Here is the Mission Statement of the California Association of
Realtors (CAR): The purpose of the California Association of
Realtors is to serve its membership in developing and promoting
programs and services that will enhance the members’ freedom and
ability to conduct their individual businesses successfully with
integrity and competency, and through collective action, to promote
the preservation of real property rights. CAR is one of the largest
trade associations. In fact, last year alone 20,000 new real estate
professionals joined its ranks.
One of the important functions of CAR is to monitor legislation
and lobby for laws which protect the real estate consumer as well
as the Realtors. Each year, there is a large convention which
attracts delegates from all over the state.
Here is the Mission Statement of the California Association of Realtors (CAR): The purpose of the California Association of Realtors is to serve its membership in developing and promoting programs and services that will enhance the members’ freedom and ability to conduct their individual businesses successfully with integrity and competency, and through collective action, to promote the preservation of real property rights. CAR is one of the largest trade associations. In fact, last year alone 20,000 new real estate professionals joined its ranks.
One of the important functions of CAR is to monitor legislation and lobby for laws which protect the real estate consumer as well as the Realtors. Each year, there is a large convention which attracts delegates from all over the state.
It is an intense experience, with information about all aspects of real estate flowing freely. This year we local Realtors were lucky to have a dedicated team of agents willing to expend their energy in order to bring that information back to us. A big thank you goes to Rick Pennington of Pennington Town and Country Realty, Sue Marsh of Intero Real Estate Services, Roy Navarro of Greentree, Mary Anne Filice of Mary Anne Filice Realty and Karen Para of Intero Real Estate Services. They gave to us the precious time they could have spent furthering their individual careers or being with friends and family. They deserve a round of applause. As my friend Chaz would say, “Clap, clap.”
So what’s new in the world of real estate? What gems of wisdom did our fellow Realtors unearth? Well, there is a new standard form contract coming out. Oh, no! Not again. The standard forms we agents use are created by attorneys to protect all parties in the transaction. Each line is carefully formulated in response to past problems, misunderstandings and lawsuits. California is largely a consumer-protection state, so the contracts are weighted somewhat in the favor of the buyer. That’s why it’s extremely important to choose a highly-trained local professional when listing a home.
A new law now requires companies with 50 or more employees and/or agents to have managers undergo a sexual harassment training course. I think they really meant to say sexual harassment prevention, but what’s semantics among friends?
Disclosures for common interest subdivisions like condominium projects are looking to be expanded under a proposed bill sponsored by Laird. If passed consumer protection benefits will expand to include forecasted payment plans for major items like roof replacement, painting, etc. Right now you could buy a property without knowing you’re about to be hit with a $10,000 payment for your portion for deferred maintenance on the entire project. Whoa, doggies! We agents hate our clients to get surprises like that. They don’t much like it, either.
If you want more updates from the CAR convention, call your real estate agent. He or she is always willing to keep you well-educated on the ins and outs of the real estate arena. There were lots more topics discussed and legislation debated, but we need to move on to our market summary for the week.
In south Santa Clara County the inventory stands at 305. There were 51 new listings. However, 15 properties cancelled listings, 1 was withdrawn and 1 expired. Sellers accepted offers from 29 potential buyers, 4 with release clauses. The escrow closed on 9 properties.
In San Benito County the inventory stands at 195, down a bit from the past few weeks. Of the 20 new listings, 3 were cancellations, which were re-listed with a different agent or a lower price or both. Contracts were accepted on 11 homes, and there were no pending release clauses. Only 4 homes closed escrow, and 4 cancelled, 1 expired and 2 were withdrawn.
What can we say about the market from these numbers? It has definitely slowed, but there still is activity. Again sellers are counseled to be patient: The days on the market is increasing. But we are not seeing homes closing escrow significantly below the list price, which would indicate a downturn in the market. Instead, there is a return to a more “normal” market with a good balance between buyers and sellers.
If you’re planning on selling your home this year, this is not the time to do it yourself. (Actually, it’s never the time…but that’s a whole different column topic.) You want to make sure you have a great agent who can help you maximize your investment potential. If you’re a buyer, you also want a great agent who is savvy and knows what’s what in the real estate network. He or she will know when there is the potential of a good buy.
Using an out-of-town agent is never a good idea. He or she may be your best friend, your mom, or your bosses’ brother-in-law. If you feel the need to use their services, ask them to refer you to a local professional. You get a great Realtor, they get a referral fee for doing absolutely no work! Win-win situation for sure.
And remember: Be kind to your Realtor!
