Silicon Valley Association of REALTORS® says ...

SILVAR REALTOR® bring issues to state legislators in Sacramento

May 6, 2011 in Real Estate | Leave a comment

On Wednesday, more than 50 members of the Silicon Valley Association of REALTORS® (SILVAR) joined thousands of REALTORS® from across the state in Sacramento for Legislative Day. They met with their legislators and discussed important issues concerning the real estate industry.

At the Sacramento Convention Center, California REALTORS® were greeted in the morning by California Association of REALTORS® President Beth Peerce and then briefed on hot issues by the C.A.R. leadership. Special speakers at this session included Assemblymember John Perez (D-Los Angeles) and State Senator Sam Blaskeslee (R-San Luis Obispo).

Both Perez and Blakeslee pledged their support for REALTORS®, stating housing is key to California’s economy. They also said the state faces a record budget deficit and legislators continue to be embroiled in a battle over cuts and taxes. Perez said the only option to fix the budget crisis is to extend revenues for the duration of the crisis. “The best way is to come together and force a consensus. I’m asking you to go back to your communities and keep the conversation going,” said Perez.

At a joint SILVAR, SAMCAR (San Mateo County Association of REALTORS®) and SCCAOR (Santa Clara County Association of REALTORS®) luncheon, guest speaker Richard Costigan, senior director of state and government affairs for Manatt, Phelps & Phillips, LLP, told REALTORS® the only revenues legislators should be talking about are revenues associated with job growth, because job creation is key to fixing the state’s economy.

SILVAR Members are pictured here before heading to the State Capitol building to meet with legislators.

A number of ideas to close the state’s budget gap have been floating around, some of which would be harmful to real estate and REALTORS®. As “lobbyists for the day,” REALTORS® sought to educate their legislators on these issues and ask for their votes. They urged legislators to oppose the following ideas and explained why:

1. Forced overwitholding on independent contractors. There is no evidence that independent contractors are failing to pay their income tax obligations. This change would merely create significant administrative burdens for individuals and create more administrative costs to the Franchise Tax Board, since it would have to make refunds to those independent contractors whose withholding amount remitted to the state exceeds their income tax obligation.

2. Tax on services. Over the years, several pieces of legislation have been proposed to impose a sales tax on special services that are currently exempt from taxation. A tax on real estate related services will increase the cost of housing because all services involved in purchasing a home will be taxed (e.g., appraisal, home inspection, structural pest control inspection, escrow services, loan fees, etc.).

3. Changes to the mortgage interest deduction (MID). As state and federal budget deficits have grown, legislative interest has increased at both levels of government in scaling back the cost of the MID. Both state and federal law limit the deduction to the interest paid on a maximum $1 million of mortgage debt (first and second homes), plus $100,000 in home equity debt. The MID encourages home ownership, which promotes community stability and pride, employment, savings and long-term investment – values that have made the U.S. strong and prosperous.

REALTORS® also requested a “No” vote on SB 184 (Leno) – Rent Control. SB 184 will weaken the landmark Costa-Hawkins law limiting rent control, by allowing local jurisdictions to control rents on newly constructed rental housing. This bill will discourage the creation of new rental housing, which is badly needed.

SILVAR members met with State Senator Joe Simitian (D-Palo Alto) and Assembly Members Paul Fong (D-Cupertino), Jim Beall, Jr. (D-San Jose) and Rich Gordon (D-Menlo Park). SILVAR’s leadership also met with the staff of State Senator Elaine Alquist (D-Santa Clara) and State Senator Blakeslee. The legislators listened intently to REALTOR® concerns and pledged their support for issues raised, but it was obvious fixing the budget weighed on their minds and negotiations had clearly taken a toll on them. Fong described the task as a “very trying experience.”

Simitian called the idea of overwitholding on independent contractors a “gimmick.” He also stressed the budget is in crisis and property values could, in the long-run, be affected. He said Silicon Valley is a relatively prosperous area, where the housing crisis may seem remote compared to other areas, but “eventually cuts will affect your property values.” He asked REALTORS® to push people to get the “yes” vote on the tax extension in the June ballot.

Beall said the state lacks infrastructure planning and needs an international trade policy to stimulate jobs. “The state doesn’t look at outcomes enough compared to local governments,” Beall remarked.

Beall also invited members to attend his neighborhood coffees. “This is a very difficult environment to work in,” Beall said. “Keep me connected and invite me to your affairs. I want to make sure I stay grounded with everything.”

Like the other legislators, Gordon professed his support of the mortgage interest deduction. “The strength of democracy is in maintaining a strong middle class. One of the ways we have sustained and maintained a strong middle class is through the deduction. Democracy is also dependent on a strong sense of community. Home ownership is one of the critical factors in the creation and maintenance of community,” said Gordon.

Gordon also noted the importance of REALTORS® and the industry. “Your industry is so important to California not only because of the economy, but because you help build the communities that create the kind California we all want … So the mortgage interest deduction is a critical element in creating the kind of place that we all want.”

See more of our Legislative Day photos here.

Each generation communicates differently

April 29, 2011 in California Housing Market, Real Estate, Silicon Valley Housing Market | Tags: generational marketing, generations | Leave a comment

Diversity doesn’t only encompass different cultures; the term also refers to different generations. People are living longer, so society is now composed of more generations. Each generation has different traits and communicates differently. A REALTOR® needs to have a keen understanding of each generation in order to relate to clients and other agents. The method of communicating or marketing to each generation can affect a transaction, according to Tracey McNeely, a REALTOR® with Keller Williams in Cupertino.

McNeely shared information about the different generations at last week’s Cupertino/Sunnyvale District tour meeting. She identified the following four generations in today’s society and shared their general characteristics:

1. Veterans, born 1922-45
Respect for authority, conformers, disciplined and never buck the system, traditional nuclear family, savers, put away cash, communicate one-to-one, work hard, duty before fun, prefer to communicate via formal memo or mailed letter

2. Boomers, born 1946-64
Optimistic, involved, casual (“Call me any time.”), many disintegrating nuclear families, workaholics, grew up with the rotary and touch phone, “buy now, pay later” mentality, crusade for causes, question authority, their lives are broadened beyond the scope of the family, prefer to communicate in person

3. Generation X, born 1965-1980
Skeptics, like a lot of fun and informality, many grew up as latchkey kids, touch tone phone – it’s perfectly fine with them to leave messages on their answering machine, screen calls (“Don’t call me after work.”), like to eliminate tasks, self-reliant, have no patience, like immediate action, like to communicate directly

4. Generation Y Millennials, born 1981-Present
Filled with realism, confident, love extreme sports for fun, product of merged families similar to the TV show “Modern Family,” very adept with cell phones, entrepreneurial, multi-taskers, tenacious, oriented, tolerant, communicate via voicemail, email, Facebook, Skype, text messaging, like to chat online.

“Remember, when you have another agent on the other end, try to look at their generation and adjust your way of communicating,” McNeely told members.

REALTORS® promote fair housing right for all

April 22, 2011 in California Housing Market, Silicon Valley, Silicon Valley Housing Market | Tags: Diversity, Fair Housing, Fair Housing Month | Leave a comment

In recognition of Fair Housing Month in April, REALTORS® continue to reaffirm their commitment to equal access to housing and home ownership. Signed into law in 1968 and amended in 1988, the Fair Housing Act prohibits housing discrimination on the basis of race, color, religion, sex, disability, familial status and national origin.

“Fair housing is not an option; it’s the law,” said Gene Lentz, president of the Silicon Valley Association of REALTORS® . “REALTORS® are on the ‘front lines,’ working with buyers and sellers to see that they enjoy the benefits of a housing market free from discrimination.”

To mark Fair Housing Month, SILVAR on April 8 offered the National Association of REALTORS® ’ At Home with Diversity certification course for all REALTORS® and affiliates. The course teaches real estate professionals how to increase their sensitivity and adaptability to future market trends and how to transact business across cultures, generations and other differences. More than 25,000 REALTORS® have completed the program.

“People have a right to live wherever they can afford to live,” Lentz said. “Fair housing means opening those doors for everyone in this country whose goal it is to own a home.”

Lentz indicated Santa Clara County is among the most diverse counties in the U.S. The 2010 U.S. Census figures show the county grew by nearly 6 percent in the past decade. Much of the growth in population is attributed to a gain of about 140,000 Asians and 76,000 Latinos, yet minority home ownership comprises a very low percentage of the population.

“Diverse neighborhoods and schools strengthen communities, and minority population growth is vital to sustaining housing markets,” said Lentz.

Lentz said the home seller, the prospective home buyer and the real estate professional all have rights and responsibilities under the law.

A home seller or landlord is required under the law not to 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 agent to convey any limitations in the sale or rental because the real estate professional is also bound by law not to discriminate.

Buyers or renters have the right to expect that housing will be available without discrimination, including 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; and freedom from harassment or intimidation for exercising their fair housing rights.

People who believe they have experienced discrimination may file a complaint with the Department of Fair Employment and Housing (DFEH). Complaints must be filed within one year of the alleged discrimination.

What a Federal Government Shutdown Means for REALTORS®

April 8, 2011 in California Housing Market, Real Estate, Silicon Valley Housing Market | Tags: federal budget, real estate | Leave a comment

The current continuing resolution providing funding for government operations is set to expire today. If legislation to extend funding is not signed into law after today, the federal government could shut down. This means many, but not all government programs, including some that impact federal housing and mortgage programs, could grind to a halt as early as tomorrow, April 9. While the true impact of a shutdown is unclear until it actually begins, below is a synopsis of how federal housing programs will likely operate in the event of a shutdown.

The Office of Management and Budget requires each agency to have contingency plans in place and reportedly has instructed agencies to not provide specific information on impacted operations.

Federal Housing Administration
FHA cannot offer endorsements for any new loans in the Single Family Program and cannot make commitments in the Multi-Family Program in the event of a shutdown. FHA will maintain operational activities, including paying claims and collecting premiums. Management & Marketing Contractors managing the REO portfolio can continue to operate.

VA Loan Guaranty Program
Lenders may continue to process and guarantee mortgages through the Loan Guaranty program in the event of a government shutdown.

Internal Revenue Service
Should the federal government shut down, the IRS cannot process federal income tax returns or issue refunds (but it can deposit tax payments). Consumers who were expecting to use their tax returns as part of the down payment for a home purchase will temporarily not have access to these refunds.

Flood Insurance
The Federal Emergency Management Agency confirmed that the National Flood Insurance Program will not be impacted by a government shutdown.

Rural Housing Programs
For U.S. Department of Agriculture programs, essential personnel working during a shutdown do not include field office staff who typically issue conditional commitments, loan note guarantees and modification approvals. Thus, lenders will not receive approvals during the shutdown. If the lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown. A conditional commitment, which is good for 90 days, is given to a lender once a USDA underwriter approves the loan. If a commitment was already issued, the funds were already set aside, the lender may close the loan at his leisure. If Rural Development has not issued a conditional commitment, the lender must wait until funding legislation is enacted before closing a loan.

Government Sponsored Enterprises
Fannie Mae and Freddie Mac will continue operating normally, as will their regulator, the Federal Housing Finance Agency.

Treasury
No official word as of yet, but the Making Home Affordable program, including HAMP (Home Affordable Modification Program) and HAFA (Home Affordable Foreclosure Alternatives), may not be affected because the program is funded through the Emergency Economic Stabilization Act, which is mandatory spending, not discretionary.

For more information, visit www.realtor.org.

Silicon Valley is “oasis in the desert,” buyers should take advantage of present conditions

April 1, 2011 in California Housing Market, Real Estate, Silicon Valley, Silicon Valley Housing Market | Tags: Affordability, Carole Rodoni, Interest Rates | Leave a comment

Carole Rodoni

Real estate consultant Carole Rodoni didn’t mince words when she talked to Silicon Valley REALTORS® at SILVAR’s Palo Alto District this morning. She is appalled at how lawmakers have handled the budget, the deficit, short sales and foreclosures, and even the war in Libya, but with regard to Silicon Valley real estate, Rodoni is upbeat.

The former president of Fox & Carskadon Realtors, former COO of Cornish and Carey Real Estate and Alain Pinel Realtors, and now president of Bamboo Consulting Inc. says the media can talk about a slump in the housing market, but the San Francisco Bay Area is an “oasis in the desert.” This region is the gateway to the Pacific Rim, with the best universities, diversity of culture and education.

“People aspire to live here and there is no more land here. Land is valuable and land here will keep its value,” says Rodoni. “At the end of the day, how can anyone say Silicon Valley isn’t alive and well?”

What should REALTORS® tell buyers? “Tell them they are getting a free gift right now,” Rodoni says.

Prices have come down a bit, interest rates have edged up from 3 percent to about 4 percent, but they are still low. She predicts rates will rise even more by the end of this year, possibly to 5 percent or more, and perhaps 6 and 7 percent in three years because of inflation. “The stars have aligned here,” according to Rodoni. “Where do you find this affordability?”

Rodoni says buyers should “buy it, hold it – don’t spin it, and keep it for at least five years.” Also, while buyers should pay attention to interest rates, she says they should also watch out for lending fees because she is sure they will increase.

“Loans will be 5 to 8 percent more expensive than last year,” Rodoni says. “At the end of the day interest counts, but understand that everything is going up because of loan fees. If you are a buyer, while it’s good to look at price, look also at loan fees. Match interest rate to the loan product.”

She says buyers should ask themselves these questions: Is it the right price? Is it the right place? Examine where you are looking. Will it appraise for that price? Is the lender going to like it? Then she cautions: Do not attempt to low ball when you’re facing a multiple offer situation. How high are you going to go? Especially in this region, you cannot sit with terms and conditions.

“It would be like playing football in a baseball diamond,” she says. “Investors know there is value here and they will continue to come in. Silicon Valley is the bread and butter market. They see the sweet spot and will fight to get it.”

How will mortgage interest deduction (MID) decrease hurt you?

March 24, 2011 in California Housing Market, Real Estate, Silicon Valley | Tags: MID, Mortgage Interest Deduction | Leave a comment

By SILVAR Government Affairs

The Mortgage Interest Deduction (MID) may be under attack again. As the 112th Congress struggles to finalize a budget plan for this year, everything is back on the table. House Speaker John Boehner (R-OH) recently stated that MID for second homes is becoming harder and harder to justify in these difficult times. So might be the MID for homes greater than $500,000.

If these rollbacks to the deduction are put into law, it will be devastating for Silicon Valley homeowners and the overall housing market. But how will it impact you? As part of the National Association of REALTORS® (NAR) Home Ownership Matters campaign, NAR has released an APP that calculates how homeowners do and will benefit for the preservation of the mortgage interest deduction.

The MID Calculator allows homeowners to estimate the tax savings value of the mortgage interest rate deduction. Use the buying power calculator to see how your housing dollars are optimized by the tax savings. This APP is compatible with iPhone, iPod touch, and iPad.

As budget talks heat up, homeowners and REALTORS® should be prepared in the coming weeks to contact their member of Congress to voice their support for preserving the mortgage interest deduction. More information regarding legislative proposals and the deduction can be found at NAR’s MID site.

Review earthquake measures

March 18, 2011 in Real Estate | Leave a comment

In the wake of the recent disaster in Japan, Californians ask themselves, “If a similar earthquake just like the one that hit Japan struck today, are we prepared?” Many studies show, despite being aware that California is prone to earthquakes, few Californians are prepared.

The recent disaster in Japan is a wake-up call that reminds us in the case of a major destruction it will take time for help to come. Electricity, water, gas and telephones may not be working after an earthquake. The police and fire departments will likely to be tied up, so individuals and families should be prepared to fend for themselves for at least several days to a week.

Homeowners can protect their families and reduce the risk of destruction by following the guidelines recommended by the California Department of Conservation and the U.S. Geological Survey. SILVAR members can review these earthquake safety measures and share them with their clients:

Identify Potential Hazards in Your Home and Fix Them
1. Move heavy furniture away from where people sit or sleep. Make sure exit paths are clear of clutter. Secure hanging objects, cabinet doors and appliances with earthquake-safety straps, fasteners and adhesives.

2. Water pipes can break and cause extensive damage; broken gas pipes are a major fire hazard. Replace rigid gas connections to water heaters and other gas appliances with flexible (corrugated) stainless steel gas connectors. Excess-flow gas-shutoff valves for individual appliances will stop gas flow in case of a catastrophic leak.

3. Move flammable or hazardous materials stored in garages and utility rooms to low areas that are secure.

Create a Disaster Supply Kit
Create a disaster supply kit and place it in an easily accessible location. This kit should be in a large watertight container that can be easily moved and should hold at least a one-week supply of the following items:

* First aid supplies, including spare eyeglasses and essential hygiene items

* Drinking water (minimum one gallon per person per day)

* Whistle (to alert rescuers to your location)

* Emergency cash in small bills (ATMs may not work)

* Snack foods high in calories, canned and packaged foods and cooking utensils, including a manual can opener. Don’t forget pet food.

* Emergency lighting—light sticks and (or) a working flashlight with extra batteries.

* Comfort items for your children, such as crayons, writing materials and stuffed animals

* A battery-operated radio (and spare batteries).

* Warm clothing, gloves, sturdy shoes, extra socks, blankets and perhaps even a tent.

* Heavy-duty plastic bags for waste and other uses, such as tarps and rain ponchos

* Copies of vital documents, such as insurance policies, personal identification, medical consent forms for dependents.

NOTE: Replace perishable items like water, food, medications, and batteries on a yearly basis.

Make Sure You Have a Disaster Preparedness Plan
Decide how and where your family will reunite if separated during a quake. Choose an out-of-state friend or relative to call and alert other relatives and friends that you are all right.

It would also be a good idea to discuss earthquake insurance with your agent. Depending on your financial situation and the value of your home, it may be worthwhile.

What to Do During an Earthquake
1. If you’re indoors, get under a desk or table, or stand against an interior wall. Stay away from exterior walls, glass, heavy furniture, fireplaces and appliances. The kitchen is a particularly dangerous spot. If you’re in an office building, stay away from windows and outside walls and do not use the elevator. If you’re outside, stay clear of buildings, power lines or anything else that could fall on you.

2. If you’re driving, move the car out of traffic and stop. Avoid parking under or on bridges or overpasses, or close to trees, light posts, signs and power lines.

3. If you’re in a mountainous area, beware of the potential for landslides. If you’re near the ocean, be aware that tsunamis are associated with large earthquakes, so get to high ground.

We are not immune to disaster in our state. Remember the magnitude 7.8 earthquake that struck on April 18, 1906 ranks as one of the most powerful earthquakes to hit Northern California. Then there was Loma Prieta in 1989, another devastating earthquake with a 6.9 magnitude that struck the region. Let’s make sure we are prepared for the next one.

To learn more about earthquake safety, visit http://www.conservation.ca.gov/index/Earthquakes/qh_earthquakes_what.htm, http://www.fema.gov/areyouready/emergency_planning.shtm, or http://earthquake.usgs.gov/prepare/.

New PRDS Advisory Now Online

March 17, 2011 in Real Estate | Leave a comment

PRDS is pleased to announce the new and highly anticipated San Mateo/Santa Clara Counties Advisory is now available online. This 14-page form is live on PRDS Forms on Instanet Solutions (access through www.silvar.org) and available for your next sale or listing. Printed copies will also be available at the PRDS store in a few weeks; preorders are being accepted.

This form is essential for all of your residential sales transactions. It has everything right down to city and municipal website references. Instead of using 53 pages of forms from the California Association of REALTORS®, PRDS and individual company disclosures, it’s all here in one convenient and consistent form.

What does the new PRDS advisory replace?
1. Normal San Mateo and Santa Clara County disclosures
2. Mold Advisory
3. High Speed Rail
4. Supplemental Tax bill notice and advisory
5. Half Moon Bay Disclosure
6. Unincorporated county info
7. Non-confidentiality of offers form
8. Retrofit and Litigation advisories

And . . . the 10-page C.A.R. statewide buyers and sellers advisory.

The new PRDS advisory was developed to make a PRDS transaction as up to the minute as possible in terms of general and local disclosure issues for buyers and sellers. It is a great means of clearly explaining the disclosure and investigation obligations of the principals and their agents. It also saves a lot of paper and time. You only have to reach for one form instead of making sure you have the nine different forms referenced above.

Written with the help of local brokers, managers, agents, and very sharp and experienced attorneys who are all members of the PRDS Standard Forms Committee, the new PRDS advisory is endorsed and recommended by large and small companies alike who are members of the San Mateo County Association of REALTORS® and SILVAR.

It’s another reason why PRDS is here to help REALTORS® do a better transaction by being more thorough on their disclosures.

PRDS is an extensive line of paper and online forms for residential purchase and sales transactions. These forms are available online free of charge as a member benefit to all REALTOR® members of the Silicon Valley Association of REALTORS® and the San Mateo County Association of REALTORS®.

REALTORS® told HOA compliance is all about disclosure

March 11, 2011 in California Housing Market, Real Estate, Residential Real Estate Forms, Silicon Valley | Tags: common interest developments, disclosure, homeowner associations | Leave a comment

More than 130 members of the Silicon Valley Association of REALTORS® attended SILVAR’s Los Gatos/Saratoga District tour meeting a few weeks ago and listened as Jacquie Berry, owner of Community Association Data Source, emphasized the greatest mistake any seller can make is an incomplete disclosure.

When dealing with homeowner associations (HOAs), it gets especially complicated because the law requires more disclosures from common interest developments (CIDs), in addition to the normal disclosures required in the sale of single-family homes. Common interest developments are condominiums and planned developments that are governed by a homeowner association which administers the property and is responsible for repairing, replacing, or maintaining the common areas. The homeowner association places restrictions on the use of the property and the common areas.

Berry shared the following statistics: There are over 48,000 homeowner associations in California; CIDs make up a quarter of all housing in the state of California; 49 percent of CIDs are self-managed and less than 25 percent are 100 percent funded in their reserves.

Berry said lenders are asking more questions about the financial health of HOAs so buyers won’t be caught by surprise by undisclosed defects in the common areas and underfunded reserve accounts, which result in special assessments. Agents and prospective buyers should review state laws, documents that HOAs are required to provide, and ask questions. She noted forms change, and homeowner associations rarely provide a complete or updated set of disclosure documents.

Also, HOAs may state they have adequate reserves to maintain deferred maintenance, but they do not specify a timeline for which these reserves are adequate. HOAs must prepare a reserves budget every year, providing a current estimate of the costs of repairing and replacing major common area components over the long-term. Ideally, reserve funds should be able to cover all major repair and replacement costs when needed.

“The value of the property is directly related to reserves,” stressed Berry.

Berry said it’s very important that these disclosures be obtained and reviewed by the appropriate professional so the buyer can make an intelligent decision as to whether or not to purchase the property.

“It’s all about disclosure,” Berry said. “It’s not about anything else but disclosure.”

REALTORS® may need to register with BOE

March 11, 2011 in Real Estate, Silicon Valley | Tags: California Board of Equalization, user tax | Leave a comment

Real estate brokers and salespersons who earn more than $100,000 in gross receipts from business operations per calendar year may now be required to register as a “qualified purchaser,” report and pay use tax directly to the California Board of Equalization by April 15 for the previous calendar year. This new requirement was promulgated by AB x4-18(2009). There is no fee for registration, but qualified purchasers will now have to pay the state’s use tax for out-of-state purchases directly with the BOE starting with the 2010 tax year.

REALTORS® began receiving notices and registration applications in the mail this week from the State. Completing the registration and making the use tax payment to the BOE for 2010 purchases prior to April 15 will prevent fees and penalties from being assessed.

The use tax applies to most purchases from sellers who are not required to collect sales tax. That is often the case with Californians’ purchases from out-of-state or online retailers. The use tax was created as a companion to the sales tax in 1935 in order to protect California businesses that must regularly collect sales tax and would otherwise be at a competitive disadvantage to out-of-state vendors.

Use tax is administered by the Board of Equalization, but legislation enacted in 2003 provided individuals the option to report use tax on their state income tax return instead of filing a use tax return with the BOE. In general, consumers must pay California use tax if they purchase an item from an out-of-state seller and the seller does not collect California sales or use tax, and the consumer uses, gives away, stores, or consumes the item in this state.

While sales tax is owed to the BOE by the seller, the purchaser is generally responsible for paying the use tax. The use tax rate is the same as one’s local sales tax rate.

For more information on other taxes and fees in California, visit www.taxes.ca.gov

Silicon Valley Association of REALTORS® says …