navigate the NEW 20% 199A DEDUCTION designed for Self-Employed Professionals and worth up to $63,000!
  • WHY you may want to buy a new or pre-owned car sooner than you think. . .the great 2020 "makeover" of the CAR DEDUCTION rules you will want to take advantage of!
  • HOW to safely qualify your home office for big tax deductions, even if you spend most of your office time at a branch office.

After this seminar, you'll have what you need to bring to your tax accountant, so you qualify for thousands of dollars more in deductions.

Busy? The short time you invest in this seminar will translate immediately to money, your money!

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Virtual REALTORS® Legislative Meetings

NAR Annual Legislative Meetings being held virtually

Due to the COVID-19 pandemic, the usual Annual REALTORS® Legislative, Committee and Governance Meetings held in DC during May are being held online.

Committee Meetings April 27 - May 15   |   Conference Sessions: May 12 - 14

Details and schedule >

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Graphic link to Other Real Estate Legislative News

2020 REAL ESTATE LEGISLATION

Defeating the tax on real estate and other services wasn't the only legislative victory for the REALTOR® Party this year. Read the summary of 2020 Maryland General Assembly legislation which impacts real estate. These are issues followed by PGCAR and Maryland REALTORS® during the 2020 Maryland General Assembly (MGA) Session. Representatives of PGCAR frequently traveled to Annapolis to lobby legislators and testify on a number of these issues. Even with the 2020 MGA Session being shortened due to the COVID-19 pandemic, we are happy to report that we ended the Annapolis Session with several "wins" for REALTORS®.
Maryland REALTORS Government Affairs
Summary of 2020 Maryland General Assembly Legislative Session
Maryland REALTORS®
Bill Castelli
Senior Vice President of Government Affairs, MR


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District of Columbia (DCAR) Forms Access

District of Columbia Forms Library

Many of you may have noticed at your ZipForms renewal that the Forms Library for the District of Columbia, managed by the Greater Capitol Area Association of REALTORS® (GCAAR), is now provided at a cost of $125 for non-GCAAR / DCAR members.

DCAR very graciously provided this service to PGCAR members at no cost for many years. However, they are no longer able to sustain that practice.

GCAAR is not requiring non-members to join GCAAR or DCAR to access the DC Library forms. That is an option, however, and comes with additional services. In lieu of joining DCAR, REALTORS® may subscribe to the forms service (at $125 annually through ZipForms) which allows full access to the DCAR forms.

The Local Library forms for Montgomery County WILL CONTINUE to be accessible to PGCAR members at NO ADDITIONAL COST.

This action comes as a decision of the DCAR Board of directors. PGCAR has no control or influence over this decision.

PGCAR recognizes that this greatly impacts our members and we are investigating any possible means to mitigate the issue.

Questions and concerns relative to DCAR forms access may be addressed to DCAR at (202) 626-0099.
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Prince George's Maryland Monthly Market Watch


Prince George's County Residential Real Estate Market
Holds Strong Despite Onslaught of Pandemic

PGCAR reports that the local area real estate market in March continued to reflect considerable strength despite the escalating coronavirus pandemic and the resulting business slowdowns, with 790 closed sales recorded, an increase of 2.3 percent from March 2019, totaling $263.7 million. The Average Sold Price of $333,664 also improved by 10.2 percent, reflecting the County's limited inventory of existing homes. Even with the increase, Prince George's continues to be one of the affordable areas in metropolitan Washington.

Prince George's Maryland home sales March 2020 and 5-year March averages
© 2020 Market Stats by ShowingTime and Bright MLS

The chart above details March activity compared to the five-year average, an important longer-term measure of market trends. While Closed Sales were essentially on par with the five-year average, Pending Sales fell well below historical and seasonal trends indicating a softer start for 2020 in terms of closings. In addition, the supply of homes for sale dropped considerably, to a five-year March low of 1.3 months (representing 1,206 units) available for sale (versus a 1,522 historical March measure and 1.8 month's supply.) This important statistic means that if no new listings come on the market and with typical demand, the supply will go to zero in 1.3 months.

March 2020 Over Year (YoY) Month Over Month (MoM)
Total Sold Dollar Volume $263,711,182 + 14% + 24.3%
Closed Sales 790 + 2.3% + 18.1%
Median Sold Price $329,900 + 10% + 5.7%
Average Sold Price $333,664 + 10.2% + 5.3%
© 2020 Market Stats by ShowingTime and Bright MLS

PGCAR President Yolanda Muckle shared: "We're pleased to report that our March market held strong even while facing the beginnings of the coronavirus pandemic hitting the DC area. However, the real estate community, like all business sectors, is adjusting to doing business in a manner that is safe and responsible to prevent the spread of COVID-19."

"While inventory is low, we know homeowners are interested and eager to sell. It is our goal to assist those prospective sellers while we stay at home as ordered by the Governor," Muckle continued. "Thankfully, REALTORS® have been using tools such as virtual homes tours and electronic signing services for a number of years so the transition has, in some ways, been a little easier. Our challenge is to instill confidence in our clients that we can market their property effectively so their home can be sold in a timely fashion. We have no idea when a sense of normalcy will return, but we may see homeowners (who may have been considering selling their homes) being more motivated to do so this year since they are spending much more time at home right now."


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Understanding Brokerage Relationships Chart

Do You Know the Roles and Duties of Each Party in a Brokerage Relationship?

Use the Maryland REALTORS®
Understanding Brokerage Relationships Chart >

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RPAC Raffle
Contribute for a Chance to Win FREE PGCAR Dues

Don't miss your chance to win FREE PGCAR DUES while supporting homeownership and RPAC!

CONTRIBUTIONS TO RPAC ARE NOT DEDUCTIBLE AS CHARITABLE CONTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. Contributions to RPAC are voluntary and are used for political purposes. The amounts indicated are merely guidelines and you may contribute more or less than the suggested amounts. The National Association of REALTORS® and its state and local associations will not favor or disadvantage any member because of the amount contributed or a decision not to contribute. You may refuse to contribute without reprisal. 70% of each contribution is used by your state PAC to support state and local political candidates; 30% is sent to National RPAC to support federal candidates and is charged against your limits under 52 U.S.C. 30116.

This solicitation is intended for members of the Prince George's County Association of REALTORS® only. Nothing herein contained shall be construed as a solicitation of contributions from non-members. Personal contributions made by check must be on a personal check payable to Maryland RPAC, 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.

THANK YOU FOR YOUR SUPPORT!
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Annual Maryland Commercial Real Estate Symposium
Rescheduled from May to

Earn CEU, network with other "movers and shakers" in the commercial real estate industry, and gain up-to-the-minute information on the hottest local CRE developments and trends.

Register by July 31 for $125 early bird.
Details and registration at mdrealtor.org >

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Thank You, PGCAR Affiliates!

Much like our REALTOR® offices, our PGCAR Affiliates are continuing to adapt and serve through this national crisis. Please support our Affiliates. When looking for service providers, please check our Affiliates Directory at pgcar.com/Affiliates.

Bright MLS now offering FREE Inman News subscription
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Maryland REALTORS® Leadership Academy
Applications Due August 1

Grow in your leadership skills and knowledge! Learn more about leadership, public communications, organizational planning, advocacy and governance. Apply for the 2020 / 2021 Maryland REALTORS® Leadership Academy.

2020 / 2021 Maryland Leadership Academy
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PGCAR Membership Applications
Invite other associates to join!

THANK YOU to our 2020 REALTOR® and Affiliate members!
You are listed on the REALTOR® and Affiliate directories

Prince George's County REALTOR membership application for real estate agents Prince George's County REALTOR membership application for real estate agents  REALTOR® Membership Application
Prince George's County affiliate membership application for real estate industry partners Prince George's County affiliate membership application for real estate industry partners   Affiliate Membership Application
Prince George's County affiliate membership levels and benefits for real estate industry partners   Affiliate Membership Levels and Benefits
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CONSUMER'S CORNER
Great reasons to stay in touch! Share these with your customers.


Reap the Rewards of NAR REALTOR Emeritus Status by Knowing the Rules Early

Are You Registered to VOTE?
Register Early. Mail-In Your Vote

The 2020 Primary Election will be held by mail.

  • If you are a registered voter, you should receive your ballot in the mail by mid-May. Please complete your ballot, sign the oath, and return using the included postage-paid return envelope. Your ballot MUST be postmarked by the official June 2nd Primary Election Day.
  • You may also seal and drop off at any Drop Off Location in the county where you live from Thursday, May 21 through Tuesday, June 2. Your ballot MUST be dropped off by the time polls close at 8 pm on June 2.
  • If unable to vote by mail or drop off your ballot, you may vote in-person on election day, June 2, at a Vote Center in the county where you live.

Not registered?

The deadline to register online is 9 pm May 27.

If you don't receive your ballot?

Please request an absentee ballot or download one using the online form here >

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2020 Census
Let's ALL be Counted!


Help YOUR Community be Counted

The United States Census only happens every 10 years.
Please be COUNTED!

All households should have received a mailed Census invitations by April 1. If you don't have that, you can still complete the census by phone or online. Details at 2020census.gov.

The census deadline is June 30, 2020
Complete the census here >

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BROKER'S CORNER


Good Neighbor Award applications due soon!

Are you or anyone in your office trying to build or expand a community service project? Please complete those applications for the Good Neighbor awards.

  • Good Neighbor Awards: 5 Winners will receive $10,000 grants for their charities, publicity for their cause, and be flown to the 2020 NAR conference to receive their award.
    Applications Due Friday, May 8 >
  • AARP Community Challenge Grants: If part of a nonprofit, why not also submit for an AARP Community Grant? These grants range from several hundred for small, short-term activities to several thousand dollars for large projects.
    Applications Due Friday, May 15 >
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Mortgage Rates Reach All-Time Low

Freddie Mac's Primary Mortgage Market Survey® released April 30 shows the 30-year fixed-rate mortgage averaged 3.23 percent, the lowest rate in the survey's history which was started in 1971.

"The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April," said Sam Khater, Freddie Mac Chief Economist. "While many people are benefitting from low mortgage rates, it's important to remember that not all people are able to take advantage of them given the current pandemic."

Freddie Mac reports the following averages as of April 30
and their change from last month (March 26) and last year:

  • The 30-year fixed-rate mortgage averaged 3.23%
    Down from 3.5% last month ~ Down from 4.14% last year
  • The 15-year fixed-rate mortgage averaged 2.77%
    Down from 2.92% last month ~ Down from 3.60% last year
  • The 5-year Treasury-indexed hybrid ARM averaged 3.14%
    Down from 3.34% last month ~ Down from 3.68% last year

Freddie Mac's Weekly Primary Mortgage Market Survey >

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Are Your Agents Receiving All PGCAR Emails?

Please text "PGCAR" to 22828 to make sure you are subscribed with your correct email address to our PGCAR classes, events and other benefits-announcing emails. Then ask all in your office that are PGCAR members to do the same. Email communication is open to PGCAR Members Only. Thank you!!!

Text PGCAR to 22828 to join our email list!

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The Top 3 Things

Your Association offers you a lot, and it's important to us that we deliver what best supports you, your business and life in all circumstances.

Here are 3 great opportunities to remind your agents about this week:

  1. One-Stop COVID-19 Resource Guide

    Tired of COVID-19 emails? That's why we created the COVID-19 Resource Guide. It's a single source, at pgcar.com/COVID-19-Resources. Please remind your agents. They will find at least one item for their personal, business or financial health. Challenge them to follow through on a single item per week to build their knowledge, health or wealth. Also think about which item from the guide might be good to include in a "thinking about you" customer contact.

    Visit https://pgcar.com/COVID-19-Resources for current resources.

  2. 2021 Board of Directors - Application Opens June 1

    Now is the time to consider if you or other service-oriented leaders within your office would be a great addition to the PGCAR volunteer leadership team.

    Last year's requirements for Officer and Director candidates are listed here. The 2021 Candidate Application will be announced by email and in the June REALTOR® Connection.

  3. Webinars - Webinars - Webinars!

    Taxes are confusing, yet there are ways to save thousands of dollars. Learn tips from the FREE May 20 Tax-Reduction Strategies webinar.

    Bright MLS is also offering great online training. Remine Pro is a great tool for market research and marketing. Most agents will find it much easier being guided through Remine during a 1-hour webinar than keeping it on their to-learn list. Find current offerings at pgcar.com/classes >

All this and more with REALTOR® Connection! Read it in email or at pgcar.com/RC. It's long because we want to provide you with a comprehensive one-stop monthly list of the most important news. You're worth it!

And of course, bookmark pgcar.com to stay in the know >

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- - - NEWS AND TRENDS - - -
Reminders, trends and other news you should know.


National News & Market / Industry Surveys

Tips & Trends

Regional News


8300 Corporate Drive, Suite 100  |  Landover, MD 20785  |  Phone 301.306.7900  |  Fax 301.306.8273
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