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The California Association of REALTORS® has announced its sponsorship of legislation intended to help first-time, low- and moderate-income home buyers in disadvantaged communities. AB 1590, authored by Assembly Member Blanca Rubio (D-Baldwin Park), would create a targeted tax credit to help working families achieve their goal of homeownership. This legislation is especially timely, given the tight housing market.

“REALTORS® are sponsoring AB 1590 to help make the dream of homeownership a reality for low- and moderate-income Californians in disadvantaged communities,” said C.A.R. president Jared Martin in a statement. “Asm. Rubio’s bill specifically targets regions of the state that will benefit most from increasing the homeownership rate and is an important part of California’s overall fight to beat the housing affordability crisis.”

AB 1590 allocates $50 million to provide a tax credit to first-time homebuyers who meet specific criteria, which include that the homebuyer must have never owned a home previously; must earn 120 percent or less of area median income; and must purchase a home in a state-designated disadvantaged community. Current law identifies disadvantaged communities as areas with, among other things, concentrations of low-income individuals and families facing high housing costs.

Qualified first-time homebuyers who purchase a home between January 1, 2020 and January 1, 2023, will receive a tax credit of up to $5,000. The tax credit will help these first-time homebuyers cover unanticipated costs associated with homeownership. AB 1590 will first be heard in the Assembly Revenue and Taxation Committee on April 29.

“AB 1590’s targeted tax credit helps Californians who need it most,” said Martin. “It creates a pathway to homeownership for people who are currently priced out of the market. It gives working families an opportunity to build wealth and can lift entire communities across the state.”

Alan Barbic, president of the Silicon Valley Association of REALTORS®, indicated, “During his State of the State speech earlier this year, Gov. Gavin Newsom said, ‘If we want a California for all, we have to build housing for all.’ REALTORS® pledge to work with the governor and legislature to make sure all Californians can achieve the American dream of homeownership.”

Barbic said state legislators have advanced a number of bills to help solve the housing crisis. AB 1590 is one of several bills that the California Association of REALTORS® is sponsoring.

“We need to address the affordability problem in order to keep our middle class families here. AB 1590 will help our skilled and service workers, our teachers, the bedrock of our state, achieve their dream of homeownership and remain in the state,” said Barbic.

On May 1, over 2,000 California REALTORS® from across the state will travel to Sacramento to the meet with their state senators and assembly members to discuss this and other housing-related bills. Members of the local trade association are scheduled to meet with State Senators Jim Beall and Jerry Hill, and Assembly Members Evan Low and Marc Berman.

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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.

A Bankrate survey conducted Jan. 30-Feb. 1, 2019 found nearly two-thirds, or 63 percent of millennial homeowners have regrets about buying their home. Overall, 44 percent of American homeowners have regrets about their home purchase, according to the survey.

The most common regret cited was not factoring in unexpected maintenance or hidden costs (18 percent). Other areas of regret included feeling the house was too small (12 percent), house was too big (5 percent); house was in a bad location (8 percent); house was a poor investment (7 percent); monthly mortgage payments were too high (7 percent); and mortgage rate was not the best available (6 percent).

A lot of regret stems from high expectations and being unprepared for the home buying process, said Alan Barbic, president of the Silicon Valley Association of Realtors. “Purchasing a home is the most important decision a person can make. After spending a lot of money on the down payment, closing costs and other fees, it is likely to have an impact on a new homeowner,” said Barbic. “You can minimize buyer’s remorse by taking time to prepare for homeownership. It is not something you should rush into.”

Below are suggestions Barbic makes to take the trauma out of the home buying process:

  1. Find a professional and experienced Realtor with whom you are comfortable and trust. “Real estate is changing now that we have so much information at our finger tips. How we use that information is important. We have heard of many buyers who have made offers sight-unseen,” said Barbic. “You need a good agent whom you can trust, who knows the market and has experience handling the particular needs of homebuyers, whether it is identifying homes and neighborhoods, or negotiating for the best deal. Remember you are not just buying a home; you’re investing in your future.”

    2. Get pre-approved for a home loan right away.
    A preapproval letter sends a powerful message to the seller that you’re a serious qualified buyer and ready to go.

    3. Factor maintenance and repair costs into your budget.
    Even if you buy a new home, there will be some expenses that you did not expect.

    4. Accept that no house is ever perfect.
    Don’t get so caught up in the physical aspects of the house that you overlook issues like amenities, noise level, schools, or traffic that could have a big impact once you live in the home.

    5. Don’t get caught in a buying frenzy. Just because there is competition does not mean you should just buy anything. Even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

“Choose a home first because you love it, not solely for its future appreciation. A home’s most important function is to be a comfortable, safe place to live for you and your family,” said Barbic.

While many people know that a REALTOR® helps consumers buy and sell homes, not many know that a REALTOR® and a real estate agent are not the same. Last week, the National Association of REALTOR® (NAR) launched the “That’s Who We R” campaign that seeks to educate consumers on the difference and the value of a REALTOR®.

The term “REALTOR®” is a registered trademark that identifies a real estate professional who is a member of the National Association of REALTORS® and abides by the REALTOR® Code of Ethics. More than just agents who help clients buy and sell homes, REALTORS® are advocates for property owners, engaged community members and trusted advisors with in-depth knowledge of the industry. The new NAR campaign features compelling stories about REALTORS® helping individuals and families find homes and property, build communities and turn their dreams into realities.

“Our story is a century in the making as we began to set NAR members apart from the rest by establishing a Code of Ethics in 1913. This code is as relevant now as it was one hundred years ago; it’s our pledge of honesty, integrity, professionalism and community service as a true partner for buying or selling a home, or property,” says John Smaby, NAR 2019 president. “’That’s Who We R®’ reinforces that partnering with a REALTOR®, delivers the peace of mind that can only come from working with a real person who is committed to their clients’ futures and neighborhoods just as much as they are.”

Founded in 1908, NAR has grown to be America’s largest trade association representing more than 1.3 million REALTORS® involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry. Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS®. Additionally, NAR provides a facility for professional development, research, and exchange of information among its members.

Alan Barbic, president of the Silicon Valley Association of REALTORS®, which has over 5,000 REALTOR® and affiliate members practicing real estate on the Peninsula and in the South Bay, says the REALTOR® pledge to a strict Code of Ethics and Standard of Practice raises the bar among real estate professionals.

“Today’s homebuyers and sellers deserve a real estate professional whom they can trust and who has their best interests at heart. The Code of Ethics goes beyond state licensing requirements and protects all parties to the real estate transaction, not just a REALTOR®’s client. If a local association of REALTORS® finds a REALTOR® member in violation of the Code of Ethics, disciplinary action can be imposed,” explains Barbic.

Barbic adds in order to maintain membership with NAR, SILVAR or any other local association of REALTORS®, NAR requires every REALTOR® to complete two and a half hours of Code of Ethics training every two years.

 

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The Silicon Valley Association of REALTORS® (SILVAR) 2019 leadership team was installed last night at the Los Altos Golf & Country Club. California Association of REALTORS® (C.A.R.) 2019 President-elect Jeanne Radsick administered the oath of office to SILVAR President Alan Barbic and the 2019 officers and board directors. C.A.R. 2005 President Jim Hamilton served as master of ceremonies and welcomed members and guests at the special event. Immediate Past President Bill Moody led everyone in the Pledge of Allegiance and 2019 President-elect Mary Kay Groth delivered the inspiration message.

SILVAR’s 2019 officers include Barbic, a broker associate with Sereno Group Los Gatos; Groth, a REALTOR® with Sereno Group Los Gatos, President-elect; and Jeff Bell, a REALTOR® with Coldwell Banker Residential Brokerage Cupertino, Treasurer.
Joining SILVAR’s lead officers are Moody (Referral Realty), Past President; Denise Welsh (Alain Pinel Realtors), Region 9 Chair; Leannah Hunt (Sereno Group), NAR Director; Jasmine Lee (Coldwell Banker Residential Brokerage), Menlo Park-Atherton District; Lynn Wilson Roberts (Compass) Palo Alto District; Greg Boudreau (Coldwell Banker Residential Brokerage), Los Altos-Mountain View District; Jim Light (Jim Light Broker), Cupertino-Sunnyvale District; Jim Hamilton (Alain Pinel Realtors), Los Gatos-Saratoga District; Directors At-large Mark Burns (Referral Realty), Joanne Fraser (Alain Pinel Realtors), Katherine Frey (Katherine Frey Real Estate), Penelope Huang (Golden Gate Sotheby’s International Real Estate), and Karen Trolan (Alain Pinel Realtors).

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

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

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

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

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

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REALTORS® discuss issues with Congresswoman Jackie Speier.

 

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

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

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

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

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

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

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

 

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

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

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

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

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

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

 

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SILVAR’s 2018 leadership team.

 

The Silicon Valley Association of REALTORS® 2018 leadership was installed Jan. 25 at Palo Alto Hills Golf & Country Club. California Association of Realtors 2013 president Don Faught administered the oath of office to SILVAR’s 2018 president, Bill Moody, and the 2018 officers and board directors. C.A.R. 2005 president Jim Hamilton served as master of ceremonies.

SILVAR’s 2018 officers include Moody, a REALTOR® with the Referral Realty, Cupertino; Alan Barbic, a REALTOR® with Sereno Group, Los Gatos, president-elect; and Phyllis Carmichael, a REALTOR® with Coldwell Banker Residential Brokerage, Los Altos, treasurer.

Joining SILVAR’s lead officers are Denise Welsh (Alain Pinel Realtors), past president; Karen Trolan (Alain Pinel Realtors), Region 9 chair; Leannah Hunt (Sereno Group), National Association of Realtors director; district chairs Jasmine Lee (Intero Real Estate Services), Menlo Park-Atherton District; Penelope Huang (Golden Gate Sotheby’s International Realty), Palo Alto District; David Casas (Intero Real Estate Services), Los Altos-Mountain View District; Jeff Bell (Coldwell Banker Residential Brokerage), Cupertino-Sunnyvale District; Ryan Nunnally (Keller Williams Bay Area Estates), Los Gatos-Saratoga District; and Mark Burns (Referral Realty), Joanne Fraser (Alain Pinel Realtors), Katherine Frey (Katherine Frey Real Estate), Mary Kay Groth (Sereno Group), Lynn Wilson Roberts (Alain Pinel Realtors), and Mark Wong (Alain Pinel Realtors), directors At-large.

Moody is a native of Silicon Valley and a U.S. veteran, having served in Vietnam from 1966 to 1968. He is a graduate of the former Ellwood P. Cubberley High School in Palo Alto and San Jose State. Moody has served as chair of SILVAR’s Cupertino-Sunnyvale District and as a California Association of Realtors Region 9 director.

In his address to members and guests, Moody said he spent 25 years in high tech sales before getting his license 15 years ago. Quoting the late Steve Jobs, Moody said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

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2017 Los Gatos/Saratoga District Chair Mary Kay Groth passes the gavel on to 2018 District Chair Ryan Nunnally.a caption

 

Ryan Nunnally, a REALTOR® with Keller Williams Bay Area Estates, was installed on Wednesday night as 2018 chair of SILVAR’s Los Gatos-Saratoga District. More than 90 SILVAR members and guests attended the District’s annual Holiday Reception and Installation held at La Rinconada Golf & Country Club in Los Gatos. The evening also gave members an opportunity to celebrate the year’s achievements and welcome the holiday season.

2017 District Chair Mary Kay Groth welcomed everyone and before relinquishing the position, mentioned she was very grateful for the opportunity to have served the District and glad she had stepped up and got involved in organized real estate. Groth urged SILVAR members to get involved and heed the Calls for Action from the National Association of REALTORS® (NAR) and California Association of REALTORS® (C.A.R.).

“It’s good we stay involved as REALTORS®. Please answer the Call for Actions because it is important to our business,” said Groth.

Noting getting involved in organized real estate, while it has many rewards, is also a time commitment, Groth thanked the members of this year’s District Council for helping her with the tour meetings and events this year. They include Alan Barbic, Shawn Carroll, Pelin Erdal, Eileen Giorgi, Audrey Hutton, Nunnally, David Tonna and Suzanne Yost.

Then, in keeping with the District’s tradition, past District chairs who were present were asked to come forward and pass the gavel on to the incoming District chair. The gavel was passed from Marlene Rodman to Jeff Barnett, Dennis Byron, David Tonna, Mark Von Kaenel, Karen Trolan, Alan Barbic, Suzanne Yost, and on to Groth, who then handed it to Nunnally.

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