CAR May/June 2015

CAPITAL AREA REALTOR® • May/Jun 2014 i

BE A METRO MARKET EXPERTWITH SMARTCHARTS PROTM

$200 VALUE

NOW A GCAAR

MEMBER

BENEFIT – page 6

REALTOR® FEST

COMING JULY 20 – page 5

R E A L T O R®

CAPI

TAL A

REA

Official publication for the Greater Capital Area Assocation of REALTORS® may/june 2015www.gcaar.com

www.gcaar.com

ii CAPITAL AREA REALTOR® • May/Jun 2014

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CAPITAL AREA REALTOR® • May/Jun 2014 1

Capital Area REALTOR® (USPS 017-467) is published five times a year by the Greater Capital Area Association of REALTORS®, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850.

Periodicals postage paid at Rockville, MD. Member subscriptions account for $10 of each member’s annual dues. Annual subscriptions are available to non-members for $25. Subscription inquiries may be sent to Capital Area REALTOR® at the above address.

POSTMASTER: Send address changes to Capital Area REALTOR®, ATTN: GCAAR, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850.

The Greater Capital Area Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy of the informa-tion contained herein. The opinions expressed herein do not necessarily reflect the opinion of the officers, directors, or staff of the Greater Capital Area Association of REALTORS®.

The Greater Capital Area Association of REALTORS® accepts submissions of articles and photographs and the items become the property of the Greater Capital Area Association of REALTORS®. The publisher reserves the right of full editorial authority and to decline publication of any article not deemed proper. Deadline for submissions, including camera-ready advertising, is the first of the month prior to publication. Reprint with permission only. Reprints may be obtained by contacting the Greater Capital Area Association of REALTORS® at 301.590.2000; via fax at 301.590.2248; or send an e-mail to [email protected].

REALTOR® is a registered collective membership mark that identifies and may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its Code of Ethics.

Copyright© 2015 by the Greater Capital Area Association of REALTORS®.

All rights reserved.

15201 Diamondback Drive, Suite 100 • Rockville MD 20850

Phone: 301.590.2000 • Fax: 301.590.2248 • www.gcaar.com

Follow us on Facebook: facebook.com/GCAAR2

Follow us on Twitter@GCAARNow

Follow us on LinkedIn/in/GCAAR

R E A LTOR®CA

PITA

L ARE

Amay/june 2015

in every issue 2 Ask the President

5 AffiliateSpotlight

9 Technology

10 MembershipCorner

11 GCAAR in the News

14 MRIS

15 NARDirector’sReport

16 PublicPolicy

19 RPAC

20 HousingStatistics

25 LegalHotline

27 EducationSchedule

features 3 AssociationNews

4 Don’tLetThisHappenToYou

5 REALTOR® Fest-July20

6 SmartChartsProTM

8 GCAARCares-RebuildingTogether®

10 GCAARFeaturedonRealtor.com

12 MakingRapidTransitaReality

13 QUIZ:KeepingCustomersforLife

21 New Emeritus Members

GCAAR Cares – p. 8

July 22, 2014Bethesda North Marriott


Public Policy – p. 16SmartCharts ProTM – p. 6REALTOR® Fest – p. 5

mailto:[email protected]

www.gcaar.com

http://facebook.com/GCAAR2

http://twitter.com/GCAARNow

http://facebook.com/GCAAR2

http://twitter.com/GCAARNow

https://www.linkedin.com/company/958686?trk=vsrp_companies_cluster_name&trkInfo=VSRPsearchId%3A288198131403794510519%2CVSRPtargetId%3A958686%2CVSRPcmpt%3Acompanies_cluster

board of directors

directors

Suzanne Des MaraisPRESIDENT

Peg MancusoPRESIDENT-ELECT

Jamie ColeySECRETARY

Tim KnoblochTREASURER

Greg FordIMMEDIATE PAST

PRESIDENT

Mike MoranCHIEF EXECUTIVE

OFFICER

William “Bill” HounshellVicky Lobos-Kirker

Danai MattisonHildy Pollard

Frank SnodgrassPat Weed

Capital Area REALTOR® Magazine

Bobette BanksMANAGING EDITOR

Deborah BellASSOCIATE EDITOR

Arlene BraithwaiteADVERTISING REPRESENTATIVE

Carla ConwayDESIGN & LAYOUT

Koki AdasiDavid Bediz

Thom BrockettRoger CarpTom Daley

Jacque Grenning

Q: I’ve heard some agents in my office talking about new lockboxes that you can open with your phone. How do I get them? Will my old lockboxes and card still work? A:There is a new lockbox in town! GCAAR is currently selling the just-released “Bluetooth REALTOR® Lockbox.” As the name implies, it’s Bluetooth compatible, so you can manage the box with the “SentriSmart Mobile App” on your mobile device. Listing agents can release the shackle on the new lockbox, view showings, and generate one-day-codes on the fly. Showing agents can open boxes and leave quick feedback – all from their phones. This is not a lockbox conversion – the blue boxes currently being used will continue to be supported, and your SentriCard will still work, so no need to bring them all in to GCAAR to exchange them for new ones.

Q:My clients often ask me what they should do to improve the value of their home. Is there a neutral resource I can share with them that shows return on investment for upgrades? A: Yes! Every year the National Association of REALTORS® works with “Remodeling” magazine to compile a Remodeling Cost vs. Value report. It provides estimated costs for 36 midrange and upscale home-im-provement projects, along with the percentage of cost that owners can expect to recoup when they sell. Projects range from a new garage door to a master suite addition. Costs were provided by RemodelMax, a publisher of estimating tools for remodelers, and NAR members provided the expected value of the projects at resale.

To learn more and see all 36 projects broken down by region and market area, including the DC metro area (under the South Atlantic region), visit CostvsValue.com.

Q: I have a lot of out-of-town clients who aren’t sure where they want to focus their housing search in the DC metro area. Is there an easy way for me to compile data for them by subdivision so they can see how much our market varies from the city to the beltway and beyond? A: Great question - it’s one I’ve had to answer for my own client base. MRIS and its statistical reporting arm, RBI, are constantly evolving to make the wealth of data they have on our market more user-friendly and accessi-ble for subscribers. And GCAAR is always on the lookout for new products and services to enhance the value of your membership.

In this case, we found the perfect match to meet the need you expressed. GCAAR is now providing RBI’s SmartCharts Pro™ subscriptions (a $200 annual value) as part of our member benefits package. SmartCharts Pro™ allows real-time access to hyper-local market statistics and relevant market trends and insights. Once a region, county, zip code, or subdivi-sion is entered, a dashboard provides ready access to the market data in one click. SmartCharts Pro™ is derived from MLS transaction data and provides easy-to-understand charts and reports on any mobile, tablet, laptop, or desktop screen. In fact, there’s more on SmartCharts Pro™ in this issue of Capital Area REALTOR® and on gcaar.com.2 CAPITAL AREA REALTOR® • May/June 2015

ask the president

association news

GCAAR Supports Montgomery County Affordable Housing Conference

CAPITAL AREA REALTOR® • May/June 2015 3

MAR President-Elect and GCAAR Past President Bonnie Casper moderated a panel discussion, “Housing, Transit, and Jobs: Revving Up the Economic Engine” at the 24th Annual Montgomery County Affordable Housing Summit at the Bethesda North Marriott Conference Center on May 4. The summit is sponsored by the Affordable Housing Conference of Montgomery County (AHCMC). Panel members included: Dwayne Weeks from the Federal Transit Administration; Tom Street, Office of the County Executive; Clarence Snuggs, Montgomery County Depart-ment of Housing and Community Affairs; and Sally Stern-bach from the County’s Office of Economic Development.

Bonnie with from left to right: Dwayne Weeks, Sally Sternbach, Tom Street, and Clarence Snuggs.

GCAAR President Suzanne Des Marais (center) with Breaking the Barriers contest winners.

GCAAR was again one of the sponsors of AHCMC’s “Breaking the Barrier to Home Ownership Closing Costs and Down Payment Assistance” contest. The contest is for Montgomery County residents who are first-time home buyers. Winners receive $5,000 or more to use toward a down payment or closing costs on the purchase of a home in Montgomery County.

GCAAR Members Complete 2015 MAR Leadership Academy GCAAR members Jacqueline Bennett and Tyrone Whitby recently completed the Maryland Association of REALTORS® (MAR) 15th annual Leadership Academy and were among the honored graduates in ceremonies held in Annapolis. The MAR Leadership Academy was formed to enhance lead-ership skills, knowledge, and competencies of REALTORS® to help them make a difference in their personal lives and in their communities. The Academy offers an intensive curriculum designed around developing skills in leadership, communica-tions, strategic planning, government affairs, and community involvement. Classes are conducted over seven months and stress the value of professional and personal commitment to business, charitable, and civic endeavors. GCAAR, one of 16 local REALTOR® Associations in Maryland, is a strong ad-vocate that recognizes the importance of the program to the Association’s future. 2015 NAR President-Elect Tom Salomone encouraged MAR Leadership Academy graduates to get involved and to get their peers involved. Salomone added, “…the greatest sign of leadership that one can achieve is to gather a group of people together to achieve one common goal.”

L-R, 2015 NAR President- Elect Tom Salomone and 2015 MAR President Janice Kirkner with MAR Leadership graduate, Jacqueline Bennett.

Tom Salomone and Janice Kirkner with MAR Leadership graduate, Tyrone Whitby.

4 CAPITAL AREA REALTOR® • May/June2015

Lessons Learned During an Inconsistent

Market

by Michele Lerner

When Should a Buyer’s Agent Contact a Seller?

Real estate is some-

times a waiting game. You write a contract, the listing agent invites you to present the offer in person to the sell-er, and then you wait to hear back from the listing agent. Your buyer clients are anx-iously waiting to hear a response and you decide to contact the seller

directly to find out what’s going on with the offer. After all, the listing agent had invited you to the presentation so you had met the seller and you were working on behalf of your client to get an answer, right? Our NAR Code of Ethics clearly addresses this situation:

Article 16 States that “REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agree-ments that other REALTORS® have with clients.”

Standard of Practice 16-13 even further clarifies what is allowed: “All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client’s representative or broker, and not with the client, except with the consent of the client’s representative or broker or except where such dealings are initiated by the client.”

NAR Case #16-18: Assumed Consent for Direct Contact REALTOR® A, who held an exclusive listing of Client B’s property, invited REALTOR® C to cooperate with him. When REALTOR® C, shortly thereafter, received an offer to purchase the property and took it to REALTOR® A, the latter took REALTOR® C with him to present the offer to Client B, and negotiations for the sale were started. The next day, REALTOR® C called on Client B alone, recommended that he accept the offer which was at less than the listed price, and Client B agreed. The contract was signed and the sale was made.

Submitted by Joy Liberti, Chair, GCAAR’s Professional Standards Committee

Don’t Let This Happen to You!

These facts were detailed in a complaint by REALTOR® A to the Board of REALTORS® charging REALTOR® C with unethical conduct in violation of Article 16, having made this second contact with the client without his, REALTOR® A’s consent.

At the subsequent hearing, REALTOR® C defended his actions on the basis that since he had been invited to cooperate with REALTOR® A, and particularly since REAL-TOR® A had invited him to be present when his offer was presented to the seller, REALTOR® C had assumed that he had REALTOR® A’s consent for subsequent direct contacts with Client B. He stated further that he had a good rea-son for going alone because in his first visit to the client, REALTOR® A had undertaken to present his, REALTOR® C’s, offer without fully understanding it and had made an inept presentation. Questioning by members of the Hear-ing Panel revealed that there had been some important considerations that REALTOR® A had not understood or explained to the client.

The conclusion of the panel was that the consent of the list-ing broker required by Article 16, as interpreted by Standard of Practice 16-13, cannot be assumed, but must be expressed; and that REALTOR® C had violated Article 16 by negotiating directly with REALTOR® A’s client without REALTOR® A’S consent.

For more information, visit the Code of Ethics section at realtor.org

How long have you been an Affiliate with GCAAR? I have been a GCAAR Affiliate for almost three years.

What are some of the events you support? For the past two years, I have been a member of the Events Plan-ning Committee and have had the opportunity to support several events through GCAAR. One of the things I am most proud of as an Events Committee member is that last year I suggested providing a REALTOR® Fest booth to a nonprofit organization as a way of giving back. Also, this year will be the third consecutive year that I have represented Apex Home Loans at REALTOR® Fest. I also teach a Veterans Administration Loan CE class for REALTORS® through GCAAR.

Why do you continue to support GCAAR as an Affiliate? GCAAR is a great organization with a mission I feel strongly about supporting. As advocates for the real estate community, GCAAR is a huge resource for our local industry. The associa-tion provides lots of great networking opportunities which has given me the chance to greatly expand my contacts with local REALTORS®. I enjoy being active in helping the local real estate industry and helping grow my business at the same time.

Why do you think being a member of GCAAR is important? It’s an important organization to support as it acts as a unique resource for the real estate community. The opportunities to con-nect and network with experts in our industry, coupled with the feeling of doing good while part of a large organization, are just some of the reasons being a member of GCAAR is important.

AffiliateSpotlight

BrianWillinghamApexHomeLoans




It’s a DC Renewal Year Get Required CE Classes at

REALTOR® Fest July 20! Enjoy a day of education and networking with dynamic instructors and relevant courses to take your real estate career to the next level! Receive up to nine continuing education hours from Maryland, DC, and Virginia. You can also take advantage of a packed trade show with over 50 exhibitors, great food, and a silent auction. It’s an event you shouldn’t miss!

Register at realtorfest.com

Monday, July 208:00 a.m. – 8:15 p.m.

Bethesda North Marriott

5701 Marinelli Road, North Bethesda, MD

realtorfest.com

GCAAR Offers SmartCharts Pro™ as Member BenefitGCAAR is yet again leading the way by becoming one of the first MRIS associations to provide Smart-Charts Pro™ subscriptions (a $200 annual value) FREE to all REALTOR® members!

SmartCharts Pro™ subscriptions allow real-time access to hyper-local market statistics and market trends and insights.

6 CAPITAL AREA REALTOR® • May/June 2015

Why use SmartCharts Pro™?

We all know that the internet has

changed the real estate business in

many ways. Well over 95 percent of

customers and prospects actively use

the internet when selling or buying.

While there’s a good deal of helpful

information out there, there’s also a lot

of inaccurate information generated

by the AVMs (Automated Valuation

Models) featured on most consumer

websites.

That’s where SmartCharts Pro™ from

RBI comes in. SmartCharts Pro™

provides one-click access to vital LOCAL

market stats on any device: phone,

tablet, laptop, or desktop on demand.

SmartCharts Pro™ covers over 80 zip

codes and more than 600 subdivisions

across Montgomery County and the Dis-

trict so YOU become the Metro Market

Expert! Once a region, county, zip code,

or subdivision is entered, a dashboard

provides ready access to the market

data in one click. SmartCharts Pro™ is

derived from MLS transaction data and

provides easy-to-understand charts and

reports on any mobile, tablet, laptop, or

desktop screen. And, SmartCharts Pro™

is not just for working with sellers…

your buying prospects also need your

local market expertise.



How-do I get started?If you already have a “FREE” account for SmartCharts (The Basic Service): Your account has automatically been transitioned to SmartCharts Pro™ (free of charge). Your Username and Password for SmartCharts will remain the same, but the next time you log in, you will have access to all the features of SmartCharts Pro™ (interactive charts; ZIP/City/Subdivision stats; Market Gauges; Explore; etc.). If you’ve forgotten your username or password, click “Log In” at the top right of the site and then the “Forgot Password” link below the form. If you are a GCAAR member with an EXISTING SmartCharts Pro™ subscription: Your account has automatically been transitioned to the complimentary version of SmartCharts Pro™. The next time your account is up for renewal (meaning the next time your recurring payment is due), no charges will be incurred. As long as you remain a member of a participat-ing association, your SmartCharts Pro™ service will be free of charge. Your existing Username and Password for SmartCharts will not change. As part of the site license agreement between your association and RBI, refunds for past payments are not being issued. Please contact [email protected] if you have further questions.

“We constantly evaluate tools we make available to our members to make sure they’re competitive in today’s internet-driven marketplace,” said 2015 GCAAR President Suzanne Des Marais. “GCAAR covers both Montgomery County, Maryland as well as the District of Columbia, two national bell-weather markets. By equipping all of our members with SmartCharts Pro™, we seek to provide them with the tools they need to expand their local mar-ket knowledge, provide even better value-added customer service to sellers and buyers and, as a result, grow their businesses.”

Don’t TELL them how the market’s doing, show them!SmartCharts ProTM delivers accurate, timely market data in easy-to-under-stand charts and reports.

Show clients and prospects exactly what’s happening with pricing, sales, time on market, and other points of interest that will help them makesmarter decisions.

Who’s the market expert?You are!

SmartChartsismyprimarysource

ofinformationformyneighbor-

hoodandthecommunitiesIserve.

Regionaldatathatyoucanget

fromothersourcesjustdoesn’ttell

thetruestoryofwhat’shappening

rightaroundme.Thankstothedy-

namicdatafeedSmartChartspro-

vides,Icanshowreal-timeinfor-

mationonmyownwebsitesoIcan

bethebestresourceofinformation

formyclients,andcapturemore

leads.I’mthrilledasbothaGCAAR

Directorandanactivesalesperson

tohavebeenapartofbringingthis

valuabletooltoourmembersasan

addedbenefit.

— DavidBediz

2015GCAARDirector

“

”

FOR MORE INFORMATION about SmartCharts Pro™, please visit: getsmartcharts.com.

How do I get started?

8 CAPITAL AREA REALTOR® • May/Jun 2014

GCAAR CARES

GCAAR Cares Rebuilding Together® Rehabs Montgomery County Home

Rebuilding Together® Rehabs Montgomery County Home


thank YOU, our volunteers and supporters, for coming out to support GCAAR Cares 2015 Rebuilding Together® project in Montgomery County!

Special thanks to the following: House Captains: Bob Corbey, Captain; Monique Malabet, House Ambassador

Skilled Laborers: Vinnie Garabed - Vinnie’s Handyman, LLC, Hank May - Carpentry, Stuart Gordon - Freelance cameraman

Food Sponsors: Hutton Patt Title & Escrow Embrace Home Loans, Counselors Title

Each year, GCAAR sponsors a home that is in need of critical repairs and renovations for low-income homeowners through the non-profit organization, Rebuilding Together®. This year’s renovation day was Saturday, April 25 in Montgomery County with over 40 volunteer participants! GCAAR Cares Commit-tee member Robert “Bob” Corbey was this year’s Rebuilding Together® House Captain, with Monique Malabet serving as House Ambassador.

Many thanks to our Community Service Chair Chuck Clapper and the entire GCAAR Cares Community Service Committee and staff who coordinate this project every year, making a difference in our community. More importantly, we

We are grateful for your commitment to serve.

Congratulations to GCAAR’s Fair Housing Poster Contest winner for Montgomery County, Maya Bosse of Julius West Middle School in Rockville. Maya is the daughter of GCAAR Affiliate Lisa Bosse of Capitol Title. The Maryland Association of REALTORS® (MAR) and special guest Maryland Governor Larry Hogan announced the winners of the annual Fair Housing Poster Contest at a ceremony on April 23 at the Annapolis State House. Students representing 13 schools across the state received a certificate and a gift card co-spon-sored by BB&T Bank. As part of the contest, students were asked to illustrate the theme: Everyone Wins with Fair Housing. The contest allows school children to express their ideas creatively, while fostering the principles of equal opportunity in housing.

In addition to being GCAAR’s poster winner, Maya’s poster also will be the 2016 calendar cover! MAR will distribute the calendars statewide to promote the principles of fair housing.

Maya Bosse Represents GCAAR at MAR’s Annual Fair Housing Poster Contest

Congratulations Maya!Maya Bosse with from left to right: Mom Lisa Bosse, GCAAR CEO Mike Moran, GCAAR Cares Chair Chuck Clapper, 2015 GCAAR President Suzanne Des Marais.

Poster Winners & Maya with Governor Larry Hogan and MAR President Janice Kirkner.


technology

Social Media Strategies for Real Estate Professionals

The information in this article is offered by P. Joy Siegel, Esq., an attorney with Settlement Ink. You can reach her at [email protected].

You should not have two personal profiles such as Mary Smith and Mary Smith, REALTOR®. Two personal profiles violates Facebook rules and it is confusing to your friends. Although you may want to keep your business and per-sonal lives separate, in the world of real estate, business is based on personal relationships. Just make sure what you do on your personal profile is not a negative reflection on your real estate business. Your plan should be to engage with your sphere in a social manner under your personal profile. In using any social media the concentration should be on creating commonality between you and your friends and very occasionally sharing unique information about a property you have seen. The posting of listings should be avoided entirely. Rath-er, post a picture of a fabulous feature of the home or that you are hosting a wine and cheese at an open house and invite your friends to come visit you.

2. ONLY ONE PERSONAL PROFILE, PLEASE

Pick three social media platforms (Facebook, LinkedIn, plus either Instagram or Pinterest as your number three). Engage regularly and keep your profile up to date with current information. By far most agents report deepening connections with their sphere and new clients finding them by way of Facebook and LinkedIn.

3. PICK THE SOCIAL MEDIA PLATFORMS THAT WORK BEST FOR YOU

Using them is unrealistic and frustrating to buyers and sellers and doesn’t allow your personality to show. It is the equivalent of sending a body double to your own birthday party; everyone who knows you will know it isn’t you.

4. RESIST USING CANNED POSTS AND PICTURES OF EXOTIC HOMES

Be sure to create your own profile on YELP, Zillow/Trulia, and set up your notifications so you are aware if a review is posted. Reviews will help you be found in online searches more than you can imagine. Social Media Optimization (SMO) is rumored to eventually overtake search engine optimization (SEO). Negative reviews need to be addressed promptly and properly with a short and sweet explanation or apology for what went wrong.

5. CULTIVATE AND MONITOR YOUR TESTIMONIALS AND ONLINE REVIEWS

P. Joy Siegel, Esq., SettlementInk

Twitter is starting to be and probably will be the major source of real time news. Not a place to post listings, but a good source for getting news out in real time. I haven’t heard anyone actually get business from Twitter.

6. TWITTER: GOOD FOR NEWS, NOT FOR LISTINGS


Facebook is now strictly limiting posts from your Facebook business page to the Newsfeed, so chances are your page is not getting any exposure. Unless you are willing to spend money on regularly “boosting” your posts or you have a committed network of people that are actively engaging with you it is recommended that you delete the page. Spend your time and enthusiasm on expanding your network under your personal profile.

1. FACEBOOK BUSINESS PAGES – DELETE THEM!


GCAAR happenings

Procuring Cause

Speaker:AlMonshower,Esq.

Advertising Compliance vs. Personal Marketing

Speaker:ThomBrockett

SEPT. 9

OCT. 21

Meetings are held the third Wednesday of the month, noon – 2 p.m.

at GCAAR’s Rockville office, 15201 Diamondback Drive, Suite 100.

The events are free, but advance registration is required. L-R: Alexei Silverman, Esq., Jill Pogach Michaels, Esq. and Owen Jarvis, Esq., listen to questions.

Panel Covers “How Not to Get Sued” at April Broker/Manager ForumBroker/Manager Forums are free seminars available to GCAAR members who are brokers, associate brokers, or office managers. Mark your calendars for the remaining Broker/Manager Forums for 2015:

Jill Pogach Michaels and her legal team of Alexei Silverman and Owen Jarvis spoke to a captive audience on the topic: “The Top 5 Reasons You Can Get Sued and How to Dodge the Bullet” on April 15. Jill and team listed the top five reasons that land brokers and/or their agents in court, as well as how to avoid litigation.

The much anticipated “Coming Soon” signs have arrived! MRIS has released its require-ments concerning using “Coming Soon” on listings which applies to signs as well.

Coming Soon indicates that the broker and the seller are preparing the property for sale

and for marketing as Active status. This status is not intended to give the listing broker an advantage in finding a buyer for the property to the detriment of cooperating brokers or to circumvent the selling of the property on an open market. The intended use of this status is to provide a vehicle for subscrib-ers to notify other subscribers of properties that will be made fully available for showing and marketing after preparations have been completed. While the property is in Coming Soon status, the seller and the listing broker may not promote or advertise the property in any manner other than as “coming soon.” Properties in this status may not be shown. This status is for short-term use preparatory to Active status, 21 days or less, and must have a listing agreement and seller approval.

Coming Soon Signs Are Here!

membership corner

REMINDER: Upgrade Your SentriLock Card Utility Program Before August 31! A Card Utility upgrade will need to be completed by agents using older versions of the Card Utility program by August 31, 2015. The drivers that the old Card Utility versions use will no longer be supported by the major internet providers after that date.

As of March 25, 2015, when you put your SentriCard in a card reader to renew, it may inform you that you are using an old version of the Card Utility and you will need to upgrade. It will also provide you with the link to the updated version. Once you upgrade, the message box will no longer be displayed. If you are already on the updated version, you will not see this message box and will continue to update your card as usual.

For questions about SentriLock service call SentriLock Support at 877.736.8745 or send an e-mail to [email protected].

Thank you for being a valued GCAAR member!

GCAAR in the news

Indie Broker, Joe HimaliInman News April 30, 2015 “I started my business because I had values that were different from other brokerages.” — Joe Himali, 2009 GCAAR President

Sales, Prices and Inventory Are Up As Housing Market Gets Into Full Swing The Washington Post May 11, 2015 “Prices are going up, so people are making money, people are getting value…buyers are willing to pay now, but they want quality. They want to know that they have gotten something for their money.” — Bonnie Casper, MAR President-Elect, GCAAR Past President

Million Dollar Listings Flood DC Metro Market MRIS Press Release/PR Newswire May 12, 2015 “A million dollar home costs about $65,000 a year for principal, interest, taxes and insurance (PITI) …with a 20% down payment, a gross income of $200,000 and above would be neces-sary to get “jumbo” mortgage approval .” — Suzanne Des Marais 2015 GCAAR President

As Aging D.C. Rowhouses Are Renovated, Scores of Alleged Construction, Permit Problems The Washington Post May 7, 2015“There’s certainly a lot of people running around who see opportunity — developers and people who want to be developers — and take properties that haven’t been touched in decades and go up or back with them.” — Tom Daley, GCAAR Board Member

Two REALTOR® Associations to Provide RBI’s SmartCharts Pro™ as Member Benefit MRIS Press Release/PR Newswire May 5, 2015 — GCAAR featured

Inclusionary Zoning Sales Remain Skimpy The Georgetown Dish April 15, 2015 “It’s a very specialized niche for us, and it has required a significant amount of investment both in time and labor.” — Suzanne Des Marais 2015 GCAAR President


After a Faulty Home Inspection, Can Buyers Recoup Some Cash? The Washington Post June 5, 2015 — GCAAR mentioned

association news

GCAAR Featured on Realtor.com

GCAAR was recently featured on realtor.com’s REALTORS® Action Center, which draws over 30 million unique readers each month. The REALTORS® Action Center on realtor.com is a resource for consumers wanting to learn about home ownership issues.

GCAAR was selected because of its size and strong government affairs program. The article discussed how GCAAR is working with state and local officials, developers, and business leaders to make a rapid transit system a reality in Montgomery County, MD. Suzanne Des Marais, 2015 GCAAR President, said that one of the greatest benefits of a rapid transit system is that it would enable members of the local community to access affordable housing and more job opportunities. To read the article, go to: www.realtor.com/actioncenter/greater-capital-area-association-realtors- works-improved-transit-options/

495

495

495

95

270

Friendship Heights

Bradley Blvd

Bethesda

Cordell Ave

Medical Center

Cedar Ln

Pooks Hill Rd

Grosvenor

Security Ln

White Flint

Rock Sprin

g Dr

Rockledge Dr

Fernwood Rd

Montgomery Mall T

ransit Center

Tuckerm

an Ln

Edson Ln / Poindexter Ln

Executive Blvd

Hubbard Dr

Halpine Rd / Twinbrook

Templeton Pl

Edmonston Dr

Rockville

Mannakee StMongtomery College Rockville

Shady Grove

Gude Dr

Shady Grove Rd

Education Blvd

Brookes Ave

Odendhal Ave

Montgomery Village Ave

Watkins Mill Rd

Professional Dr

Middlebrook Rd

Germantown Rd

Shakespeare Blvd

Ridge Rd

W Old Baltimore Rd

Little Seneca Pkwy

Foreman Blvd

Shawnee Ln

Redgrave Pl

East Gaither

West Gaither

Crown Farm

DANAC

LSC CentralLSC West

LSC Belward

Kentlands

NIST

Firstfield

Metropolitan Grove

Germantown

Cloverleaf

Dorsey Mill

COMSAT

Universities atShady Grove

TravilleGateway Dr

Norbeck Rd

Broadwood Dr

Twinbrook Pkw

y

Aspen H

ill Rd

Parkland Dr

Randolph / Veirs

Mill

Connecticu

tAve

Newport

Mill Rd

Universi

ty Blvd

Connecticu

t Ave

Bluhill Rd

Randolph / Georgia

Glenmont

Arcola Ave

Wheaton

Amherst Ave

Inwood Ave

Forest Glen

Dexter Ave

Seminary Rd

Cameron St

Hewitt Ave

Connecticut Ave

Bel Pre Ave

Rossmoor Blvd

Norbeck Rd

ICC Park & Ride

Hines Rd

Olney Laytonsville Rd

Montgomery General Hospital

Glenallan Ave

Randolph / New H

ampshire

Colesville

Park & Ride

Fairland Rd

Arcola Ave

Dennis Ave

E Franklin Ave

Gilbert

St /

Piney Branch

Rd

Takoma-LangleyTransit Center

East-West Hwy

Eastern Ave

Northampton Dr

Oakview Dr

Hillandale Shopping Center

FDA - White Oak

Jackson Rd

Valley Brook Dr

Tech Rd

Fairland Rd

Briggs Chaney

Burtonsville Park & Ride

Oak Leaf Dr

Hillwood DrUniversity Blvd / US 29

Franklin Ave

Fenton St

East-West HwyMontgomery College Takoma Park/Silver Spring

Eastern Ave

Silver Spring

White OakTransit Center

Parklawn Dr

Holy Cross Hospital

Montgomery CollegeGermantown

SenecaMeadowsCorporate Park

Shops at Seneca Meadows

Map by Peter Dovak | [email protected]

Rapid Transit for Montgomery CountyGeorgia AvenueEastern Ave to Olney

MD 355Friendship Heights to Clarksburg

New Hampshire Avenue Eastern Ave to Colesville

N Bethesda Transitway Montgomery Mall to White Flint

Randolph Road White Flint to US 29

University Boulevard & Viers Mill Road Rockville to Takoma-Langley

US 29 Downtown Silver Spring to Burtonsville

Corridor Cities TransitwayShady Grove Metro to COMSAT

Mixed Traffic Segment

Station

Transfer Station

Rail Transfer Station

Map Key

Washington MetroRed Line

MARC Commuter RailBrunswick Line

MTA Light RailPurple Line

Rail Connections


Since 2011, GCAAR has been working on a number of fronts to make the rapid transit system a reality for the metropolitan area. GCAAR has been working with the legislature and transit planners to address a variety of issues, ranging from zoning to funding. It has also been working in the community and with local leaders to ensure that community members have a voice in addressing the transit system’s impact on community needs.


CAPITAL AREA REALTOR® • Nov/Dec 2014 13

Correct answers on page 26

??? quiz

Only 11 percent of buyers and 28 percent of sellers choose a real estate practitioner based on their previous experience with that person, according to research by the National Associ-ation of REALTORS®. Those numbers show that there’s plenty of room for improvement when it comes to garnering repeat business.


Q.1 You should give people time - several weeks at least - to get settled in a new house before delivering your closing gift. o True o False

Q.2 People are so busy today that you are likely to lose potential clients if you follow up with them more than once a year. o True o False

Q.3 According to the IRS, you can deduct up to $50 per couple for a closing gift. o True o False

Q.4 A customer-satisfaction survey of at least four pages is the best vehicle to elicit feedback because it will allow you to ask customers about every aspect of the transaction. o True o False

Q.5 It’s appropriate to include information about yourself and your achievements in your client newsletter. o True o False

Q.6 Consistency in follow-up marketing programs means that you should send the same piece to clients several times in a row. o True o False

Q.7 Developing a recommended list of vendors could create liability problems for you if the vendor fails to perform adequately. o True o False

Q.8 When you deal with an angry client, it’s best to wait a day or two before calling so that things will cool off. o True o False

Take this quiz to find out if you’re doing what it takes to keep customers for life.

KEEPING CUSTOMERS

FOR LIFE

14 CAPITAL AREA REALTOR® • May/Jun 201414 CAPITAL AREA REALTOR® • May/June 2015

MRIS Close It! • Produce accurate and editable Closing Disclosures

• Email, save, and share these reports with your clients

• Create multiple pricing scenarios with different setups for on-the-fly reporting

ShowingTime • Get quick and easy approvals for listing appointments

• Plot several showings along a route with Showing Cart to keep your day running smoothly

• Use the new 2-way text messaging and Showing Voice automated calls to confirm showings in less time

Take Your Business on the Road. Go Mobile with MRIS!

Did you know that you can update your listing’s price, status, expiration date or remarks with the new MRIS Mobile, search homes and view agent-only listing information using Homesnap Pro, schedule a showing through ShowingTime for the MLS or use MRIS Close It! to create a Closing Disclosure for your client – all from your mobile device? As an MRIS subscriber, you can use any of these mobile products – at no additional cost! They’re all included with your core MRIS subscription.

[email protected] | MRIS.com | MRISblog.com | Facebook.com/MRISonFB

If you find yourself away from the office more than you’re in it, we encourage you to try using these mobile apps and tools to help you manage your business while you’re on the go. To get the most out of these products, MRIS-U is offering our new training course: Go Mo-bile with MRIS. In this class, you will learn about these products that you can use as part of your core MRIS subscription.

MRIS Mobile - NEW • Easily keep your listing information as accurate as possible

• Upload, delete and replace listing photos right from your mobile device

• Update the most frequently updated fields quickly

• List Price

• Status

• Expiration Date

• Internet Remarks

Homesnap Pro • Search homes and view agent remarks, commission splits, showing instructions and more

• Use Rapid CMA to create quick and accurate reports to print and share with your clients

• Stay safe on the job with the Homesnap Safety Timer and Distress Alert

• Send a text from Matrix to view a listing in Homesnap Pro

Take full advantage of our mobile-friendly MRIS apps and tools to keep you working efficiently anytime, anywhere.

Visit MRIS.com/Training to find a free training class near you!

CAPITAL AREA REALTOR® • March/April 2015 15

director’s reportNAR

NAR’s Board of Directors meets twice a year to discuss and vote on changes to the functioning and regulation of your Nation-al Association. On occasion we also have the opportunity to change the direction of our industry.

This May we did just that by approving a Nationwide Broker Data Entry System to run through RPR®’s advanced Multi-list platform (AMP™). The system gives brokerages a single place to input their listing data for distribution on multiple platforms, including local MLSs, broker websites, realtor.com and any other end-points identified by the broker. Funded using NAR operating reserves (not to exceed $12 million), this initiative helps brokers maintain control of their listing data while creat-ing a single back-end entry point. Learn more about the system from the video posted on REALTOR.org.

Other new initiatives announced include a plan to support ‘boomerang buyers’ (owners who lost their homes in the reces-sion who are now back in the market) with lending, counseling, and other programs. We also established Community Outreach Awards for local and state associations doing exemplary work using NAR’s housing opportunity, smart growth, and diversity programs.

Continuing our work on existing initiatives, we approved the content of the first REALTORS® Commitment to Excellence, a concept which was approved at the November 2014 meeting. The Commitment to Excellence extends beyond the Code of Ethics to include REALTOR® participation in advocacy efforts, promoting healthy communities, maintaining professional edu-cation, nurturing excellent customer service, and more. To help oversee the Commitment, an advisory board of nine members of the Professional Standards Committee was created.

Updates to established programs are always necessary and this May’s meeting was no exception. The following were updated or amended:

• The member association application for new local Associ- ations was updated to address the associations’ obligation to meet NAR’s Core Standards.

• A new Core Standards Certification form is now required for local and state Associations.

• The MLS Policy Statement was amended requiring MLS changes mandated by NAR be implemented by January

Jamie Coley, 2015 GCAAR Secretary, NAR Director

1 of the following year, and for associations and MLSs to implement them within 60 days of their effective date.

• MLS participants may now augment IDX displays with property information from an outside source, as long as the source is identified in immediate proximity to the data.

• MLSs are now required to the timely process of requests for IDX data feeds and clarify the term “publicly accessible” sold information.

• NAR Code of Ethics and Arbitration Manual changes include shorter time frames for arbitration case administration, shifting the burden of initiating litigation from the prevailing party to the non-prevailing party, and several changes to what hearing panels and directors can do in the Code of Ethics case process.

Helping fight for the rights of our members is always top priority at NAR. This year we announced two grants to state associations (Texas and Missouri) totaling $3.5 million to advocate for ballot measures prohibiting any future imposi-tion of sales tax on real estate transactions. We also approved $180,000 in legal assistance to help two real estate companies fight a patent troll’s effort to extract licensing fees from them for their use of certain online search technology.

Always with an eye on the opportunities and threats coming down the road, the Board heard a summary of the Strategic Thinking Committee’s D.A.N.G.E.R. Report*, which covers 50 issues that keep brokers, sales associates, associations, and MLSs up at night. The biggest issues include loss of listing data control, new regulations, and dilution of the REALTOR® brand by substandard performance.

Looking back at a full week of meetings, where over 8,000 REALTORS® came to our Nation’s Capital to reflect on and advocate for their industry, I am more convinced than ever before of the power of our Associations to change real estate for the better.

Mark Your Calendars! for the REALTORS® Conference & Expo November 13-16 in San Diego

*D.A.N.G.E.R. Report – Definitive Analysis of Negative Game Changers Emerging in Real Estate

15


New Maryland LawsThe Maryland General Assembly has come to a close for its 2015 Session and several key changes for REALTORS® will be effective October 1 – see the highlights below. For a full run-down of all legislation reviewed by MAR and GCAAR, visit mdrealtor.org.

Continuing Education Changes Requires all real estate licensees to take the agency class every two years (rather than every four.) Licensees who need the broker supervision class must take that class every two years as well (rather than every four.) The total number of hours needed to renew your Maryland license has not increased - that is unless you hold a graduate degree in law or real estate. Those who met the partial exemption from CE requirements because of their advanced degrees will now have to take the full 15 hours.

MAR and GCAAR strongly supported this legislation and are confident it will improve the professionalism of our industry.

Montgomery CountyGCAAR Backs Affordable Housing Bill

GCAAR recently sent a letter of support for the “Develop-ment Impact Tax-Exemptions Bill.” The Bill allows devel-opments with at least 25% affordable housing units to be exempt from transportation and school development im-pact taxes. GCAAR strongly favors the concept of reducing the hefty Impact Tax burden on new housing and increasing affordable housing units.

We suggested lowering the percentage requirement of affordable units for the credit, which would make it pos-sible for smaller developers to partake. We also asked the Council to take into account the demand for three and four bedroom units in the County. Any incentives that could increase such units would be welcome in developments consisting mostly of studios and one bedrooms.

As Montgomery County becomes more economically diverse, it is critical that all residents have access to safe and affordable housing. GCAAR praises the Council for advancing legislation that aims to increase the stock of affordable housing!

Licensee Corporation FormationPermits real estate licensees to organize as any legal business entity with the consent of the real estate broker. Prior law limited real estate licensees to forming only professional service corporations or limited liability companies. Both MAR and GCAAR supported this bill.

New Home Financing ContingencyAllows the buyer or builder to terminate a contract if financ-ing is not obtained and requires the return of the deposit money. MAR amended the bill to clarify that if a licensed real estate broker holds the deposit money, the broker must follow current real estate law regarding its return.

Common Ownership Community Update: GCAAR Participates on Task Force to Find Solutions for High Delinquency Rates

GCAAR is participating in a dedicated Task Force charged to resolve issues threatening Common Ownership Communities (COCs) across the County. COCs are facing severe financial burdens, mounting debt, and operating issues primarily re-lated to unit-owner delinquencies. Issues include lack of FHA certification, regulation of utilities and amenities, condo board by-law amendments, and the State priority lien. GCAAR, along with community and government stakehold-ers, are diligently looking at ways to alleviate the difficulties COCs are having. Task Force members have already met with local and state legislators to tackle all sides of the problem. Over the next few months they more closely delve into ideas such as making foreclosures more efficient, amending COC by-laws and creating an ombudsman specifically geared to-wards condo associations.

Have ideas for solutions? Email [email protected]!


public policy


District of Columbia

DCAR Speaker Series: DCRA & Chairman MendelsonDCRA’s Legislative and Public Affairs Officer Matt Orlins joined DCAR in April for a one-on-one discussion of housing regulations and permits for District residents. Orlins gave attendees a full run down of the most pressing topics before the agency, including pop-ups and vacant properties.

His presentation also featured DCRA’s Property Information Verification System (PIVS) - an app that allows people to check on holds and reviews for properties. Access it now at pivs.dcra.dc.gov.

In May, DC Council Chairman Phil Mendelson gave REAL-TORS® a brief glimpse into the daily operation of the Council and filled us in on some of the major legislative issues coming across his desk. He touched on topics such as DC’s 2016 Budget, the role of the Attorney General in the District, and how government transparency is vital for maintaining public trust. He also hinted that there may be room to consider low-ering recordation and transfer taxes. We are confident that the current relationship between REALTORS® and the Council is strong enough put the issue back on the table!

We thank Chairman Mendelson and Mr. Orlins for directly addressing an extensive list of questions from our members and look forward to a continuing our discussions on real estate matters.

L-R: Christopher Suranna, Fred Bates, DCAR Public Policy Chair; Phil Mendelson, DC Council Chairman; DCAR Immediate Past President Bonnie Roberts-Burke, Jennifer Smira, Kirsten Williams.

DCAR President Ed Wood (right) with DCRA’s Legislative Officer, Matt Orlins.

GCAAR Welcomes New Emeritus Members!

CELEBRATING 40 YEARS

TheNationalAssociationofREALTORS®EmeritusstatusisgiventothoseREALTORS®who

have40yearsofmembershipinthenationalorganization.GCAARisproudtocongratulate

thefollowingmemberswhohavereachedEmeritusstatus:

DonnaEvers

RobertGoldfinger

ClaudeOwen

MarieShannon

public policy



on the HillREALTORS® Take Grassroots Approach to Federal Issues at Legislative MeetingsREALTORS® from across the country arrived in DC for the 2015 REALTORS® Legislative Meetings & Trade Expo in mid-May. Held at the Marriott Wardman Park Hotel, the week-long convention connect-ed real estate professionals with members of Congress to talk shop on federal issues. The big topic this year was tax reform, which is coming in 2017 according to Illinois Congressman Peter Roskam, who presented at a meeting of NAR’s Commercial Legislation & Regulatory Advisory Board. The Real Estate Settlement Procedures Act/Truth in Lending Act (RESPA/TILA) and new rules and documents for closing were also a focus of attention. NAR is urging the Consumer Financial Protec-tion Bureau (CFPB) to implement a grace period for those seeking to comply in good faith with the new rules set to go into effect August 1, 2015. NAR President Chris Polychron’s testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance clari-fied our position: “NAR is supportive of CFPB’s efforts to harmonize RESPA-TILA regulations, as long as it benefits consumers and the real estate transaction.”

The week was packed with visits to Congres-sional leaders on the Hill. In the mix were Maryland REALTORS® who visited the offices of Congressmen Chris Van Hollen and John Delaney, and Senators Barbara Mikulski and Ben Cardin.

District of ColumbiaKeeping DC Lead Safe: New GCAAR Online Resource

Disclose. Disclose. Disclose. But how to keep track of it all? We’re here to help, with GCAAR’s new tool for members: “Lead Laws Resource Guide in Washington DC.” The tool can be found on the gcaar.com Forms page, and includes:

• Information on the DC Lead Paint Disclosure Law (including the definition of Lead Paint Hazard and the most recent updates to the regulations)

• Lead Paint Disclosure Form (and instructions for completion)

• Understanding the District’s Lead Laws Guide (with FAQs for real estate professionals)

• Tenants’ Rights under the DC Lead Paint Disclosure Law (are you aware this needs to be given to all tenants?)

• Clearance check-lists, tenant relocation, and other forms

• A list of the DC Certified Lead Paint Abatement Companies and Lead Paint Consultants (including Certified Inspectors)—something many members have asked for!

Lead paint disclosure is a serious issue, and GCAAR wants to make sure you have the materials you need.

For more information on lead paint and other environmental issues, visit the

District Department of the Environment’s website at green.dc.gov.

REALTORS® Support Database of Affordable Housing Solutions DCAR recently testified in support of a bill to create a database of rent-controlled properties in the District. DCAR has consis-tently advocated for a streamlined online system where residents can have easy access to the location of DC’s affordable proper-ties. A comprehensive system would help residents find homes and give government officials a better framework to develop new affordable housing policy.

DCAR highly encouraged the District to use all available tech-nologies to cut down on implementation time, and noted the importance of a simple, user-friendly layout. We also advocated for the database to include ALL types of affordable housing units.

We commend the Council for taking a giant leap towards making affordable housing options more accessible to all District residents!

Learn more from realtor.org.

For full recaps of events and legislative summaries, keep an eye on realtoractioncenter.org and realtor.org!18 CAPITAL AREA REALTOR® • May/June 2015

public policy

CAPITAL AREA REALTOR® • May/Jun 2014 19CAPITAL AREA REALTOR® • May/June 2015 19

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Montgomery County Sales Market For the month of April, the combined (single-family and condo/coop) sales market showed a strong performance compared to April of 2014. The total unit sales volume came in at 1,016 properties, up 17% from a year before. However, the average sold price came in at $514,000 -- down about 0.5% from last year. Nevertheless, the median price of $405,450 jumped 1.4% from a year ago. Although unit sales were up strongly, properties turned over more slowly than a year ago. Average days on the market totaled 56, up 12 days from the previous April.

April Single-Family HomesFor the first four months of 2015, Montgomery County year-to-date settlements and contracts were up double-digits from a year ago. April year-to-date single-family settlements (2,312) came in almost 14% over the same period in 2014; and, year-to-date con-tracts (3,357) jumped over 15% from a year before. Moreover, the April monthly results were at least as impressive. Settlements (783) vaulted almost 21% compared to a year before; and, new contracts for the month (1,197) jumped up 13%.

Similarly, April inventory was up double digits from a year before. In April 2014, single-family active listings totaled 2,127 homes. At the end of this April, 2,452 property listings were 15% above those of a year ago. Although total actives are up signifi-cantly so far, at the April contracts pace, there was just slightly over a 2-months’ supply. This is early in the year, but it seems we continue to have a long-term shortage of supply.

While the unit sales pace has been up, we are continuing to see signs of price slippage from the yearly figures for 2014. In 2014, the average sales price was $576,205 and the median was $460,000. Through April, the average and median prices were $553,647 and $440,000, respectively. These are down 3.9% and

4.4% from the 2014 yearly prices. These price slippage rates are slightly lower than earlier this year, so the market will appreciate with the sales season. We’ll know more after the summer sales period.

April Condominiums and CooperativesThe April condominium and cooperative market has firmed up a bit from earlier in the year. For the first four months, there were 771 settled sales, and these were up 5.2% from a year ago. April settlements came in at 235-units, up 5.4% from last April. The picture for contracts was not quite as good, albeit improved over the earlier months of the year. April year-to-date contracts (974) rose 1.5% from a year before. But, the 305 new ones were up by only two contracts from a year ago.

On the supply side, April condo/coop inventory continues to substantially exceed the levels of 2014. Condo/coop active list-ings (677) came in almost 27% above the level of a year before. And, monthly new listings (399) rose almost 10% above the April 2014 figure. Nevertheless, at the monthly contract pace there was only a 2.2-months’ supply of properties. Supply has responded to the strong markets of the last couple of years, but levels are still below historical averages.

MONTGOMERY COUNTY & DC

housing statistics



by Fred Flick,PhD,Consultant/HousingEconomist

Although the early 2015 condo/coop market experienced some declining price appreciation rates, average prices have risen slightly through the spring. Through April, the year-to-date average price of $281,013 rose 5.5%; but, the $220,000 median slipped almost 1.4% from the 2014 median. (For 2014, the yearly average price of $266,285 was down about 1.4% from that of 2013; but, the median price of $223,000 rose 1.4%.) This year the median also should rise, as there is plenty of time for demand to perk up.

Washington, DC Sales MarketParalleling Montgomery County, the District of Columbia’s April combined unit sales pace was up double digits compared to a year before. Sold listings totaled 711 units, jumping almost 12%

from April a year ago. The average sold price came in at $624,195 -- up just over 1%; however, the median sold price of $524,900 was up 5%. Properties turned over at about the same pace as in April 2014.The average days on the market figure came in at 35, just two more than in March 2014.

April Single-Family HomesApril was solid for both single-family contracts and settlements, although the year-to-date figures were slightly less positive. April year-to-date settlements (1,161) edged up by 3%, but monthly new settlements (337) gained 4.7% over a year before. The per-formance of contracts was stronger. April year-to-date contracts (1,455) rose by 3.6% from a year ago. However, the monthly per-formance of single-family contracts (494) bumped up by 6.9%.

Looking at the supply, the DC April single-family inventory was somewhat above the levels of a year before. April active listings totaled 605 properties— up 4.5%. However, new single-family list-ings for the month (599) rose 7.3% from a year before. While this is a prime period of the selling season, the supply is still amazing-ly tight. As we have seen for several months, at the April contracts pace there continues to be only a 1.2-months’ supply of homes.

Even with the tight inventory, the DC average single-fam-ily price performance has slipped substantially from last year. For 2014, the average DC single-family home cost $750,771 with the median price at $620,250. This trans-lated to appreciation rates of 5.5% and 3.4%, respectively, above 2013 prices. However, through this April, the average price of $737,727 slipped by 1.7%; although, the median of $625,000 is still up slightly less than 1% from the 2014 prices..

April Condominiums and Cooperatives The DC condominium and cooperative market showed a positive unit sales trend during and through April. Year-to-date April settlements (1,099) edged up 2.7% and year-to-date contracts (1,404) rose 4.5% from a year ago. Moreover, April settlements (375) leapt over 21% from a year before; although,


monthly contracts (452) moved up only 3.2% compared to last April.

While sales have been solid, the April supply of listings was down about 1% from a year ago. Although the inventory has increased since February (491), total actives at the end of April totaled only 632 properties. And, at the April contracts pace, there was only a 1.4-months’ supply of properties. On the bright side for sellers, this shortage of supply seems to be contributing to modest recent price appreciation.

With tight supply, DC condos and coops have experienced positive appreciation rates. Through April, prices are still showing some upward movement. The year-to-date April average of $481,407 edged up 0.3%; but, the $430,000 median rose 3.6% from the 2014 figures. The tight supply has helped, although the average appreciation trend seems to be flattening out. In 2014, annual average and median prices were up 5.5% and 1.6% from their respective 2013 figures.

National Resale Market The national resale market has been on a roll and could beat

housing statistics


out recent years. Total existing home resales in March were 5.19 million units at a seasonally adjusted and annualized rate (SAAR). The monthly figure gained over 6% above February, and was 10.4% above the rate for March 2014. Also, the March median price of $212,100 increased 7.8% from a year before with the $257,400 average rising 5.1%. At the end of March there was a 2-million unit inventory (SAAR), which represented a 4.6-months’ supply of homes. This inventory was up 5.3% from February, and 2% above the March 2014 level. At the national level, the March months’ supply was still below the 2014 average figure of 5.2 months.

For the single-family resale market, March sales (4.59 million, (SAAR) rose 5.5% from the level of February, and were 10.9% above the pace of March 2014. Moreover, the single-family median price ($213,500) was up 8.7% from March 2014 and the average ($258,000) rose 5.7% from a year ago. In the existing condo/coop market, sales units (600,000 (SAAR) jumped 11% above the February figures, and were 7% above March 2014. The national condo/coop median price came in at $201,400 – edg-ing up 1.6% from a year before. The average price of $252,800 increased 1.3%.


Economic Growth and Jobs The Bureau of Economic Analysis’ advance estimate of first quar-ter 2015 real growth (economic growth rate minus the inflation rate) came in at a paltry 0.2 percent – that is, significantly less than one percent. This was a shock to the system, mostly blamed on bad weather in the Midwest and Northeast. The Bureau did caution that the data were still incomplete and are subject to further revision, which should be upward. However, the outlook among economists is what I would call “lukewarm” optimism. The fourth quarter 2014 real GDP growth was only 2.2%, although the third quarter increase was an outstanding 5%. The fourth quarter rate is more in line with what economists have been expecting as a yearly average.

The first quarter lower real GDP growth was due to a decel-eration in personal consumption; and, declines in exports, nonresidential fixed investment, and state and local government spending. These “negative” factors were partly offset by declines in imports, a rise in private inventory investment, and growth in federal government spending.

Because this first quarter number was weak, many analysts are still concerned that growth is too slow. Although most economists are somewhat bullish on U.S. growth, significant international barriers remain. These include slow to negative growth in the Eurozone countries and slowing growth in China, with its debt and real estate bubbles.

However, the April payroll employment report was extremely positive with 223,000 (SAAR) new non-farm jobs – a big improvement over March’s pathetic 85,000 new jobs. Also, the most recent household survey for the unemployment rate came in at a new low of 5.4% -- the lowest rate since the great reces-sion started. However, this rate is now at a level where many economists consider the economy close to “full employment” and they are fearful that further declines in unemployment may set off wage inflation.

Most economists feel the labor market is getting stronger but job losses in mining and extraction industries (i.e., oil-and-gas) are still occurring; although, the rate at which frackers are shutting down rigs is slowing.

Monetary Policy, Interest Rates and Inflation The Fed has slightly modified its language regarding future interest-rate hikes. It is indicating there will be increases but very vague on the exact timing. Speculators, of course, are betting, with most bets focused on the September meeting. Inflation has been trending down due to declines in energy prices, Europe is heading into another recession, and China has a housing bubble and slowing growth rate. China is lowering its internal bank interest rates, trying to support the economy. And, the European monetary authority is just starting to apply policies similar to the Fed’s quantitative easing policies of recent years.

Inflation has been and still is quite tame. The overall personal consumption expenditures index (the Fed’s preferred inflation measure) over the past year was up only 0.3%. Furthermore, when food and energy were subtracted out, that residual “core” inflation was only 1.3% over the past year (because gas and oil prices were declining). Accordingly, regardless of when the Fed pushes on short-term rates, it is likely to go slow to avoid derailing our modest prosperity.

One salubrious outcome of low inflation is that mortgage rates are still relatively low by historical standards. In the first week of May, Freddie Mac national surveys put the 30-year fixed conforming mortgage rate at 3.80% (up from 3.75% in the first week of March). The 15-year fixed averaged 3.02%, the 5/1-year ARM came in at 2.90% and the 1-year ARM was 2.46%. It is increasingly likely that the Fed will not push up interest rates over the next two months, but will wait until late summer or fall. The U.S. stock markets continue to maintain high values although volatility has persisted with frequent 100- to 200-point daily changes in the Dow Jones industrials. While some research shows that stocks can still hold on even with rising interest rates, it is bonds that are the most vulnerable.

The Bottom Line The recent improved job performance indicates the U.S. econ-omy should grow at about a 2% rate over the next year. Interest rates will rise but at a slow rate – short-term rates at 25 basis points per quarter (one percent per year). However, it will take another year of solid performance to get us back to the pre-re-cession levels of well being. The world is watching the Eurozone and China.

So far, national sales and price numbers show that this will be a pivotal year for the economy and our local housing market. Currently, for both Montgomery County and the District of Columbia, sales are up double-digits, with prices up or only slightly declining, depending on the market segment. While only economists would find comfort in these results, given the scarce inventory, GCAAR members are finding a way to get properties sold.


CAPITAL AREA REALTOR® • May/Jun 2014 2525 CAPITAL AREA REALTOR® • May/June 2015

Q

legal hotline

A

QUESTION: Is there a first-time Homebuyer credit in Washington, DC similar to the one in Maryland?

ANSWER: The short answer is no. In the State of Maryland, if you are buying a principal residence for the first time then you are exempt from paying your portion of the State Transfer Tax (.25% of the Sales Price) at settlement. There are no caps or limits as far as sales price and income are concerned. From 1998 to 2011, Washington, DC did offer a $5,000 tax credit when purchasing a principal residence in the District. The credit was a direct offset of any federal income tax owed to the IRS and could be used for up to five years if a balance remained from the previous year. A person would qualify for the program if they did not own a property in the District one year prior to the purchase. The amount of the credit was reduced for individual and joint taxpayers at certain income levels. This program has not been renewed since 2012. There are other programs that the District does offer, such as Tax Abate-ment, which are not strictly for first-time home buyers, but do offset certain closing costs and other expenses to make home ownership more affordable.

By Chris Darby, Tom Muldoon, and John Nalls of Counselors Title, LLC, and Pardo & Drazin, LLC, General Counsel

The answers provided here are the opinions of the authors, are for infor-mational purposes, and are only for GCAAR members. Neither Counselors Title, LLC, nor Pardo & Drazin, LLC is providing legal advice, but rather providing a general statement of law. No lawyer/client relationship is – or will be – established as a result of this material. Readers are encouraged to retain their own counsel for their specific questions. Answers may have been edited for formatting purposes.

Q

A

QUESTION: My buyer was unable to obtain a loan. When we sent over the release with the lender rejection letter the Seller refused to sign it because he wanted to keep $2000 of the earnest money deposit for home inspections repairs made. Can they refuse to sign the release?

ANSWER: Either party can make a determination as to whether they want to sign to a release or not, and that decision typically relates to the specific facts of the transaction. However, as stated in the Default para-graph (Para 23) of the Regional Contract (GCAAR Form #1301), if either Seller or Purchaser refuses to execute a release of deposit (“Release”) when requested to do so in writing and a court finds that such party should have executed the Release, the party who so refused to execute the Release will pay the expenses, including, without limitation, reason-able attorney’s fees, incurred by the other party in the litigation.

As far as wanting to maintain a part of the deposit for repairs made, there is nothing in the Home Inspection or Financing Contingencies, or elsewhere in the Regional Contract, that would obligate the Buyer to reimburse the Seller for these expenses incurred.

Q QUESTION: My client signed a contract using Paragraph 3 of the Addendum of Clauses (GCAAR Form 1332), entitled “General Inspec-tion Contingency (No Right to Negotiate.)” He is dissatisfied with the

inspection results and now wishes to void the contract. Is there a form by which he can do so?

AANSWER: If you are still within the time period agreed upon in the contingency, you may use Paragraph B of the “Home Inspection Contingency Notice and/or Addendum” (GCAAR Form 1344) to declare the contract void. While this form is used when parties negotiate Home Inspection Items, it may be used to void the contract as well.

Q

A

QUESTION: I am the listing agent for an estate. We are about to go to closing in a couple of days and the estate attorney is now telling the personal representative (PR), my client, that she should be signing a quitclaim deed and not the special warranty deed prepared by the title company. Is this the norm for DC? Do personal representatives sign quitclaim deeds and have their agents change the contract to reflect that? Do you recommend this or is it the norm for PR’s to sign the special warranty deed in DC?

ANSWER: In a special Warranty deed, the grantor (seller) covenants to warrant and defend the title against any claims and demands of the grantor and all persons claiming by, through, and under him or her. In other words, the grantor agrees to defend the title against any claims which arose during the term of their ownership. Since a personal representative is not the actual owner of the property and is representing the deceased owner, they are not necessarily in a position to make such a warranty. However, you are correct that Paragraph 16 (“TITLE”) of the Regional Contract (GCAAR Form 1301) requires the seller to provide a special warranty deed for DC and Maryland properties (for Virginia transactions, the contract requires a General warranty, which is a similar covenant but which extends to claims of all persons whatsoever) and thus, in the case of an estate, the contract should be changed if the personal representative is unwilling to provide a special warranty. If the contract is already ratified, the parties should amend it. On a related note, the warranty paragraph of a deed also typically contains a “further assurances” provision whereby the grantor agrees to execute such further assurances of the land as may be requisite. Often, buyers and title insurers will agree to removal of the special warranty language provided that this language is retained in the deed, so this may be a potential place of compromise for the parties.


1 – You should give people time - several weeks at least - to get settled in a new house before delivering your closing gift. FALSEGive your closing gift very soon after the closing, if not immediately after. In addition, call customers within a day or two of their move to see how they are doing and to offer referrals for plumbers, electricians, or other service vendors they may need.

2 – People are so busy today that you are likely to lose potential clients if you follow up with them more than once a year. FALSEPeople are busy, but their memories are short. You should follow up with referrals and past clients at least every 60 days. 3 – According to the IRS, you can deduct up to $50 per couple for a closing gift. TRUECurrent allowable deductions for business-related gifts are $50 per couple, $25 per individual.

4 – A customer-satisfaction survey of at least four pages is the best vehicle to elicit feedback because it will allow you to ask customers about every aspect of the transaction.FALSEExperts recommend no more than eight questions in a survey. Otherwise, the survey will be too cumbersome and it’s less likely that customers will respond.

5 – It’s appropriate to include information about yourself and your achievements in your client newsletter. TRUEAdding some newsletter stories about yourself gives people the sense they know you and offers a subtle way to promote yourself. But be sure that the vast majority of the content is centered on the needs and interests of your clients and prospects.

6 – Consistency in follow-up marketing programs means that you should send the same piece to clients several times in a row. FALSEThe consistency comes in repeating your marketing line and some graphic elements in each piece you send. Newsletters, door hangers, and brochures should all have a similar tone and look. To keep clients from becom-ing bored, vary the type of piece you send each month. Send a newsletter one month, a postcard the next, and make a personal phone call the third.

7 – Developing a recommended list of vendors could create liability problems for you if the vendor fails to perform adequately. FALSETo avoid liability problems, the key is to always include more than one vendor in each category, and let the homeowner make the final decision. If you have a full-scale concierge program, it’s also a good idea to have vendors you recommend sign a letter freeing you from all liability.

8 – When you deal with an angry client, it’s best to wait a day or two before calling so that things will cool off. FALSEAlways respond to complaints promptly; allowing time to elapse just lets resentments fester.

Answers to Quiz from page 13

KEEPING CUSTOMERS

FOR LIFE


education schedule

July 8, 2015GCAAR @ NVAR: MREC Agency - ResidentialCEU:3hoursMD(required) andDC(elective)Instructor:CounselorsTitleTime:9:30a.m.–12:30p.m.*NVAR–FairfaxOffice

July 8, 2015FHA FinancingCEU:3hoursMD,DCandVA(elective)Instructor:DebbieBenkertTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

July 8, 2015Unconventional TransactionsCEU:4hoursMD,DCandVA (elective)Instructor:MichaelGrossTime:12:30–4:30p.m.

July 8, 2015GCAAR@NVAR: Maryland Fair HousingCEU:1.5hoursMD(required)andDC(elective)Instructor:ChadOlder1:30–3:00p.m.*NVAR–FairfaxOffice

July 8, 2015Mortgage BasicsCEU:3hoursMD,DCandVA(elective)Instructor:DebbieBenkertTime:2:00–5:00p.m.*NARBuilding/3rdFloor

July 9, 2015Title InsuranceCEU:3hoursMD,DCandVA(elective)Instructor:AmyKleinTime:9:30a.m.–12:30p.m.

July 9, 2015Reverse MortgagesCEU:1.5hoursMD,DCand1hour VA(elective)Instructor:EricRittmeyerTime:1:30–3:00p.m.

July 10, 2015MREC Agency - ResidentialCEU:3hoursMD(required)and DC(elective)Instructor:DavidPolitzerTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

July 10, 2015New Member OrientationCEU:NoCEInstructor:ShahnazTehraniazadTime:10:30a.m.–12:00p.m.

July 10, 2015Maryland Code of Ethics and Predatory LendingCEU:3hoursMD(required)andDC

NOTE: All classes are held at GCAAR’s Rockville office unless otherwise noted.

July 24, 2015203KCEU:3hoursMD,DCandVA(elective)Instructor:ScottSheltonTime:9:30a.m.–12:30p.m.

July 24, 2015Working with InvestorsCEU:1.5hoursMDandDC(elective)Instructor:ChadOlderTime:1:30–3:00p.m.

July 27, 2015Home InspectionsCEU:3hoursMD,DCandVA(elective)Instructor:VimalKapoorTime:9:30a.m.–12:30p.m.

July 27, 2015MREC Agency - ResidentialCEU:3hoursMD(required)andDC(elective)Instructor:JacquelineTalpaTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

July 27, 2015Home Innovations and TrendsCEU:3hoursMD,DCandVA(elective)Instructor:VimalKapoorTime:1:30–4:30p.m.

July 27, 2015Maryland Code of Ethics and Predatory LendingCEU:3hoursMD(required)andDC(elective)Instructor:JacquelineTalpaTime:2:00–5:00p.m.*NARBuilding/3rdFloor

July 29, 2015Financing Issues/UpdateCEU:3hoursDC(required)andMD andVA(elective)Instructor:AlexPetersTime:9:30a.m.–12:30p.m.

July 29, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:JacquelineTalpaTime:1:30–4:30p.m.

July 29, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:TonyDuncansonTime:5:00–8:00p.m.

July 30, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:CammieReedTime:9:30a.m.–12:30p.m.*NARBuilding/2ndFloor

July 30, 20152010-2014 Maryland Legal UpdateCEU:3hoursMD(required)Instructor:ChuckKaskyTime:9:30a.m.–12:30p.m.

July 30, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:CammieReedTime:1:30-4:30p.m.*NARBuilding/2ndFloor continued, p. 28

(elective)Instructor:JillMichaelsTime:1:00–4:00p.m.

July 10, 2015Maryland Fair HousingCEU:1.5hoursMD(required)andDC(elective)Instructor:DavidPolitzerTime:2:00–3:30p.m.*NARBuilding/3rdFloor

July 13, 2015MREC Required SupervisionCEU:3hoursMD(requiredforbrokers,associatebrokersandofficemanagers)andDC(elective)Instructor:AlMonshowerTime:9:30a.m.–12:30p.m.

July 13, 2015MREC Agency - ResidentialCEU:3hoursMD(required)andDC(elective)Instructor:AlMonshowerTime:1:30–4:30p.m.

July 16, 2015Basics of Government Lending ProgramsCEU:3hoursMD,DCandVA(elective)Instructor:MichelleMathewsTime:9:30a.m.–12:30p.m.

July 16, 2015Renovation and Construction FinancingCEU:3hoursMD,DCandVA(elective)Instructor:CedricJohnsonTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

July 16, 2015Strategies in a Multiple Offer MarketCEU:1.5hoursMDandDC(elective)Instructor:SuzanneFeinsteinTime:1:30–3:00p.m.

July 17, 2015RPR BasicsCEU:NoCEInstructor:WinSingletonTime:10:30a.m.–12:00p.m.

July 17, 2015RPR AdvancedCEU:NoCEInstructor:WinSingletonTime:1:30–3:00p.m.

July 20, 2015REALTOR® FestCEU:Upto9hoursDC(required);9hoursMD(required);8hoursVA(required)Time:8:00a.m.–9:00p.m.*BethesdaNorthMarriottHotelandConferenceCenter

July 23, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:SuzanneFeinsteinTime:9:30a.m.–12:30p.m.

July 23, 2015Solving Sellers IssuesCEU:1.5hoursMDandDC(elective)Instructor:ColleenSmythTime:1:30–3:00p.m.


education schedule NOTE: All classes are held at GCAAR’s Rockville office unless otherwise noted.


July 30, 2015Mortgage BasicsCEU:3hoursMD,DCandVA(elective)Instructor:DebbieBenkertTime:1:30–4:30p.m.

July 30, 2015Financing Issues/UpdateCEU:3hoursDC(required)andMDandVA(elective)Instructor:MichaelChelstTime:5:00–8:00p.m.*NARBuilding/2ndFloor

July 31, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:ThomBrockettTime:9:30a.m.–12:30p.m.

July 31, 2015Maryland Fair HousingCEU:1.5hoursMD(required)andDC(elective)Instructor:ThomBrockettTime:1:30–3:00p.m.

August 3, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:NedRichTime:9:30a.m.–12:30p.m.

August 3, 2015Financing Issues/UpdateCEU:3hoursDC(required)andMDandVA(elective)Instructor:JimSemeynTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

August 3, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:JacquelineTalpaTime:1:30–4:30p.m.

August 3, 2015Mortgage BasicsCEU:3hoursMD,DCandVA(elective)Instructor:JamicaBrowneTime:2:00–5:00p.m.*NARBuilding/3rdFloor

August 5, 2015FHA FinancingCEU:3hoursMD,DCandVA(elective)Instructor:RussellRothsteinTime:9:30a.m.–12:30p.m.

August 5, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:JacquelineTalpaTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

August 5, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:JacquelineTalpaTime:2:00–5:00p.m.*NARBuilding/3rdFloor

August 6, 2015Financing Issues/UpdateCEU:3hoursDC(required);MDandVA(elective)Instructor:DebbieBenkertandChrisDarbyTime:9:30a.m.–12:30p.m.*NARBuilding/2ndFloor

August 6, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:JoySiegelTime:9:30a.m.–12:30p.m.

August 6, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:JacquelineTalpaTime:1:30–4:30p.m.

August 6, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:CounselorsTitleTime:1:30–4:30p.m.*NARBuilding/2ndFloor

August 6, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:CounselorsTitleTime:5:00–8:00p.m.*NARBuilding/2ndFloor

August 6, 2015Financing Issues/UpdateCEU:3hoursDC(required)andMD andVA(elective)Instructor:ChaninWislerTime:5:00–8:00p.m.

August 7, 2015Maryland Code of Ethics and Predatory LendingCEU:3hoursMD(required)andDC(elective)Instructor:AlMonshowerTime:9:30a.m.–12:30p.m.

August 7, 2015RPR BasicsCEU:NoCEInstructor:WinSingletonTime:10:30a.m.–12:00p.m.*NARBuilding/3rdFloor

August 7, 2015Maryland Fair HousingCEU:1.5hoursMD(required)andDC(elective)Instructor:AlMonshowerTime1:30–3:00p.m.

August 7, 2015RPR AdvancedCEU:NoCEInstructor:WinSingletonTime:1:30–3:00p.m.

August 10, 20152011-2013 Maryland Legislative UpdateCEU:3hoursMD(required)andDC(elective)Instructor:CaroleMaclureTime:9:30a.m.–12:30p.m.

August 10, 2015Financing Issues/UpdateCEU:3hoursDC(required)andMDandVA(elective)Instructor:JamicaBrowneTime:10:00a.m.–1:00p.m.*NARBuilding/3rdFloor

August 10, 2015Maryland Property Conditions DisclosureCEU:3hoursMDandDC(elective)Instructor:MaryChieppaTime:1:30–4:30p.m.

August 10, 2015Understanding Credit Reports, Scoring Models and How to Improve CreditCEU:3hoursMD,DCandVA(elective)Instructor:MichaelChelstTime:2:00–5:00p.m.*NARBuilding/3rdFloor

August 12, 2015DC Fair HousingCEU:3hoursDC(required)Instructor:CounselorsTitleTime:9:30a.m.–12:30p.m.

August 12, 2015Financing Issues/UpdateCEU:3hoursDC(required)andMD andVA(elective)Instructor:DebbieBenkertand ChrisDarbyTime:1:30–4:30p.m.

August 12, 2015DC Legislative UpdateCEU:3hoursDC(required)Instructor:CounselorsTitleTime:5:00–8:00p.m.

August 13, 2015New Member OrientationCEU:NoCEInstructor:ShahnazTehraniazadTime:10:30a.m.–12:00p.m.

August 13, 2015Maryland Code of Ethics and Predatory LendingCEU:3hoursMD(required)andDC(elective)Instructor:JillMichaelsTime:1:00–4:00p.m.

August 13, 2015203KCEU:3hoursMD,DCandVA(elective)Instructor:CedricJohnsonTime:1:30–4:30p.m.*NARBuilding/3rdFloor


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CAR May/June 2015

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