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June is National Homeownership Month, a time of year when housing advocates highlight the importance of homeownership and its impact upon the lives of American families, local neighborhoods, and the national economy. The Silicon Valley Association of REALTORS® (SILVAR) and its nearly 5,000 members engaged in the real estate business on the Peninsula and in the South Bay are staunch advocates for homeownership and homeowners in Silicon Valley.
“Homeownership is an investment in the community,” said SILVAR President Joanne Fraser. “When more people own homes, everyone benefits. For most American families, their home is their largest investment. Homeownership builds wealth and serves as the cornerstone of health and security.”
Homeownership provides tax advantages and the opportunity to build equity. Moreover, homeownership provides social benefits for families and communities. According to the National Association of REALTORS®, homeowners move far less frequently than renters, making it easier to build community networks and support systems. This results in more stability for families, better school performance by children living in owned homes, a higher rate of high school graduation and higher earning, better physical, psychological and emotional health outcomes, a higher membership in voluntary organizations, and greater social interaction in their communities.
Fraser noted during the height of the coronavirus pandemic, having a home became more important to many families than ever before. “The home became a place to live and work as many companies allowed their employees to work from home. This ultimately contributed to the state’s current housing market boom.”
At a recent market data presentation for local associations, California Association of REALTORS® Vice President and Chief Economist Jordan Levine said the state’s housing market boom is a double-edged sword. Levine indicated California is the second worst state for overcrowded housing and fifth lowest homeowner vacancy ratio in the nation.
In April, California’s median price hit over $8 million. Levine said while good for sellers, this has impacted housing affordability. “Buyers are falling farther and farther behind.”
Fraser is hopeful additional help may be on the way. “The state senate’s ‘Building Opportunities for All’ housing package is expected to help expedite building of more housing, create jobs and stimulate economic development projects. President Joe Biden’s First Down Payment Homebuyer Tax Credit proposal could be significant in aiding first-time homebuyers. With home prices rising higher than ever, any down payment assistance helps families looking to buy.”
Since the California Department of Public Health updated its guidance on open houses, the California Association of REALTORS® announced changes to open house protocols and has created new forms and a Quick Guide to help REALTOR® members:
Forms: C.A.R. has simplified and shortened the Rules of Entry (PRE) and Preventive Plan (BPPP) and created the PSI sign-in form as an alternative to PEADS. There also is an addendum to the listing agreement LOHA reflecting the changed protocols. This form is necessary if the parties had previously signed the RLA-CAA, which did not allow for open houses. The RLA-CAA was revised to reflect the new guidance, including open houses. New listings should continue to utilize this addendum to reflect the current issues.
PEADS: The PEADS have been combined and simplified into one shorter PEAD-ALL that is available if members prefer to use them instead of on-site sign-in protocols.
See the new Quick Guide for more details.
The newly revised forms PRE, BPPP, PEAD and RLA-CAA, as well as the new Property Sign-in form PSI and the new Listing Addendum LOHA, are available on zipForm. The PDFs of each of these forms are also available HERE.
C.A.R. anticipates further announcements impacting real estate showings of all kinds and will communicate any relevant changes as quickly as possible. While San Mateo and Santa Clara counties are following the state’s updated guidelines, please remember to adhere to local guidelines that may be stricter in other areas.
With coronavirus cases dropping and more Californians vaccinated, the California Department of Public Health (CDPH) has amended industry guidance for real estate to allow in-person showings and open houses. Showings must be in accordance with state restrictions on public gatherings and follow face coverings and contact tracing protocols. Anyone with symptoms of COVID-19 must not attend and physical distancing between households must be maintained. Hand sanitizer and other cleaning protocols must also be followed.
All other restrictions in the state real estate guidance are still currently in place, as well as workplace protocols showing employees and customers that a risk reduction plan is in place. The California Association of REALTORS® will be releasing additional guidance in the coming days and working with CDPH to clarify remaining questions.
Currently, Santa Clara and San Mateo counties are following state protocols. If any additional restrictions are announced locally, SILVAR will provide updates.
See the following updates:
California Department of Public Health Industry Guidance
Real Estate Industry Required Checklist
C.A.R. UPDATE: CA Public Health Dept. Allows Open Houses
During last week’s Legislative Day, California Association of REALTORS® Senior VP for Governmental Affairs and Chief Lobbyist Sanjay Wagle said REALTORS® cut across party lines and their power lies in member involvement.
“The bottom line is your participation is vital,” Wagle told REALTORS®. “Our power is in your involvement, your response to Red Alerts, your decision-making, your contributions.”
Wagle indicated in the 1960s, the median price was three times the average income; today, it is seven times the average income. The main reason is housing is not being built at the rate needed.
“It is vital that we make homeownership not some sort of a rich person’s privilege or a software engineer’s privilege, but once again a normal part of California middle class life. The solution as we all know is supply,” said Wagle.
Wagle briefed members on two hot issues to take to their legislators: OPPOSE ACA 7, the anti-housing constitutional amendment, which undoes the Costa Hawkins Rental Housing Act and allows for radical rent control and guts laws that create housing; and SUPPORT SB 6, which makes it easier and quicker to convert unused commercial property to residential housing.
SILVAR members did just that when they met virtually with Assembly members Marc Berman (CA Assembly District 24) and Evan Low (CA Assembly District 28), and Senators Dave Cortese (CA Senate District 15) and Josh Becker (CA Senate District 13). The legislators said they understand the critical need for housing but indicated legislators in other parts of the state do not see it the same way.
SILVAR is excited to announce a new benefit for all members! You recently received emails from the California Association of REALTORS® (C.A.R.) about REALTOR® Secure Transaction, a new one-stop transaction dashboard available on Wednesday that will give you access to your Transactions, zipForm Edition account and more, including the addition of Glide on January 14, 2021. Glide is a platform for eSignatures, collaboration resource, and compliance tools needed for your real estate transactions.
We are happy to inform you that SILVAR has also partnered with Glide to provide you with a faster, simpler, and safer transaction platform designed to provide a modern experience for you and your clients.
As a member of C.A.R., you will receive a basic set of Glide features, which you can see HERE. SILVAR is providing you with additional features to maximize the value of your membership. These additional benefits include:
- The addition of the PRDS form library available starting mid-January
- The ability to fill all forms in Glide, eliminating the need to switch platforms
- Complete PEAD-Vs and create transactions via MLS
Again, the Glide platform will give you access to eSignatures, collaboration resources, and compliance tools needed for your real estate transactions. Over the past three years, Glide has been used by over 40,000 agents in California to complete disclosures, AVIDs, and PEAD-Vs. We hope you also enjoy these new additional member benefits, and we are here to support you during your transition to using this new tool.
Silicon Valley REALTORS® can access their Glide benefit and learn more about Glide HERE.
* PRDS forms will remain available on the Instanet platform (in addition to Glide and Transactions, zipForm edition), but please note the Authentisign/DocBox benefit is ending January 1, 2021.
The National Association of REALTORS® (NAR) Board of Directors today strengthened REALTORS®’ commitment to upholding fair housing ideals by approving a series of recommendations from NAR’s Professional Standards Committee that extend the application of Article 10 of the Code of Ethics to discriminatory speech and conduct outside of members’ real estate practices.
Article 10 prohibits REALTORS® from discriminating on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity in the provision of professional services and in employment practices. The Board approved a new Standard of Practice under the Article, 10-5, that states, “REALTORS® must not use harassing speech, hate speech, epithets, or slurs” against members of those protected classes.
The Board also approved a change to professional standards policy, expanding the Code of Ethics’ applicability to all of a REALTOR®’s activities, and added guidance to the Code of Ethics and Arbitration Manual to help professional standards hearing panels apply the new standard.
Finally, Directors approved a revision to the NAR Bylaws, expanding the definition of “public trust” to include all discrimination against the protected classes under Article 10 along with all fraud. All REALTOR® Associations are required to share with the state real estate licensing authority final ethics decisions holding REALTORS® in violation of the Code of Ethics in instances involving real estate-related activities and transactions where there is reason to believe the public trust may have been violated.
These changes are effective immediately, though the changes cannot be applied to speech or conduct that occurred before today. NAR has produced training and resource materials to assist leaders with understanding and implementing the changes and will be rolling those out in the coming weeks.
READ MORE HERE, INCLUDING FAQs
Silicon Valley Association of REALTORS® says ... 