November 2014 Inside this Issue: President’s Message
1
Month-at-a-Glance
2
Dues Incentives
3
Classes
6-9
Annual Meeting
10
Membership News
11-13
Events
14-15
CREST
16
Gov’t Affairs
16
Local Market Update
17
Legal Corner
18
Community Action
19
PRESIDENT’S MESSAGE As we enter the month of November, the market continues to stabilize. Housing data year to date shows improving inventory, but lower sale volume. Interest rates are incredibly low and there are more great opportunities for homebuyers. Lenders are lowering their requirements a bit to make it easier to get a mortgage. All of these factors should improve the market as we move forward. The WRAR Annual meeting was held at the end of October. We elected our leadership team for next year, reviewed our financial position and heard reports from our committee chairs. We’ve made some great accomplishments this year. We also presented a check to Pernet Family Services, a local non-profit agency that helps homeless families in the Worcester Area. Our Association leadership and some REALTOR® members had a strategic planning retreat in October and we’re re-energized and better prepared to deliver the programs and services that will help our members prosper.
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
There are still opportunities available on some WRAR committees for 2015. Contact Colleen or Lisa at the board office to learn more. Our installation of Officers is coming up on December 4th at Wachusett Country Club. I hope to see you all there. Be sure to register early - many of our latest events have sold out! Have a great month!
Dave
Dave Stead 2014 WRAR President
* Take an active role regarding issues affecting sellers, buyers, tenants and landlords.
Worcester Regional Association of REALTORS® 1 www.wrar.org
WRAR MONTH-AT-A-GLANCE November 2014 Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday 1 8-2 CEU Classes
2
3
4 9 Gov’t Affairs
5 6 8:30-3 New Member Orientation
7 11-1 Lunch & Learn w/Fairway Mortgage
8
9
10 5:30-9:30 Prelicense Course
11
12 9:30 Finance Comm. 10:30 BOD 9:30-3:30 MLS PIN Training
13 2-4 Business Builder 6 YPN Paint Night @ Buca di Beppo
14 8-2 CEU Classes 9 CAC PACKING DAY - Hat & Mitten Drive
15 8-12 Prelicense Course
WRAR CLOSED 16
17 8:30 DR Breakfast 5:30-9:30 Prelicense Course
18 9:30-3:30 MLS PIN Training
19
20 1-3:30 MAR Caucus
21
22 8-12 Prelicense Course
23
24 5:30-9:30 Prelicense Course
25
26
27
28
29 8-12 Prelicense Course
WRAR CLOSED
30
Save the Date December 4, 2014 Installation of Officers & Directors Luncheon Wachusett Country Club, West Boylston, MA
Worcester Regional Association of REALTORS® 2 www.wrar.org
2015 DUES EARLY PAYMENT INCENTIVES
2015 Dues Incentives If you have not yet received your 2015 dues invoice, please contact Lisa Sprague, as they were emailed to all members on October 1. They will NOT be mailed via US Post office.
Get a head start on 2015 by taking advantage of one our great dues incentives! Your dues include: National Association of REALTORS®: NAR Image Campaign: Mass. Association of REALTORS®: WRAR REALTOR®: WRAR Designated REALTOR®:
$120.00 $ 35.00 $151.00 $272.00 $372.00
h wit ses! g n nni increa u r s ues ear 8 y ocal d L no
* Pay your entire dues in October and be entered into a drawing to win back your ENTIRE 2015 dues - over a $500 savings! Deadline for drawing is 10/31/14. (REALTOR® members only.) * Pay your entire dues in November and be entered into a drawing to win back your LOCAL dues! (October entries are eligible once again in November). Deadline for drawing is 11/30/14. (REALTOR® members only.)
Deadline for dues is December 31, 2014, to avoid late fees. NEED SOME EXTRA TIME? Enroll in our 2015 BUDGET PLAN by October 31, 2014. Reminder: If you do not sign up for the installment plan, your entire 2015 dues payment MUST be received by December 31, 2014 to avoid additional fees. You MUST RE-SIGN for the budget plan each year, even if you were on it the prior year. Late fees go into effect on January 1, 2015 -- there are no exceptions! 2015 DUES MAY BE PAID ONLINE AS OF OCTOBER 1, 2014. Worcester Regional Association of REALTORS® 3 www.wrar.org
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. • Residential mortgage loan closings for lenders and borrowers • Buyer and Seller Representation John “Jay” Barron, Esq.
53 East Central Street | Worcester, MA 01605 | www.centralmasslaw.com Tel: 508-755-5779 | Fax: 508-755-7363 | Email: jbarron@centralmasslaw.com
Our new flagpole showcases Old Glory perfectly as you enter the bigger and better parking lot at WRAR. Happy Veterans Day to all who have served our country and their families who have supported them.
Worcester Regional Association of REALTORS®
4
www.wrar.org
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 baala ba lanc la 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 oonnly es nly l dur 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
1
.99%
*
APR
CHARLTON | HOLDEN | NORTH OXFORD | SOUTHBRIDGE SPENCER | STURBRIDGE | WEBSTER | WORCESTER
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.
Worcester Regional Association of REALTORS® 5 www.wrar.org
PROFESSIONAL DEVELOPMENT The WRAR Professional Development Committee is pleased to present:
2014 Office Leadership Breakfast Series Offered exclusively to Brokers & Office Managers
RISK
REDUCTION
Date: November 17, 2014 Breakfast: 8:30 am Program: 9:00-11:00 am William Mullen III Bill Mullen is the general counsel for the Greater Boston Association of REALTORS®. An attorney, real estate broker, and licensed real estate instructor, Mullen has served on the Mass. Association of REALTORS® Board of Directors and is past president of the North Shore Association of REALTORS®.
You will be entered into a raffle EACH TIME you attend a session. On November 17, one lucky DR/OM will receive a PIZZA PARTY for their office! Bring a new coat or jacket for our BOD’s Drive for the City of Worcester school children - and receive an extra chance in the Pizza Party Drawing!
We are excited to welcome back Attorney Bill Mullen who will discuss relevant issues. Don’t miss this excellent opportunity to get your legal questions answered! This session is sponsored by our PLATINUM LEVEL VIP SPONSOR:
............................................................................. Register now - $15 - Fax to 508-832-6620 or email to lwalls@wrar.org. Nov. 17_____($15) Name:_________________________________________________________________________________________ Firm:_________________________________________________________________________________________ Billing Address:_________________________________________________________________________________ Credit Card/Expiration:___________________________________________________________________________ email:_______________________________________________ phone:____________________________________
Worcester Regional Association of REALTORS® 6 www.wrar.org
PROFESSIONAL DEVELOPMENT You’re Invited!
Lunch and Learn with Bill Murphy of Fairway Mortgage
CEU Course: RE47R05 Residential Loan Market & Credit Today
The Worcester Regional Association of REALTORS®
492 Washington St. Auburn, MA 01501
November 7th 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:
New projection of interest rates from market analysts and the impact on your buyer’s loan programs and purchasing power o What factors will drive rates in the next 12 months o Recent drop in interest rates will allow your buyer to have increased buying power with similar monthly payments How to submit strong offers with strong preapprovals Helping the millennial generation understand their student loan debt and housing options Gaining market share from the newest generation of home buyers o The fastest growing home owners market is Generation X and Y How to improve your client’s credit score and maximize their loan options NEW seasoning requirements for short sales and foreclosures Over 50 Mortgage and Credit Gotchas Cheat sheet for FHA, VA, Conventional, USDA and MA Housing Help sellers list now o Creating listing inventory o How to get buyers and sellers off the fence o The costs of waiting to sell or buy a house o Eliminating PMI for move up sellers and buyers with less than 20% down payment
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. ©2014 Fairway Independent Mortgage Corporation NMLS ID#2289 (www.nmlsconsumeraccess.org) EQUAL HOUSING LENDER.
Worcester Regional Association of REALTORS® 7 www.wrar.org
A monthly educational series brought to you by the WRAR Professional Development Committee
Business Builders
PROFESSIONAL DEVELOPMENT
MOCK ARBITRATION brought to you by the WRAR Professional Development Committee in conjunction with our Professional Standards Committee
Date: Time: Place: Price:
Thursday, November 13, 2014 2:00-4:00 pm WRAR, 492 Washington St. Auburn FREE to WRAR Members
• Understanding Procuring Cause “Who Gets the Money - and Why” • Role Playing with Real Situations • Fun and Informational This event is sponsored by: Southbridge Savings Bank
WIN A TABLET! Each time you attend a Business Builder class, your name will be entered into a drawing. At the end of the year, one lucky winner will receive a TABLET!
Moderator, William Mullen III
Bill Mullen is the general counsel for the Greater Boston Association of REALTORS®. An attorney, real estate broker, and licensed real estate instructor, Mullen has served on the Mass. Association of REALTORS® Board of Directors and is past president of the North Shore Association of REALTORS®.
..........................................................
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® 8 www.wrar.org
PROFESSIONAL DEVELOPMENT
A monthly educational series brought to you by the WRAR Professional Development Committee
Business Builders
Business Builder Session 9:
BREAKTHROUGHS Solving Real Estate’s
Date: Time: Place: Price:
5
Biggest Problems
Thursday, December 11, 2014 2:00-4:00 pm WRAR, 492 Washington St. Auburn FREE to WRAR Members
Speaker Colin Jacobs Colin Jacobs comes from SportsStar Relocation, a niche real estate company that offers one-stop relocation services for professional athletes. Colin also serves as an advisor to Premiere Estates & Braun Corp, an international luxury and commercial real estate auction and appraisal company that focuses on high net worth and institutional clientele. Through his diverse array of professional exerpeience and his fascination with delivering value-added services, Colin is able to dramatically increase customer base sustainability. r ilde s Bu ines into a s u a B tered ne T! BLE o tend en A TA you at will be e year, ! N I T h e E t W e L m f i o am AB ht Eac , your n the end eive a T s t c s cla ing. A will re r draw winne y luck
Register online at www.wrar.org or call 508-832-6620. This event is sponsored by:
Bank of America, N.A.
Equal Housing Lender
Worcester Regional Association of REALTORSÂŽ 9 www.wrar.org
2014 ANNUAL MEETING Standing room only at the WRAR Annual Meeting at Holy Cross College on October 22.
Diane DeCiccio (right) and Dave Stead (left) present a check from the MAR Charitable Trust Foundation to the Pernet Family Health Services.
Past Presidents Diane DeCiccio and Rochelle Jonswold with 2014 WRAR President David Stead. Caroline Bianchi was the winner of the Patriots tickets raffle to benefit the WRAR Scholarship Fund. The tickets were generously donated by Platinum Sponsor Bill Murphy of Fairway Mortgage. Worcester Regional Association of REALTORS速
10 www.wrar.org
MEMBERSHIP NEWS New Applicants
New Affiliates
Bruce Cononico, Jr. Emerson REALTORS Auburn Zachary Dombroski Emerson REALTORS Auburn Justine Eden Mendon Area RE Mendon Guillermo Garcia Spangler Select Shrewsbury Kirsten Gaskell Sullivan & Co. RE Brimfield Beverly Giarrusso Century 21 Center Home Team Sterling Daniel Gladek Exit Realty Partners Worcester Karen Guerin Sean Horman
Houde Real Estate Houde Real Estate
Donald Richards
Houde Real Estate
Joseph Romeo Jonathan Russo Geralyn Schad Mary Ann Shaw Robert Shaw Farrah Soufiani
Romeo Real Estate Co. Leicester Coldwell Banker Worcester Coldwell Banker Northboro ERA Key Realty Services Auburn ERA Key Realty Services Auburn ERA Key Realty Services Worcester
Dawn Lavalle Lilian Lima Brian O’Neill
Keller Williams Realty Keller Williams Realty Premeer Real Estate
Marlboro Marlboro
Worcester Worcester Uxbridge Marlboro
Agents Transfered Offices Joe Abramoff Real Living Barbera Associates Worcester Vartoohi Burdick C21 Commonwealth Framingham Sue Ganas Tolley Tina Bilazarian, Inc. Shrewsbury Wendy Johnson Re/Max Professional Associates Spencer Jennifer Jones Premeer Real Estate Uxbridge Linda Largey LAER Realty Partners Groton
Tom Pezzella
ADT Security 771 Southbridge Street, Auburn
William Brown
Bank of America 91 W. Boylston Street, Worcester
Paula Collins
Bank of America 91 W. Boylston Street, Worcester
Andrea Alessandro CATIC 1700 West Park Drive, Westboro Sharon Garcia
CATIC 1700 West Park Drive, Westboro
Jared Lurie
HomeQuest Mortgage, Inc. 82 D Worcester Street, Worcester
Arlette Lynch
Webster Five 136 Thompson Road, Webster
Craig Nardi
Webster Five 136 Thompson Road, Webster
Charles Pierce
Webster Five 136 Thompson Road, Webster
Peter Quigley
Webster Five 136 Thompson Road, Webster
Office Name Change
Berkshire Hathaway Home Services New England Prime Properties (formerly Prudential Prime Properties)
New Offices Charlie Smith
Charlie Smith Realty & Property Mgmt. 118 Elm Street, Millbury
Dorothy Mann
Mann’s Real Estate 21 1/2 Charlton Street, Dudley
Chris Whitten
Premeer Real Estate, LC 9 North Main Street, Uxbridge
Worcester Regional Association of REALTORS®
11 www.wrar.org
MEMBERSHIP NEWS Our Deepest Sympathies We are sad to learn of the passing of Kofi Abakah, who was a REALTOR® at Top Hills Realty Partners in Worcester; and Lorraine Kay, a longtime REALTOR® member, formerly of RE/MAX Advantage 1 in Worcester. Our prayers and deepest sympathies are extended to Brian Coomey (Exit Realty Partners, Shrewsbury) and his wife Laura on the passing of their newborn son, Connor. Our sympathies to David Bremer of Shamrock Financial Corporation on the recent loss of his mother.
Say “Hello” to Your New Leads!
MLS PIN’s new public site directs buyers and sellers your way Announcing MLS PIN Homes, a public-facing real estate website designed to give your listings added exposure as part of your MLS PIN subscription. Buyers and sellers can search for properties, open houses, Agents and offices – and the resulting leads will be provided to you absolutely free. Say “Hello” to MLS PIN Homes!
customer support evenings & weekends
• • • • • • •
FREE leads for your listings Agent and office search Open house search Advanced map search Community profiles Accurate and reliable data Easy and convenient
• 800-695-3000 • www.mlspin.com
Worcester Regional Association of REALTORS®
12 www.wrar.org
MEMBERSHIP NEWS Scholarshp 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速 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.
NAR Conference & Expo - November 7-10, 2014, New Orleans
Worcester Regional Association of REALTORS速
13 www.wrar.org
YOUNG PROFESSIONALS’ NETWORK
YPN
Young Professionals’ Network
Professional Development & Networking Opportunities for today’s REALTOR®
To benefit the WRAR Scholarhip Fund Date: Time: Place: Cost: Hosted by:
Thursday, November 13, 2014 6:00 pm Buca di Beppo, 7 Boston Turnpike, Shrewsbury $40 per person Paint beCAUSE
Thank you to our Event Sponsors: Pat Tauro – Contour Mortgage Bankers Bill Murphy – Fairway Mortgage Meghan Roche – The Law Office of Meghan E. Roche Worcester Regional Association of REALTORS®
14 www.wrar.org
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 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 Contact Name:________________________________________________________ Company:____________________________________________ Billing Address:_________________________________________________________ City/State/Zip_________________________________________ 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__________
____Check
____American Express
____Discover
____MasterCard
____Visa
Card No_____________________________________________________________________________ Expiration_____________________________ Signature_________________________________________________________________________________________________________________
Worcester Regional Association of REALTORS®
15 www.wrar.org
CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for November 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, Saturday, November 1 Time
Instructor
Course Code
Course Title
8:00 - 10:00
Jo Ann Szymczak RE25RC08
Financing
10:00 - 12:00
Jo Ann Szymczak RE04RC12
93A, Consumer Protection & Business Regulations
12:00 - 2:00
Jo Ann Szymczak RE15R07
Selling Historical Homes
Auburn, Friday, November 14 8:00 - 10:00
Gary Bourque
RE26RC07
Appraisal Process
10:00 - 12:00
Gary Bourque
RE51R06
Facilitator
12:00 - 2:00
Gary Bourque
RE35RC03
Offers
COMMITTEE ON GOVERNMENT & LEGISLATIVE AFFAIRS RPAC Goal Reached WRAR is proud to announce that we have met our 2014 RPAC Fair Share Goal set by NAR thanks to those members who gave their fair share when paying their annual dues. Thank you all for helping us to fight for the issues that affect all REALTORS® and the housing industry. Special thanks go to our major investors:
President’s Circle - Donations of $2,500+ • Michael Durkin
Sterling ® - Donations of $1,000+ • • • • • •
Jeff Burk Tony Economu Jane Fine Dave Stead Tracey Fiorelli Sarah Gustafson
Worcester Regional Association of REALTORS®
Sterling ® - Donations of $1,000+ (continued) • • • •
Lee Joseph Kris Koliss Janice Mitchell Brad Roberts
Miscellaneous Donations Over and Above Fair Share • Elaine Evans • Erika Hall • Dan Robertson
16 www.wrar.org
LOCAL MARKET UPDATE Local Market Update – September 2014 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®
Worcester Regional Association of REALTORS®
- 12.9%
- 0.6%
- 5.9%
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
September
Single-Family Properties
2013 458 494 $244,000 2,757 6.1 95 94.7% 744
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 526 442 $244,000 2,639 6.0 100 94.3% 834
Year to Date +/– + 14.8% - 10.5% 0.0% - 4.3% - 1.6% + 5.5% - 0.4% + 12.1%
2013 4,481 4,163 $247,000 --111 94.0% 6,816
September
Condominium Properties
2013 111 122 $236,250 563 5.4 118 96.6% 181
Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory C Cumulative l ti D Days on M Market k tU Until til S Sale l Percent of Original List Price Received* New Listings
2014 116 92 $225,000 481 4.5 128 96.8% 169
2014 4,338 3,915 $255,000 --107 94.7% 7,121
+/– - 3.2% - 6.0% + 3.2% --- 4.2% + 0.8% + 4.5%
Year to Date +/– + 4.5% - 24.6% - 4.8% - 14.6% - 16.2% + 9.0% 9 0% + 0.3% - 6.6%
2013 1,024 957 $195,000 --121 95.6% 1,501
2014 1,041 964 $205,250 --99 96.1% 1,515
+/– + 1.7% + 0.7% + 5.3% --- 18.0% 18 0% + 0.5% + 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 a
$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.
Worcester Regional Association of REALTORS®
17 www.wrar.org
MAR LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney
The MAR legal department has become aware of several scams that REALTORS® should be aware about. Below are a few examples, but keep in mind that scams come in all forms. The scam: A buyer in a transaction will receive an email from a real estate agent, title company, or attorney with wiring instructions to transfer money for the upcoming transaction. The email appears genuine and contains the company’s email information and logo, and sometimes will include manipulative language to encourage you to act quickly. The email, however, is actually not from the so-called sender; rather, it is from a hacker who had monitored the email account of one of the parties, then altered information in the email to have the funds sent to the hacker’s own account. Once the buyer transfers the funds pursuant to the wiring instructions included in the email, the funds are placed into the hacker’s account, most likely never to be recovered. While the reported instance targeted the buyer, altered emails could conceivably be sent to any party in the transaction to cause misdirection of funds.
What you can do to protect yourself: • Encourage your clients to secure their computer systems and email accounts
• All parties in the transaction should confirm all emailing • •
wiring instructions directly with the escrow officer via telephone prior to making any transfers If any party in the transaction has received suspicious or questionable wiring instructions, all parties should be notified immediately Carefully review your E&O Policy to see if your policy covers cybercrime
The scam: Scams through advertising websites, such as Craigslist, continue in the marketplace despite efforts of law enforcement to warn and educate consumers. One such scam that continues to resurface is an attempt to defraud individuals in the rental market. In this particular scam, listing information on a property for sale, including photos, are gathered from a brokerage firm’s website and a fake ad is created that advertises the property for rent, typically at a bargain rental. The ad is accompanied by contact information that includes an email address and a phone number, which may be the agent’s or the owner’s phone number. Email inquiries receive replies with an elaborate story concerning the “owner’s” necessity of renting very quickly, and requests that a deposit check or wire be sent right away. Of course, if successful, the scammer then makes off with the deposit for the “rental.”
Worcester Regional Association of REALTORS®
What you can do to protect yourself: • If you represent a rental client, check if the property is for
• •
•
sale via your MLS or an internet search. If it is, call the listing agent to confirm the status of the house. Be suspicious if you’re told by the advertiser not to call the listing agent Never send personal credit information over the Internet until you have independently confirmed all of the facts about the rental property being advertised If an agent receives inquiries concerning property for rent when the property is really listed for sale, the agent should immediately check Craigslist and other similar websites to ensure that their listing is not being misrepresented by a scammer. Agents should also advise owners to refer all inquiries concerning the property, whether for lease or sale, to their agent REALTORS® should be careful of putting too much information concerning their listings out on the Internet. REALTORS® may wish to reconsider advertising on websites that do not provide security measures to prohibit ads that are not identified with specific contact information
The scam: An agent in the office is contacted by a lead who claims to be overseas and in the process of moving back to Massachusetts. The buyer eventually (after some discussion) makes an offer that is accepted by the seller and all signatures are obtained via fax. The buyer asks his attorney, who is also hired locally, to hold the funds in escrow while the transaction is pending. The buyer’s attorney receives a check from the buyer drawn from a major bank for slightly more than the purchase price. The so-called buyer comes up with a reason for writing the check for more than the purchase price, and asks the broker or attorney to wire back the difference after the check is deposited. In some instances, not yet realizing the buyer is fraudulent, the broker or attorney complies with the request.
What you can do to protect yourself: • Do not to provide your bank account numbers or information to any untrustworthy source
• Ask for a physical mailing address in addition to a telephone number and email address
To protect you and your clients, educate yourself about various fraud schemes and be on guard for any warning signs in a transaction. REALTORS® and their clients who encounter these or similar situations are encouraged to exercise caution and contact the Massachusetts Attorney General’s office at www.mass.gov/ago or the Federal Financial Fraud Task Force at www.stopfraud.gov. There can often be indicators of fraud throughout a transaction. Finally, if you hear of any additional scams, please do not hesitate to report it to your Local Association and/or the MAR Legal Department. 18 www.wrar.org
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 Kathleen Cooper, Director Jayne DiLiberto, Director Tracey Fiorelli, Director Erika Hall, Director Lorraine Herbert, Director Lee Joseph, Director Judy Patterson, Director Mary Stolarczyk, Director Leslie Storrs, Director Diane Dabrowski, Alternate Kathleen McSweeney, Alternate WRAR STAFF Executive VP, Colleen Pappas Membership Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo Accountant, Maura O’Connor Administrative Assistant, Lynne Walls
Packing Day for the Hat, Glove & Mitten Drive is Friday, November 14, at 9:00 am. If you can help, please let us know!
COMMUNITY ACTION COMMITTEE Help us to Warm up the Winter! Community Action Committee Hat, Glove & Mitten Drive
Deadline for donations: November 14, 2014 Cash donations welcomed ; Make checks payable to WRAR.
We are collecting NEW Hats, Gloves, Mittens and Socks for Children and Adults to be distributed to local service agencies. Please help in any way you can. NO DONATION IS TOO SMALL! Items may be dropped at the following member offices: ● ● ● ● ●
ERA Key – Auburn, Spencer, Worcester, Whitinsville Janice Mitchell Real Estate – Holden LAER Realty Partners – Northborough, Westborough RE/MAX Advantage 1 – Worcester RE/MAX Professional – Auburn, Shrewsbury, Charlton, Sturbridge, Spencer, Wilbraham ● RE/MAX Vision - Worcester ● Worcester Regional Association of REALTORS®
Call to Action by the WRAR BOD Our Board has been made aware by the City of Worcester that there is an urgent need for coats and jackets for city school children. The mornings are quite chilly and many kids are coming to school with no jackets or sweaters. The City is keeping a list of who needs a coat (age & size). If you would like to make a donation, the Board will take care of the shopping. Can you help? Send your check, made payable to WRAR, to 492 Washington Street Auburn, MA 01501
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.
Worcester Regional Association of REALTORS®
19 www.wrar.org