December 2014 Inside this Issue: President’s Message
1
Month-at-a-Glance
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NAR Update
4-5
Classes/Events
7-9
Membership News
10-11
CREST
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Local Market Update
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Legal Corner
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Community Action
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PRESIDENT’S MESSAGE It has been an honor to serve as the president of WRAR this yyear. I enjoyed the experience, and want to thank all of the ggreat people involved in this association who work hard to make things happen. m We have a great Board of Directors who make careful deciW ssions about current issues and long-term planning to keep our board on the right track. o Our committee members and chair people who plan events O and make sure they go off without any problems. Months of a planning go into successful events and professional develp opment programs. We’ve been recognized by our state and national association for Government Affairs accomplishments. Our Community Action Committee has had a number of successful drives that have had a great impact on our community. Our Grievance and Professional Standards committees have done a great job as well. Our business partners make all of these programs possible and are committed to the success of our members. Our Board staff works closely with all of these committees to plan & promote these events, and run our day-to-day operations. There are always lots of things happening, but they somehow keep up with everything.
WRAR Mission Statement The purpose of the Worcester Regional Association of REALTORS® is to: * Provide members with the resources that enable them to serve the public in an ethical and professional manner * Take an active role regarding issues affecting sellers, buyers, tenants and landlords.
The most important part of our association is our members. I appreciate your commitment to our Code of Ethics, homeownership, and professionalism in our industry. As President, I attended all of this year’s orientations and swore in over 150 new REALTORS®. I am proud to welcome them to our great association, and I hope they and all of our members use the valuable resources we provide. I am grateful to all of you in helping to make 2014 an exceptional year. Thank you again for all of your hard work. This is my last newsletter as president. It’s been a great experience, I encourage all of you to get involved. Next week we’ll install Brad Roberts as our 2015 President, it’s going to be a great year. Wishing you and your Families a happy Holiday Season & a prosperous 2015!
Dave Dave Stead 2014 WRAR President
Worcester Regional Association of REALTORS®
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WRAR MONTH-AT-A-GLANCE December 2014 Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
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2
3 9-10 Prof Dev Comm Mtg 9:30-3:30 MLS PIN Training
4 5 11:30 Installation 10:30 Lunch & @ Wachusett CC Learn w/Fairway Mortgage
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7
8 MAR Installation Sturbridge Village
9 8-2 CEU Classes 4:30 Gov’t Affairs Comm Mtg @ Chucks
10 9:30 Finance Comm 10:30 BOD
11 2-4 Bus Builder: Self Defense for the Real Estate Professional
12 13 12-2 Membership Comm Mtg
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15
16 9:30-3:30 MLS PIN Training
17 11:30-2 Lunch & Learn w/Contour Mortgage
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19 8-2 CEU Classes
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24 Christmas Eve
25 Christmas
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27
WRAR CLOSED 28
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31 New Year’s Eve
Save the Date January 8, 2015 January 24, 2015
Business Builder: Paperless Transaction Forum & Hands on Demo 2:00 - 4:00 pm Prelicense Class Begins
Worcester Housing Authority Announces 500-plus new Section 8 Vouchers
The Worcester Housing Authority will be issuing 500 new Section 8 Vouchers, and is looking to partner with local landlords. Those interested are invited to attend an informational session on Tuesday, December 9 at 6:00pm in the Community Room at 40 Belmont St. For additional information, visit www.gosection8.com http://worcestermag.com/2014/12/01/worcester-housing-authority-announces-500-plus-new-section8-vouchers/29412
Worcester Regional Association of REALTORS®
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2014 VIP SPONSORS
Find the money you need with a NextDoor Lending home Bank. credit Only at Southbridge Savings Bank equity line of credit. • 2.99% 2. % fo 2. forr liline ness gr ne g eaate ter than an 80% LTV • FFiina nanc n iinng op o tiions onns up to 900% off you ourr pr primar aryy resi ar res dence’ss va re valuue mi minu nuss yyo nu your u fifirrst ur st mor ortg ortg t ag agee bala ba ala lanc ncee nc • Di D scouunnttedd rat a e foor 122 monntthhs • Lo Low w mi m ni n mu mum paym paaym y en entt of int nter eres er estt oonnnly es l dur ly u in ing th the dr draw aw w per erio i d io • Fi Finnaanc n ing op ption titioonns avai avvaaiila labl blle on own b w er er-o -occ ccup upie ied, d pririm ima mary ry res es nce esiden ces and se seco condd hom mes • No annnua ual fees e , noo poi o nt nts
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1-800-939-9103 | www.southbridgesavingsbank.com *O Onlyy closingg cost will be an app ppraisal pp fee from m $1 $130 30 to $4 $425 25 tha hatt wi willll be co collllec ecte tedd at tim imee of app pplilica catition on and n will be refunded within one week of loan disb di sbur urse seme ment nt. No oth ther p points or closingg costs. The appraisal pp fee is forfeited on withdrawn or denied applications. pp Borrow upp to 90% of your y appraised pp value minus yyour first mortgage g g balance on Home Equity q y Lines of Credit (HELOC). Interest Rate/APR: Introductoryy rate of 1.99% for twelve months for lines less than or equal q to 80% LTV, followed byy a variable Prime Rate as p published in the Wall Street Journal plus p 0% with a floor rate of 3.25% and a maximum rate of 18.00%. Introductoryy rate of 2.99% for twelve months for lines greater g than 80% LTV,, introductoryy rate is 2.99% for twelve months followed byy a variable Prime Rate as p published in the Wall Street Journal plus p 1.00% 1 00% with a flfloor oor rate of 44.25% 25% and a maximum rate of 18% 18%. Introductoryy rate program p g requires q a minimum draw of $10,000 at time of closing. g Payments y do not include taxes or insurance ppremiums. Proof of homeowners insurance is required. q If a HELOC is closed within the first three yyears an earlyy termination fee equal q to 1% of the credit line will be charged. g No termination fee charged g on 1st lien HELOC’s. Consult a tax advisor regarding g g the deductibility of interest and charges under the plan. Available on owner occupied primary residences and second homes. Loan offer is subject to credit approval.
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NAR TO DRAFT MEMBER CODE OF EXCELLENCE NAR Board of Directors Takes Action at NAR Conference in New Orleans As part of a wide-ranging set of recommendations to raise the bar on REALTOR® professionalism, the NAR Board of Directors at its Nov. 10 meeting in New Orleans approved the drafting of a proposed aspirational Code of Excellence to be brought to the board at a future meeting for approval. The goal is to raise the practice of real estate measurably through increased training in the competencies that consumers value. These competencies include the stewardship of property listing data, privacy and security of consumer information, advocacy of property rights, community involvement, and technology.
half going to federal campaigns and half to state campaigns. IEs are election advocacy efforts that are required to be conducted independently of (i.e., not in coordination with) candidates’ campaigns.
Issue Mobilization “Skin in the Game” Requirement State and local associations will have to put up some of their own funds under a “skin in the game” policy to receive NAR issues mobilization grant funds. The amount depends on the size of the grant request. The contribution can include funds from coalition partners and can also come in the form of non-financial resources such as staff and volunteer hours.
The board also approved a change to the issues mobilization application form for local associations to require the state as“This is the first step in a process for the continuing improve- sociation to indicate its support or opposition to the application. ment of our profession,” said NAR President Steve Brown.
Help with State Tax Reform Battles
The provision was passed after extensive debate on the floor Separately, the board approved $486,250 in grant funds to of the meeting. Related provisions were also passed. These in- the North Carolina Association of REALTORS® to preempt tax clude provisions that would do the following: reform efforts by the state and $294,500 to the Minnesota Association of REALTORS® to protect MID from tax reform efforts Change the frequency of NAR’s Code of Ethics educational re- in that state quirement from every four years to every two years, starting in 2016; add a biennial Code of Excellence education requirement; Unmanned Aerial Vehicle Policy Set and mandate continual updating of the training. Help its members strive to be proficient in data content and To help the association stay ahead of unmanned aerial vehicle, or drone, technology, the board adopted a policy statement in have efficient access to the broadest range of data available. Develop an industry standard that would allow consumers to support of the safe and responsible use of the technology by members and to work in support of that as federal regulators evaluate REALTORS® fairly and accuratel write rules for the technology. In the meantime, the association will continue efforts to educate members that use of the RPAC Fundraising Revamp technology for commercial purposes without a permit remains The board also approved broad changes to the association’s prohibited. fundraising program for the REALTORS® Political Action Committee (RPAC). The changes include replacing the long-standing fair-share contribution system with a needs-based funding goal. Continued Monitoring of Student Debt Starting in 2015, National RPAC Distribution Trustees will set a Student debt is an industry concern but the link between that two-year election cycle goal for review and endorsement by the debt and the ability to buy a home needs more research. The National RPAC Fundraising Trustees and then for submission to board set a policy that focuses on the continued monitoring of the NAR Leadership Team, Executive Committee, and Board of the issue along with support of legislative and regulatory efforts Directors. With the change, the 70-30 percentage split between to promote education and disclosure requirements to help stuthe states and national association is eliminated with the excep- dents. tion of the Major Investor program.
GRI Program Updated
The change also includes a single national RPAC fundraising goal for all associations, which can be reached with RPAC hard or soft dollar receipts. Hard dollar contributions go directly to candidates’ campaign efforts and are capped at $5,000 per election. Soft dollars go to efforts conducted separately from candidates’ campaigns and are unlimited.
To help preserve the value of the Graduate, REALTOR® Institute (GRI) designation, the board approved changes to the program’s curriculum and process. Among other things, members can take no more than five years to complete the coursework, members can substitute exam and experience for no more than half a state’s course requirements, and the accreditation process will be based on an online audit rather than a peer review.
The revamp also includes a program for soliciting funds from MLSs for use in independent expenditure (IE) campaigns, with Worcester Regional Association of REALTORS®
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NAR TO DRAFT MEMBER CODE OF EXCELLENCE Legal Assistance Provided
Dues Proration Policy Adjusted
The board approved $295,000 in legal assistance to help defray The board tweaked its dues policy so that proration is allowed costs to associations, MLSs, and brokerages in four cases, each for a new member only when the member didn’t hold memberinvolving copyright or patent infringement actions. ship, either as a REALTOR® or REALTOR®-associate, in the prior calendar year.
California Professional Standards Pilot Extended
The board extended for another five years, until the end of 2019, REALTOR.com® a California Association of REALTORS® Code of Ethics enforce- The board heard a report on the acquisition of realtor.com® opment pilot program. Under the program, a panel of CAR direc- erator Move Inc. by global media company News Corp. tors will review decisions in which suspension or termination is imposed to determine whether “lateral discipline” will be ad- .REALTOR, .Realestate, .RPR ministered by other local REALTOR® associations to which the member belongs. It also heard reports on the success of the new .REALTOR toplevel Internet domain, and NAR’s acquisition of the .realestate Professional Standards Processes Improved domain. Reports were also given on NAR’s property database To make the enforcement of professional standards more effi- company RPR, which has extensive data on 166 million parcels cient, the board approved changes to the Code of Ethics and of property and has rolled out a mobile app, called RPR Mobile. Arbitration Manual, Professional Standards Policy Statement, and other professional standards documents, that accomplish New Insurance Committee the following: The board created a 42-member Insurance Committee to monitor legislative and regulatory matters involving property/casu• Clarify the role of alternates in professional standards hear- alty, flood insurance, natural disaster, terrorism, and other insuring panels ance issues. • Shorten time frames and clarify guidelines for ethics enforcement administration Recognition • Establish a “fast track” administrative timeline for resolving The board recognized this year’s two Distinguished Service ethics complaints Award (DSA) recipients, Mike Brodie of Plano, Texas, and James • Eliminate “rehearing” provisions Helsel Jr., of Camp Hill, Pa. This year’s William R. Magel Award • Expand authorized use of “remote” testimony, and provide for outstanding association executives went to Bill Martin, CEO guidance on ensuring its confidentiality of the Michigan Association of REALTORS®. • Limit the use of continuances of ethics hearings to certain specified instances • Require persons primarily responsible for administration of Election Changes professional standards processes to complete administra- After the meeting the NAR Delegate Body met to approve Constitutional changes to the way the association’s officers are electtor training every four years • Establish the responsibility of associations to offer ombuds- ed. The changes set forth election procedures and replace the man services to members, clients, and consumers, either Nominating Committee with a Credentials and Campaign Rules Committee. directly or as part of a cooperative agreement • Establish a citation system and schedule of fines for optionThe Delegate Body also approved clarification that the date of al adoption by local and state associations service requirement for REALTOR® Emeritus Status starts in 2015.
Online Data Competitiveness
The board approved changes to help ensure MLS data is as accurate and timely as possible and that MLS participants can continue to compete with other online sources of property information. Among other things, the changes:
• • •
Increase the frequency of MLS data updates to no less than every 12 hours, down from every three days Enable MLS participants to display IDX information from all MLS IDX feeds where they hold participatory rights, allowing consumers to execute a single property search This article was reprinted form the www.realtor.org website Permit the display of MLS sold data for IDX display where (http://www.realtor.org/articles/board-directs-nar-to-draft“sold” information is otherwise publicly accessible member-code-of-excellence).
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2014 VIP SPONSORS
We work hard for our clients and have developed a solid reputation for honesty and creativity and have built a track record of success that speaks for itself. •R Residential mortgage loan closings for lenders and borrowers •B Buyer and Seller Representation John “Jayâ€? Barron, Esq. 53 East Central Street | Worcester, MA 01605 | www.centralmasslaw.com Tel: 508-755-5779 | Fax: 508-755-7363 | Email: jbarron@centralmasslaw.com
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INSTALLATION OF OFFICERS & DIRECTORS
Say “Congratulations” Business Sponsor: Business Card Ad in Program - $50 Friends Sponsor: Name & Company in Program - $25
Registration closes on Friday, November 21.
11:30 am
Registration & Cocktails
Enjoy the music of James Dower, pianist, singer & composer
12:45 pm Buffet Luncheon & Program
Keynote Speaker: Tim Murray, President & CEO, Worcester Regional Chamber of Commerce, Former Lieutenant Governor of Massachusetts
Member Pricing: $35 Nonmember: $40 Table of 10: $330 Platinum Sponsors: Fairway Mortgage, Auburn * Southbridge Savings Bank * The Mortgage Buddy Gold Sponsors: Bank of Canton * Cahn & Barron, LLC * DCU * Forward Financial Services The Law Office of Jess Albino * MLS PIN * Prospect Mortgage * Security First Mortgage Silver Sponsors: Law Office of Harry P. Kotseas, P.C. * Shamrock Financial Corporation
D E S LO
For more info or to register, contact Jacki D’Innocenzo at 508-832-6600 or via email jdinnocenzo@wrar.org. Register online at www.wrar.org
C N O AT I
Contact Name:________________________________________________________ Company:____________________________________________ Billing Address:_________________________________________________________ City/State/Zip_________________________________________
R T S I EG
Phone:___________________________________________ Email:___________________________________________________________________ No. of Tickets: __________ or Table of 10__________ (if you are purchasing a table, you MUST include names of registrants on a separate sheet.) Amount Due__________
R
____Check
____American Express
____Discover
____MasterCard
____Visa
Card No_____________________________________________________________________________ Expiration_____________________________ Signature_________________________________________________________________________________________________________________
Worcester Regional Association of REALTORS®
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PROFESSIONAL DEVELOPMENT You’re Invited! Lunch and Learn with Bill Murphy of Fairway Mortgage CEU Course: RE25R08 Financing
The Worcester Regional Association of REALTORSÂŽ
492 Washington St. Auburn, MA 01501
December 5th 2014 11:00 AM – 1:00 PM (Registration 10:30 AM) Lunch and refreshments will be served courtesy of Attorney Jessica Albino RSVP ONLINE: http://www.wrar.org/events.html
Finish your year strong and position yourself for a great start to 2015!
What to Expect: x
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Hosted by: Bill Murphy of Fairway Independent Mortgage – CMP Jessica Albino of the Law Office of Jessica L. Albino Center for Real Estate Studies & Training This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. Š2014 Fairway Independent Mortgage Corporation NMLS ID#2289 (www.nmlsconsumeraccess.org) EQUAL HOUSING LENDER.
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Business Builders
PROFESSIONAL DEVELOPMENT Business Builder brought to you by our Professional Development Committee:
SELF DEFENSE for the Real Estate Professional
A monthly educational series brought to you by the WRAR Professional Development Committee
r ilde s Bu o a s e u s i n red int aB e ! LET ttend e ente ear, on B A a b T y ! l u l T i A e o E h w y WIN time name nd of t a TABL h Eac , your t the e eceive s r clas ing. A r will e w dra y winn luck
Date: Time: Place:
Thursday, December 11, 2014 2:00-4:00 pm WRAR 492 Washington St. Auburn Price: FREE to WRAR Members Taught by Professor Glenn Savoy of Ninja Self Defense Edu. Consulting This program is part of a comprehensive effort to prevent sexual assault and other acts of interpersonal violence and boundary violations. It has been designed especially for REALTORS速 to increase agents' awareness and self defense skills, potentially saving him or her from harm. REALTORS速 are targets on the job because they are crimes of opportunity. Perpetrators target real estate professionals because they know they carry a phone, purse, or wallet, and are often alone. The nature of the job, showing vacant properties in isolated situations with strangers, further puts agents at risk. The past several years have been some of the most dangerous on record for real estate professionals
This event is sponsored by: Bank of America, N.A.
Equal Housing Lender
.......................................................... Sign me up ! Return this form via fax to 508-832-6620 or email to lwalls@wrar.org. You may also enroll online at www.wrar.org Name ___________________________________________________________________________________ Address__________________________________________________________________________________ City/State/Zip_____________________________________________________________________________ Phone______________________________________ email_______________________________________
Worcester Regional Association of REALTORS速
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MEMBERSHIP NEWS New Applicants Edwin Baduski Brenda Jacques Tanya Medina Jamie Mondino
Houde Real Estate ERA Key Realty Services Houde Real Estate Salisbury Management
New Members Gina Chrostowski Bruce Cononico Thomas Creeden Zachary Dombroski Justine Eden Kirsten Gaskell Beverly Giarrusso Daniel Gladek Grace Golden Karen Guerin Kurt Hansen David Hodgdon Sean Horman Dawn Lavallee Tanya Medina Brian O’Neill Courtney Pajak Donald Richards Joseph Romeo Jonathan Russo Geralyn Schad Mary Ann Shaw Robert Shaw Farrah Soufiani
Keller Williams Realty Emerson Realtors Coldwell Banker Emerson Realtors Mendon Area RE Sullivan & Company RE Century 21 Center Home Team Exit Realty Partners Coldwell Banker Houde Real Estate McParland Realty Millennium Realty Houde Real Estate Keller Williams Realty Houde Real Estate Premeer Real Estate Keller Williams Realty Houde Real Estate Romeo Real Estate Co. Coldwell Banker Coldwell Banker ERA Key Realty Service ERA Key Realty Service ERA Key Realty Services
Marlboro Whitinsville Marlboro Boylston
Worcester Auburn Shrewsbury Auburn Mendon Brimfield Sterling Worcester Sterling Marlboro Shrewsbury Mendon Marlboro Worcester Marlboro Uxbridge Worcester Marlboro Leicester Worcester Northboro Auburn Auburn Worcester
Agents Transfered Offices Janet Andreson Andrea Bibi Northboro Linda Layman Sophia Lengyel-Cook Paul Murphy Denise Noyes Beverly Rogers
Coldwell Banker Res. Brokerage Northboro Exit Beacon Pointe Realty
Coldwell Banker Res. Brok.Park Worcester Coldwell Banker Res. Brokerage Sturbridge Coldwell Banker Res. Brok. Park Worcester Coldwell Banker Res. Brok. Park Worcester Susan Meola Properties, Inc. W.Boylston
New Affiliates Lisa Arcangeli Fidelity Bank Jeremy Nowicki Kristen Walther Mike Dutra Amy Tierce
9 Leominster Connector Norcom Mortgage 71 Main Street Norcom Mortgage 71 Main Street Wintrust Mortgage 175 Highland Avenue Wintrust Mortgage 175 Highland Avenue
Leominster Sturbridge Sturbridge Needham Needham
Offi ce Name Change New office name change: For Sale For Owner Realty Inc. (formerly James C. Haynes Realty)
WRAR President Dave Stead (far right) with our newest REALTOR® members at the November New Member Orientation.
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MEMBERSHIP NEWS Scholarship Raffle
Our Young Professionals Networking Group is holding another raffle in support of the WRAR Scholarship Fund. As most of you know, the Scholarship Fund exists to help children and grandchildren of REALTORS® and Affiliate members to help further their education. Scholarships are awarded each spring. In 2014, we gave $4,000 ($1,000 each) to children of WRAR members. To build up our 2015 Scholarship Funds, we will be selling raffle tickets for $25 each. The winner will receive the use of a cottage in Ogunquit, ME, for the week of June 13th through June 20th, 2015. This holds a $1,300 value. For more information and pictures, visit http://www.homeaway.com/vacation-rental/p365187.
Thank you to Bryan Larson of Fairway Mortgage, Boston, for the generous donation of the cottage. To purchase a ticket, call Lisa Sprague, Membership Manager, at 508-832-6600, ext. 230, or email Lisa at lsprague@wrar.org.
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An Equal Housing and Opportunity Lender
Richard McNally MLO# 21892 Cell: 508-523-7971
Brian Tankersley MLO# 32634 Cell: 508-847-2532
APR is based on a 30-year mortgage with a 20% down payment. There would be 360 payments of $484.65 on a 30-year, $100,000 loan.
Kelly Lizotte MLO# 32750 Cell: 508-523-6409
Worcester Regional Association of REALTORS®
Bruce Jackson Varner MLO# 752600 Cell: 347-615-4444
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Anne Marie Rafferty MLO# 566034 Cell: 508-864-9216
Michael Morcone MLO# 1059166 Cell: 774-766-0257
Price Carter MLO# 923789 Cell: 617-283-6658
www.wrar.org
CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for December All classes are held at the Worcester Regional Association of REALTORS® CREST School, 492 Washington Street, Auburn, MA 01501.. We also hold periodic classes at the Fidelity Bank Building, 478 Mechanic Street in Leominster. WRAR Members in good standing receive FREE LOCAL CEU’s! Tuition for non-members is $20 for each 2-hour CEU. You may register for classes online at www.wrar.org or by calling the WRAR office at 508-832-6600.
Auburn, Tuesday, December 9 Time
Instructor
Course Code
Course Title
8:00 - 10:00
Brad Roberts
RE41R05
Real Estate Advertising
10:00 - 12:00
Brad Roberts
RE49R05
Dual Agency
12:00 - 2:00
Brad Roberts
RE36R05
Conducting Open Houses & Developing a Safety Plan
Auburn, Friday, December 19 8:00 - 10:00
Bob Falter
RE02R06
Buyer Agency
10:00 - 12:00
Bob Falter
RE01R06
Seller Agency
12:00 - 2:00
Bob Falter
RE09R07
Residential Rentals - Landlord/Tenant Issues
Pre-License Classes Our next Pre-License class is scheduled to begin on January 24, 2015, and runs on the following dates:
• •
Saturdays: January 24 & 31; February 7, 14 & 21 from 8:00 am - 12:00 noon Mondays: January 26; February 2, 9, 16 & 23 from 5:30 - 9:30 pm
If you know someone interested in getting their Real Estate License, they may register for these classes online or by calling the WRAR offices at 508-832-6600; ask for Lynne Walls.
Forward Financial Services, formerly known as Compass Consulting Group, would like to wish all of the members and staff of the Worcester Regional Association of REALTORS a
very healthy and happy holiday season! We are proud to be a sponsor of this Association and wish you all the best for the upcoming year. We look forward to our continued sponsorship for 2015! Thomas M. Valentine Jr. President/Financial Advisor* 645 Chandler Street Worcester, MA 01602 Phone: 508-796-5950 tom@forwardfinancialsrv.com www.forwardfinancialsrv.com
*Registered Representative, Securities offered through Cambridge Investment Research, Inc. A Broker/Dealer, Member FINRA/SIPC. Forward Financial Services and Cambridge are not affiliated
Worcester Regional Association of REALTORS®
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LOCAL MARKET UPDATE Local Market Update – October 2014 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®
Worcester Regional Association of REALTORS®
- 4.6%
+ 4.1%
- 7.5%
Year-Over-Year Change in Closed Sales All Properties
Year-Over-Year Change in Median Sales Price All Properties
Year-Over-Year Change in Inventory of Homes All Properties
October
Single-Family Properties
2013 427 488 $250,000 2,661 5.8 98 94.3% 630
Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2014 484 448 $258,000 2,539 5.8 105 93.9% 673
Year to Date +/– + 13.3% - 8.2% + 3.2% - 4.6% - 0.0% + 6.9% - 0.4% + 6.8%
2013 4,905 4,652 $247,110 --110 94.0% 7,447
October
Condominium Properties
2013 99 119 $193,500 562 5.3 108 97.4% 153
Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2014 133 132 $214,500 455 4.2 123 96.0% 154
2014 4,742 4,383 $255,000 --107 94.6% 7,795
+/– - 3.3% - 5.8% + 3.2% --- 3.1% + 0.6% + 4.7%
Year to Date +/– + 34.3% + 10.9% + 10.9% - 19.0% - 20.3% + 14.0% - 1.4% + 0.7%
2013 1,123 1,076 $195,000 --119 95.8% 1,654
2014 1,163 1,101 $205,700 --102 96.2% 1,669
+/– + 3.6% + 2.3% + 5.5% --- 14.9% + 0.4% + 0.9%
* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
Median Sales Price
BASED ON A ROLLING 12-MONTH AVERAGE
Single-Family Properties
Condominium Properties
All MLS Worcester Regional Association of REALTORS® $350,000
All MLS Worcester Regional Association of REALTORS®
b
$350,000
$300,000
$300,000 $250,000
$200,000 $250,000
$150,000
$200,000 1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
$100,000 1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc. | Provided by MAR. | Powered by 10K Research and Marketing.
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MAR LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney
Q. I have listed a rental property to sell but one of the tenants has been extremely uncooperative. He has never allowed me into his apartment for a showing and this makes it very difficult to market the property. Doesn’t the tenant have to let me in? A. Not necessarily. As a listing agent, you do not automatically have a legal right to enter the property for the purpose of showing it to prospective purchasers. This right is established only if the lease agreement requires the tenant to grant reasonable access for showings, or if the tenant voluntarily agrees to give you access. Massachusetts law states that during the period of a residential tenancy, the tenant shall enjoy the exclusive use and possession of the unit. The law provides, however, that leases may contain language to allow entry to prospective purchasers and tenants. Therefore, the landlord needs to review the lease and determine if it contains a clause to allow reasonable access for showings. If it does, the landlord should remind the tenant of the terms of the agreement and inform him that failure to reasonably accommodate these showings will be considered a material breach of the lease and could subject the tenant to eviction proceedings. The landlord could also seek injunctive relief in court to compel the tenant to comply. If, however, there is no written lease agreement, or the lease does not include a provision to allow showings, then neither you nor the landlord have the right to enter the premises for showings during the tenancy if the tenant says “no.” This is just one of the many reasons it is recommended that landlords always have written leases with their tenants, even when they are a tenant-at-will. Q: I represent a landlord and he told me that his tenant has passed away. He is asking me for advice. He has been approached by the deceased tenant’s son to move in to the apartment. What should he do?
Worcester Regional Association of REALTORS®
A. The deceased tenant’s son cannot take possession of the unit without the landlord’s permission. Furthermore, the landlord should not even allow the son in to help remove his father’s personal belongings; it is possible that the son was disinherited and has no rights to the property. Technically, only a court-approved executor or administrator is allowed to take possession of the property. Therefore, the landlord should immediately speak to the appointed administrator or executor. If no administrator has been appointed, the landlord can petition the court to have one appointed, which typically takes about a month. In the meantime, the tenant’s estate remains liable for payment of the rent. Q. I have heard from a prospective tenant that there is a requirement under Massachusetts law that a landlord provide an executed copy of a lease within 30 days in order to form a valid tenancy. Is this true? If a tenant does not receive a copy, what effect would it have on the tenancy? A. Massachusetts General Laws, Chapter 186, Section 15D states, in part that, “a lessor who has agreed orally to execute a lease and obtains the signature of the lessee shall, within thirty days thereafter, deliver a copy of said lease to the lessee, duly signed and executed by said lessor.” This language places the burden on the landlord, or his or her agent, to ensure that the tenant has received a copy of the lease in those circumstances where the landlord has verbally agreed to the tenancy. The statute goes on to include a provision that prohibits any waiver of this requirement within the lease and also makes it possible for a landlord to be fined up to $300 for failure to comply. According to case law in Massachusetts, noncompliance with this law does not in and of itself render an otherwise valid lease unenforceable.
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2014 BOARD OF DIRECTORS President, Dave Stead Pres. Elect, Brad Roberts Vice President, Kris Koliss Secretary, Sarah Gustafson Treasurer, Conrad Allen Past President, Rochelle Jonswold
COMMUNITY ACTION COMMITTEE CAC Hat/Mitten/Glove Drive
Kathleen Cooper, Director Jayne DiLiberto, Director Tracey Fiorelli, Director Erika Hall, Director Lorraine Herbert, Director Lee Joseph, Director Judy PaƩerson, Director Mary Stolarczyk, Director Leslie Storrs, Director Diane Dabrowski, Alternate Kathleen McSweeney, Alternate WRAR STAFF ExecuƟve VP, Colleen Pappas Membership Manager, Lisa Sprague MarkeƟng Manager, Jacki D’Innocenzo Accountant, Maura O’Connor AdministraƟve Assistant, Lynne Walls
Members of the Community Action Committee (left to right): Committee Chair Karen Richardson (LAER Realty), Sandy Bosnakis (RE/MAX Vision), Kris Gaffney (ERA Key), Jayne Diliberto (A.J. Homes, Inc., and Cheryl Kemp (Nextage M3 Realty).
Members of our Community Action Committee spent a morning packing up hats, gloves and mittens to deliver to Community Health Link, Crompton Park Community Center, Friendly House, Girls Inc., Rainbow Child Development Center, Rice Square School, Sullivan School and the Veterans’ Shelter. Thank you to everyone who donated and special thanks and appreciation to our wonderful REALTORS® donating their time today: Committee Chair Karen Richardson (LAER Realty), Cheryl Kemp (Nextage M3 Realty), Sandy Bosnakis (RE/MAX Vision), Kris Gaffney (ERA Key), and Jayne Diliberto, (A.J. Homes, Inc.). In addition to the Hat/Mitten Drive, WRAR also donated $740 Worcester Public Schools Coats for Kids Program, which provides new winter outerwear to children in need who attend the Worcester Public Schools, Worcester Head Start Program, Worcester Family Partnership Program and several area homeless shelters. This service began over 25 years ago. In 2013-14 2200+ children, aged infant through high school, were given new winter jackets, hats & mittens or hooded sweatshirts WRAR office hours are 9:00 am—5:00 pm. For assistance with the MLS Lockbox system, please make an appointment with Lynne Walls at 508-832-6600. Please LIKE our facebook page at https://www.facebook.com/WorcesterRegionalAssociationofREALTORS. By doing so you will not only get up-to-the-minute information on everything going on at WRAR, but you will help us to increase our visibility while growing your own business network.
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