October 2015 Inside this Issue: PRESIDENT’S MESSAGE President’s Message
1
Month-at-a-Glance
2
American Warrior Initiative
3
Membershp News
5-10
TRID Paperwork
11
Greetings from your Association! I hope this autumn finds all of you busy. Our most recent local statistics indicate that sales are up year over year despite the fact that we have 28% less inventory than we did last year at this time. Following the 2009 50-year low in new home construction, the building industry is hard at it hoping to increase unit production.
Professional Development 11-13 WRAR Annual Meeting
14
Installation of Officers
15
CREST
16
Legislative Breakfast
17
Local Market Update
18
Legal Hotline
19
Committee Volunteer Day
20
I bring this up because it raises a perennial legislative issue that is dear to our hearts; zoning reform. The unwieldy local board practice that we have used for generations has simply outgrown its usefulness. In order to produce housing in the quantities that our growing state economy requires it is absolutely essential that we define universal standards to level the field for statewide development. This topic was one of many discussed at our recent legislative breakfast. The attendance among our legislators was outstanding and we were fortunate to have Worcester Regional Chamber of Commerce head, Tim Murray, with us as well. Thanks go to our sponsors, Committee Co-Chairs, and the Builders Association.
WRAR Mission Statement The purpose of the Worcester Regional Association of REALTORS® is to:
Finally, we have a great program planned for our Annual Meeting on October 28 with Dr. Lawrence Yun, the Chief Economist for the National Association of REALTORS®. Dr. Yun is widely respected, having appeared on numerous news and financial programs in recent years. Please reserve your tickets early as seating will be limited. Thanks everyone
Brad
Brad Roberts 2015 WRAR President
* Provide REALTOR® 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.
Worcester Regional Association of REALTORS® 1 www.wrar.org
WRAR MONTH-AT-A-GLANCE October 2015 Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
1 10 Prof Dev Comm 11-1 Lunch & Learn Forward Financial
2
3 8-12 Pre-License Class
4
5 5:30-9:30 PreLicense Class
6
7 12-2 Lunch & Learn Walsh Home Inspection
8
9 12-2 Lunch & Learn Wintrust Mortgage
10 8-12 Pre-License Class
11
12 WRAR CLOSED COLUMBUS DAY
13 11-1 Lunch & Learn Fairway Mortgage
14 9:30 Finance 10:30 BOD
15 8:30-5 MAR GRI
16 9:30-3:30 MLS PIN Training
17
5:30-9:30 PreLicense Class 18
19 20 11 Lunch & Learn 8:30-5 MAR GRI (CFPB) Effect on R.E. Closings
21 9-12 Lunch & Learn Prospect Mortgage
22
23
24
25
26
28 8:30-10:30 Annual Mtg @ Worc Tech HS 9:30 MLS PIN
29 12-2 Lunch & Learn Prestige Mortgage
30
31 Happy Halloween
27 8-2 CREST CEUs
Save the Date DATE CHANGE: Oct. 28, 2015 Annual Meeting at Worcester Technical High School with NAR Economist Lawrence Yun Dec. 3, 2015 Installation of Officers & Directors Dinner at the Beechwood Hotel
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Worcester Regional Association of REALTORS速
2
www.wrar.org
FAIRWAY MORTGAGE & THE AMERICAN WARRIOR INITIATIVE The brave men and women of the US Armed Forces have endured incredible hardships and sacrifice to defend our freedom, and often face uphill battles when it comes to employment, home ownership, and poverty. Fairway Mortgage recognizes these unique challenges, and through their American Warrior Initiative, has made a commitment to give back on a national scale. Since 2012, the American Warrior Initiative has sought to ease the transition between military and civilian life, by providing educational resources and support to veterans and their families. The Worcester Regional Association of REALTORS® was happy to take a small part in an impactful Certified Military Residential Specialist Bootcamp held at the Beechwood Hotel on September 16. Over 100 REALTORS® were in attendance for the CEU class and presentations. Joe Faulkner, who spent 15 years in the Army, officially retired and was recognized for all of his hard work, dedication, and sacrifices. Joe received a brand new John Deere riding lawn mower to use at his new home as well as $10,000 from the American Warrior Initiative for new home improvements. Joe and Sara’s son, Isaiah, turned two on that date and was presented with his own John Deere tractor and trailer as everyone joined in singing Happy Birthday to him. A $2500 check was also presented to the Blue Star Mothers/NEADS, a non-profit organization who trains and places service dogs for Vets.
Worcester Regional Association of REALTORS® 3 www.wrar.org
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Worcester Regional Association of REALTORS® 492 Washington Street, Auburn, MA 01501
Worcester Regional Association of REALTORS® 4 www.wrar.org
MEMBERSHIP NEWS - Dues Incentives
2016 Dues Incentives Get a head start on 2016 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 $280.00 $380.00
* Pay your entire dues in October and be entered into a drawing to win back your ENTIRE 2016 dues - over $580 in savings! Deadline for drawing is 10/30/15. (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 11/30/15. (REALTOR® members only.)
DEADLINE FOR DUES IS DECEMBER 31, 2015 TO AVOID LATE FEES NEED SOME EXTRA TIME? Enroll in our 2016 BUDGET PLAN by October 15, 2015. Reminder: If you do not sign up for the installment plan, your entire 2016 dues payment MUST be received by December 31, 2015 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, 2016 -- there are no exceptions!
2016 DUES MAY BE PAID ONLINE AS OF OCTOBER 1, 2015. 2016 dues invoices will be emailed to all members on October 1. They will NOT be mailed via US Post office. Worcester Regional Association of REALTORS®
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MEMBERSHIP NEWS - Dues Payment Policy It’s That Time of Year Again... Thank you for your outstanding support of WRAR this year. We appreciate your commitment to the REALTOR® brand and all that it represents. You have shown your support of our efforts by record-setting attendance at all of our major events, a packed classroom at both our monthly continuing education classes and our Affiliate Sponsored Lunch and Learn sessions and your generosity with all our community projects. The 2016 dues billing is underway and the invoices have been e-mailed to all agents today, October 1. We encourage you to pay early to avoid the holiday crunch. Also, there are great incentives to paying early, which are detailed on the accompanying page. The Finance Committee worked hard on this year’s budget and is once again proposing a balanced budget for 2016. In order to accomplish this, you will notice an $8.00 increase in your local dues. We are also pleased to continue to offer the member benefit of NO COST for continuing education classes. Please note that in effort to go green and to save costs, we will not be mailing the invoices this year so it is very important to be sure that you open that email! And please remember that the deadline for payment is December 31 to avoid any late fees. We apologize for the grammatical errors in the dues invoices you recently received. The computer must have been enoying a little happy hour!
As a reminder, this is the late fee policy that is in effect: • All dues remittance must be postmarked by December 31 in order to avoid late fees. • Members paying January 1 – January 31 are subject to a $50.00 late fee. • Members paying February 1 – February 28 are subject to an additional $50.00 late fee. • Any member not paid by February 28 is automatically suspended per the bylaws. • Members paying after March 1 are subject to all late fees in effect as well as a $50.00 reinstatement fee. • Any member not paid by March 31 is automatically terminated per the bylaws. Also keep in mind that the dues are not refundable so please be sure you and your broker are renewing before you submit payment. There is still time to sign up for the budget plan if you think you may need extra time in paying this year so that you can avoid any late or reinstatement fees. Please contact Lisa Sprague at lsprague@wrar.org by October 15 to sign-up for the six-month installment plan. Believe it or not, your 2016 Leadership Team is already busy planning the programs and events for next year. You can count on more professional designation classes to help you succeed, as well as risk management classes for our broker/owners. We are always looking for new ideas and volunteers so be sure to attend this year’s Committee Volunteer Day on Thursday, November 5. We look forward seeing you during the many events we have planned this fall. Be sure not to miss this year’s Annual Meeting on October 28, with featured guest speaker Lawrence Yun, NAR Chief Economist. We are fortunate that he has chosen our Association as one of his stops while in New England. Space is limited so register today. Worcester Regional Association of REALTORS® 6 www.wrar.org
MEMBERSHIP NEWS - Dues Budget Plan Option
2016 Dues Budget Plan Option for REALTOR® Members Under the 2016 Worcester Regional Association of REALTORS® Budget Plan, you may enroll in the plan to help spread the payments across time plus there are NO LATE FEES!!! Please enroll me in the 2016 plan: (includes a $10.00 service fee per payment) ST
$110.00 Designated REALTOR®
ND
$110.00 Designated REALTOR®
RD
$110.00 Designated REALTOR®
TH
$110.00 Designated REALTOR®
TH
$151.00 Designated REALTOR®
TH
$155.00 Designated REALTOR®
$ 85.00 REALTOR®
1 INSTALLMENT October 1, 2015
$ 85.00 REALTOR®
2 INSTALLMENT November 1, 2015
$ 85.00 REALTOR®
3 INSTALLMENT December 1, 2015
$ 85.00 REALTOR®
4 INSTALLMENT January 2, 2016
$151.00 REALTOR®
5 INSTALLMENT February 1, 2016
$155.00.00 REALTOR®
6 INSTALLMENT March 1, 2016
Please check here if you would like to contribute your Voluntary Fair Share Amount of $25.00 to RPAC. The budget amounts above do not reflect your contribution. We hope that you will help us reach our 2016 RPAC goal by donating. If you contribute, this one time payment of $25.00 will be assessed to your credit card on October 1 in addition to the above amount. I hereby enroll in the 2016 WRAR budget plan and understand that processing fees are included in the total amount. If total dues and service fees are not paid AS AGREED, my membership will terminate and I will be subject to all applicable reinstatement fees. Please note dues are non-refundable. ***The installment plan is available for CREDIT CARD purchase only. We accept MasterCard, Visa, American Express and Discover.
If for any reason the credit card info provided is invalid or declined a $20.00 administration fee will be charged. Please fax to: 508-832-6620 or email the form to: lsprague@wrar.org I understand that WRAR will debit my credit card account as designated above in order to pay the fees and other charges and that all amounts due under the budget plan outlined above will be automatically charged to my credit card. I further understand that REALTOR® dues are non-refundable. By signing this form you are agreeing to all the above terms. Payment Information Name on Card: _____________________________________________ Billing Address: _____________________________________________ Card# Signature
__________- ___________-___________-___________
Exp. Date: _____________
_____________________________________________
Worcester Regional Association of REALTORS® 7 www.wrar.org
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Worcester Regional Association of REALTORS®
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MEMBERSHIP NEWS New Applicants
Agents Transferred
Biodun Akande Exit Realty Partners Worcester Andrea Austin Houde Real Estate Marlboro Shane Foss Real Living Barbera Assoc. Worcester Matthew Jette LAER Realty Partners Northboro Linda Jubinville Boisvert Park Place Realty Worcester Vi Lai Coldwell Banker Worcester Catherine Taylor Buyer’s Brokers Only, LLC Haverhill
New Members Alica Anderson Arthur Berry Richard Berte Joseph Beshai Howard Bregman Karen Butland Sandra Considine Ben Doane Regina Doucimo Jamie Fowler Doreen Gagliastro Kathleen Gonet Patricia Halloran Daniel Kristoff Danielle Lussier Elisha Lynch Stephen Minor Peter Morris Stacey O’Neil Elizabeth Owusu Jessica Phillips Caryn Powers Peter Puzio Edward Rodriguez Carla Rovezzi Sarah Similia Kenena Skrzypczak Justin Smith Christine Stratford Ariane Taylor Danielle Thornbrugh Dennis Urbanowski Su Wang Melissa Weiker Megan Winslow Ryan Winslow
Quaboag Valley RE RE/MAX Professional Berkshire Hathaway ERA Key Realty Services Emerson REALTORS Keller Williams ERA Key Realty Services Coldwell Banker Exit Realty Partners Homestead Realty Group Exit Realty Partners RE/MAX Professional Keller Williams Realty Romeo Real Estate Co. Picket Fence Properties Exit Realty Partners RE/MAX Advantage1 Exit Realty Partners Thrive Real Estate Hope Realty & Associates Keller Williams Realty Realty Executives Tri Cty. DCU Realty Keller Williams Realty RE/MAX Professional Century 21 No. Shore Rlty Keller Williams Realty Premeer Real Estate Coldwell Barnker RE/MAX Professional ERA Key Realty Services EXP Realty Keller William Realty Keller Williams Realty Exit Realty Partners Exit Realty Partners
Julius Hernandez LAER Realty Partners Brian Murphy B.H.H.S.NE Prime Prop Ed Reardon Millennium Realty Deborah Scherer-Teta Blackstone Valley Realty Carol Stewart Carol Stewart
Agents Reinstated Kim LaCroix
Brookfield Auburn Marlboro Worcester Auburn Worcester Whitinsville Worcester Auburn Millbury Auburn Spencer Worcester Leicester Spencer Shrewsbury Worcester Worcester Shrewsbury Worcester Westboro Bellingham Marlboro Worcester Worcester Leominster Westboro Uxbridge Worcester Shrewsbury Auburn Westboro Westboro Worcester Auburn Auburn
Worcester Regional Association of REALTORS®
Northboro Westboro Mendon Mendon Mendon
RE/MAX Professional
Spencer
New Affiliates James Burnard
Homes.com 150 Granby Street
Norfork
George Richards
South Natick Law 8E Pleasant Street
Natick
Peter Viele
JMC Associates Home Inspection 70 Dodge Road Sutton
Get Your REALTOR® Bracelet! On behalf of the Massachusetts Association of REALTORS® Charitable Trust Foundation, we are happy to announce the rollout of the REALTOR® bracelet! The cost is $20.00 and 100% of proceeds will be used for homeless grants and disaster relief! WRAR has a limited amount on hand and you can pick them up at the office.
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MEMBERSHIP NEWS September 2015 New Member Orientation
2015 President Brad Roberts welcomed 37 new Realtors速 to WRAR at the September 16 New Member Orientation.
Congratulations to our Newest SRS Designees Barbara Fairfield (pictured above, center) delivered the Sales Representa-
tive Specialist Designation Class to WRAR members on September 28 & 29. Proudly claiming their new designation are Cherie Benoit, Gillian Bonazoli, Karen Butland, Lisa Caron, Ada Marina Cimpeanu, Nina Ferraro Sweares, Stacey Hamel, Lori-Anne Hart, James Harvey, Keith Krikorian, Elisha Lynch, Maribeth McCauley Lynch, Cynthia Walsh MacKenzie and Judith Wesley. Pictured at left with Barbara Fairfield is Lisa Caron of Quaboag Valley Real Estate Lisa was one of two winners of the WRAR Scholarship for REALTORS速. She won $250 towards the designation class of her choice. Also awarded a scholarship was Maribeth Marzeotti of RE/MAX Advantage Real Estate. Congratulations to all! Worcester Regional Association of REALTORS速
10 www.wrar.org
PROFESSIONAL DEVELOPMENT Lunch & Learn with Walsh Home Inspections:
What to Expect When You’re Inspecting Join Walsh Home Inspections for WRAR’s first Lunch & Learn dedicated to all things home inspection. Mike Walsh, Company Owner and Lead Inspector, and his team will discuss: * * * * *
What to look for when touring a home How to prep buyers for a smooth home inspection How to ready sellers for an inspection Commonly seen inspection issues & what they really mean Seasonal issues this fall & winter
Also joining us will be Adam Neale, President & Owner of SWAT Environmental, to answer your radon-related questions.
Date: Wednesday, Oct 7, 2015 Time: 12:00-2:00 pm Place: WRAR , 492 Washington St. Auburn Cost: FREE for WRAR Members Luncheon provided by Walsh Home Inspections Register online at www.wrar.org
Lunch will be provided by Walsh Home Inspections.
MASSACHUSETTS * RHODE ISLAND 339.298.1124 www.walshhi.com
TRID Regulations and Appropriate Paperwork On October 3, 2015, new federal regulations governing the closing process will take effect and will have an impact on our industry and on your business. The new laws will only apply to closings where the loan application was made on or after October 3rd. In light of these changes, MAR has prepared a new form which will be available on all MassForms electronic forms platforms. If you subscribe to MassForms, the form will automatically be added to your library. You can also find a copy of the form on the WRAR website at http://www.wrar.org/ documents-library/integrated-disclosure-addendum-Oct2015.pdf The Form is intended to be used as an addendum to the Contract to Purchase and/or the Purchase and Sales Agreement. Under the new regulations, there are certain circumstances where the closing may need to be delayed in order to allow for sufficient time for the lender to provide copies of the new Closing Disclosure, which will replace the HUD-1 Form. This addendum will allow the buyer and seller to agree to extend the closing in anticipation of such delays. It also requires the buyer and seller to use reasonable efforts to provide the closing attorney with information regarding any adjustments needed for closing. As always, it is recommended that REALTORS® refer the buyer and seller to their attorney to answer specific legal questions they might have about this form. For updates on TRID, be sure to check out NAR’s TILA-RESPA Integrated Disclosure toolkit at http://www.realtor.org/fieldguides/field-guide-to-the-tila-respa-integrated-disclosure-rule-trid. Please note that due to the new changes with the forms and the cost of maintaining and producing our own forms, the WRARBoard of Directors have elected to stop producing our own forms, and we will only be selling the MAR forms. We will continue to sell our supply on hand until it is exhausted. As the WRAR forms have not been updated to include the new TRID language, we strongly recommend using the New MAR Integrated Disclosure Addendum. Worcester Regional Association of REALTORS®
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PROFESSIONAL DEVELOPMENT
TRID is Here
LET’S LEARN MORE ABOUT HOW TO MANAGE TRANSACTIONS IN THE AGE OF TRID. YOU are invited to a Wintrust Lunch and Learn! Earn 2 CEU’s - RE93R15 Friday, October 9th, 12 - 2pm WRAR 492 Washington Street | Auburn MA 01501 Register at www.WRAR.org/events.html Realtors, let’s make this simple. Here’s 5 things to know: 1. TRID stands for TILA-RESPA Integrated Disclosure and is designed to simplify the mortgage process. 2. We cannot require documents prior to application. If your buyers need full pre-qualifications, they must volunteer their documentation. 3. Changes to Loan Estimates or Closing Disclosures can delay closings. 4. Changes to purchase agreements, missing fee/cost disclosures or delays in property inspections or application for homeowners insurance can delay closings. 5. While TRID is new, there are likely to be delays. Coach your buyers, sellers and other agents to give me their documents as quickly as possible when we ask for them.
We are well prepared to thrive in the new lending environment. Count on Wintrust Mortgage to help make the complex changes less complex. CEU’s sponsored by McLaughlin, Richards, Biller and Schindel Lunch provided by G&N insurance.
.
Questions or concerns about the ever-changing market? Contact me today. I’ll be your calm and clear guide through the mortgage industry. Michael S. Dutra
Senior Mortgage Loan Professional NMLS# 13530
175 Highland Ave., Ste. 306 Needham, MA 02494
Direct: 781.453.6927
Cell: 401.486.6894 eFax: 844.766.1954 MDutra@WintrustMortgage.com www.TeamDutra.com
Julie Galli
Mortgage Consultant NMLS# 13150 175 Highland Ave., Ste. 306 Needham, MA 02494
Cell:508.864.6064
Office: 781.453.8900 JGalli@WintrustMortgage.com www.WintrustMortgage.com
This information is intended for mortgage and real estate professional use only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank NMLS #449042. © 2015 Wintrust Mortgage 150904606KO
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: RE25RC08 Financing
The Worcester Regional Association of REALTORS® 492 Washington St. Auburn, MA 01501
Have Your Best Fall Ever in 2015! October 13th 2015 11:00 AM – 1:00 PM (Registration 10:30 AM) Lunch and refreshments will be served courtesy of Attorney Jessica Albino RSVP ONLINE:
r.or
What to Expect:
New changes beginning with TRID on October 3rd 2015 that could impact your closing dates New projection of interest rates from market analysts and the impact on your buyers loan programs and purchasing power o What factors will drive rates in 2015 and beyond 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 their credit scores and maximize their loan options Understanding credit and credit scores and how it impacts loan programs and rates Credit refresh 8 days prior to closing Cheat sheet for FHA, VA, Conventional, USDA and MA Housing
Hosted by: Bill Murphy of Fairway Independent Mortgage – CMP 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®
13 www.wrar.org
WRAR ANNUAL MEETING FEATURING LAWRENCE YUN
2015 ANNUAL MEETING Wednesday, Oct. 28, 2015 Keynote Speaker: Worcester Technical High School Lawrence Yun One Skyline Drive, Worcester, MA 01605 8:30 am Registration & Breakfast Buffet 9:00 am Program Pre-reg - $25 Onsite - $30 2016 Budget 2016 Nominating Committee 2016 Officers & Directors 2016 MAR State Directors 2016 Dues Payment Installment Plan
Lawrence Yun is Chief Economist and Senior VP of Research at the NATIONAL ASSOCIATION OF REALTORS®. He oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1 million REALTOR® members.
For more info or to register, contact Jacki D’Innocenzo at 508-832-6600 or via email jdinnocenzo@wrar.org. You may also mail or fax this form to WRAR, 492 Washington Street, Auburn, MA 01501 * Fax 508-832-6620. Contact Name:______________________________________________ Company:__________________________________ Billing Address:_______________________________________________ City/State/Zip_______________________________ Phone:___________________________________________ Email:_______________________________________________ Amount Due__________
____Check
____American Express
____Discover
____MasterCard
____Visa
Card No______________________________________________________________ Expiration________________________ Signature_____________________________________________________________________________________________
Worcester Regional Association of REALTORS®
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WRAR INSTALLATION OF OFFICERS & DIRECTORS
You are cordially invited to the 2015 Installation of Officers and Directors Thursday, December 3, 2015 The Beechwood Hotel
Ticket Price: $55 per person Registration closes Nov. 23
363 Plantation Street, Worcester 5:30 pm Registration & Cocktails 7:00 pm Dinner & Program
Thank you to our Sponsors:
Platinum Sponsors: The Law Office of Jessica Albino * Daviau Law Offices, PC * Fairway Mortgage Prestige Home Mortgage * Southbridge Savings Bank * WinTrust Mortgage
Gold Sponsors: Bank of Canton * Cahn & Barron, LLC, Attorneys at Law * Embrace Home Loans * Fidelity Bank Forward Financial Services * MLS PIN * Prospect Mortgage * Security First Mortgage * Webster Five Silver Sponsors: Commonwealth Environmental Services * The Law Office of Harry P. Kotseas
Register online at www.wrar.org or return this form to Jacki D’Innocenzo via fax 508-832-6620 or via email jdinnocenzo@wrar.org.
Contact Name:________________________________________________________ Company:_______________________________________ Billing Address:_________________________________________________________ City/State/Zip____________________________________ Phone:___________________________________________ Email:______________________________________________________________ No. of Tickets: __________ Amount Due__________
____Check
____American Express
____Discover
____MasterCard
____Visa
Card No_____________________________________________________________________________ Expiration________________________ Signature____________________________________________________________________________________________________________ Dinner Selection: _____Chicken Piccata
_____Baked Haddock with a Lemon Chardonnay Sauce
Worcester Regional Association of REALTORS®
_____Vegetarian (Chef’s Selection)
15 www.wrar.org
CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for October & 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 - Monday, October 19, 2015 Time 11:00am
Instructor Brad Roberts
Course Code RE93R15
Course Title Consumer Financial Protection Bureau (CFPB) & the Effect on R.E. Closings (Lunch & Learn
Auburn - Tuesday, October 27, 2015 8:00 am 10:00am 12:00pm
JoAnn Szymczak JoAnn Szymczak JoAnn Szymczak
RE18RC07 Property Assessments, Valuation & Taxation RE04RC12 93A, Consumer Protection & Business Regulations RE02R06 Buyer Agency
Auburn - Saturday, November 7, 2015 8:00am 10:00am 12:00pm
JoAnn Szymczak JoAnn Szymczak JoAnn Szymczak
RE55R05 Leisure Homes, Second Homes & Age Restricted Housing RE28RC12 Foreclosures RE16RC13 Zoning & Building Codes
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3. Enter your information and start generating your first quote • Don’t forget to add the app to your Home Screen. • Share the app with other real estate professionals
Worcester Regional Association of REALTORS®
16 www.wrar.org
WRAR LEGISLATIVE BREAKFAST WRAR’s Government Affairs Committee presented their annual Legislative Breakfast on Friday, September 19 at The Worcester Technical High School. We once again partnered with the Builders Association to bring the issues affecting real estate and home building to the attention of our local legislators. Our keynote speaker was Former Lt Governor and current Chamber CEO Tim Murray, who provided us with an update on the projects that are on the horizon in Worcester. This annual event is possible with the help of our Platinum Sponsors: The Law Office of Jessica Albino, Daviau Law Offices, PC, Fairway Mortgage, Prestige Home Mortgage, Southbridge Savings, WinTrust Mortgage; and Gold Sponsors: Bank of Canton, Cahn & Barron, LLC, Attorneys at Law, Embrace Home Loans, Fidelity Bank, Forward Financial Services, MLS PIN, Prospect Mortgage, Security First Mortgage and Webster Five. Special thanks to the Legislative Breakfast Task Force, headed by Chair Erika Hall, for their hard work.
Michael McDonagh, MAR General Counsel, addresses the crowd
Keynote Speaker, Tim Murray, President & CEO, Worcester Regional Chamber of Commerce
Sarah Gustafson, MAR Government Affairs Vice-Chair & WRAR Vice President, presents campaign check to Senator Ryan Fattman
Worcester Regional Association of REALTORSÂŽ
Ben Fierro, General Counsel of the Builders Association
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LOCAL MARKET UPDATE Local Market Update – August 2015 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®
Worcester Regional Association of REALTORS®
+ 7.4%
+ 8.2%
- 17.3%
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
August
Single-Family Properties
2014 460 584 $258,900 2,940 6.6 86 95.5% 698
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
2015 604 636 $280,500 2,451 5.4 89 95.5% 812
Year to Date +/– + 31.3% + 8.9% + 8.3% - 16.6% - 19.1% + 3.8% + 0.0% + 16.3%
2014 3,707 3,478 $256,000 --108 94.7% 6,288
August
Condominium Properties
2014 107 129 $215,000 567 5.2 92 96.3% 143
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
2015 144 130 $220,000 451 4.1 86 96.5% 176
2015 4,334 3,714 $265,000 --106 95.3% 6,439
+/– + 16.9% + 6.8% + 3.5% --- 1.6% + 0.6% + 2.4%
Year to Date +/– + 34.6% + 0.8% + 2.3% - 20.5% - 21.0% - 6.5% + 0.2% + 23.1%
2014 906 875 $205,000 --97 96.1% 1,344
2015 1,051 895 $215,000 --94 96.3% 1,438
+/– + 16.0% + 2.3% + 4.9% --- 3.3% + 0.2% + 7.0%
* 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
b
All MLS
b
Worcester Regional Association of REALTORS®
a
Worcester Regional Association of REALTORS®
a
$350,000
$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
1-2015
$100,000 1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
1-2015
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®
18 www.wrar.org
LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney
Q. I just listed a property for my seller client. My sellerclient informed me that the house is haunted and there are ghosts in one of the bedrooms. Am I required to disclose this? A. Not unless asked. The Stigmatized Property Law states that absent a specific inquiry by a prospective purchaser, there is no duty for the broker to either investigate or affirmatively disclose murders, suicides, allegations of ghosts or other potential stigmas. This is because these stigmas are not actual physical defects with the property. If a consumer does ask, however, the broker or salesperson must answer the question regarding the stigma honestly and to the best of his or her knowledge. If you are representing a buyer, be sure to determine whether or not this is an important issue to your client. If it is, be sure that the question is asked. As a reminder, REALTOR’S® always have an obligation under Chapter 93A to disclose known physical defects (leaky roof, foundation problems, etc.). The Stigmatized Property Law does not diminish this obligation. Brokers and salespersons should remember that one of the most effective ways to deal with these issues is to ask the seller to complete a Seller’s Description of Property Form and provide all prospective purchasers with a copy of the form. Q. I know that the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) laws and regulations are changing as of October 3rd, 2015. Has the MAR Forms Content Advisory Released a New Form? A. On October 3, 2015, new federal regulations governing the closing process will take effect and will have an impact on our industry and on your business. The new laws will only apply to closings where the loan application was made on or after October 3rd. In light of these changes, MAR has prepared a new form that will be available on all MassForms® electronic forms platforms. If you subscribe to Massforms®, the form will automatically be added to your library. You can also find a copy of the form, along with other information about TRID, here: https://www.marealtor.com/ members/government-affairs/tila-respa-integrateddisclosure Worcester Regional Association of REALTORS®
The Form is intended to be used as an addendum to the Contract to Purchase and/or the Purchase a n d Sales Agreement. Under the new regulations, there are certain circumstances where the closing may need to be delayed in order to allow for sufficient time for the lender to provide copies of the new Closing Disclosure, which will replace the HUD-1 Form. This addendum will allow the buyer and seller to agree to extend the closing in anticipation of such delays. It also requires the buyer and seller to use reasonable efforts to provide the closing attorney with information regarding any adjustments needed for closing. As always, it is recommended that REALTORS refer the buyer and seller to their attorney to answer specific legal questions they might have about this form. Q. Where can I get more information about TRID? A. The Consumer Financial Protection Bureau (CFPB), together with the National Association of REALTORS® (NAR) created numerous helpful documents, which can be found here: http://www.consumerfinance. gov/regulatory-implementation/tila-respa/. More information can also be found on NAR’s website here: http://www.realtor.org/topics/trid-tila-respaintegrated-disclosure
19 www.wrar.org
2015 BOARD OF DIRECTORS President, Brad Roberts President Elect, Kris Koliss Vice-President, Sarah Gustafson Secretary, Judy Patterson Treasurer, Michael Meurant Immediate Past President, Dave Stead
Kathleen Cooper Diane Dabrowski Jayne Diliberto Tracey Fiorelli Erika Hall Lorraine Herbert Lee Joseph Kathy McSweeney Leslie Storrs James Keenan John Vaillancourt
Director Director Director Director Director Director Director Director Director Alternate Alternate
WRAR STAFF Executive VP, Colleen Pappas
WRAR COMMITTEE VOLUNTEER DAY You are cordially invited to
Committee Volunteer Day Thursday, November 5 3:30 - 4:30 pm Worcester Regional Assn. of REALTORS® 492 Washington Street Auburn, MA 01501
Office Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo Accountant, Maura O’Connor Come learn all about the committees at WRAR, what they offer, what YOU can offer them and how service can help your career! Wine, cheese & light hors d’oeuvres will be served. Please RSVP to Colleen Pappas at 508-832-6600, ext. 106, or via email at cpappas@wrar.org.
WRAR office hours are 9:00 am—5:00 pm. 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/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. Be sure to download the WRAR app for easy access to all things WRAR! Visit the iphone store or the google play store and search for WRAR!
Worcester Regional Association of REALTORS®
20 www.wrar.org