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At the helm of the Silicon Valley Association of REALTORS® this year is Suzanne Yost, a REALTOR® who is passionate about organized real estate and highly values professional standards and the REALTOR® Code of Ethics.
Yost has been actively involved in organized real estate long before becoming a SILVAR member in 2009. Yost was named REALTOR® of the Year in 2006 by the Santa Cruz Association of REALTORS® and Salesperson of the Year in 1982 by San Luis Obispo Board of REALTORS®.
Involvement in organized real estate provides opportunities for REALTORS®, including the tools they need to succeed in business, says Yost. Associations provide education courses to sharpen a REALTOR®’s knowledge and skills, networking opportunities, and valuable information they need to know to assist their clients in making a decision that’s right for them.
Yost said SILVAR’s Government Affairs staff, the local government committees and Political Action Committee have been successful in warding off proposals that would hurt REALTORS® and homeowners, like business license taxes, transfer taxes, time of sale restrictions, sign ordinances, rent control, zoning, to name a few.
Yost is a graduate of California Polytechnic State University, San Luis Obispo, and Santa Clara University School of Law. She is a broker associate with Alain Pinel Realtors in Los Gatos. She is also a trainer for new agents and a statewide instructor of real estate continuing education classes.
Yost has served as a California Association of REALTORS® Director and as member and chair of a number of NAR and C.A.R. committees. At SILVAR, she chaired the Professional Standards Committee in 2009, joined the Board of Directors in 2010, and co-chaired the Bay Area REALTOR® Leadership Academy (BARLA) in 2011.
In the 32 years she has been practicing real estate, Yost has witnessed three housing market downturns. She is certain the market will come out of this one. “This downturn is lasting longer than the others, but the market will bounce back again. I’m already seeing positive things happening,” says Yost.
Yost advises fellow REALTORS® to “stay positive, get back to basics, and get involved.”
As members take advantage of the opportunities SILVAR offers, they also can give back to the Association and their community. Most of all, Yost wants all members to adhere to the REALTOR® Code of Ethics, because “it’s what defines a REALTORS® and sets us apart from other licensees.”
There are unlimited possibilities in real estate, says Yost. This is her theme for 2012: A Year of Possibilities. She wants SILVAR’s members to take hold of these possibilities and run with them.
The 2012 leadership team of the Silicon Valley Association of REALTORS (SILVAR) was installed Jan. 12 at Villa Montalvo in Saratoga. California Association of REALTORS® (C.A.R.) treasurer Chris Kutzkey administered the oath of office to the association’s 2012 president Suzanne Yost and the board of directors.
The Silicon Valley Association of REALTORS® represents over 4,000 REALTORS® and affiliates engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
Yost is a broker associate with Alain Pinel Realtors, Los Gatos. Also on the leadership team are Carolyn Miller (RE/MAX Real Estate Services), president-elect, and Phyllis Carmichael (Coldwell Banker), treasurer.
In addition to the three lead officers, the following members sit on the 2012 board of directors: Gene Lentz (RE/MAX Distinctive Properties), past president; Jeff Bell (Coldwell Banker), Region 9 chair; Chris Isaacson (Coldwell Banker), Menlo Park/Atherton District chair; Cassie Maas (Luxor Real Estate Group), Los Gatos/Saratoga District chair; Niki Miller Maroko (RE/MAX Real Estate Services), Cupertino/Sunnyvale District chair; Jane Volpe (Midtown Realty), Palo Alto District chair; Denise Welsh (Intero Real Estate), Los Altos/Mountain View District chair; John Tripp (Foundation Trust), NAR director; David Barca (Alain Pinel Realtors), Bill Moody (Referral Realty), Bill Rehbock (Coldwell Banker), Bryan Robertson (Sereno Group), David Tonna (Alain Pinel Realtors), directors at-large; and Richard Miller (RateComb.com), affiliate chair.
A graduate of California Polytechnic State University – San Luis Obispo and Santa Clara University School of Law, Yost was named REALTOR® of the Year in 2006 by the Santa Cruz Association of REALTORS®, Salesperson of the Year in 1982 by the San Luis Obispo Board of REALTORS®, and has served as director and chair of a number REALTOR® committees at the national and state level. She was SILVAR’s 2009 Professional Standards Committee chair, a 2010 board director, and 2011 co-chair of the Bay Area REALTOR® Leadership Academy. Yost is a Los Gatos resident.
The 2011 Appreciation Awards were presented to Julia Truesdale Keady (Alain Pinel Realtors), REALTOR® of the Year; Richard Miller (RateComb.com), Affiliate of the Year; Eileen Giorgi (Alain Pinel Realtors), Spirit of SILVAR; and SILVAR board attorney Dave Hamerslough (Rossi, Hamerslough, Reischl and Chuck) and Vickie Naidorf (legal counsel for Coldwell Banker), President’s Award.
As 2009 president, Keady spearheaded the Bay Area REALTOR® Leadership Academy, a leadership program designed to identify, train and develop existing and emerging leaders to serve and advance organized real estate. She was also recognized as 2011 C.A.R. Region 9 chair. Presenting the award, 2011 president Gene Lentz noted Keady “has performed in an exemplary fashion in every single committee or assignment that she has been given. They take huge effort and dedication.”
Affiliate of the Year Miller was recognized for “unequivocally embracing and adopting the principles, goals, and purposes of the association.”
As chair of the REALTOR® Service Volunteer Program (RSVP), a free REALTOR® service assisting senior homeowners with household tasks, Lentz said Giorgi, who also served as 2011 president of the Silicon Valley REALTORS® Charitable Foundation Trust, “personifies the essence of this award, through her hard work in making RSVP the success it is today.”
Lentz thanked Hamerslough and Naidorf for educating REALTORS® on legal issues and for their efforts in updating the association’s PRDS Forms purchase contract and creating the counties’ advisory.
Charitable Foundation Trustee Lydia Kou presented a $2,000 check to Myllicent Hamilton, board director of the Westwind 4-H Handicapped Riding Program, a 2011 grant recipient, at this morning's Palo Alto District tour meeting.
The Silicon Valley REALTORS® Charitable Foundation, the charitable arm of the Silicon Valley Association of REALTORS® (SILVAR), donated $53,500 in the form of grants and scholarships in 2011. The Charitable Foundation is a trust which makes grants available to organizations from donations by members and friends of the local trade association.
The 2011 grant recipients are non-profit organizations that help homeless and low-income individuals and families in Silicon Valley. They include Assistant League of Los Gatos/Saratoga, Community Health Awareness Council (CHAC), Edgewood Center for Children & Families, Friends of Deer Hollow Farm, Housing Industry Foundation, JW House, JustREAD (on campus of Mountain View/Los Altos Union High School District), Partners for New Generations, Peninsula Association for Retarded Children & Adults (PARCA), ProjectREAD – Menlo Park, West Valley Community Services, Westwind 4-H Handicapped Riding Institute and YWCA of Silicon Valley.
As part of its annual Scholarship Program, the Charitable Foundation likewise presented a $1,000 grant to each of 18 graduating seniors from public high schools in Silicon Valley. The Foundation has been assisting students with the scholarship grants for the past 12 years. The Charitable Foundation grants included donations from SILVAR’s districts to their local community nonprofit organizations.
“Like last year, our local nonprofits have been hit hard by the weak economy and continue to need our help. We thank our members and friends for being so generous in their support of the Foundation this year,” said John Tripp, 2012 president of the Silicon Valley REALTORS® Charitable Foundation. “We urge our members to continue their support this year, so we can continue our commitment to the welfare and prosperity of communities where we live and work.”
The Charitable Foundation trustees meet quarterly to evaluate grant applications. Serving on the 2012 Silicon Valley REALTORS® Charitable Foundation Board of Trustees are Tripp, Lehua Greenman, Jimmy Kang, Lydia Kou, Carolyn Miller and Susan Sweeley.
Non-profit organizations operating within the areas served by the Silicon Valley Association of REALTORS® are eligible for grant consideration provided they meet the evaluation criteria below. Grant applicants are evaluated on the following guidelines:
• The community need for the expenditure, as well as the number of people who will be served;
• The impact on the recipient organization;
• The location of the community served; (Although requests for state, national and international projects are considered, preference is given to projects with a more local base.)
• The financial soundness and efficiency of the organization;
• Accuracy and completeness of the application;
• The structure of volunteer organization and level of volunteer support; and
• Appropriate use of the Foundation’s previous grants (if applicable).
For more information and details about the Charitable Foundation grants, visit www.silvar.org or call SILVAR at (408) 200-0100.
Here are some of the REALTORS® who attended the Military Residential Specialist Designation course at SILVAR.
The Military Residential Specialist Designation course offered at SILVAR this month was well-received. SILVAR REALTORS® who attended the all-day course, taught by instructor Buddy West, learned about the unique real estate needs and challenges facing military families, how to help military personnel and their families achieve their housing goals, and how to make military families aware of their options.
SILVAR 2011 Education Committee Chair Carolyn Miller said the Military Residential Specialist Designation course is especially valuable for REALTORS® because as more members of the military return home, they will be taking advantage of Veterans Administration loans. She noted many veterans have been out of the military for a long time and have never used their entitlements.
“We need to be prepared to help them, and this class prepares us to help military personnel and their families achieve their dream of home ownership,” said Miller.
Miller said she is very happy with the high attendance in different courses SILVAR offered this year. “I am really pleased that REALTORS® are taking advantage of these classes,” said Miller. “By investing in these classes, REALTORS® are investing in themselves.”
SILVAR offers a host of educational programs for members, such as new member orientation classes, license renewal courses, PRDS Forms online, PRDS contract classes, continuing education, and special designation classes. The Association will continue to expand its course selection for its members in 2012.
Both Freddie Mac and Fannie Mae are temporarily suspending all scheduled evictions involving foreclosed occupied single-family 1- to 4- unit residences with owned mortgages beginning December 19, 2011 through January 2, 2012.
The suspension will apply only to eviction lockouts related to Freddie Ma and Fannie Mae owned REO properties and will not affect other pre- or post-foreclosure processes. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.
A recent survey by Houselogic.com, the consumer website from the National Association of REALTORS®, finds that jobs and the housing market will be two of the most important issues for voters in the 2012 election. Nearly one-third of respondents said housing will be the top issue on their mind when they head to the polls next November.
Respondents were asked “What issue area will have the greatest impact on your vote in 2012?” National security, health care, and energy/environment trailed housing and unemployment by wide margins. Here are the results:
Jobs/Unemployment – 54 percent
Housing – 27 percent
National Security – 8 percent
Health Care – 4 percent
Energy/Environment – 2 percent
Other – 4 percent
With unemployment still high, it is easy to see why so many Americans are concerned about the job market. However, employment and the housing market are inextricably linked because economic growth and job creation cannot occur without a housing recovery.
Housing accounts for more than 15 percent of the U.S. Gross Domestic Product, a key driver of the national economy. Home sales generate jobs. NAR estimates that for every two homes sold, one job is created. New spending on homebuilding products, furniture, and other residential investments also have a significant economic impact.
Some recent indicators show that the economy might be starting to rebound, with pending home sales rising strongly in October, according to NAR’s Pending Home Sales Index. However, any changes to current programs or incentives must not jeopardize a housing and economic recovery. Unemployment, consumer confidence and consumer spending will not rebound until a number of issues are addressed.
This HouseLogic survey shows Americans understand that a housing recovery is essential to the nation’s economic recovery, and many of those housing-related issues will be on the minds of voters in 2012.
The U.S. Census Bureau reports more Americans chose to buy a home during the third quarter of 2011. Home ownership jumped to 66.3 percent during that period, up from the 13-year low of 65.9 percent from the previous quarter, according to the bureau’s report.
“Housing affordability has been at a record high this year,” says Gene Lentz, president of the Silicon Valley Association of REALTORS®. “This is a golden opportunity for people with secure jobs and good credit who want to achieve the American dream of homeownership.”
“Whether somebody is buying or selling a home, finding a good REALTOR® and understanding his or her role should be the first step in what could be the most important transaction in a lifetime,” adds Lentz.
Lentz notes that not all real estate agents or brokers are REALTORS®. A REALTOR® is a licensed real estate agent or broker who is a member of National Association of REALTORS®, the world’s largest professional trade association. The “REALTOR®” designation is used by real estate agents and brokers who must adhere to a strict Code of Ethics and actively pursue continuing education to increase their professionalism and skill. The Code of Ethics sets REALTORS® apart from other real estate licensees and protects all parties to the real estate transaction, not just a REALTOR®’s client. If a local Association of REALTORS® finds a REALTOR® in violation of the Code of Ethics, disciplinary action can be imposed.
REALTORS® must complete ethics training by taking at least 2.5 hours of instruction at least once every four years to keep membership in NAR. For a REALTOR®, living with the Code of Ethics means being honest and dependable, never putting your interests ahead of your client’s, and speaking the truth to all parties.
When evaluating a potential real estate agent, there are certain questions you should ask. First, ask whether the agent is a REALTOR®. Then ask the following questions:
- Does the agent have an active real estate license in good standing? To find this information, you can check with your state’s governing agency.
- Does the agent belong to the Multiple Listing Service? Multiple Listing Services are cooperative information networks of REALTORS® that provide descriptions of most of the houses for sale in a particular region.
- Is real estate their full-time career?
- What real estate designations does the agent hold?
- Which party is he or she representing–you or the seller? This discussion is supposed to occur early on, at “first serious contact” with you. The agent should discuss your state’s particular definitions of agency, so you’ll know where you stand.
- In exchange for your commitment, how will the agent help you accomplish your goals? How will the agent show you homes that meet your requirements and provide you with a list of the properties he or she is showing you?
Visit the Silicon Valley Association of REALTORS® website at www.silvar.org for a list of REALTORS® by location.
Congress passed and President Obama signed into law on November 18 a bill to reinstate the Federal Housing Administration (FHA) loan limit in high-cost areas through 2013. In Santa Clara County, this would mean the maximum size of mortgages FHA can insure will be raised back up to $729,750.
The higher Fannie Mae, Freddie Mac, and FHA conforming loan limits of $729,750 expired September 30 and were subsequently reduced to $625,500. Loan limits for loans backed by Fannie Mae and Freddie Mac were not increased and remain at the reduced level.
The Silicon Valley Association of REALTORS® and its state and national partner associations have long advocated for Congress to reinstate all the loan limits permanently. “We are pleased that Congress agreed to reinstate the FHA loan limits, though we are disappointed that our lawmakers did not reinstate the higher loan limits for Fannie Mae and Freddie Mac backed loans, as well,” said Gene Lentz, president of the Silicon Valley Association of REALTORS®. “The reinstated FHA loan limits will allow qualified, creditworthy borrowers access to affordable mortgage financing.”
FHA provides mortgage insurance to borrowers without enough of a down payment to qualify for prime loans. With an FHA loan, home buyers can put down as little as 3.5 percent on a mortgage loan.
The REALTORS® believe continued a government role in housing financing will ensure stability in mortgage markets and enable home buyers in high-cost areas to refinance and obtain financing for new home purchases more easily. The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
The GSEs and FHA currently back 90 percent of new home loans. The Obama administration and some lawmakers want to reduce government’s role in the mortgage business and have said the lowering of loan limits is a first step to prompting private capital to return to the market.
In addition to extending the FHA-insured mortgages, the new law provides for a short-term extension of the National Flood Insurance Program (NFIP) through Dec. 16, 2011. REALTORS® want to ensure that millions of home and business owners across the country have access to affordable flood insurance and had strongly urged Congress to work on a five-year NFIP reauthorization bill to provide certainty and avoid further disruption to real estate markets.
Last night Congress passed an omnibus bill, which included an increase to the Federal Housing Administration (FHA) loan limit and extension of the National Flood Insurance Program. If the bill is signed by President Obama, the FHA loan limit will be increased to $729,750 for San Mateo and Santa Clara counties and the flood insurance program will be extended until December 16.
The bill, which passed by a 298-121 vote in the House and 70-30 vote in the Senate, did not include an increase to the conforming loan limit. The Fannie Mae and Freddie Mac loan limits for high cost areas will remain at $625,000.
The extension and increase would not have been possible without REALTORS®’ response to the Call For Action in contacting their members of Congress over the last several months. Thank you for your support!
California Association of REALTORS® Deputy Chief Economist Robert Kleinhenz echoed remarks C.A.R. Chief Economist Leslie Appleton-Young made at the C.A.R. EXPO in September and again at last week’s Los Gatos/Saratoga District – the economy has improved, and for a while, there appeared to be surge in the housing market, but wild cards in the domestic and international arena dampened consumer confidence and, as a consequence, recovery has stalled. The engine of growth must come from consumers; businesses won’t spend if consumers don’t, said Kleinhenz.
Kleinhenz presented SILVAR REALTORS® with performance targets which can help them gauge how good or bad the economy is doing. With these indicators in mind, he said REALTORS® can lay out expectations to clients so clients “have the appropriate expectations from the beginning and end up being satisfied in the end.”
- GDP – The country needs GDP (Gross Domestic Product) at 3 percent or higher. C.A.R. only expects GDP to be at 1.7 percent by year-end and forecasts GDP will only be at 2 percent in 2012.
- Unemployment Rate – The unemployment rate has got to come down to 6 percent at best, so consumer confidence can rise. It’s at 9 percent nationwide and 12 percent in California. C.A.R. projects the national unemployment rate will be 9 percent by year-end.
- Job Growth – The country lost 8.4 million jobs during the recession, and though it has gained back 1.1 million jobs, job growth needs to be at 3 percent or a gain of 400,000 jobs per month.
- Home Sales – To be sustainable, statewide sales should be at 500-550,000 units per year. C.A.R. projects 496,000 unit sales in 2012.
Kleinhenz said California has had a decent level of sales and is seeing stability in its median price, expected to hit quicker than in other parts of the country. C.A.R. projects the median price to hit $296,000 in 2012. California’s median price bottomed in February 2009 at $245,230.
Kleinhenz is optimistic the market is slowly on the mend. “In California, we have our economic fundamentals that are carrying us through in the years to come,” said Kleinhenz.
He saidthe state’s assets continue to attract people and businesses. The best news of all is the Silicon Valley labor market has been the star of the California economy.
“The economy has shown marginal improvement with nuggets of good news, but it has taken us a lot longer to grow out of this recession because of the financial crises that have paralyzed several aspects of the economy,” California Association of REALTORS® Deputy Chief Economist Robert Kleinhenz told SILVAR members at the Silicon Valley Association of REALTORS® Economic Seminar and General Membership Meeting last week.
“Fundamentally, affordability hasn’t been as good as this in Santa Clara County and the state. Homes are at the right price with the right mortgage rates. The problem is consumers are so concerned about prices bottoming out they are losing sight of the opportunities,” said Kleinhenz.
Silicon Valley Association of REALTORS® says ... 