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The National Association of REALTORS® MLS Policy Statement 8, also known as the MLS Clear Cooperation Policy, takes effect for all MLSs beginning today, May 1. NAR’s Board of Directors adopted the policy last November.

The new NAR policy requires listing brokers who are participants in an MLS to submit their listing to the MLS within one business day of marketing the property to the public. Agents may promote a listing only within their brokerage – not with others on the MLS or outside of the brokerage.

The California Association of REALTORS® (C.A.R.) reviewed and adopted the policy with more details to its model rules for CA MLS, and on April 15, the MLSListings Board of Directors adopted the C.A.R. model rule changes. The C.A.R. SELM form has been modified to refer to the policy.

Within the MLSListings service area, the Clear Cooperation Policy applies to one to four-unit residential property and vacant residential lots. It does not apply to commercial listings and new construction of five plus units.

Brokers/agents can still take an exclusive listing, but can only promote or advertise the listing within their brokerage. If advertised to the public or to an outside agent, the listing must be added to the MLS within one business day as an Active listing.

Public marketing or advertising includes, but is not limited to conveying or displaying any information about the property or its availability for sale through or on any windows, signs, public facing websites, social media, brokerage or franchise operated websites (including IDX and VOW), digital communications marketing (ex: email, text or phone blasts, social media messaging), multi-brokerage or franchise listing sharing networks, flyers or written material or on any applications available to the public or through conducting an open house.

This rule only applies to “excluded” or “exclusive” or “waivered” listings. Listings entered as Coming Soon on the MLS may only be advertised as Coming Soon off the MLS.

For the next month, MLSListings will be educating brokers and agents about the new rules. MLSListings is urging agents to communicate with their broker about the new policy. Brokers, in turn, need to counsel their agents. Agents need to counsel their sellers about what it means to have an “exclusive” listing.

If caught violating the rule, an agent must enter the listing as Active. Agents in violation will receive courtesy notices for violations with a copy sent to their broker or office manager. The fine for a violation is $500 and escalates until the property is listed or the NAR maximum of $15,000 is reached. Many MLSs are imposing fines upwards of $5,000.

Visit MLSListings Clear Cooperation Resource Page

View MLSListings’ video on Clear Cooperation Implementation

Every year in the month of April, REALTORS® observe the anniversary of the passage of the Fair Housing Act of 1968 and use the time to educate consumers about housing discrimination and segregation, and to recommit to expanding equal access to housing. April this year has turned out to be different due to the COVID-19 outbreak, but NAR reminds members Fair Housing Month can be celebrated at home. Education, reflection, and discussion are meaningful efforts members can still undertake while practicing social distancing.

To mark the event, NAR is sharing curated lists of books, videos, podcasts and other resources for members to educate themselves throughout the month. NAR urges members to use this time to read, watch, listen, think, discuss and strengthen their fair housing knowledge and leadership with these tools.

As stewards of the right to own, use and transfer private property, REALTORS® reconfirm their commitment to upholding fair housing law and offering equal professional service to all in their search for real property. “Even amid the coronavirus pandemic, REALTORS® are using virtual tools to help homebuyers search for a home so they can achieve their dream of homeownership,” said Mary Kay Groth, president of the Silicon Valley Association of REALTORS® (SILVAR).

At the federal level, NAR is advocating for a federal minimum standard for remote online notary. NAR also worked on further tax extensions for 1031 like-kind exchanges and opportunity zones, and wants to make sure the much-needed forbearance measures do not unintentionally lock up the mortgage marketplace.

As a designated U.S. Census Bureau national partner for the 2020 Census, NAR is urging its 1.4 million REALTORS® nationwide to help drive Census participation in their respective communities. The good news is over 70 million households have responded to date, representing over 48 percent of all households in America (52% in California), using the Census Bureau’s new online option.

Roughly $1.5 trillion is allocated to states and localities annually based off census results to fund roads, public transportation, hospitals, schools and other infrastructure. More specifically, this year’s results will influence the allocation of $93.5 billion to Federal Direct Student Loans, $19.3 billion to Section 8 Housing Choice Vouchers and $12 billion to the National School Lunch Program.

Census data is also used to draw district lines to determine appropriate Congressional representation for the next decade. California is one of 10 states likely to lose a congressional seat since more people left California than moved in over the course of a year. If California loses a seat in Congress, the state’s number of seats in the U.S. House of Representatives will drop from 53 to 52 and it could cost the state billions of dollars in federal funds.

Groth urges those who have not to please respond to the Census. “If you are unable to respond online, a paper questionnaire can be mailed to you by calling toll free 1-844-330-2020. I assure you the Census Bureau will never ask for bank account or social security numbers, donations, or anything on behalf of a political party. Strict federal law protects the confidentiality of Census responses.”

As the coronavirus (COVID-19) continues to evolve, REALTORS® expect the outbreak to negatively impact their business, primarily in the areas of home sales and time on market. Flash pulse surveys by both the California Association of REALTORS® and the National Association of REALTORS® imply, at least in the short-term, that home sales will be down compared to what would have been the case due to the spread of coronavirus.

According to the C.A.R. flash pulse poll conducted March 6-9 via email, due to the coronavirus outbreak half of California REALTORS® expected there will be a negative impact on home sales and 49 percent said time on market will be impacted. Conversely, 36 percent said they expect there will be no impact on home sales or time on market (38 percent).

Other areas that REALTORS® said would be negatively impacted were home prices (40 percent), closing (38 percent), supply (37 percent) and market competition (28 percent). More than one-half (55 percent) said there would be no impact on market competition, closing (53 percent) or price (45 percent). More than one in four REALTORS® (26 percent) said they had clients who put their home purchase or home sale on hold, and more than one-third of REALTORS® had clients asking them coronavirus market-related questions.

With the situation still uncertain and changing rapidly, Joel Singer, CEO of C.A.R., said, “It is a logical reaction to this reality that the global economy will be slowing in historically unprecedented ways for some period of time.”

NAR conducted a similar pulse survey of members on March 9-10, 2020, a week after C.A.R.’s pulse survey. NAR’s Economic Pulse Flash Survey found among REALTORS® who responded, 37 percent said lower mortgage rates excited homebuyers much more than the stock market correction, yet almost eight out of 10 (78%) said there has been no change in buyer interest due to the coronavirus. Sixteen percent said buyer interest has decreased due to coronavirus, with members in California and Washington State citing larger decreases in buyer interest, 21 percent and 19 percent, respectively.

Nearly nine in 10 members (87%) said coronavirus has not affected the number of homes on the market. In Washington State and California, 5 percent and 4 percent of members, respectively, reported homes were removed from the market.

“Given that a home transaction is a major commitment, the uncertainties on how the economy will play out and the spread of the virus itself are barriers to homebuying and selling. The stock market crash is no doubt raising economic anxieties, while the coronavirus brings fear of contact with strangers,” said NAR chief economist Lawrence Yun. “At the same time, the dramatic fall in interest rates may induce some potential buyers to take advantage of the better affordability conditions. It is too early to assess the likely impact as to whether lower interest rates can overcome the economic and health anxieties.”

Due to coronavirus concerns, C.A.R. and NAR have cancelled meetings and suspended non-essential volunteer and staff travel for association business. Also cancelled is the annual REALTOR® Legislative Day set for April 28. Legislative Day is the one day each year when over 2,000 California REALTORS® travel to Sacramento to meet their respective legislators and discuss real estate-related legislation that could impact property rights, their clients and their business.

In accordance to the March 17-April 7, 2020 Shelter in Place directive, the Silicon Valley Association of REALTORS® (SILVAR) office in Cupertino will be closed. Staff will do their best to serve members while working remotely. Members can email membership@silvar.org with questions.

“Our primary concern is the health of our members and staff. This is the “new normal.” When the Shelter in Place order is lifted, all broker tours, open houses and showings will resume,” said SILVAR Executive Officer Paul Cardus.



The National Association of REALTORS® (NAR) has been designated by the U.S. Census Bureau as a National Partner for the upcoming 2020 Census. To encourage full participation which will ensure accurate data, NAR is asking its 1.4 million REALTORS® nationwide to help drive Census participation in their respective communities.

In addition to determining appropriate Congressional representation, roughly $1.5 trillion is allocated to states and localities annually based off of Census results – delivering funds for roads, hospitals, schools and countless other public services. More specifically, this year’s results will influence the allocation of $93.5 billion to Federal Direct Student Loans, $19.3 billion to Section 8 Housing Choice Vouchers and $12 billion to the National School Lunch Program.

NAR has also prepared a toolkit for members to help communicate the Census’ importance to their clients, friends and community. The promotional materials emphasize the importance of responding to the 2020 Census and include ways REALTORS® can be involved in the 2020 Census. Also included are template Facebook posts, template tweets, infographics, along with other informational resources provided by the Census Bureau.

Notices about the 2020 Census will be mailed in mid-March. The Census Bureau will offer a guide in roughly 60 different languages.

This year will mark the first time the questionnaire can be completed online, while options to respond over the phone and through the mail will still be available. In addition, NAR is reminding its members and U.S. residents that the Bureau will never ask for bank account or social security numbers, donations or anything on behalf of a political party, and strict federal law protects the confidentiality of Census responses.

The Silicon Valley Association of REALTORS® (SILVAR) last week hosted a delegation of International REALTOR® Members from the Philippine Chamber of Real Estate & Builders Association (CREBA). The IRMs were in town for the National Association of REALTORS® 2019 Conference & Expo in San Francisco.

NAR maintains formal relationships with 100 organized real estate associations around the world, giving REALTORS® confidence in working with professionals that abide by a Code of Ethics. These bilateral partnerships exist in 85 countries to help members establish business partnerships and referral opportunities. SILVAR is NAR’s Ambassador Association to the Philippines and CREBA is SILVAR’s partner association there.

Also attending the event at SILVAR were NAR Global Ambassador to the Philippines Vicky Silvano, Filipino American Real Estate Professional Association Silicon Valley (FAREPA SV) President Cheryl (CJ) Javier and FAREPA SV board directors, SILVAR President Alan Barbic, President-elect Mary Kay Groth, Global Business Chair Joanne Fraser and GBC planning committee members Mark Wong, Ketan Jashapara, Chika Mori, David Tonna, Mitra Lahidji and Lisa Wendl.

Read more and see photos here:

https://www.silvar.org/press-release-1901.htm

At the annual National Association of REALTORS® Conference & Expo in San Francisco, NAR’s board of directors voted 729-70 on Monday to approved MLS Statement 8.0, also known as the Clear Cooperation policy. The policy requires listing brokers who are participants in a multiple listing service to submit their listing to the MLS within one business day of marketing the property to the public.

NAR’s MLS Technology and Emerging Issues Advisory Board proposed the policy as a way to address the growing use of off-MLS listings, also known as “pocket listings.” The advisory board concluded that leaving listings outside of the broader marketplace excludes consumers, undermining REALTORS®’ commitment to provide equal opportunity to all. The policy does not prohibit brokers from taking office-exclusive listings; nor does it impede brokers’ ability to meet their clients’ privacy needs.

Following is the full text of MLS Statement 8.0:
Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants.  Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.

MLSs can adopt the policy any time, but they must adopt it no later than May 1, 2020.

Click HERE for more information on the MLS Clear Cooperation Policy

Also at Monday’s meeting, the board of directors approved a change to NAR’s Code of Ethics training requirement and extended the ethics training requirement to every three years instead of every two years. The change was made upon the recommendation of a presidential advisory group in order to give members more time to fit the Code of Ethics training into their continuing education schedule and to give local associations adequate time between cycles to administer the program.

Click HERE for more information on the Code of Ethics training requirement.

The latest consumer findings from a National Association of REALTORS® survey reveal many more Americans believe now is a good time to sell a home. An increasing number of Americans also believe now is a good time to buy a home. The positive feeling many Americans have about the housing market is largely due to their attitude towards the economy, according to NAR’s second quarter Housing Opportunities and Market Experience (HOME) survey.

The quarterly survey, which tracks real estate trends, renters and homeowner views and aspirations regarding homeownership, and expectations in the mortgage market, found 46 percent of those surveyed strongly believe now is a good time to sell a home, up from 37 percent in the first quarter of 2019. Seventy-three percent of people believe now is a good time to sell, while 27 percent say now is not a good time to sell. Those who are in the West (70 percent) are most likely to think now is a good time to sell a home.

NAR’s chief economist Lawrence Yun noted home prices have increased only moderately and that is a contributing factor as to why an overwhelming majority of Americans feel now is a good time to sell. “With home price appreciation slowing, home sellers understand that the days of large price gains from holding an extra year are over,” said Yun.

The number of Americans who think now is a good time to buy a home also has increased. Of those respondents, 38 percent answered they strongly believe that notion, and 27 percent said they moderately believe the present is a good time to buy. Meanwhile, 35 percent disagreed, stating now is not a good time to make a home purchase, which is unchanged from the first quarter.

The optimistic feelings about buying and selling are attributed to positive outlooks on the economy. Fifty-five percent of those polled feel the economy is improving, up from 53 percent in the previous quarter. Optimism was greatest among those who earn $100,000 or more and those who reside in rural areas.

Alan Barbic, president of the Silicon Valley Association of REALTORS®, believes it is definitely a good time to sell a home and a good time to buy, as well. “Homes may not sell for as much as they would have a year ago, but they have appreciated enough that many sellers feel it is still a good time to sell,” said Barbic. “On the other hand, the strong demand for homes has never diminished and now that mortgage interest rate hikes don’t appear to be coming in the near future, buyers are encouraged to continue with their home search.”

Yun said that mortgage affordability was promising over the second quarter, and he expects this trend will continue. “Lower mortgage rates, along with job and wage growth, will lead to an increase in sales and thereby contribute positively to economic growth in the upcoming quarters,” Yun predicted.

The Silicon Valley Association of REALTORS® 8th Certified International Property Specialist (CIPS) Institute was held June 10-14. 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.

After completing five courses and other requirements, REALTORS® earn the prestigious National Association of Realtors CIPS designation. There are about 3,250 CIPS designees in the U.S.

SILVAR has offered the CIPS Institute every year since 2012. Teaching this year’s classes was REALTOR® and broker associate Bobbi Decker, a NAR REBAC instructor.

“We had a very vital and enthusiastic group for this CIPS class at SILVAR this week. NAR is very eager to have its members up their professionalism, particularly in this global economy and changing market dynamics of the real estate industry,” said Decker.

The CIPS designation gives REALTORS® an edge over other agents when dealing with foreign clients. Decker noted that Silicon Valley is an epicenter for innovation. “Certified International Property Specialist is an essential designation for REALTORS® working in this melting pot that draws people from all over the world.”

According to NAR’s “2018 Profile of International Activity in U.S.Residential Real Estate,” foreign buyers purchased $121 billion of residential property from April 201 to March 2018. Five states accounted for 53 percent of total residential property purchases: Florida (19 percent), California (14 percent), Texas (9 percent), New York (five percent), and Arizona (five percent). The major foreign buyers were China ($30.4B), Canada ($10.5B), the United Kingdom ($7.3B), India ($7.2B), and Mexico ($4.2B).

The CIPS Institute had five sponsors this year. Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc., informed Realtors the exchange rate can fluctuate on a second by second basis, so the exchange rate on the internet is not be the actual exchange rate. She also explained how market volatility affects inter-bank currency exchange rates and how AFEX helps foreign buyers convert their money to dollars quickly and at a competitive rate.

Avery Bibbs, business development manager with First American Exchange Company, delivered a presentation on the 1031 exchange and tax updates for 2019. A 1031 exchange allows an investor to sell a property, reinvest the proceeds from the sale in a “like kind” property that is of equal or greater value and defer all capital gain taxes. Examples of “like-kind” property exchanges are a single-family rental house for a duplex, an apartment building for a retail center, land for an income producing vineyard, etc.

Michael Cobb, CEO of ECI Development, spoke on how local REALTORS® can help clients interested in purchasing property abroad. Cobb said in addition to investors buying property overseas, Americans are looking at retiring abroad. Their move overseas is driven by cost, having a higher quality of life for less money.

Lisa Wendl, a loan officer with General Mortgage Capital Corp., provided information on loan requirements for foreign buyers. Wendl said because it is getting harder for Chinese living abroad to get money out of China, she has clients who have bought high-end properties in the Bay Area who are seeking to do cash-out refinancing in order to remain liquid. If the China government does not ease up on its restrictions on the outflow of money, Wendl anticipates some Chinese will be forced to sell their homes.

Amy Ku, Sandy Lee and Dean Chang represented the team of Winnie Ho, premier mortgage consultant with HSBC. Ku said a portfolio lending bank, HSBC is a one-stop shop designed to accommodate global clients. HSBC a number of programs that offer flexible terms to foreign buyers, like interest-only loans and family assisted programs for buyers who need help in qualifying for loans.

According to the National Association of REALTORS® 2019 Home Buyer and Seller Generational Trends, one in six Gen Xers purchased a multi-generational home, with 52 percent of those Gen X buyers indicating they did because their adult children have either moved back or never left home.

“The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents’ homes either out of necessity or an attempt to save money,” says Lawrence Yun, NAR chief economist.

The study, which evaluates the generational differences of recent homebuyers and sellers, found older millennials have more similarities with Gen Xers and younger boomers, as this group also appears to be leaning toward the purchase of a multi-generational home. Older millennials who bought a multi-generational home (9 percent) were most likely to do so in order to take care of aging parents (33 percent), or to spend more time with those parents (30 percent).

Gen X typically refers to the group born between the mid-60s and early 1980s. Gen Y, also known as millennials, refers to the group born between the mid-1980s and 2000. Millennials as whole account for the largest share of buyers, at 37 percent. Gen Xers account to 26 percent of buyers.

Alan Barbic, president of the Silicon Valley Association ofREALTORS®, is seeing these trends in the Bay Area. “With rents rising and housing affordability challenging, we are seeing families moving in together and seeing it as an advantage,” says Barbic. “Parents want to help their children save so they can someday afford their own home. Older millennials want to take care of their parents. Some bookended boomers are helping their children on one end and their parents on the other.”

Barbic adds, “Many municipalities are now easing restrictions allowing secondary units to be built on single-family residential properties, which helps families and alleviates the growing lack of housing at the same time. These reasons also point to the family unit being important to many Americans.”

Interestingly, downsizing to a smaller home is not currently common among any of the generations. The study speculates Gen Xers and boomers who may have been interested in downsizing could have been hindered by a lack of smaller inventory; or may have been impeded by the increase in multi-generational living to accommodate the needs of adult children and aging parents.

The survey also reveals buyers and sellers across all age groups (87 percent) continue to seek the assistance of a real estate agent when buying and selling a home. “Help understanding the buying process” was cited as the top benefit younger millennials said their agent provided.

April is National Fair Housing Month and reminds every American that all persons have equal access to housing and that fair housing is not an option; it is the law. The Fair Housing Act, Title VIII of the Civil Rights Act of 1968, protects people from discrimination based on race, color, national origin, religion, sex, disability, and family status.

The National Association of REALTORS® and civil rights groups are currently pressing Congress to pass the Equality Act, which adds sexual orientation and gender identity as protected characteristics under the Fair Housing Act and all other federal laws. NAR amended its Code of Ethics to prohibit discrimination based on sexual orientation in 2011 and gender identity in 2013.

Under the NAR REALTOR® Code of Ethics, REALTORS® cannot deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.

A home seller or landlord cannot discriminate in the sale, rental and financing of property on the basis of race, color, religion, sex, handicap, familial status, or national origin. They cannot instruct their real estate agent to convey any limitations in the sale or rental of their property.

Buyers or renters have the right to expect:

  • housing in their price range made available without discrimination
  • equal professional service
  • the opportunity to consider a broad range of housing choices
  • no discriminatory limitations on communities or locations of housing
  • no discrimination in the financing, appraising, or insuring of housing
  • reasonable accommodations in rules, practices and procedures for persons with disabilities
  • non-discriminatory terms and conditions for the sale, rental, financing, or insuring of a dwelling
  • freedom from harassment or intimidation for exercising their fair housing rights.

If you or your clients suspect discrimination, visit https://www.dfeh.ca.gov/ to file a complaint.

 

 

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