Congratulations to the 152 firms that made it to the REAL Trends 500 in 2015!
The annual research report identifies the country's largest and most successful residential firms, ranking the 500 largest brokerages based on closed sales volume and transactions sides. The report represents the most trusted standard of measuring the performance of the nation's leading realty service firms. C.A.R. is proud that so many of our California Industry Leaders made the list!
"California Real Estate Market Update" - Webinar Get the latest update on the California’s housing market by joining our next webinar. During the session, C.A.R. economists will share their insights on the latest housing market conditions and how they might affect the CA real estate sector moving forward.
Despite a slow start in the first month of 2015, sales in the California housing market continue to gain on a year-over-year basis for the last four months. With pending sales jumping at a double-digits rate from a year ago, the California housing market should continue its momentum and have a solid home buying season through the rest of the summer. But with interest rates slowly rising and expected to climb further towards the end of the year, how should we expect the market to react? While we are seeing more homes being listed in recent months, the housing supply remains tight. Should we be concerned? How would low inventory level affect housing affordability?
#Broker Conference 15 is Back! Join us for a day devoted entirely to your brokerage at our third Broker Conference on Wednesday, October 7, 2015 in San Jose. Sessions include thought-provoking and strategic discussions with inspiring leaders including C.A.R. CEO Joel Singer. Don’t miss your chance to join in the conversation with brokerage firms from across the state. Network and mingle with your peers, discuss what matters to your brokerage, your agents, and your firm’s clientele. We’ll host a special cocktail networking reception at the close of the sessions.
The residential real estate market is poised for major change. Technology, changing demographics, increased government regulation, and growing pressures on brokerage profitability are just a few items impacting the industry. Game Changers Webinar featuring Steve Murray (Bio), co-founder and president of Real Trends. Steve discussed the industry game changers and their implications for the real estate industry overall. If you missed it, here is the recording of the webinar:
Existing Single-Family Home Sales increased 8.9 percent year-to-year in May to a seasonally adjusted rate of 423,360 on an annualized basis. Median Price of an existing single-family home increased 4.4 percent in May 2015 to $485,830, compared with May 2014 and a 0.8 percent increase from April 2015. Unsold Inventory Index decreased in May to 3.5 months, compared with 3.7 months a year ago and well below the long-run average of about 7 months. Click here to view the slides for these stats
Market Snapshot - The Boomerang Generation Having graduated college in the aftermath of The Great Recession—the worst recession in the U.S. since The Great Depression—Millennials’ job prospects and future earnings potential have been limited from the start of their careers. Despite the societal norms of previous generations, going to college no longer guarantees the ability to acquire a good job, and even if you do secure a good job, you are not guaranteed employment until retirement, but rather must constantly reinvent yourself in order to stay competitive and remain relevant.
County Market Update - Download Updates This all- in- one page is your county’s housing trends at a glance. Indicators provided are sales, median prices, inventory indicators, and so much more! Share this information with your agents so they can establish themselves as the market expert with hard facts to explain market conditions to their clients.
Housing Matters Blog - Read Blog Research and Economics shares the most up-to-date information about the California’s housing market in our blog. We also give insights on the general economic conditions and how the overall picture affects the real estate industry and its consumers.
CFPB to Delay New Loan Disclosures The Consumer Financial Protection Bureau has proposed an amendment that will delay the effective date for the use of the new disclosures until October 3, 2015.
This announcement followed closely CFPB director, Richard Cordray's June 3rd response to Congress that the CFPB will take into account "good faith" attempts at compliance with the new TILA/RESPA Integrated Disclosure.
Many lenders had expressed concern that there is no phase in period when these new rules take effect (now October 3rd). In his response Mr. Cordray clarified that the CFPB policy of looking at a lender's good-faith efforts at compliance is intended to ease some of the concerns that the CFPB has heard.
There have also been many concerns that the new rules may delay closings. The CFPB released a new fact sheet explaining the limited circumstances when the new rule requires that an additional three-day review period be given to the consumer and what would not. To quote from the fact sheet, the only changes that would require a new three day period are: “ 1. The APR (annual percentage rate) increases by more than 1/8 of a percent for fixed-rate loans or 1/4 of a percent for adjustable loans. A decrease in APR will not require a new 3-day review if it is based on changes to interest rate or other fees. 2. A prepayment penalty is added, making it expensive to refinance or sell.3. The basic loan product changes, such as a switch from fixed rate to adjustable interest rate or to a loan with interest-only payments.”
Some have also expressed concern that lenders in an abundance of caution over CFPB oversight may not be willing to share borrower information with the borrower's real estate broker. To alleviate this as a concern, buyer's agents can have the buyer give them authorization to communicate with the buyer's lender using the Authorization to Receive and Convey Information (C.A.R. Form ARC).
AB 1 (Brown), a water conservation bill supported by C.A.R., was approved by the Legislature and sent to the Governor for signature. AB 1 prohibits a city or county, during a drought emergency declared by the Governor, from enforcing local ordinances through the imposition of fines for brown lawns or under-watered lawns. C.A.R. supports AB 1: it protects property owners.
AB 345 (Frazier), C.A.R.’s sponsored continuing education legislation, was approved by the Legislature and sent to the Governor for signature. Under current law, real estate brokers and salespersons are required to complete 45 hours of CalBRE-approved continuing education in order to renew their licenses. AB 345 earmarks three hours of a broker’s mandated continuing education for a course on the management and supervision of real estate licensed activity. The bill also permits salespersons to elect to take a course containing relevant information to assist them in understanding how to be effectively supervised by a responsible broker or branch manager.
AB 349 (Gonzalez), a water-efficient landscape bill supported by C.A.R., passed out of the Senate Transportation and Housing Committee. Governing documents of a Homeowners Association (HOA) regulate the rules and procedures of the community by which owners agree to abide. In 2014, C.A.R. supported AB 2104 (Gonzalez), which clarified that neither provisions in governing documents or board decisions can prohibit homeowners from replacing existing landscaping with low-water use plants. AB 349 expands upon AB 2104 by protecting homeowners who replace existing landscaping with artificial turf. C.A.R.’s amendments enhance these protections by allowing homeowners who install water-efficient landscapes during a state-declared drought emergency to keep water-efficient landscapes after the emergency has ended.
AB 661 (Mathis), a real estate document recording bill, was approved by the Legislature and sent to the Governor for signature. Under existing law, a county board of supervisors can impose an additional recording fee on a real estate document of up to $10 to fund the Real Estate Fraud Prosecution Trust Fund. The fund enhances the capacity of local police and prosecutors to deter, investigate and prosecute real estate fraud crimes. Documents that are recorded in connection with a sale or transfer of property are exempt from the fee, but the definition of the documents exempted has not been consistently applied. C.A.R.’s amendments clarify that all documents related to the same transaction receive the exemption if they are recorded within the same business day. With these amendments, C.A.R. is neutral on this measure.
SCA 5 (Hancock and Mitchell), a split roll measure opposed by C.A.R., is pending hearing in the Senate Governance and Finance Committee. Existing law requires the reassessment of real property upon the sale or transfer of a property. As introduced, SCA 5 pertained to an unrelated issue. As recently amended, SCA 5 would, among other things, assess commercial and industrial real property based upon the fair market value of the property as of the date the property tax bill is issued beginning with the 2018-19 fiscal year. Single-family and multifamily residential properties are exempt from the proposed requirements. C.A.R. is opposed to a split roll and has reexamined its position a number of times concluding that commercial real estate should continue to receive the same treatment under Prop. 13 as residential real estate.
Save Time with Service Providers Inside the RPA Save time and eliminate errors with preloaded zipForm® Service Providers. Quickly contact your NHD or Home Warranty provider to place an order or ask questions. The RPA form (California Residential Purchase Agreement) has two sections to choose your preferred Service Provider from:
1. Section 7, item A1 - Click the drop down menu and your preferred Natural Hazard Disclosure companies will appear. 2. Section 7, item D10 - Click the drop down menu and your preferred Home Warranty companies will appear.
Your time is valuable, choose from the drop down menus instead of wasting your time typing information already available.