October is “Voter Education and Participation Month” and being sponsored by The Secretary of State and the California Association of Clerks and Election Officials. This is to let every citizen know how simple, convenient, and important it is to register and participate in the electoral process. The cornerstone to our democratic government is the public’s right to vote.
October 23rd is the last day to register to vote: In order to vote you must be registered.
Last day to apply for an absentee ballot is October 31st.
2007 Economic Outlook and the “do’s and don’ts “ of Our Current Marketplace will be held at the Hyatt Regency Orange County at 11999 Harbor Boulevard in Anaheim on Friday, October 20th at 1 p.m.
AB 2962 (Benoit) Real Estate Withholding Requirements has been signed by the Governor. The existing law requires that the Franchise Tax Board hold 3 and 1/3% of the total sales price in all real property transactions to cover the tax on the gain to the seller of the property. Now, the home sellers may choose the option of having the amount withheld equal to the actual gain on the sale multiplied by the maximum applicable tax rate.
AB 2511 (Jones) Land Use Housing was also signed by the Governor. This law will amend the Permit Streamlining Act to apply to subdivisions with 49 percent of affordable housing, rather than the current requirement of 100 per percent, and mandates local governments report to the state on their housing production in an effort to make sure that they can accommodate their share of the regional housing need for the ensuing 5 years. AB 2511 provides judicial relief for those who challenge local governments that refuse to disclose their plan for meeting the regional housing need to the Department of Housing and Community Development and would require the plaintiff to inform the Attorney General should a plaintiff sue the city or county alleging that government is not in compliance with state law.
AB 2429 (Negrete McLeod) Real Estate Salesperson Licensure was signed by the Governor. After September 30, 2007, the law will require that all salesperson applicants, to complete all three of their pre-license courses prior to taking the license examination. The Department of Real Estate reported that 85 percent of new licensees came in under the conditional license option. This law will increase the foundational knowledge of sales licensees entering the profession.
Safety tip of the week: when meeting a prospect for the first time, introduce him or her to someone in your office. A would-be assailant does not like to be noticed or receive exposure, knowing a person could pick him/her out of a police lineup.
Sales might be off, but continued price appreciation means that only 23 percent of potential first-time buyers in California can afford to purchase a home, compared with 30 percent for the same period a year ago, according to a newly developed index released by the CALIFORNIA ASSOCIATION OF REALTORS®.
A statewide median price of $567,650 leaves more than 75 percent of potential first-time buyers out of the market. Since first-time buyers typically purchase a home equal to 85 percent of the prevailing median price, first-time home buyers in California would need an income of $98,720 (assuming a 10 percent down payment) to make such a purchase. (N.A.R)
Home appreciation has slowed as inventory grows: The average price of homes sold through the Multiple-Regional Multiple Listing Service (MRMLS) increased by only 3.6%. This is a dramatic shift in appreciation, which was 32% in 2004 and 16.8% in 2005. The average time to sell a home rose from 34 days in 2005 to 56 days in 2006, which represents a 64.7% increase.
The unsold inventory listed for sale in the MRMLS has remained at 9.1 months supply of homes on the market and for the month of September 2006, only 10.1% of the standing inventory sold.
MRMLS has successfully completed its migration to Matrix, a web-based MLS system that was developed by Tarasoft, Canadian based software developer on October 3rd.
MRMLS is one of the largest Multiple Listing Services in the United States with a membership of more than 30,000 members who use the system to list and market properties. The MRMLS serves 9 local associations of Realtors located throughout the Inland Empire and the greater San Gabriel Valley.
Commercial Day, November 11th, at the Annual Conference and Expo in New Orleans will be led by Bob McComb of Top Dogs Training when he will present techniques to help develop your business. The session will discuss how to implement an operational plan that will dramatically increase commercial lead generation and conversion, identify barriers to success and how to overcome them, and create the correct formula for high level success in commercial real estate.
The NATIONAL ASSOCIATION OF REALTORS® reports that guidance on nontraditional mortgages issued by federal banking regulators will help ensure that lenders inform consumers about the risks related to nontraditional financing options, including interest-only and option-payment adjustable rate mortgages.
NAR and the Center for Responsible Lending last year created a consumer education brochure – Specialty Mortgages: What are the risks and Advantages? – to help practitioners counsel their clients and customers.
In addition to proposing that lenders educate consumers about the risks of nontraditional mortgages, the final guidance also recommends that lenders review current underwriting standards and improve risk management strategies.
Richard Tegley is a Realtor® and President of the Multi-Regional Multiple Listing Service Inc., (MRMLS); State Director of the CALIFORNIA ASSOCIATION OF REALTORS® and National Director of the NATIONAL ASSOCIATION OF REALTORS®. Richard can be reached at (951) 533-9340 or email Tegley@surfcity.net
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