The National Association of REALTORS® is calling on Congress to act now to reform and extend the National Flood Insurance Program, which is set to expire on July 31. Allowing the deadline to lapse would deny necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide.

The NFIP provides up to $350,000 of flood insurance coverage for federally-backed mortgage in 22,000 communities nationwide. It also provides an alternative to taxpayer-funded disaster assistance. While there is a growing market for private flood insurance, for many, the NFIP continues to be the primary source of asset protection against flooding, the most common and costly natural disaster in the U.S.

In November last year, the House of Representatives passed the NAR-supported 21st Century Flood Reform Act, which contains numerous important provisions for consumers. The Act reauthorizes the NFIP for a full five years, avoiding the uncertainty of short-term extensions and potential shutdowns and provides guidelines for creating better flood maps for the program. It limits maximum flood insurance premiums to $10,000 per year for residential properties, and directs FEMA to develop more granular rate tables to ensure fewer properties are overcharged by the NFIP. The bill sets aside $1 billion for flood mitigation assistance grants and increases access to private market flood insurance, which often offers better coverage at lower cost. The bill also addresses issues with repeatedly flooding properties that account for 2 percent of NFIP policies and 25 percent of claim payments over the history of the program.

The bill is now in the Senate. NAR is urging the Senate to act quickly. The last time the NFIP expired, approximately 1,400 home closings were interrupted each day until the program was reinstated. In all, the program has lapsed on a number of separate occasions for two months combined with a total of 23 separate short-term extensions.

Advertisements

Earlier this week, the California Association of REALTORS® (C.A.R.) sent out a Red Alert to members about reaching out to their Assembly members and urging them to oppose AB 2364. C.A.R. is pleased to announce that AB 2364 FAILED last night on Assembly Floor. The bill only secured 25 YES votes, with 34 voting NO and the remainder Not Voting. All members of the Assembly were present, so those not voting did so intentionally.

C.A.R OPPOSES AB 2364 (Bloom and Chiu), which deters property owners from returning to the rental housing business for 10 years. The passage of AB 2364 would have significantly weakened the Ellis Act by discouraging new rental housing investment and would have ultimately made the state’s housing crisis even worse.

 

 

BillSILVAR President Bill Moody presented the Charitable Foundation scholarship award to Annacy Sampas, a graduating senior from Leigh High School.

The Silicon Valley REALTORS® Charitable Foundation, the charitable arm of the Silicon Valley Association of REALTORS® (SILVAR), is awarding $1,000 scholarships to each of 18 graduating seniors from public high schools in Silicon Valley for the 2017-2018 school year. SILVAR REALTORS® are presenting the awards to the recipients at their school’s senior awards night.

The scholarship awards are made possible by donations from REALTOR® and affiliate members of SILVAR. Now in its 19th year, the Charitable Foundation has presented $342,000 in scholarships to graduating seniors from high schools located in the communities served by SILVAR members.

The Charitable Foundation’s scholars program recognizes students who have exemplified outstanding achievements in academics, extracurricular/employment activities and community involvement. The selection committee includes representatives from the local business community, area high schools, area colleges and SILVAR.

Students who received scholarships, the schools from which they graduated, and the colleges and universities they plan to attend are: Kelsey Bohannon, Cupertino High School (Northeastern University); Li Qing Loo, Fremont High School (Tufts University); Emma Chiao, Gunn High School (Swarthmore College); Emily Korn, Homestead High School (Willamette University); Annacy Sampas, Leigh High School (Santa Clara University); Jodie Bhattacharya, Los Altos High School (Stanford University); Shomil Jain, Los Gatos High School (UC Berkeley); Anastasiya Poplavska, Lynbrook High School (Cal Poly – San Luis Obispo); Joseph Lohmann, Menlo-Atherton High School (University of Pennsylvania); Sydney Olay, Monta Vista High School (Cal Poly – Pomona); Cathy Xuan Zhang, Mountain View High School (Stanford University); Naima Castaneda Isaac, Palo Alto High School (Spelman College); Aditi Garg, Prospect High School (Scripps College); Kelly Koh, Santa Clara High School (University of Southern California); Dean Stratakos, Saratoga High School (Stanford University); Karissa Yau, Westmont High School (Stanford University); Michelle Mathew, Wilcox High School (UC Berkeley); and Alexander Caceres, Woodside High School (Oberlin College).

READ MORE HERE

speier-1

REALTORS® discuss issues with Congresswoman Jackie Speier.

 

The leadership of the Silicon Valley Association of REALTORS® (SILVAR) joined more than 9,000 REALTORS® and guests from across the country in the nation’s capital this week for the 2018 National Association of REALTORS® (NAR) Legislative Meetings & Trade Expo to advance policy initiatives that strengthen the ability of Americans to buy, invest, own and sell real estate.

On their agendas this year were visits with members of Congress, regulatory agency officials and top industry leaders; attending some of the nearly 100 available conference sessions on topics ranging from policy to technology; and focusing on the yearlong commemoration of the 50th anniversary of the Fair Housing Act.

REALTORS® are advocating support for several important legislative initiatives, including strong net neutrality protections to ensure the internet is open and competitive for consumers and businesses; renewing and strengthening the long-term viability of the National Flood Insurance Program; indexing homeownership tax incentives for future inflation and permanently extending the tax exclusion on mortgage debt forgiveness; and adopting sexual orientation and gender identity as protected classes in the Fair Housing Act.

NAR is also urging Congress to adopt sexual orientation and gender identity as protected classes in the Fair Housing Act. As members of NAR, REALTORS® subscribe to its strict Code of Ethics, which includes a commitment to provide equal professional services regardless of race, color, religion, sex, disability, familial status, national origin, and as of 2009, sexual orientation, and since 2014, gender identity.

SILVAR leadership met with U.S. Representatives Anna Eshoo, who represents California’s 18th Congressional District, Jackie Speier, who represents the state’s 14th Congressional District and Ro Khanna, who represents District 17. Representing SILVAR at the Hill meetings were SILVAR President Bill Moody, President-elect Alan Barbic, NAR Directors Leannah Hunt and Jim Hamilton, Federal Political Coordinator of Congresswoman Eshoo Carole Feldstein, Executive Officer Paul Cardus and Government Affairs Director Ryan Carrigan. Also at the meetings was Board Director Joanne Fraser.
 

DSC07815

SILVAR members get ready to meet their legislators.

 

In light of California’s ongoing housing availability/affordability and supply crisis, this year on Legislative Day, in addition to the “hot issues,” the California Association of REALTORS® (C.A.R.) asked REALTORS® to ask their legislators what they propose to do to increase the housing supply in California

C.A.R. senior vice president and chief lobbyist Alex Creel said home prices are too high because of the limited supply of homes and that’s because government at the state and local level is constraining supply and this has led to laws on rent control and exclusionary zoning. The state’s homeownership is among the lowest in the nation. Average rents in California cost 50 percent higher than the rest of the country.

“The solution to the housing affordability crisis is not price control. It is dealing with supply and the constraints that limit supply,” said Creel.

Creel said the legislature can help by streamlining the permitting process, fixing CEQA, requiring local government to meet their housing requirements, fund affordable housing and defeat bills that discourage construction of rental housing.

Thus, after the joint luncheon, SILVAR members met with Senators Jim Beall and Jerry Hill, and Assembly members Evan Low and Marc Berman and discussed the housing issues and asked them to take C.A.R.’s position on the following bills:

AB 1979 (Bonta/Steinworth) – Homeownership Savings Accounts – SUPPORT
This bill allows homebuyers to establish a Homeownership Savings Account (HSA) to purchase a home without paying tax on the interest earned on funds in that account; permits taxpayers to exclude from gross income earned on money contributed to a HSA up to 20 percent of the median home price as determine by the Department of Housing and Community Development; and permits contributions to HSA from relatives and others, as well. This would help families struggling for a down payment on a home, benefiting 3.5 million families.

SB 1469 (Skinner) – Accessory Dwelling Units – SUPPORT
Despite recent changes to state law making it easier to build accessory dwelling units (ADUs), many local governments are using overly restrictive ordinances and other loopholes to deny their development. This bill would streamline the approval process for building ADUs by prohibiting the imposition of impact fees, connection fees and other fees levied by local entities on construction of ADUs and would only permit local government to deny construction if it adversely impacts fire and life safety. It also states if the local government fails to act on the application within 60 days, the project would be approved.

AB 2618 (Bonta) – Specialty Licensing – OPPOSE
C.A.R. opposes this bill because it requires real estate licensees to complete a mandatory property management certification program to perform property management services that they are already licensed to provide. It also requires private owners to obtain this certification even if they use a licensee to manage their property. The measure is unnecessary, duplicates existing law, and provides no additional consumer protections. There is no data to support the need for additional certification or training.

READ MORE HERE

The National Association of REALTORS® (NAR) requires that every REALTOR®, in order to maintain membership in the Association of REALTORS®, must complete a 2 1/2 hour Code of Ethics course every two years. This means all REALTOR® members of an Association of REALTORS® MUST COMPLETE the ethics training at some point between the cycle of January 1, 2017 and December 31, 2018. Failure to comply with this required ethics training is a violation of a membership duty and will result in suspension and possible termination from the member’s primary Association.

Training may be completed through local associations or through another method, such as home study, correspondence, classroom courses, or online courses. Code of Ethics training is also included in CalBRE license renewal requirements, so if a member has renewed their license between January 1, 2017 and December 31, 2018, their Code of Ethics requirement is covered. If you have already taken Code of Ethics training for this period outside of California license renewal, via NAR or the California Association of REALTORS® (C.A.R.), or elsewhere, please email a copy of the certificate to  your primary Association before the deadline of December 31, 2018.

If you have not taken a Code of Ethics course since January 1, 2017, you can take the free online training offered by NAR. For more information on this mandatory NAR requirement and online classes, visit NAR CODE OF ETHICS ONLINE.

If you are uncertain as to when your license expires, please call your primary Association. The next compliance cycle will start January 1, 2019 and end on December 31, 2020.

 

DSC07652

The Silicon Valley Association of REALTORS® FutureTech 2018, held April 19 in Los Altos, led 200 REALTORS® and brokers in discussions about smart home technology, big data and virtual reality. Products and services showcased at the event were intended to put agents on the forefront of technology so they can better serve their clients in the 21st century, according to Palo Alto broker Michael Dreyfus, with Golden Gate Sotheby’s Realty.

Dreyfus, who chairs the local trade association’s Palo Alto district, opened the program by noting the business of real estate has come a long way from big listing books, which agents and their clients valued, to paperless documents and virtual tours.

A session on the future of smart homes moderated by CBS News technology journalist Larry Magid, featured Sean Paterson, head of marketing and sales for Noon Home, a smart lighting system that wirelessly generates light in different levels to transform the look and feel of a home, and Sophie Le Guen, director of product management of Nest, which produces programmable, sensor-driven, WiFi-enabled thermostats, smoke detectors, security cameras, and other security systems.

Another on how big data is going to affect the future of real estate featured Dave Wetzel, CTO & COO of multiple listing service provider MLSListings Inc., Avi Gupta, president and CEO of SmartZip, which offers predictive marketing services so agents can land more listings by identifying homeowners most likely to sell in any neighborhood; and Stas Alexandrov, founder & CEO of iDevelop.city, an application that allows brokers and developers to view lots, find a place for a building, and see all the specific restrictions in one place.

 

 

READ MORE HERE

 

 

The National Association of REALTORS® (NAR) is warning members about a new email scam targeting REALTORS®. An email claiming to be from “REALTOR® Party via DocuSign” and containing an attachment is being sent to REALTORS®. This email is not from NAR. Do not open any attachments or click any of the links, which may ask for passwords.

NAR will never ask you for your DocuSign credentials. Please delete this email if you see it. If you’ve opened the email and entered your DocuSign credentials, you should log into DocuSign and change your password immediately.

NAR urges its members and state and local REALTOR® associations to be on high alert for email and online fraud.

Click here for more resources and information on cyberscams and cybersecurity best practices.

DSC07543

The Silicon Valley Association of REALTORS® (SILVAR) 7th Certified International Property Specialist (CIPS) Institute took place last week with 15 students registered, including SILVAR CIPS designees who took some courses for audit. REALTORS® enrolled came from around the San Francisco Bay Area and as far as Sacramento.

Interestingly enough, among the full-time REALTORS® registered, only one student was born in the U.S. The other students were born in China, Taiwan, India, and the Philippines. The composition of this year’s class says everything about the cultural diversity in Silicon Valley, according to CIPS instructor David Wyant.

This was the seventh time Wyant and his wife and assistant Patsy, returned to Silicon Valley to teach the CIPS Institute at SILVAR. The Wyants travel all over the world teaching the global real estate courses and are able to share valuable insights with their students. Wyant was named International Instructor of the Year at the National Association of REALTORS® Conference and Expo in Chicago last November. He has received the same award twice before, in 2012 and 2009.

The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia.

Wyant said global real estate opportunities are everywhere. People move to Silicon Valley from other countries and foreign-born individuals residing here move to new markets. People here may look to invest in property overseas.

“No matter which audience you cater to, the CIPS designation will provide you with the knowledge and tools to expand your business globally,” said Wyant.

Thank you to this year’s CIPS Sponsors of the Day: Darrell Monda with TourFactory; Kyle Chuang with Farmers’ Insurance; Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc.; and Kim Kim P Nguyen and Suzette Reboton, premier mortgage consultant and vice president and senior branch manager of HSBC Bank USA, Cupertino.

SEE PHOTOS HERE

 

DSC07385

Pictured are members of the Japanese real estate delegation with SILVAR board directors, Global Business Council members and guests.

Fifteen real estate professionals from Japan came to Silicon Valley early in this month to network with Silicon Valley REALTORS®, bring cultural awareness, and learn about similarities and differences in doing business in the U.S. and Japan.

 

At the Silicon Valley Association of REALTORS® (SILVAR), the Japanese real estate professionals also learned about home inspection and typical inspection services provided to homeowners in the U.S. SILVAR Global Business Council member Atsuko Yube, a REALTOR® with Global Estate Link, arranged the visit. Yube, who is also a past president of the Asian Real Estate Association of America Silicon Valley (AREAA SV) and a board director of AREAA Global Inc., said home inspection is new in Japanese real estate because typically, when purchasing property, the Japanese buyer will tear down the home and build new.

Yube explained it has been the custom in Japan to build new homes because the Japanese like things new. There is also the traditional belief that bad fortune can transfer from the previous owner to the owner. Because of the preference for new and their beliefs, secondhand homes are not as desirable and are heavily discounted. Homes that are newly constructed begin to depreciate in value from the day they are purchased. Most homes are rebuilt after 25 to 30 years.

“The re-sale market has not been strong historically, so when the age of a property is more than 20 years old, its value drops to zero with the property essentially having no value,” said Yube.

Upon arriving at SILVAR, executive officer Paul Cardus and president-elect Alan Barbic welcomed the visitors and shared some information about organized real estate in the U.S., the difference between a real estate agent and a REALTORS®, the REALTORS® Code of Ethics, and membership in the Association of REALTORS®. The real estate professionals met with board directors Mark Wong, Ryan Nunnally and Joanne Fraser, members of the Global Business Council, and leadership from other real estate associations, including Tess Crescini, chair of SILVAR’s Global Business Council and co-president of the Filipino American Real Estate Professional Association Silicon Valley (FAREPA SV), and Anna Maria Valenzuela and Tracey McNeeley, president and director of membership services, respectively, of the Women’s Council of REALTORS® Silicon Valley (WCR SV).

Introductions were followed by a presentation by Yube on Silicon Valley real estate in Japanese. SILVAR member Chika Mori, a REALTOR® with Keller Williams Realty, presented information about the MLS, also in Japanese. Her presentation was followed by a presentation on home inspection in the U.S. by Frank Lesh, executive director of the American Society of Home Inspectors, who flew all the way from Chicago to speak to the group, and Larry Tringali, with Property Inspection Services.

After the presentations, the visitors, members and guests, met for a special evening mixer. Like many foreign guests that visit Silicon Valley, the Japanese real estate professionals were interested in the giant tech companies and were fortunate to tour Google and Facebook during their visit.

 

June 2018
M T W T F S S
« May    
 123
45678910
11121314151617
18192021222324
252627282930  

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 54 other followers

Advertisements