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The California Association of REALTORS® REimagine Real Estate Virtual Conference & Expo was held this week with many sessions that included notable speakers and topics. A bittersweet session at the conference was when C.A.R. CEO Joel Singer bade goodbye to the membership. After 43 years with C.A.R., Singer has announced he is retiring.

Singer summed up his over four decades with C.A.R. as “an incredible experience.” First serving as chief economist and heading C.A.R.’s Public Affairs department before assuming the role of CEO, Singer recalled the changes and challenges in real estate and in the housing market. He noted what has remained constant through the years is the “power of home.” Home creates bonds within a family, a neighborhood, and a community, said Singer. This became even more evident during the pandemic, and it is what gives him tremendous confidence in the industry.

“The incredible ability of individual REALTORS® to meet the needs and create real value for their clients. That’s not going to change,” said Singer.

Singer then shared characteristics successful REALTORS® and other people have in common that he has observed. “They listen deeply, and they listen to everyone. Listen to people you don’t normally hang around with, listen to people who don’t look like you. Bringing new people into the room and listening to them creates opportunity and is one of the reasons this industry has been so adaptable. They also pro-act; they don’t just react.

“Try to be the first mover. If you’ve got a good idea, try it. Take the calculated risk and you’re going to fail. You’re going to fail perhaps more often than you’re going to be successful. Just fail fast and go on to the next new thing. And always ask for help because people do want to help you … and certainly say thank you. Embrace change. Embrace uncertainty. It’s an opportunity and an opportunity that successful people use to their advantage. … Walk the talk, own your own decisions, own the things you do well, recognize the things you don’t do well, but always be consistent in walking the talk,” Singer told members.

What has moved Singer and what has made a difference even in his own personal life is what REALTORS® do. “What you do is really important. You change lives. You make a difference, a deep, deep difference in people’s lives.”

Other sessions included top economists who analyzed the economy, DRE Commissioner Doug McCauley who talked about stepping up enforcement against unlicensed agents, REALTORS® who examined fair housing in transactions, and much more. On the last day, C.A.R. Vice President and Chief Economist Jordan Levine delivered the 2022 California Housing Market Forecast.

Levine expects California’s housing market to remain solid, with the top of the market being the main driver. California is expected to do better than the rest of the nation. Hypercompetition in the marketplace is expected to subside, low interest rates will be offset by increasing prices, but the normally chronic undersupply and the lack of affordability will continue to characterize the market. Read more about the 2022 housing market outlook HERE.

June is National Homeownership Month, a time of year when housing advocates highlight the importance of homeownership and its impact upon the lives of American families, local neighborhoods, and the national economy. The Silicon Valley Association of REALTORS® (SILVAR) and its nearly 5,000 members engaged in the real estate business on the Peninsula and in the South Bay are staunch advocates for homeownership and homeowners in Silicon Valley.

“Homeownership is an investment in the community,” said SILVAR President Joanne Fraser. “When more people own homes, everyone benefits. For most American families, their home is their largest investment. Homeownership builds wealth and serves as the cornerstone of health and security.”

Homeownership provides tax advantages and the opportunity to build equity. Moreover, homeownership provides social benefits for families and communities. According to the National Association of REALTORS®, homeowners move far less frequently than renters, making it easier to build community networks and support systems. This results in more stability for families, better school performance by children living in owned homes, a higher rate of high school graduation and higher earning, better physical, psychological and emotional health outcomes, a higher membership in voluntary organizations, and greater social interaction in their communities.

Fraser noted during the height of the coronavirus pandemic, having a home became more important to many families than ever before. “The home became a place to live and work as many companies allowed their employees to work from home. This ultimately contributed to the state’s current housing market boom.”

At a recent market data presentation for local associations, California Association of REALTORS® Vice President and Chief Economist Jordan Levine said the state’s housing market boom is a double-edged sword. Levine indicated California is the second worst state for overcrowded housing and fifth lowest homeowner vacancy ratio in the nation.

In April, California’s median price hit over $8 million. Levine said while good for sellers, this has impacted housing affordability. “Buyers are falling farther and farther behind.”

Fraser is hopeful additional help may be on the way. “The state senate’s ‘Building Opportunities for All’ housing package is expected to help expedite building of more housing, create jobs and stimulate economic development projects. President Joe Biden’s First Down Payment Homebuyer Tax Credit proposal could be significant in aiding first-time homebuyers. With home prices rising higher than ever, any down payment assistance helps families looking to buy.”

October 2021
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