Connections July/August 2016 by REALTOR® Association of Central Massachusetts

Connections REALTOR® Association of Central Massachusetts

July/August July / August2016 2016 Inside this Issue: PRESIDENT’S MESSAGE President’s Message

Month at a Glance

Featured Affiliate: Bill Murphy of Fairway Mortgage

Membership News

4-5

CREST Classes

REALTORS® Commercial Alliance Training

Code of Ethics Training

MAR News

Golf Tournament

9-11

Government Affairs

12-13

Local Market Update

Legal Hotline

Community Action

RACM Mission Statement The purpose of the REALTOR® Association of Central Massachusetts is to: Provide REALTOR® members with the resources that enable them to serve the public in an ethical and professional manner

Happy Summer Fellow REALTORS! I hope you all had a great holiday weekend. I saw a lot of posts on social media showing fun filled 4ths! I cannot believe half of 2016 is complete. It has been a successful market to say the least for home buying and selling. It has been a successful half of the year for our board as well. First off, we are having a new website designed to enhance our presence as a local board and to increase our capability as a resource for our current members. We are very excited about the company that is working on this for us, Envision Digital, and we should be up and running with it by the end of the year. As a result of analyzing our current name, "Central Massachusetts Association of REALTORS®," Envision thought having "REALTOR®" as the first word in our name would be a wise choice to enhance our online presence. Since we just wanted to rearrange the current words that were approved last year by NAR, we were approved to have the name "REALTOR® Association of Central Massachusetts." This will be implemented more once our new website is live. We are still in a competing market with our clients. So, remember to be kind to everyone. Communication with all parties in a transaction is key for a successful and smooth closing! Have a great July!

Kris

Kris Koliss 2016 RACM President

Take an active role regarding issues affecting sellers, buyers, tenants and landlords.

REALTOR® Association of Central Massachusetts 1 www.cmarealtors.org

RACM MONTH-AT-A-GLANCE July 2016 Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

8 9:30-3:30 MLS PIN Training

11 5:30-9:30 PreLicense Class

12 8:00-2:00 CEU Classes @ CREST

19 9:30-3:30 MLS PIN Training

26 8:00-12:00 CEU Classes @ CREST

27 9:30-12:00 Finance Mtg.

August 2016 Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

17 8:000-2:00 CEU Classes @ CREST 2:00-5:00 Back Pack Sorting

18 9:00-5:00 Back Pack Sort & Shop

19 Back Back Distribution

21 9:30-12 Code of Ethics Training

Upcoming Events September 21 - New Member Orientation at RACM

September 23 - Legislative Breakfast at the Worcester Technical High School September 27 & 28 - New England REALTORS® Committee Conference in Newport, RI October 5 & 6 - MAR Conference & Trade Show at Foxwoods - Book now - Hotel rooms selling quickly! October 27 - Annual Meeting at the Botanical Gardens December 1 - Installation of 2017 Officers & Directors REALTOR® Association of Central Massachusetts 2 www.cmarealtors.org

FEATURED AFFILIATE: BILL MURPHY OF FAIRWAY MORTGAGE Banker & Tradesman Recognizes Bill Murphy of Fairway Independent Mortgage Bill Murphy, Branch Manager of Fairway Independent Mortgage Corporation’s Auburn, MA branch, has been recognized for a second year in a row by Banker & Tradesman as the number one loan originator based on volume and the number two loan originator based on units in Central/Western, MA. The annual “Top Loan Originators” list is published each June and recognizes top mortgage originators throughout the state by both number of units and total dollar amount. Bill Murphy has a history of high performance, having received top sales awards from Fairway Independent Mortgage Corporation, and been recognized by Mortgage Executive Magazine as part of the top 1% of Loan Originators nationwide for the last four years. Murphy, a Worcester State University graduate, was awarded the 2008 Worcester State Distinguished Alumni award, in addition to funding six scholarships at the University. In 2007 Murphy was given the Affiliate of the Year award by the Worcester Regional Association of Realtors. Bill has also been a long-time supporter of the Make-a-Wish Foundation, having donated over $120,000 and granted 17 wishes over the past nine years. “I’m honored that my clients and referral partners feel confident in my ability and have continued to work with me over the years,” said Murphy. “I’m humbled by this recognition and proud of the service I provide to each and every one of my clients.”

Fairway Independent Mortgage Corporation has eleven locations in Massachusetts, including the Auburn branch. Fairway Independent Mortgage Corporation is among the top 10 lenders in the country, and is the number eight lender for residential purchases in MA. Working with the top national and regional investors, Fairway is committed to providing customers with the best rates and programs available, while also offering personal care to meet individual needs. To reach Bill Murphy in Auburn call 508407-8300 or email wmurphy@fairwaymc.com. For more information visit www.fairwaymortgagene.com.

SUMMER HOURS Please note that RACM's summer hours for July & August will be 9:00 am - 4:00 pm.

REALTOR® Association of Central Massachusetts 3 www.cmarealtors.org

MEMBERSHIP NEWS New Applicants

Agents Transferred to New Office

Emily Anderson Harwick Petersham Properties Petersham Jaime Aviles Keller Williams Realty Worcester Hans Berg Exit Beacon Pointe Realty Northboro Samantha Choate Keller Williams N.Central Leominster Deanna Faucher Lamacchia Realty Waltham Melissa Greska RE/MAX Professional Assoc. Auburn Thomas Krumsick Keller Williams Realty Worcester Mark Lawton ERA Key Realty Services Auburn Mardek Mardirossian Keller Williams Realty Worcester Paulette McKenzie Keller Williams Realty Westboro John Millen Lamacchia Realty Waltham Keith Seymour Keller Williams Realty Worcester Michelle Vecchio-Gangel Keller Williams Realty Worcester

Nicholas Baniukiewicz Leonidas Dosreis Stephanie Dupuis Matthew Jette Brittnay LaFleche Pamela Mills Morgan Nordby Jasmine Randhawa Patrick Sullivan Megan Winslow Ryan Winslow

New Affiliate

Affiliates Transferred to New Office

Ashley Slusser

Quicken Loans

1050 Woodward Avenue

Detroit, MI

Exit Realty Partners LAER Realty Partners Waterwheel Realty Keller Williams Realty LAER Realty Partners Red Door Realty LAER Realty Partners Keller Williams Realty LAER Realty Partners LAER Realty Partners LAER Realty Partners

Shrewsbury Northboro Barre Worcester Northboro Sturbridge Northboro Worcester Northboro Northboro Northboro

Paul Nocivelli

Residential Mortgage Services 193 West Boylston Street W. Boylston

George Simone

Movement Mortgage 179 Shrewsbury Street

Worcester MA

CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for July & August All classes are held at the RACM CREST School, 492 Washington Street, Auburn, MA 01501, unless otherwise noted. RACM 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.cmarealtors.org or by calling the RACM office at 508-832-6600.

Course Code Time

Instructor

Course Title

Tuesday, July 12 - Auburn 8:00 am

Brad Roberts

RE22RC13

Title V

10:00 am

Brad Roberts

RE57R07

Brokerage Relationships

12:00 pm

Brad Roberts

RE73R11

VA Loans

Tuesday, July 26 - Auburn 8:00 am

Brad Roberts

RE34RC03

National Economic Trends & the Real Estate Professional

10:00 am

Brad Roberts

RE59R09

Smart Growth Smart Energy

8:00 am

Gary Bourque

RE26RC07

Appraisal Process

10:00 am

Gary Bourque

RE51R06

Faciliator

12:00 pm

Gary Bourque

RE83C13

Escrow/Escrow Agents/Escrow Accounts in Real Estate

Wednesday, August 17 - Auburn

Wednesday, August 31 - Auburn 9:30 am

Paula Savard

REALTOR® Code of Ethics Training

REALTOR® Association of Central Massachusetts 4 www.cmarealtors.org

JULY & AUGUST BIRTHDAYS Wishing a very happy birthday to those celebrating this month! May your year ahead be filled with health, happiness, love and friendship! Joseph Abramoff Entela Agolli Zachary Aicardi Gary Anderson Allison Atwood Diana Awuah Mark Balestracci Ellen Barry Mary Ann Bassignani Jane Becker Sheila Berger Gail Bergeron Paul Bergevin Arthur Berry Debra Berthiaume Candice Bettencourt James Black Michael Boland Dan Bondzie Eric Bowlin Natalie Brackett James Brooks Colleen Brosnihan Vincent Browne Vanessa Burrill Samantha Butkiewicus Christine Caron Cara Casamasima Andrea Castinetti Mary Chabot Kimberly Chagnon Wing Chan Kathy Chapman Joseph Chenevert Theodora Choros William Chviruk Susan Como Martha Convers Oloye Cooper Pamela Crawford Glen Cronan William Cronin Joan Crowell Clifford Curboy Alyssa D'Amore Juliana Danquah Susan Davis Thomas DeCarlo Donna DeChiaro Kim D'Elia Lauren Demerjian Ewelina Dendroulakis Scott Dennett Donna Desjardins

Lisa DeVries Randall DeVries Ann Digirolamo Thomas Dillon Ben Doane Zachary Dombroski Donna Duca Michael Durkin Darlene Eager Michele Eddy Gina Elia Laura Eliason Christopher Essel Matthew Ezzo Tracey Fiorelli Paul Foss Eric Franszen Michael Frongillo Carlos Galarza Ronald Garabedian Bill Garcia Jennifer Gareau Demetrios Gatos Michelle Gillespie Kathleen Goneau Martin Green Lisa Greene Christine Gregson Patrick Hack Lynda Hafner Sargon Hanna Debora Harrington Luis Henrriquez Lorraine Herbert Ruth Hiller Barbara Hines Jim Holbrook Jennifer Holland Carla Horn Timmothy Horn-Eldred Ernest Houde Lisa Jacobs Brenda Jacques Christa Jaillet Justin Jarboe Wendy Johnson Shannon Johnson Elie Kahale David Kres George Lamothe Linda Laney Paul Latino Neal LeBlanc Sophia Lengyel-Cook

Vincent Leonardo Rocco Leone Susan Letham Shane Ludden Beni Robert Lukumu Alan Lyman Grace Madsen Kevin Maher Angela Mann Sally Mann Karynsue Marchione-Reidy Michael Martin Angela Masiello Raymond Mattress Nicholas McNeil Michael McQueston Daniel Meservey Michael Miele William Miller Jay Mooney Gina Moy Erin Munroe Jeanne Murphy John Murray Herb Nelson Talena Ngo Dina Nichols Melissa O'Brien Kevin O'Connor Elizabeth O'Connor Lawrence Orne Edna Ortiz Lisandra Pagan Duane Papetti Ebenezer Pappoe Jean Paquin Alicia Passarelli Apu Patel Keith Pentz Linda Pothier Gary Pothier Rhiannon Prunier Marcia Quitadamo Richard Rawson Sr. Carl Rellstab Katie Resseguie Deborah Richards Trudy Risedorf Angela Rogers Joanne Rose

Rosanna Sampson Jillian Saucier Kayleen Sauvageau Lorenzina Savage Caryl Savard Christine Scannell Maryann Schelin Deborah Schradieck Lisa Shaw Gerald Skeean Olga Skrodzka Karen Slack Maria Smachetti Maria Smith Lori Stanikmas Carrie Stevens Robin Stoddard Dorothy Stone Tracey Storey Erika Sullivan Thomas Sullivan Marc Surette Jeffrey Taylor Richard Trifone Chistine Truax Esther Twumasi Chris Ulinski John Vaillancourt Donna VanDam Julie Venincasa Michael Voyer John Walker Judith Wesley Julie White Judith White Amanda White Ellen Whitney Deborah Williams Gabrielle Wilson Megan Winslow Judith Yauckoes Elizabeth Zelch Alison Zorovich

REALTORÂŽ Association of Central Massachusetts 5 www.cmarealtors.org

REALTORS® COMMERCIAL ALLIANCE TRAINING

Marketing Session

REALTORS®

Commercial Alliance

DATE: PLACE:

Thursday, July 14, 2016 REALTOR® Association of Central Mass. 492 Washington Street, Auburn Time: 10:00 am - 3:00 pm FREE CEU Class: Join us from 10 am - 12:00 pm for RE66C11: Anatomy of Commercial Building: The Basics

5050 Raffle We will offer a 50/50 Raffle at every session, with proceeds to benefit the MAR Charitable Foundation. Bring your checkbooks! Presented by Peter West Peter West has been a REALTOR® since 1984. He is licensed in MA, NY, VT, and FL. Peter has been awarded the prestigious SEC designation from the Society of Exchange Counselors. He also has the CCIM, ABR, and CRS designations. A former National Sales Trainer for Century 21 Real Estate Corp., Peter now trains real estate agents throughout all of North America. He is a frequent presenter of NAR’s buyer agency programs. In 2007, Peter was inducted into the Buyer Agent Hall of Fame.He is also a National Moderator for Commercial Equity marketing sessions. Peter is a popular and frequent presenter at state and national conventions.

Here’s one reason why you will want to plan to attend all 12 Sessions

100% of my 2016 Commercial Sales and Leases were a direct result of RCA-MA Marketing Sessions! Barb Davis-Hassan, CCIM 2016 RCA-MA President

Benefits from attending this marketing session:  The Generation of Potential Transactions for Buyer & Seller Clients or YOURSELF!  Possible Earned Commissions  Networking with other Brokers / Investors from the local market, as well as Regional and National Players  Creative transactions & solutions  Find Investor Cash for you or your clients

Thank you to our sponsors: CEU Sponsor:

For more info, contact Colleen Pappas at 508-832-6600 x 106, or cpappas@rcama.org

REALTOR® Association of Central Massachusetts 6 www.cmarealtors.org

CODE OF ETHICS TRAINING

The National Association of REALTORS® requires all REALTOR® members to complete a REALTOR® Code of Ethics course during the four year period that ends December 31, 2016.

Code of Ethics Training * * * *

Learn the role the Code should play in your business. Enhance professionalism and competency. Learn how to use the Code as a viable guide. Learn the benefits of Arbitration vs. Litigation For your convenience, RACM will hold classes on the following dates. All classes are FREE for RACM members, and 2 CEU’s will be awarded. Weds., August 31 Weds., October 12 Sat., November 19 Weds., November 30 Sat., December 10 Weds., December 14 Weds., December 28

9:30 am - 12:00 pm 1:00 - 3:30 pm 19, 12:30 - 3:00 pm 9:30 am - 12:00 pm 12:30 - 3:00 pm 1:00 - 3:30 pm 9:30 am - 12:00 pm

Alternately, you may take online training on the NAR website at http://www.realtor.org/code-of-ethics/training. NO CEU’s are awarded for these online classes.

Don’t wait until the last minute. Fulfill your requirements early! You may register online at www.cmarealtors.org or call the office at 508-832-6600. The REALTOR® Association of Central Massachusetts 492 Washington Street * Auburn, MA 01501 REALTOR® Association of Central Massachusetts 7 www.cmarealtors.org

MAR NEWS Instructor Training Institute: ITI This is a program designed to prepare instructors of real estate education to develop course content, organize course layout, practice various instructional methods and deliver courses effectively to maximize adult learning. When: July 27-28 Prerequisite: There is a 10 hour prerequisite for this course (information will be sent went registered) Where: MAR HQ, 1400 Main Street, Waltham Instructor: Paul Chasse Price: $600 Course Outline:

Day One: 8:30am-6:30pm • • • • • • • • • • •

10 Online pre-req hours • • • • • • • • • • • • • • •

e-Learning Education Drafting a lesson plan that works online Distance education Web-sessions, webinars Live vs. recorded Exploring platforms (Individual Project) Watch two MAR webinars and email/ DropBox comparison questionnaire Power Point Beginner Power Point Advanced Use of presentation software Positives and negative of presentation software use Review the most popular free and web based tools (Individual Project) Create a 10 minute presentation with presentation software Review Live Course Syllabus Insight into the 2 day live training

Review the course syllabus Bio's/Introductions Introduction vs. Bio Single project: Write a speaker introduction about yourself Class introductions (Group project split into 2 or 3 groups): Create and record a 10 minute presentation based on your presentation software project Understanding the learning styles spectrum What are your natural training strengths The four learning styles The four steps of the learning styles Group Project:Review each 10 minute presentation recorded at the beginning of the day and discuss based on the day's lesson plan

Day Two: 8:30am-6:30pm • • • • • • •

Preparing for the lesson Having the proper equipment Effective time management Drafting a lesson plan that works Props, games and fun Gage success through effective evaluations Group project (split into 2 or 3 groups): Create and record a new 10 minute presentation and review with the class

* Course syllabus subject to change. Times may vary slightly due to class size.

Registration

https://marealtorportal.ramcoams.net/Education/Registration/Details.aspx?cid=8ba6b5b7-9d1b-e611-a20800155d240810

MAR Committees

MAR Good Neighbor Award

Are you or someone you know interested in serving on an MAR committee in 2017? Make your requests now! The online Committee Request Form is now open on www.marealtor.com.

In 2004, the Massachusetts Association of REALTORS® (MAR) established the Good Neighbor Awards program to recognize real estate professionals for their community activism. The award is to be presented annually to REALTORS® who demonstrate an extraordinary commitment to community service through volunteerism and civic and charitable contributions that improve the lives of local residents and make their community a better place to live.

• • • •

Login to the MAR website; Click on “Profile”; Click the “Committees” tab; and finally, Click on the link to volunteer for a 2017 committee.

• • The deadline for submitting committee requests

is July 31, 2016. All requests must be submitted online through the MAR Portal. Contact Kara Morgan, MAR Executive Assistant, (kmorgan@ marealtor.com) with additional questions.

Entrants for the award may engage in a broad range of eligible activities that might include, but may not be limited to, volunteer work involving affordable housing issues, educational programs, youth-related activities, or any other civic or charitable activity that improves the lives of local residents or the community at-large. To Apply, visit https://www.marealtor.com/members/governance/ about-mar-awards/good-neighbor-award

REALTOR® Association of Central Massachusetts 8 www.cmarealtors.org

RACM 18th ANNUAL GOLF TOURNAMENT June 23 saw us with another sold out tournament and an absolutely beautiful day on the course! Thank you to all of our sponsors and our participants for making this a success. We were able to donate $2,000 to our 2016 Charities of Choice: The Bridge of Central Mass and the Worcester Boys & Girls Club. Thank you to our professional photographer, Tony Chabot, of Pro RE Photography and to Gretchen Antonelli of Forward Financial for all of these great shots! Congratulations to our winning teams: FIRST PLACE: Jo-Ann Szymczak, Chuck Szymczak, Ron Gagner & Jan Gagner SECOND PLACE: Steve Cavallo, Andrew Burton, Mark McCabe & Aram Kalashian THIRD PLACE: Kevin Holloway, Lisa Shaw, Nancy Shaw-Morley & Anne Marie Rafferty.

Big thanks to all of our major sponsors of this event, as well as the greens & tees sponsors. PLATINUM SPONSORS: The Law Office of Jessica Albino Cahn & Barron, LLC, Attorneys at Law Fairway Mortgage Movement Mortgage Norcom Mortgage Peoples Home Loans Prestige Home Mortgage Residential Mortgage Services Southbridge Savings Wintrust Mortgage GOLD SPONSORS: Bank of Canton Fidelity Bank MLS PIN Security First Mortgage The Law Offices of Scott Wrenn, PC

BRONZE SPONSORS: Country Bank Forward Financial Services, Inc. The Law Office of David R. Rocheford, Jr, PC DRINK TICKET SPONSORS: Open Door Real Estate and Simonian and Murray, Attorneys at Law Longest Drive Sponsor: Pam Crawford & Lorraine Herbert of RE/MAX Professional Associates Strings & Mulligans Sponsors: Residential Mortgage Services & Natures Way Landscaping Marshmallow Drive: Forward Financial Svcs Chair Massages: Heather Pederson of Country Bank

SILVER SPONSORS: Commonwealth Environmental Services Law Office of Harry P. Kotseas Peoples United Bank

Golf Committee Chair, Judy Patterson, presents the 1st Place Awards to Jo-Ann Szymczak and her team, comprised of Chuck Szymczak, Ron Gagner and Jan Gagner.

REALTORÂ® Association of Central Massachusetts 9 www.cmarealtors.org

RACM 18th ANNUAL GOLF TOURNAMENT

Second Place Team

REALTORÂ® Association of Central Massachusetts

Third Place Team

10 www.cmarealtors.org

RACM 18th ANNUAL GOLF TOURNAMENT

REALTORÂ® Association of Central Massachusetts

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FALL MAR CHARITABLE GRANTS Our Community Action Committee was proud to be able to donate Golf Tournament Proceeds in the amount of $1000 to each of our 2016 Charities of Choice, The Boys and Girls Club and The Bridge of Central Massachusetts.

Ken Bates from the Bridge of Central Mass.

Do you work in a community that needs some TLC? The Government Affairs Committee is looking for projects for NAR’s Place-making Grant Program. If you are a local community leader, please let us know how we can help with beautifying a spot within your town. Project ideas range from Little League signage, to dog parks, to beautifying a local monument. NAR is ready to partner with us to help make your dream a reality. Contact Nathan Stewart, head of the grant task force, Nathan.Stewart@NEMoves.com

Ellin Terrill of the Worcester Boys & Girls Club Each year our committee partners with two local charities, and then we focus our committee efforts and fundraising towards their goals. We are pleased to say that with our combined efforts with the MAR Charitable Foundation, to date we have contributed over $5000 in dollars and donations. We also treated the charities to a Red Sox game on June 16 when we donated 10 tickets to the REALTOR® Day at Fenway. Thank you to all who helped make this year’s tournament a resounding success, especially Committee Chair Judy Patterson.

The fall grant applications are due August 31 so if you are involved with a local charity that deals with homelessness, please contact Colleen to see how your charity can be nominated for the grant. You can download the grant application on our website at http://www.cmarealtors.org/documents-library/2016-housing-grant-application-mar-charitable-foundation.pdf

Backpack Drive Can you help out with this year's Backpack Drive? The Community Action Committee welcomes donations of backpacks and supplies (see the full list of needs items on our flyer on the last page of this newsletter) or cash to help purchase items. Help is also need in packing and delivering the items on August 17, 18 or 19. If you can help in any way, items can be dropped of here at RACM or at any of the offices listed on the flyer. Or give us a call and let us know your availability for packing/delivery - 508-832-6600. REALTOR® Association of Central Massachusetts

12 www.cmarealtors.org

COMMITTEE ON GOVERNMENT & LEGISLATIVE AFFAIRS REALTORS® Fighting the Fight on Beacon Hill

The saying “If Real Estate is your profession, then politics is your business” has never been more true than in this political cycle. In a two-year session of the Legislature, thousands of bills are filed, some of which result in legislation producing the laws of our Commonwealth. There are many bills filed with well-intentioned measures that are in direct conflict with an opposing concern. Having trusted advocates help to discern the layers within the bills is extremely beneficial to our state representatives and senators. That is why each June REALTORS® are welcomed with open arms at the State House at our Day on Beacon Hill. This year we celebrated 31 years of coming together for this powerful day. The relationships we have made with our local representatives is paramount in our efforts to protect and promote home ownership

How Can You Help?

Over 45 RACM members joined more than 500 REALTORS® to advocate for home ownership and private property rights at the State House on June 12 at the annual Day on Beacon Hill. Keynote speaker was Lieutenant Governor of Massachusetts, Karen Polito. • SPC (State Political Coordinator) – We have a program where members are assigned to their local senator or representative and become a liason to help communicate our message. If you would like more information, please contact Erika Hall, ceshall07@gmail.com chairperson of the task force. • Invest in RPAC. When you see that amount on your annual dues invoice, please be sure to check YES. • Volunteer to be on the Government Affairs Committee and let your voice be heard. 2017 appointments will be made this fall.

There are several ways you can become more involved •

Remember – we are the only association that lobbies on behalf of homeowners in America. Be proud of your REALTOR® membership and communicate your value to your clients and customers.

Calls to Action - We are so fortunate that our state associa-

tion stays on top of the issues and keeps us informed and makes it easy for us to take action. MAR will issue an email Call to Action to alert us to pending legislaton that will either help our industry or hurt us. Calls for Action are only issued in extreme circumstances so when you see one, you can trust that it is important. With this 2 year cycle ending July 31, there is much happening on Beacon Hill which is why we had 2 Calls to Action in June that are still pending resolution. One bill pertains to energy scoring and the other concerns zoning. Both issues are still in play and you may see more Calls to Action before the end of July. Please take a moment and educate yourself on the issues by visiting https://www.marealtor.com/members/ government-affairs.

REALTOR® Association of Central Massachusetts

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LOCAL MARKET UPDATE Local Market Update – May 2016 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®

Central Massachusetts Association of REALTORS®

+ 9.7%

- 2.0%

- 32.6%

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

May

Single-Family Properties 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

Year to Date

2015

2016

+/–

2015

2016

+/–

700 451 $259,500 2,586 6.1 110 95.8% 1,187

862 496 $266,500 1,709 3.3 100 96.2% 924

+ 23.1% + 10.0% + 2.7% - 33.9% - 45.3% - 9.2% + 0.4% - 22.2%

2,367 1,619 $250,000 --129 94.0% 3,748

3,091 2,058 $256,000 --115 94.9% 3,800

+ 30.6% + 27.1% + 2.4% --- 10.5% + 1.0% + 1.4%

May

Condominium Properties 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

Year to Date

2015

2016

+/–

2015

2016

+/–

172 129 $217,500 498 4.8 86 95.5% 246

175 140 $194,250 371 3.0 78 96.6% 190

+ 1.7% + 8.5% - 10.7% - 25.5% - 37.4% - 8.4% + 1.2% - 22.8%

625 432 $215,000 --106 95.7% 892

742 517 $200,000 --104 96.2% 903

+ 18.7% + 19.7% - 7.0% --- 2.0% + 0.5% + 1.2%

* 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 Entire State

Entire State

Central Massachusetts Association of REALTORS®

$350,000

$300,000

$300,000 $250,000

$200,000 $250,000

$150,000

$200,000 12-2007 12-2008 12-2009 12-2010 12-2011 12-2012 12-2013 12-2014 12-2015

$100,000 12-2007 12-2008 12-2009 12-2010 12-2011 12-2012 12-2013 12-2014 12-2015

A rolling 12-month calculation represents the current month and the 11 months prior in a single data point. If no activity occurred during a month, the line extends to the next available data point.

REALTOR® Association of Central Massachusetts

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LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Legislative & Regulatory Counsel

Shining the Light on Solar Are you representing a client who is selling a home with solar panels on the roof? Is your buyer looking to make an offer on a house with solar panels? If so, here is what you need to know to better prepare your client in advance. OWNED PANELS: Are the panels leased or owned? Are the panels owned by the seller? Or is the seller leasing them from the solar company. If the panels are owned by the seller, then they should be factored into the price of the home just as any other asset would be. It would be prudent to search for comparable homes with owned solar panels as well.

A Solar Renewable Energy Credit (SREC): An SREC is created for every megawatt hour (MWh) of electricity produced by a solar generator. SRECs allow a seller with a solar array to use electricity that is produced by the panels and then separately sell the SREC to a utility company. You should factor in an SREC when valuing the asset. Some solar owners use SREC brokers to handle the sale, so if you have a seller who is part of a ten-year SREC program they may consider selling their future credits through such a broker. If a seller does this, they would then value their solar panels based on the energy savings that they provide. Buyers need to ask sellers if they are part of an SREC program and whether the SRECs will be transferred with the panels. If they are, a buyer would also want to know what the average annual output of the panels has been so that they can properly value them.

Leased Panels: If the panels are leased, it can be a bit more omplicated. When representing a seller with leased solar panels, agents should recommend that the seller contact the leasing company right away to let them know that they are planning to sell the home. In fact, some solar companies have set up departments speciﬁcally to work on lease transfers. What’s a UCC-1: The solar company may reference a UCC-1 (Uniform Commercial Code – 1) that has been recorded with the property. A UCC-1 is a legal form that acts as a lien against the solar equipment on the property and is used by the solar companies to protect their interest in the leased panels. These ﬁnds should be recorded at your local registry of deeds. REALTOR® Association of Central Massachusetts

It is important to know whether or not a UCC-1 has been recorded with the property, because some lenders may have concerns that the UCC-1 will take priority over the mortgage in the event of a bankruptcy. Some companies will remove the UCC-1 ﬁling and then replace it when the new mortgage is recorded.

Buyer Clients: If your buyers are interested in a home with leased solar panels you may want to remind them to factor the monthly lease cost when determining whether or not they can afford the home. The buyer’s lender is likely to consider this when making a determination on their loan. Also, buyers should review their credit scores because the solar leasing companies are going to ensure that the buyer can assume the costs of the lease before they approve a transfer.

Seller Clients: Your seller clients have three options when dealing with leased solar panels: 1. They can buy out the lease; 2. Transfer the lease to the new buyer; or 3. Attempt to transfer the panels to their new home, although this option may only be available in rare occasions. Remember to always use caution when advising clients about solar panels. The Attorney General published the following helpful informational sheet on solar panels: http://www.mass. gov/ago/news-and-updates/pressreleases/2016/advice-to-homeowners-considering-solarpanels.html You can always contact the MAR Legal Hotline if you have any questions at legalhotline@marealtor.com or (800)-370-LEGAL. Please note, a version of this article originally ran in The MAR Report, the ofﬁcial blog of the Massachusetts Association of Realtors®.

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2016 BOARD OF DIRECTORS President, Kris Koliss President Elect, Sarah Gustafson Vice-President, Judy Patterson Secretary, Tracey Fiorelli Treasurer, Michael Meurant Immediate Past President, Brad Roberts

Diane Dabrowski Mike DeLuca Erika Hall Lorraine Herbert Lee Joseph Kathy McSweeney Leslie Storrs John Vaillancourt Andrew Abu Leif Rosseland Nathan Stewart

Director Director Director Director Director Director Director Director Alternate Alternate Alternate

RACM STAFF Executive VP, Colleen Pappas Office Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo

COMMUNITY ACTION COMMITTEE to benefit the elementary and middle school children of Central Mass.

Drive runs from June 1 - August 12. Packing days are August 17 & 18. Delivery day is August 19 We are looking to fill backpacks with the following supplies for elementary and middle school children. Age-appropriate backpacks are needed as well. Anything you can contribute is greatly appreciated!

Items Needed for each Backpack 6 Pens 6 Pencils 2 Pkg. of Lined Paper 3 Highlighters 1 Binder 3 Notebooks 3 Two-Pocket Folders 1 Ruler 1 Pencil Case 1 Pkg. of 8 Markers 1 Pkg. of Erasers 1 Box of 24 Crayons 1 Pkg. of 12 Colored Pencils 1 Bottle of Glue or Pkg. of Glue Sticks

Items may be dropped at RACM, 492 Washington Street Auburn, MA or at the following member offices:  Coldwell Banker - Shrewsbury,

Sturbridge , Worcester

 ERA Key, Auburn, Spencer, Whitinsville,

Worcester

 EXIT Realty Partners, Auburn  Janice Mitchell Real Estate – Holden  Paramount Realty - Grafton  RE/MAX Professional Associates -

Auburn, Shrewsbury, Spencer, Sturbridge

*Cash donations gladly accepted. *In order to assist our volunteers, please do not put supplies inside of backpacks. *If you can help pack or deliver items to schools, please let us know! Help is ALWAYS welcome!

REALTOR® Association of

Central Massachusetts

REALTOR® Association of Central Massachusetts * 492 Washington Street * Auburn, MA 01501 * 508-832-6600

RACM office hours are 9:00 am—4:00 pm during July & August. For assistance with the MLS Lockbox system, please make an appointment with Lisa Sprague at 508-832-6600. Please LIKE our facebook page at https://www.facebook.com/CentralMasslAssociationofREALTORS. By doing so you will not only get up-to-the-minute information on everything going on at RACM, but you will help us to increase our visibility while growing your own business network. REALTOR® Association of Central Massachusetts

16 www.cmarealtors.org