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R E A LTOR

CAPITAL AREA

®

gcaar.com

Official publication for the Greater Capital Area Assocation of REALTORS®

jan/feb 2016

7 REASONS TO WORK WITH A REALTOR‰ - page 6

CAPITAL AREA REALTOR® • May/Jun 2014

i


Coldwell Banker is

websites.

#1

most visited real estate brand online 2.

#1 in Social Media

Buyers from

9 in 10

3,100

Each property is promoted on

Coldwell Banker ® is the

725+

218

countries visited CBmove.com last year 1.

among all national real estate brands 4.

offices in

consumers know the Coldwell Banker name 3.

50+

countries.

Discover the Coldwell Banker Difference ®

To sell your properties quickly and for the highest price, they must be exposed to the widest possible audience. With an unrivaled reach that includes 725+ hightraffic websites and 3,100 offices in 50+ countries, Coldwell Banker Residential Brokerage has a proven track record of marketing local properties to global buyers.

CBmove.com | CareersCB.com 1. Google Analytics, January 2015. 2. Nielsen NetRatings, Jan.-Dec. 2013. 3. Brooks Rose Supplemental Awareness Study, 2013. 4. Klout, 2013. Nothing in this document is intended to create an employment relationship. Any affiliation by you with the company is intended to be that of an independent contractor agent. ©2015 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered service mark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Operated by a subsidiary of NRT LLC. 10269WDC_02/15

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CAPITAL AREA REALTOR® • May/Jun 2014


from the editor

WELCOME to a new year of Capital Area REALTOR®, GCAAR’s print publication published five times per year. Our goal is to provide valuable content to help you in your real estate business while sharing what’s happening at GCAAR, so your suggestions are always welcome. You know the value you bring to potential home buyers and sellers, but it never hurts to remind them why they should use a REALTOR® when making one of the biggest financial decisions of their lives, hence the cover story, “7 Reasons to Work With a REALTOR®.” We also are continuing our Professional Standards feature, “Don’t Let This Happen to You,” where we take a look at actual Code of Ethics case studies. And, if you’re looking for a particular real estate-related service, be sure to check out our 2016 Affiliate List in this issue. We’ve also expanded our Technology feature to the REALTOR® Toolbox, which will provide resources to help you reach your business and professional goals. You can check out Capital Area REALTOR® online via GCAAR.com, so please do and please share. Remember, if you have ideas, comments, or suggestions, feel free to contact us at communications@gcaar.com, and follow us on Facebook, Twitter, Instagram, and LinkedIn. Regards,

Bobette Banks, Editor

Capital Area REALTOR® (USPS 017-467) is published five times a year by the Greater Capital Area Association of REALTORS®, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850. Periodicals postage paid at Rockville, MD. Member subscriptions account for $10 of each member’s annual dues. Annual subscriptions are available to non-members for $25. Subscription inquiries may be sent to Capital Area REALTOR® at the above address. POSTMASTER: Send address changes to Capital Area REALTOR®, ATTN: GCAAR, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850. The Greater Capital Area Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy of the information contained herein. The opinions expressed herein do not necessarily reflect the opinion of the officers, directors, or staff of the Greater Capital Area Association of REALTORS®. The Greater Capital Area Association of REALTORS® accepts submissions of articles and photographs and the items become the property of the Greater Capital Area Association of REALTORS®. The publisher reserves the right of full editorial authority and to decline publication of any article not deemed proper. Deadline for submissions, including camera-ready advertising, is the first of the month prior to publication. Reprint with permission only. Reprints may be obtained by contacting the Greater Capital Area Association of REALTORS® at 301.590.2000; via fax at 301.590.2248; or send an e-mail to bbanks@gcaar.com. REALTOR® is a registered collective membership mark that identifies and may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its Code of Ethics. Copyright ©2016 by the Greater Capital Area Association of REALTORS®. All rights reserved.

15201 Diamondback Drive, Suite 100 • Rockville, MD 20850 Phone: 301.590.2000 • Fax: 301.590.2248 • www.gcaar.com Facebook.com/GCAAR2 Twitter@GCAARNow LinkedIn/in/GCAAR CAPITAL AREA REALTOR® • May/Jun 2014 Instagram.com/GCAAR

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R E ALTOR

CAPITAL AREA

®

jan/feb 2016

HOME Survey

Need a Service?

Housing Opportunities and Market Experience

* The Law Offices of Jill Pogach Michaels KVS Law Kass Mitek & Kass PLLC Jackson & Campbell PC Law Office of Arthur Konopka Kayton & Kotz LLC KVS Law Lasso & Lasso PC

GCAAR Year in Review – p. 8

rs Can Help You

Chase Commercial Appraisal Division Chase Commercial Appraisal Division Moses & Aiken, LLC/Home Team Title Shulman Rogers Gandal Pordy Law Office of Mark A Bayer Bromberg Rosenthal LLP Palisades Title Company Curtin Law Roberson Dunigan Andrew FitzGerald Atty at Law Shaner & Helf LLC Shulman Rogers Gandal Pordy Jacobs & Associates

December 2015

REALTOR‰ Value – p. 6

affiliate list

GCAAR Affiliate Membe

GCAAR has over 180 Affiliates . Affiliates transactions are non-REA such as settleme LTOR® professio nts, house of our current nals who are inspections, Affiliates. involved in mortgage To contact services, banking, real-estate (Resources>Find an affiliate, related or if you are insurance, An Affiliate) and more. interested . If there are Below is a in becomin any updates list g an Affiliate, to this list, Business visit gcaar.co please send m them to members Foremost Appraisals Contact hiprecord & Realty s@gcaar.com. eAppraisal Group Folusho Bello Office Phone Number J Hansen Appraisal Mary Garner Bremerman 240-304-7782 Affiliate Type Assc LLC Chase Commercial John Hansen 301-570-6114 Appraisal Companies Appraisal Division Roxann Novel Appraiser Chad Harris 301-464-2878 Appraisal Companies

Richard W Lawlor PA Shulman Rogers Gandal Pordy Greenstein DeLorme & Luchs PC Law Office of Robert McCarthy * The Law Offices of Jill Pogach Michaels Law Offices of David P Modell Law Offices of Quinn O'Connell Jr Miles & Stockbridge PC Greenstein DeLorme & Luchs PC Bregman Berbert Schwartz Gilday LLC Vaughn W Royal Attorney at Law Samuelson Law Offices LLC Paley Rothman Goldstein Rosenb Siegel & Associates

Roxann Novel

202-312-1160

Carlos Ortiz Anna Pagi

Lisa Lamphier

Appraisal Companies Appraisal Companies Attorneys

202-466-4747

Attorneys

301-251-6200

Attorneys

202-351-6100

Andrew FitzGerald

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202-530-3300

Thomas Helf Douglas Hirsch

Attorneys

301-933-6550

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301-913-9306

Harvey Jacobs Owen Jarvis

Attorneys

301-230-5200

Attorneys

301-300-6252

David Kanstoroom Benny Kass

Ricardo Lasso Richard Lawlor

Appraisal Companies Appraisal Companies

202-312-1160 301-468-0080 301-230-5200

Attorneys

240-425-0008

Attorneys

301-605-1420

Roy Kaufmann Arthur Konopka Daniel Kotz

Marc Lipman Richard Luchs

Appraisal Companies

800-232-7196 202-312-1160

Paul Aiken Matthew Alegi Mark Bayer Jonathan Bromberg Steven Buckman Thomas Dunigan

Attorneys

202-659-6500

Attorneys

202-457-6710

Attorneys

202-686-0600

Attorneys

301-770-4107

Attorneys

301-605-1420

Attorneys

202-537-0343

Attorneys

301-340-2400

Attorneys

301-230-5200

Attorneys

Robert McCarthy Jill Michaels

301-654-3730

Attorneys

David Modell

240-425-0008

Attorneys

Quinn O'Connell Jr. Stephen Orens Vincent Mark Policy, Esq. Wendy Pullano

202-452-1400

301-634-9820 202-537-1820 301-762-1600

Attorneys

Attorneys Attorneys Attorneys

p. 15in Review Affiliate Affiliate Spotlight – p. 13 NAR Director’s Report GCAAR –Year – p. List 8 – p. 29 The Law Offices

*

of Jill Pogach Michaels

Vaughn Royal Kenneth Samuelson

202-452-1400

301-656-2707

202-895-1530

301-656-7603

Attorneys

301-907-8808

Attorneys

202-494-0848

240-425-0008

For more informat

Attorneys

Attorneys

Attorneys

Linda Schwartz P. Joy Siegel

Ben Silver

ion, or to become

an Affiliate,

Attorneys

Attorneys

Attorneys

visit gcaar.c om

CAPITAL AREAAREA CAPITAL REALTOR REALTOR•® •Jan/Feb May/Jun 2015 2014 ®

29 29

National Association of REALTORS® Research Department

in every issue

features 4

A Twist: Do Let This Happen to You!

3

Ask the President

5 Code of Ethics: Training Requirements

10

GCAAR Cares

6

7 Reasons to Work With a REALTOR‰

13

REALTOR‰ Toolbox

8

GCAAR Year in Review

9

Broker/Manager Schedule

11

Meet Your GCAAR Committees

14 MRIS 15

NAR Director’s Report

16

Public Policy

19 RPAC 13

Affiliate Spotlight

18

RPAC President’s Circle

29

Affiliate List

7 2

CAPITAL AREA REALTOR® • Jan/Feb 2016

7 GREAT REASONS! — page 6

20

Housing Statistics

24

Legal Hotline

26

GCAAR in the News

27

Education Schedule


board of directors

ask the president Q: I paid my dues in December, and it got me

thinking about everything I’m sure GCAAR offers that I’m not taking advantage of. Can you tell me about some of GCAAR’s benefits, besides lockboxes and discounts at MRIS, that I might not know about?

President-Elect Jamie Coley

President Peg Mancuso

A: I love to hear from agents looking to maximize their GCAAR

membership! Our most popular benefits are those you use every day, such as the GCAAR forms, lockboxes, and access to MRIS. But GCAAR also offers a ton of benefits that many members don’t take advantage of. Here are some of my favorite, lesser-known benefits available to GCAAR members only: SmartCharts ProTM: SmartCharts ProTM from RBI (Real Estate Business Intelligence) is a free member benefit that provides one-click access to vital LOCAL market stats on any device: phone, tablet, laptop or desktop on demand. Visit gcaar.com to sign up.

Secretary Tom Daley

Treasurer Tim Knobloch

Industry News: Receive timely updates on real estate issues you need to know through GCAAR’s printed and electronic publications and special bulletins, including the Capital Area REALTOR® magazine and weekly e-newsletter, Newsline. REALTOR® Store: Shop online or stop in today at the DC or Rockville offices for specialty items to make running your business easier.

Immediate Past President Suzanne Des Marais

Chief Executive Officer Mike Moran

Directors Koki Adasi Thom Brockett Roger Carp Brandon Green Jacque Grenning Susann Haskins

Bill Hounshell Danai Mattison Sky Hildy Pollard Jason Sherman Frank Snodgrass Pat Weed

Capital Area REALTOR® Magazine Managing Editor Bobette Banks

Design & Layout Carla Conway

Advertising Representative Arlene Braithwaite

Professional Development: In addition to CE classes, GCAAR runs an enormous number of non-credit professional development classes and programs. Many are free or offered at cost, and all are for members only. Check out the full schedule at gcaar.com.

Q: Help! I keep getting asked for general information on the housing market. I compile full market reports for my listing presentations, but where can I find a snapshot of the market with a few quick facts that I can have at my fingertips to remember in casual conversation?

A: If statistics are not your thing, it can be difficult to answer the

question that every REALTOR® gets: How’s the housing market these days? Luckily there are a slew of good sources that you can keep on hand to answer that question quickly and accurately. One of the fastest ways to get a glimpse of our local market is to head to SmartCharts, a service provided by MRIS that is included as part of your GCAAR membership. Customize your SmartCharts account to see the areas you want to see, right on your mobile device. To learn more visit gcaar.com. To use SmartCharts like a pro, take a free class at GCAAR. Visit the online education calendar at gcaar.com for the schedule and to register.

CAPITAL AREA REALTOR® • Jan/Feb 2016

3


Don’t Let This Happen to You! Submitted by Joy Liberti, Professional Standards Committee 2015 Chair A Twist for the New Year - Do Let This Happen to You! When listing properties, REALTORS® and Sellers are on the same team. We all want to get the property sold in the least amount of time for the highest price. But often we find that getting a listing under contract is the easy part; getting through inspections, appraisals, and loan approvals all pose their own hurdles. One major obstacle is the discovery of latent defects during the home inspection. Our obligation to disclose is clear, but what if it puts you at odds with the Seller?

Article 1, Standard of Practice 1-9 states: “The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law.” Case # 1-25: Disclosure of Latent Defects REALTOR®A had listed Seller S’ vintage home. Buyer B made a purchase offer that was contingent on a home inspection. The home inspection disclosed that the gas furnace was in need of replacement because unacceptable levels of carbon monoxide were being emitted. Based on the home inspector’s report, Buyer B chose not to proceed with the purchase. REALTOR® A: told Seller S that the condition of the furnace and the risk that it posed to the home’s inhabitants would need to be disclosed to other potential purchasers. Seller S disagreed and instructed REALTOR® A not to say anything about the furnace to other potential purchasers. REALTOR® A replied that was an instruction he could not follow, so REALTOR® A and Seller S terminated the listing agreement. Three months later, REALTOR®A noticed that Seller S’s home was back on the market, this time listed with REALTOR® Z. His curiosity piqued, REALTOR® A phoned REALTOR® Z and asked whether there was a new furnace in the home. “Why no,” said REALTOR® Z. “Why do you ask?” REALTOR®

4

CAPITAL AREA REALTOR® • Jan/Feb 2016

A told REALTOR® Z about the home inspector’s earlier findings and suggested that REALTOR® Z check with the seller to see if repairs had been made. When REALTOR® Z raised the question with Seller S, Seller S was irate. ‘’That’s none of his business,” said Seller S, who became even angrier when REALTOR® Z advised him that potential purchasers would have to be told about the condition of the furnace since it posed a serious potential health risk. Seller S filed an ethics complaint against REALTOR® A alleging that the physical condition of his property was confidential, and that REALTOR® A had an ongoing duty to respect confidential information gained in the course of their relationship; and that REALTOR® A had breached Seller S’s confidence by sharing information about the furnace with REALTOR® Z. The Hearing Panel disagreed with Seller S’s contentions. It noted that while REALTORS® do, in fact, have an obligation to preserve confidential information gained in the course of any relationship with the client, Standard of Practice 1-9 specifically provides that latent material defects are not considered “confidential information” under the Code of Ethics. Consequently, REALTOR® A’s disclosure did not violate Article l of the Code of Ethics. In the above case, the REALTOR® was protected by the Code of Ethics for doing the right thing.

Do Let This Happen To You! t

In the following Case, both the original listing agent and the second listing agent did the right thing and the Seller still filed an ethics complaint citing a violation of Article 1, Standard of Practice 1-9.

FOR MORE INFORMATION:

visit the Code of Ethics section on realtor.org


IT’S 2016 Your Code of Ethics Training Requirement is Due Every four years, REALTORS® are required to complete ethics training of not less than 2 hours, 30 min. of instructional time. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®. The current four-year cycle will end December 31, 2016. Local REALTOR® associations like GCAAR are required to provide access to ethics training programs that meet this requirement. This can be accomplished in conjunction with other associations or through some other method, such as home study, correspondence, classroom courses or online courses.

New Members

t

New members of local REALTOR® associations must complete similar training when they first join. A new

member who has completed the New Member Code of Ethics Orientation shall not be required to complete additional ethics training until the next four-year cycle.

requirement through any association or outside training facility where the member can provide satisfactory documentation of completion to their local association.

A REALTOR® who has completed the required ethics training within a fouryear cycle in one association shall not be required to complete any further ethics training for that same training cycle if the REALTOR® becomes or is a member of another association. In addition, a member may take courses to satisfy this ethics training

Ultimately, it is the local association where the individual holds membership that will determine if the training taken meets the required learning objectives and criteria. Failure to complete the required ethics training shall be a violation of a membership duty for which membership is suspended and subsequently terminated.

HOW TO FULFILL YOUR CODE OF ETHICS REQUIREMENT It’s easy. Take the Maryland Code of Ethics class here at GCAAR. Go to gcaar.com and sign up for the class that’s most convenient for you.

CAPITAL AREA REALTOR® • Jan/Feb 2016

5


1 AN EXPERT GUIDE Selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert like you will help clients prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved. You’re the professional who can speak the language.

2 OBJECTIVE INFORMATION AND OPINIONS

7

As a REALTOR®, you can provide local information on utilities, zoning, schools, and more. You also have objective information about each property, and you can use that data to help your clients determine if the property has what they need.

3

7 REASONS TO WORK WITH A REALTOR®

You know the value you bring as a REALTOR®. Here are seven reasons your clients should be working with you. 6

CAPITAL AREA REALTOR® • Jan/Feb 2016

PROPERTY MARKETING POWER Property doesn’t sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family. When a property is marketed by you, a REALTOR®, your clients do not have to allow strangers into their home. REALTORS® will generally prescreen and accompany qualified prospects through the property.

4 NEGOTIATION KNOWLEDGE There are many factors up for discussion in a deal. As a REALTOR®, you look


Every home is different, and laws change every year and at every angle from the client’s perspective, including crafting a purchase agreement that allows the client the flexibility needed to take that next step.

vary from state to state. Once you select your REALTOR®, they put that knowledge to work for you.

5 UP-TO-DATE EXPERIENCE Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® like you handle hundreds of transactions over the course of your career.

6 YOU ROCK DURING EMOTIONAL MOMENTS A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps clients stay focused on the issues most important to them.

7 ETHICAL TREATMENT As a REALTOR®, you must adhere to a strict code of ethics, which is based on professionalism and protection of the public. Your clients can expect honest and ethical treatment in all transaction-related matters.

Taken from REALTOR‰ Magazine

Highlights from the NAR 2015 Profile of Home Buyers and Sellers: HOME BUYERS • Eighty-eight percent of buyers would use their agent again or recommend their agent to others. • Eighty-seven percent of buyers recently purchased their home through a real estate agent or broker.

• Fifty-three percent of buyers said having an agent to help them find the right home was most important to them. • Fifty-nine percent of recent buyers were very satisfied with their recent home buying process up from 56 percent a year ago.

HOME SELLERS • Seventy-two percent of recent sellers contacted only one agent before finding the right agent to sell their home. • The typical seller has recommended their agent once since selling their home. • Thirty-two percent of sellers recommended their agent three or more times since selling their home. • Eighty-four percent said they would definitely (67 percent) or probably (17 percent) recommend their agent for future services. • Only eight percent (down from nine percent) of recent home sales were For-Sale-By-Owner (FSBO) sales. This is the lowest share recorded since this report started in 1981. • Sixty-one percent of sellers were very satisfied with the selling process. Source: National Association of REALTORS® 2015 Profile of Home Buyers and Sellers

7 7

® CAPITAL AREA REALTOR Jan/Feb® •2016 CAPITAL AREA•REALTOR May/Jun 2014


e revised, revamped, and rolled out brand new sales contract! We revised, revamped, and rolled out brand new sales contract!

GCAAR Year in Review

It was a busy and productive year at GCAAR, and we couldn’t have done it without you, our members. Here are some highlights: We revised, revamped, and rolled out a brand new sales contract!

We raised issues and scored some big wins on the political front. • GCAAR Legislative Breakfasts (in March and December).

We educated networked, and did good deeds.

600

425

EDUCATION CLASSES

94

OVER ATTENDEES & EXHIBITORS AT REALTOR‰ FEST

OVER

3,000

CE CREDITS AWARDED

OVER

40

LUNCH & LEARNS

• Young Professional Network (YPN): Held three jam-packed events, staying committed to bringing relevant content to younger REALTORS® and supporting community non-profits like CCNV and Martha’s Table.

GCAAR 2015 President-Elect Peg Mancuso with Montgomery County Executive Ike Leggett at March Legislative Breakfast.

• GCAAR Cares (Community Service Committee) • Raised over $6,800 at the REALTOR® Fest Silent Auction • Refurbished a Montgomery County home for Rebuilding Together®. • Awarded $10,000 to eight organizations through its grants program. • Collected over 75 coats and sweaters for distribution by one of our community partners. • Exceeded our fundraising goals for 2015.

8th Congressional District Debate in October. Hosted fun events like our Bowling Party and Night at the Nats.

• 8th Congressional District Debate in October (with all candidates present). • Opposed rent control in DC. • Fought mandatory radon testing in Montgomery County (although we didn’t win, we raised key issues on this topic). Your suggestions and feedback are welcome. Reach out to us at communications@gcaar.com.

8

CAPITAL AREA CAPITAL AREAREALTOR REALTOR® ®• •May/Jun Jan/Feb2014 2016


GCAAR Year in Review We talked development! • We gave members an up-close look into the top development projects in the DC metro area.

White Oak Development Seminar

THANK YOU

for your support in 2015! It was a good year and we are working to make 2016 even better!

association news 2016 Broker/Manager Schedule March 16

Commission

Risk Management and Reduction

Kathy Connelly, MD Real Estate Commission and Leon Lewis, DC Real Estate Commission

Robert Moses, Esq. Home Team Title

April 13 Recruiting, Training and Retaining High Producing Ethical Agents Marj Rosner Long & Foster Real Estate

May 18 How to Stay Out of Arbitration Hearings Speaker: Al Monshower, Esq.

September 21 GCAAR and MAR Contract Forms Update Susann Haskins Long & Foster Real Estate

October 19 Regional Economic Outlook Lawrence Yun, Ph.D. National Association of REALTORS‰

Monshower Miller & Magrogan

November 9

June 8

The Most Common Mistakes Agents Make that Delay Settlement

The Most Common Complaints Received by the Real Estate

2016 GCAAR Broker/ Manager Forum Schedule Back for its seventh year, GCAAR Broker/Manager Forums are lunchtime education sessions to help you stay in compliance and build a high performing and effective team of agents. TO REGISTER and for additional information, visit gcaar.com.

Greg Flynn, Esq., w/Flynn Title

All of these sessions are held from 12:00 until 2:00 p.m. at GCAAR’s Rockville office. You must be a Broker, Associate Broker, or Office Manager to attend. Visit gcaar.com to learn more and register for these FREE programs. The events are free, but advance registration is required. Lunch is provided.

® ® • May/Jun 2014 CAPITAL AREA REALTOR CAPITAL AREA REALTOR • Jan/Feb 2016

99


GCAAR CARES

Spotlight: Pathways to Housing, DC

GCAAR Cares presents check to 2015 Grant Recipient, Pathways to Housing, DC. For more information about Pathways to Housing, DC, go to: www.pathwaystohousingdc.org or call 202-319-2650.

Founded in 2004, Pathways to Housing, DC provides home, health, and hope to more than 2,500 adults each year who are experiencing homelessness or at risk for homelessness in Washington, DC. Pathways to Housing, DC initially opened their doors to end homelessness and help the healing of men and women who were considered “chronically homeless”those individuals living on the streets for years with serious

mental health challenges such as schizophrenia or bipolar disorder that were not being treated. What makes Pathways to Housing, DC unique in a city with many mental health and housing programs is their Housing First model. Instead of requiring people to be “clean and sober” or “housing ready,” Pathways DC offers housing, first. Pathways to Housing, DC was awarded a GCAAR Cares grant in December 2015, which went to purchasing “Welcome Baskets” filled with housing essentials.

Food & Friends Many thanks to our DC REALTORS® who came out to support the Food & Friends community service project on Monday, December 15. The event ran from 9:00 a.m. – noon and drew twenty volunteers, who hand packed meals for individuals who are terminally ill and are unable to leave their homes. Thank you all for coming out to support GCAAR Cares in this DC community service event.

We are grateful for your commitment to serve. STAY TUNED for details on the next DC community service initiative.

SAVE THE DATE! National Rebuilding Together® Day! SATURDAY April 30, 2016 10

CAPITAL AREA REALTOR® • Jan/Feb 2016

Join us in Washington, DC this year. Additional details coming soon.


meet your GCAAR committees Professional Standards Committee

Community Service Committee

Professional Standards Committee members sit on hearing panels for cases involving Code of Ethics violations (Ethics) and contractual disputes and specific non-contractual disputes (Arbitration).

The Community Service Committee gives REALTORS® the opportunity to meet, network, and work together on projects that benefit the greater community. The committee raises money for the GCAAR CARES fund, runs the charitable grant program, and recognizes members who contribute to the community. Members must attend monthly meetings and participate in at least one volunteer activity supported by GCAAR. Michael Fowler, Chair; Dina Paxenos, Vice Chair Joanne Joseph, Staff liaison

Any GCAAR REALTOR® member who has served at least one 3-year term on the Grievance Committee may apply. The committee must include a wide representation of brokerages. Lee Goldstein, Chair; Anne Killeen, Vice Chair Yvette Robinson, Staff liaison

L-R: Staff liaison, Yvette Robinson; Chair, Lee Goldstein; Vice Chair, Anne Killeen.

L-R: Michael Fowler, Chair; Dina Paxenos, Vice Chair.

Members: Marilyn Anderson Mark Butterfield Sara Lou Cardwell Mark Coakley Lori Connor Mary Judith Curren Cynthia Davis Leslie Dembinski Ben Dursch Amy Fisher Jeffrey Ganz John Gill, Jr. Jody Goren Aaron Hargrove James Higgins Michael Hsur Harold Huggins

Members: Mark Baron Charles Clapper Samantha Damato Vivian Diamond Marie Enderle Daniel Parzow Chad Sivasailam

James Kneussl, Jr. Joy Liberti Emiliana Lobos-Kirker Moquit Malik Patricia McKenna Gerard Occhiuzzo Eileen Orfalea Eugenia Park Bonnie Roberts-Burke Sharrod Robertson Katrina Schymik-Abjornson Josette Skilling John Sullivan David Thomas Leslie Weightman Charles Wilson

Valli Sivasailam Anjolene Smack-Whaley J.D. Teitelman Marlene Trimble Robert Whaley Terezia Williams

CAPITAL AREA REALTOR® • Jan/Feb 2016

11


Affiliate Spotlight Kenneth Storck Sandy Spring Bank

How long have you been an Affiliate with GCAAR?

I have been an Affiliate with GCAAR for four years. I joined the Young Professionals Network (YPN) Committee in January 2012.

What are some of the events you support?

I am happy to support the many YPN networking gatherings that are held throughout the year. Additionally, I support the YPN “Dirty Little Secrets” speakers’ forum that has been a big success the last two years! Finally, I was happy to take part in the YPN “Tacky Sweater Holiday Party” in December 2015. At this event we were able to collect a lot of clothes for needy children for the holiday season.

Why do you continue to support GCAAR as an Affiliate?

I support GCAAR as an Affiliate because being an Affiliate keeps me in touch with many members of the DC area REALTOR® community. I like to participate and to add whatever mortgage industry knowledge I can to assist the REALTORS® in our local community.

What would you say to people who are considering becoming an Affiliate? Being an Affiliate has been very gratifying for me. I am happy to have taken part in several GCAAR events that have helped the REALTOR® community. Additionally, I am very appreciative of the exposure that I get from being on a GCAAR committee as an Affiliate.

Why do you think being a member of GCAAR is important? I think it is important to be a GCAAR member because it shows that you care about the industry in which you work. It is important to contribute to the success of as many industry members as possible while also building your own success.

REALTOR® Toolbox Get REALTOR® - NAR Launches New Consumer Advertising Campaign

To communicate REALTOR® value in helping consumers succeed in all things real estate, the National Association of REALTORS® (NAR) has launched a new advertising campaign, “Get REALTOR®.” The campaign targets hyper-connected and emerging generations of home buyers, sellers, owners, and investors. Technology has advanced modern life in many ways and allows people to do more online than ever before. With just a few keystrokes or taps on a screen, consumers can shop for a mortgage, learn about the buying or selling process, and browse through photos of homes for sale. However, access to information doesn’t automatically translate to success when buying or selling a home. In other words, when it comes to the biggest purchase many people will likely ever make, consumers need to “Get REALTOR®.” The Get REALTOR® campaign currently includes social, digital, print, and radio creative; NAR’s media mix is shifting significantly from previous campaigns to the social and digital side for greater engagement with tech-savvy consumers who are increasingly going mobile, getting their content on demand, and sharing information across their social networks. NAR’s consumer advertising campaign began 17 years ago, and launches in 2016 with a whole new look and feel to help modernize consumer perceptions of REALTOR® particularly among Millennials, who are currently the largest home buying segment.

FOR MORE INFORMATION about the strategy and research behind the new campaign, and to view current campaign materials, visit: www.realtor.org/ consumer-advertising-campaign

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® ® CAPITAL AREA REALTOR May/Jun2016 2014 CAPITAL AREA REALTOR • •Jan/Feb


6 New Keystone Features That Will Make Your Job Easier MRIS released some exciting enhancements to Keystone in direct response to customer feedback we received. Take a few minutes to learn more about the six new features that can save you valuable time and effort when you’re inputting listings during the busy spring market: 1 - New Green Fields

As buyers are becoming increasingly interested in listings that are eco-friendly and energy-efficient, you want to highlight those energy-saving features as completely as possible. To accommodate the growing trend towards eco-consciousness, MRIS consulted with the GCAAR Green Committee resulting in the addition of 14 new Green Fields, 8 Financial Fee utility bill fields and 83 new Green pick list items including Green Verification Programs, Construction Materials, Sustainability, Water Conservation, and more. All Green fields and pick list items are marked with a small green leaf icon in Keystone, so they are easy to spot. Look for some the next time you’re adding a listing!

2 - Teams

The ability to set up Teams in Keystone was a frequent customer request, and MRIS worked with Brokers, office administrators, personal assistants, and agent team members to improve the ability for teams to collaborate throughout the listing management process. If you’re part of a team, you can invite your fellow MRIS subscribers (team members, personal assistants, etc.) from your brokerage or branch office to be part of your Team in Keystone, giving those individuals access to view the team’s listings easily upon logging into Keystone without having to perform a search. It’s a huge time-saver for the Team!

3 - Copy Photos with Listings

Speaking of time-savers, are you one of the agents who suggested that when copying a listing in Keystone, listing photos should be copied, too? Good news! If you copy one of your own or your Team member’s listings in Keystone, the listing photos are now copied over as well. With the copied photos, you also get the information associated with the photo: captions, descriptions, and Main Exterior Photo Designation.

4 - Virtual Tour links

Do you have a link to your own hosted virtual tour?

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CAPITAL AREA AREAREALTOR REALTOR® •® •May/Jun Jan/Feb2014 2016

You can now add those virtual tour links to your listing in Keystone. There are some rules around what can be in the tour and where the tours can be hosted. One thing you must do is make sure that the tour is unbranded, meaning you should not use your name or company name, logo, etc. in the tour. For example, YouTube would NOT be an acceptable video hosting solution since you would be required to provide broker and agent information to the YouTube video, making the video no longer unbranded. To help our customers find a video hosting solution, we did some research on possible hosting platforms and found a few options that you might want to explore: Sprout Video, Vzaar, Clipstream and Wistia.*

5 - Sentrilock Integration

If you have a Sentrilock lockbox, you can attach that information to your listing in Keystone to track the number of visits as well as who showed the property, the contact information for that person, and when it was shown – without having to visit Sentrilock separately! Click the Lockbox icon next to the listing on your Keystone Homepage to view listing activity.

6 - Keystone Tool Tips

To help our customers use Keystone to its full potential, we developed a few ToolTips to highlight some very useful, but under-utilized features that you might not even have known about. Did you find these Keystone ToolTips helpful? Tell us what you thought by emailing us at Suggest@mris.net with the subject line Keystone ToolTips. TO LEARN MORE about these Keystone features, please visit MRIS.com/KeystoneHelp or attend a training class at MRIS.com/Training. Don’t forget you can also edit your listings on the go with MRIS Mobile. The app gives you the ability to edit certain Keystone fields for your residential sale and rental listings already submitted to the MLS directly from your Android or iOS device. Download it today! We hope 2016 is your most successful year yet in real estate, and THANK YOU for being an MRIS Customer!

*Note: The above sites are listed for informational purposes only. The list is not meant to be an endorsement for any of the platforms.


NAR

director’s report Peg Mancuso, 2016 GCAAR President, NAR Director

At the beginning of every calendar year, your National Association of REALTORS® (NAR) is hard at work planning for the months ahead. One of the major tasks for the winter is looking at the needs of members, housing market conditions, and the legislative landscape to determine the federal legislative priorities for the year. While these priorities aren’t ready for publication just yet, NAR releases a lot of information on a consistent basis that you can use now, which will help you understand the market and make a plan for your business.

Did you know that NAR requires all members take an ethics course every four years? By the end of 2016, all 1.1 million REALTOR® across the country will need to report that they have taken at least 2.5 hours of training on the NAR Code of Ethics. If you hold an active Maryland license, you fulfilled your requirement when you renewed your license. If you are only licensed in DC and took new member orientation more than four years ago, you may be required to take an additional Ethics course. Classes are available at GCAAR to meet this requirement, or you can take it for free online at realtor.org.

Are Unethical Agents Driving You Crazy? NAR is On It

NAR is also working on a new “Code of Excellence,” an aspirational set of guidelines for REALTORS® to follow to achieve the ultimate level of professionalism. The “Code of Excellence” is a work in progress. Look for more details coming after NAR’s mid-year meeting in May and the annual convention in November.

One of the biggest issues we hear from members is about the unethical practices of fellow practitioners. NAR was founded with the goal of raising the professionalism of the real estate industry, and is still focused on that goal today.

Market Intelligence: Which Renters Are Potential Buyers? When do you know a renter is ready to be a buyer? One new tool that NAR’s research department has launched this year may help with a bit of insight on renter perceptions and motivations. The quarterly “Home Survey” includes research on housing opportunities and consumers’ market experience. A couple interesting facts from the first report: • 94% of renters aged 34 and younger say they aspire to be homeowners in the future. • 65% of renters believe it would be at least somewhat difficult to obtain a mortgage, but only 5% have recently tried and failed to obtain mortgage financing. Interested in more data? Check out the full “Home Survey” report, and lots more economic information, at realtor.org/research.

HIGHLIGHTS:

The new Housing Opportunities and Market Experience (HOME) report was created to monitor consumer sentiment about the housing market. This new report covers core topics that will be tracked on a monthly basis such as views on housing as a good financial investment, whether homeownership is part of the American Dream, if now is a good time to buy or sell a home and perception of home price changes. CAPITAL AREA REALTOR® • Jan/Feb 2016

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public policy Maryland Maryland REALTORS® Lobby for Real Estate Have you ever wished you could share your ideas and concerns about real estate laws and regulations directly with the people who write and enact them? Nearly 200 of your colleagues in Maryland did just that on January 20 when they met with State Senators and Delegates during the Maryland Association of REALTORS®’ (MAR) annual REALTOR® Lobby Day. At over 100 individual meetings with REALTORS®, legislators and their staff learned about our 2016 priorities including agency law, common ownership communities, and facts about Maryland’s real estate economy (see the full list of 2016 priorities below). The Montgomery County Delegation is the largest in the General Assembly, with key positions on nearly all of the House and Senate’s standing committees.

home improvement contractors and settlement service providers before recommending them to a consumer.

First-Time Homebuyer Savings Account

A tax-free, first-time homebuyer savings account would allow deposits to accrue interest, exempt of state taxes, if the funds are used to purchase a Maryland home.

Common Ownership Communities

We are working directly with legislators on potential solutions to common ownership communities (COCs) issues, including unpaid fees, the cost of HOA/Condo resale packets, pending foreclosures, and the overall economic vitality of COCs.

Water and Sewer Fee Transparency

Buyers often don’t learn about their obligation to pay private water and sewer fees until settlement. REALTORS® would like these fees to be disclosed state-wide, a practice which has been successful in certain counties.

Attorney Exemption

REALTORS® are supporting legislation that would narrow the attorney exemption in the real estate law so that attorneys must perform actual services in order to be entitled to commission splits.

Stay up to date on this legislation and more at www.mdrealtor.org.

Montgomery County Local and State REALTOR® Associations Team Up to Improve Common Ownership Communities 2016 MAR Leadership and GCAAR members: President-Elect Shelly Murray (left) and President Bonnie Casper.

REALTOR® Priorities for Maryland in 2016 Agency Law

Proposed changes would eliminate some of the current redundancies in agency disclosure to consumers and simplify disclosure requirements at open houses.

Service Provider Referrals

REALTORS® are working to simplify changes to the regulation requiring licensees to check the licensing status of

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Have you had problems working with properties in Common Ownership Communities (COCs)? Here are some of the problems we’ve heard about from our REALTOR® members and are working to fix: • Excessive delinquencies in condo fees have disabled the functioning of the COC; • Deeds are not being recording on foreclosed properties; • Inability to get FHA financing in a COC; • Antiquated COC bylaws are slowing down my transaction and • Property owners are stuck in a slow dispute resolution process that is tying up funds.


Montgomery County Improving the operation of Common Ownership Communities (COCs) is a priority shared by both GCAAR and MAR and your Associations are collaborating on solutions with legislators. Here’s what we’ve done: • GCAAR testified at the Montgomery County Council on legislation aimed at improving the efficiency of the County’s Commission on Common Ownership Communities (CCOC).

• MAR briefed the Maryland Transportation and Environment Committee on the challenges being faced by COCs throughout the State, citing examples from Montgomery County. REALTORS® will continue to work towards properly identifying all of the problems being faced by COCs, and developing innovative solutions at all levels of government.

GCAAR Legislative Breakfast Draws County and State Officials Over 100 attendees gathered to hear state and county legislators discuss the issues affecting Maryland and Montgomery County real estate at the Greater Capital Area Association of REALTORS®’ (GCAAR) Legislative Breakfast on December 14 at GCAAR’s Rockville headquarters. “2016 should be a good year for real estate,” said Congressman John Delaney. Challenges facing Montgomery

County include taxes, transportation, school expansion, and economic development, said County Executive Ike Leggett, while County Council Vice President Roger Berliner noted that “unleashing our business community is essential to collaborate with the government on economic solutions.” Also in attendance were Maryland 8th District Congressional candidates Will Jawando, State Senator Jamie Raskin, and Kathleen Matthews. L-R: 2016 GCAAR President-Elect Jamie Coley, State Senator Brian Feldman, State Delegate Kathleen Dumais, State Senator Jamie Raskin, State Delegate David Fraser-Hidalgo, State Delegate Kirill Reznik, County Councilmember Craig Rice, County Executive Ike Leggett, County Council Vice President Roger Berliner, 2016 GCAAR President Peg Mancuso, State Delegate Charles Barkley, State Delegate Craig Zucker, Karen McManus, representing Congressman Chris Van Hollen, County Councilmember Tom Hucker, State Senator Susan Lee, State Delegate Charles Sydnor, III, State Delegate Jim Gilchrist, State Delegate Aruna Miller.

District of Columbia DCAR Supports Financial Incentives for Accessibility Improvements DC REALTORS® understand that the current inventory of homes with accessibility options is sparse, limiting housing options for homebuyers with impairments. DCAR is supporting a new bill, “Safe at Home Act,” to encourage homeowners to add such accessibility features to their homes. The Bill would ease the financial burden of these modifications for those of limited means with a grant program, as well as a tax credit provision to those who may not qualify for the grant. continued, page 18

DID YOU KNOW?

Safe At Home Act of 2015: One of the bills Councilmember Charles Allen (D-Ward 6) introduced helps District seniors make safety and accessibility modifications to their homes to support successful aging-in-place in their homes and in their neighborhoods. Improvements and modifications can be supported through a new grant program and a new ‘Safe at Home’ tax credit for homeowners who pay outright to make accessibility modifications to their homes. CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR® • Jan/Feb 2016

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NAR Issues 2015 Legislative & Regulatory Year in Review During the 114th Congress, NAR’s legislative and regulatory agenda continued to focus on creating a fundamentally sound and robust U.S. real estate market while protecting the business interests of members, as well as consumers. NAR achieved several accomplishments and set the foundation for many important issues moving forward.

FHA Implements New Condo Policies

After years of advocating for broad improvements to FHA’s condominium rules, FHA Principal Deputy Assistant Secretary Ed Golding announced, at the 2015 REALTORS® Conference & Expo, changes to FHA condo policies. NAR has long argued that existing FHA policy is overly restrictive and keeps many consumers from buying and selling a home. The new FHA condo rules are in line with those requested by NAR and include changes to the lengthy and complex recertification process, burdensome owner-occupancy requirements, and limits on the types of property insurance that are considered acceptable coverage under FHA’s rules. NAR will continue to work closely with FHA to address additional policy changes still needed as it relates to owner occupancy, commercial space percentage, FHA concentration and spot approvals. For more information visit: www.realtor.org/fha

G-Fees Removed as a Financing Mechanism from Transportation Bill

President’s Circle The President’s Circle is an influential group of REALTORS® who contribute directly to REALTOR®-friendly candidates at the federal level. Political Action Committees, like our REALTORS® Political Action Committee (RPAC), can only legally contribute $10,000 per election cycle to a Member of Congress. The President’s Circle Program supports REALTOR® Party Champions – Members of Congress who have made significant achievements in advancing the REALTOR® public policy agenda. The President’s Circle Program allows REALTORS® to contribute beyond RPAC dollars and increase the strength of the REALTOR® voice on Capitol Hill.

GCAAR would like to recognize

After aggressive advocacy outreach by NAR through letters, meetings and an all-member Call for Action which generated the highest response rate in NAR history, Congress removed the use of guarantee fees (G-fees) as a financing mechanism from the Fixing America’s Surface Transportation Act (FAST Act). While originally included in the Senate version of the bill, the final Conference Report removed the G-fee pay-for provision which would have extended elevated G-fees on mortgages backed by Fannie Mae and Freddie Mac. Had this provision been included the fees would have been passed on to homeowners. President Obama signed the bill into law on December 4, 2015. For more information visit: www.realtor.org/gses

the following 2015 President’s Circle

FHA Mortgage Insurance Premium Reductions Finalized

Michael Moran

On Jan. 8, 2015, President Obama announced that the Federal Housing Administration (FHA) would reduce FHA annual mortgage insurance premiums (MIP) by 50 basis points. This reduction is a victory for the National Association of REALTORS® whose members have called for lower fees on FHA loans since early 2014. NAR lead a coordinated effort with other advocacy groups to educate the Department of Housing & Urban Development and the Administration about the critical need to reduce these fees through letters and in-person meetings with then FHA Commissioner Galante. In addition, NAR worked with 17 Senators to send a letter to HUD Secretary Castro asking him to set FHA premiums at a level that “balances both sustainability and affordability.” www.realtor.org/fha

members: Bonnie Casper Harold Huggins Fred Kendrick Ed Krauze Carole Maclure

Shelly Murray Bonnie Roberts-Burke Dale Ross Christopher Suranna

Realtor Party ®

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RPAC Why RPAC is Important Thank You RPAC Investors Platinum “R” Dale Ross

Golden “R”

Capital Club ($250-$999) Christy Bakaly Wendy Banner

Bonnie Casper

Fred Bates

Ed Krauze

Jacqueline Bennett

Carole Maclure

Elizabeth Blakeslee

Crystal “R”

Kevin Breckenridge

Jamie Coley

Jan Brito

Angela Jones

Thom Brockett

Peg Mancuso

Margaret Bryant

Christopher Suranna

Lori Connor

Holly Worthingtton

Joe Detrick

Sterling “R” Koki Adasi Thomas Daley Jessica Evans Brandon Green William H. Highsmith, Jr. Alana Lasover Kymber Lovett-Menkiti Danai Mattison Sky Michael Moran Shelly Murray Frank Pietranton Bonnie Roberts-Burke Randy Rothstein Dianah Shaw Ellie Shorb

Mitchell Farrah Michael Fowler Scott Goldberg Gwen Henderson Colin Johnson Sam Lin Tony Mancuso Mary McGuire Vittorio Muzzatti John Peters Hildy Pollard CJ Rader Matt Rogers Marie Shannon P. Joy Siegel Karen Szala Kirsten Williams

Frank Snodgrass Jeffrey Tanck Patrick Weed Edward Wood

(as of date 2/17/16)

Thank you to the many members who already support RPAC!

Tom Daley, 2016 GCAAR Secretary 2016 Political and Campaign Affairs Committee Chair The one question I am consistently asked by our members is “What is RPAC and what exactly does it do?” Since 1969, the REALTORS® Political Action Committee or RPAC has promoted the election of pro-REALTOR® candidates across the United States. The purpose of RPAC is clear; REALTORS® raise and spend money to elect candidates who understand and support our interests. The money to do this comes from voluntary contributions made by REALTORS®. These are not member dues; this is money given freely by REALTORS® in recognition of how important campaign fundraising is to the political party system. Further, RPAC is not about one political party or another but instead focuses only on those issues important to the REALTOR® profession and to our clients’ needs. RPAC represents over 357,000 REALTOR® investors at every level of giving - from $15 to $25,000. The smaller voluntary investments are what every rank and file REALTOR® is asked to invest and support our industry’s political efforts. In addition, we rely on those individual members that have done well in real estate to invest at an even higher level which assures our Association attains its yearly goals. As a member of GCAAR, your investment, whether large or small, is what led us to great success in both Montgomery County and Washington, DC in recent years. Here are just a few of those successes: In Montgomery County, GCAAR-endorsed candidates won 9 of 10 elections that we supported in 2014. GCAAR also endorsed and supported County Executive Ike Leggett in his 2014 win. GCAAR also supported the Maryland state referendum on Transportation Funding that passed overwhelmingly in November. In the District of Columbia, DCAR supported and helped elect: Council Chair Phil Mendelson, At-Large Councilmember Anita Bonds, new Ward 6 Councilmember Charles Allen, and most notably, new Ward 1 Councilmember Brianne Nadeau, perhaps the most stunning win given she unseated a long-standing councilmember who was a staunch advocate for higher real estate taxes, more rent control, and more TOPA regulations. These are just a few success stories and examples of how our members’ investments in RPAC have led to more pro-REALTOR® candidates and our winning on issues important to our profession. I hope you will decide to participate at some investment level or attend an upcoming event to learn more about the work of the Political and Campaign Affairs Committee. INVEST NOW: Go to GCAAR.com/RPAC or send your check made payable to RPAC to our offices at: 15201 Diamondback Drive, Suite 100, Rockville, MD, 20850. ®

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housing statistics MONTGOMERY COUNTY & DC Montgomery County Sales Market in 2015 The combined (single-family and condo/coop) sales market continued a solid performance compared to 2014. For all types of properties, the total sold dollar volume was over $6.11 billion compared to $5.53 billion in 2014. This worked out to be an increase of 10.5%. On the unit sales side, there were 12,191 properties sold, compared to 10,976 in 2014. This worked out to an 11.1% increase. The average sold price in 2015 was $501,305 -- down 0.5% from a year before. The median sold price of $400,000 was the same for 2014 so there was no increase over the year. Although unit sales were up, properties turned over more slowly than a year ago. Average days on the market totaled 57 in 2015, compared to 50 in 2014. Typically, properties sold for 96.4% of their original listing price, compared to 96.7% in 2014.

Single-Family Homes

Montgomery County 2015 single-family settlements and contracts were up well over 10% from a year ago. Through December, year-to-date single-family settlements (9,340) were 11.5% over those for 2014; and, year-to-date contracts (9,712) jumped 12.6% from a year before. The December monthly results were only somewhat less impressive. Settlements (793) rose 6% compared to a year before; but, new contracts for the month (565) jumped 9%.

over a 3-months supply of active listings. This continues to be about half of normal average supplies. Accordingly, there is still a long-term shortage of supply. Although the unit sales pace for 2015 was up, 2015 prices slipped from those in 2014. In 2014, the average sales price was $576,205 and the median was $460,000. Through the end of 2015, the single-family finally average and median prices finally worked out to be $569,364 and $450,995, respectively. The average was down about 1.2% and the median was down just under 2% from 2014. We had hopes for some positive appreciation, but the market just didn’t make it. However, the unit sales volume made up for the difference.

Condominiums and Cooperatives A positive development was that, by the end of the year, inventory had slipped only a bit from a year before. At the end of December, 1,749 active property listings were down only 1.6% at the end of 2014. For the month of December, there were 512 new listings, up only 1 unit from a year before. Inventory started out at less than 1,800 properties, but ranged between 2,700 and 2,800 from May through August, peaking at over 2,800 in September. At the recent December contracts pace, there was

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The Montgomery County condominium and cooperative market ended 2015 as strong as the single-family market. By the end of the year, there were 2,825 settled sales, and these were up 10% from 2014. Contracts had a similar performance. Through December, year-to-date contracts (2,930) jumped over 10% from a year before. And, the 211 new December contracts (likely to settle in January) leapt 15.9% from December 2014. Inventory at the end of 2015 was higher than in December 2104. Condo/coop total actives continue to substantially exceed the levels of 2014. Condo/coop active listings (549)


by Fred Flick, PhD, Consultant/Housing Economist

came in 12% above the level at the end of 2014. For the month of December, new listings (194) were 25% above the levels of December 2014. However, all through 2015 the months supply has had trouble breaking the 2.5-month barrier. While they did improve since the end of the summer, at the end of the year there was only a 2.6 months supply. It was around 2.5 months for most of the year, but levels are still below historical averages.

The early 2015 condo/coop market experienced some softening price appreciation. However, by the end of the year, the yearto-date average price of $275,456 rose 3.4%; but, the $221,900 median slipped by about one-half of a percent (0.5%) from 2014. In 2014, the yearly average price of $266,285 was down about 1.4% from that of 2013; but the median price of $223,000 rose 1.4%. Clearly, the higher priced units seem to be selling a bit better than the middle priced units.

Washington, DC Sales Market in 2015 The District of Columbia’s market showed solid growth in 2015. The combined unit sales pace was up significantly compared to a year before. Total closed sales came in at 8,216 units compared to 7,949 in 2014 and rose 3.4%. Moreover, the 2015 sold dollar volume of over $5.28 billion, compared to $4.94 billion for 2014, bounced about 7.1%. In 2015, the average sold price was $642,219 -- up about 3.6% from the 2014 price of $620,026. The 2015 median sold price of $523,050 rose 4.8%. Properties turned

over just a bit faster in 2015. The average days on the market figure came in at 37, down from 38 in 2014. Properties in 2015 sold for about 98.9% of their original listing price, compared to 98.7% in 2014.

Single-Family Homes

For all of 2015, the unit sales figures were up single-digits for both single-family contracts and settlements. Year-to-date settlements (4,214) rose by 3.6% and total contracts (4,404) increased by 4.3% over those for 2014. However, on a monthly basis, December new settlements (360) declined by almost 1% and new contracts (285) slipped 3.4% from a year before.

On the supply side, by the end of 2015, the active listing inventory was higher than at the end of 2014.Year-to-date inventory supply totaled 547 properties— up 6.2% from December 2014. At a similar pace for the month of December, new single-family listings (294) rose 6.1% from a year before. This continues a trend that has held throughout the year, the supply has stayed amazingly tight. For several months, the pace was only around a 1.2 months supply. However, by the end of December there was a 1.9-months supply. This supply tightness has no doubt contributed to the period’s increases in prices. By the end of the year, we see that the District of Columbia’s By the end of the year, we see that the District of Columbia’s solid price performance for single-family homes has continued® unabat continued, page 18

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housing statistics coop units in 2015 and they were almost 19% above those for December 2014. The high contracts pace may presage a strong start for the market in 2016. Warmer than average weather in the Washington, DC metro area may be a reason.

ed. In 2014, the average DC single-family home cost $750,771 with the median price at $620,250. This yielded appreciation rates of 5.5% and 3.4%, respectively, above 2013 prices. However, through December 2015, the average price of $785,682 rose a respectable 4.7%; but, the $661,750 median levered-up 6.7% from the 2014 figure. Although buyers may be focusing on more mid-priced homes, still these are incredible rates of increase give our low inflation environment.

By the end of the summer, the supply of active listings stepped up its pace of growth. Active listing inventory figures were up significantly from the year before. Through the end of December, the 512 total actives were 8.2% above those of December 2014. And, for the month of December there were 227 new listings – leaping almost 23% over the newbies at the end of December 2014. Nevertheless, at the end of December contracts pace, there was only a 2-months supply of properties. Again, this shortage of supply has positively contributed to recent price appreciation.

Condominiums and Cooperatives

The 2015 District of Columbia condominium and cooperative market showed a similarly positive unit sales trend. For 2015, settlements totaled 3,978 units and were up 3.4% from 2014. Contracts through the end of the year (4,115) were up 5.8%. On a monthly basis, at the end of the year, settlements totaled 334 units and were up 16% from those in December 2014. Even more impressive were the December monthly contracts. There were 252 new contracts on condo/coop units in 2015 and they were almost 19% above those for December 2014. The high contracts pace may presage a strong start for the market in 2016. Warmer than average weather in the Washington, DC metro area may be a reason.334 units and were up 16% from those in December 2014. Even more impressive were the December monthly contracts. There were 252 new contracts on condo/

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With tight supply continuing through virtually all of the year, DC condos and coops experienced solid positive appreciation rates. For 2015, prices showed solid upward movement, but the more expensive units’ prices rose at a slightly slower rate. The condo/ coop market finished the year with an average price of $490,976 and rose 2.3%. It had been rising at this pace for most of the year. However, middle-market unit prices worked out to $435,000, and this figure was up 4.8% from the 2014 figures. In 2014, annual average and median prices were up 5.5% and 1.6% from their respective 2013 figures. So, we see some lessening in the average price appreciation rate, but the median price rise has picked up the slack.


employment increased by 292,000 jobs, beating economists’ estimates. Also, the household survey for the unemployment rate was unchanged at 5%. The unemployment rate still is at a level where many economists consider the economy at “full employment”. While some are fearful that further declines in unemployment may set off wage inflation, that seems a long way off. Perhaps state laws raising minimum wages might help put some extra pressure on prices. Overall, currently the global economic forces suggest very little inflation and slow growth for the foreseeable future.

Monetary Policy, Interest Rates and Inflation National Resale Market

For all of 2015, home resales totaled 5.26 million properties. The national market showed solid performance throughout the year, up about 6.5% from 2014. Total existing home resales in December were 5.46 million units at a seasonally adjusted and annualized rate (SAAR). These monthly figures leapt 14.7% from the November rate and were 7.7% above the rate of December 2014. On an annual basis, the median sales price for 2015 was $222,400 and the average was $266,400. For the year, the median price was up 6.8% and the mean rose 4.3%. The December median price of $224,100 increased 7.6% from a year before and the $266,800 average rose 4.7%. From the supply side, although the availability of homes as improved since the recent past, the market is still wrangling with inventory shortages. At the end of December there was a 1.79-million unit national resale inventory (SAAR), which represented a 3.9-months supply of homes. This inventory was down from the May high of 2.28 (SAAR) million and equated to a 5.1 months supply. All in all, the annual inventory level was up from the inventory levels of the past two years. However, the December 2015 level was down from that of December 2014. The strong market of 2015 brought out the listing inventory, but the high sales rates shortened the months’ supply figures.

Economic Growth and Jobs

The Bureau of Economic Analysis’ final estimate for the third quarter real GDP (economic growth rate minus the inflation rate) showed that it increased at an annual rate of 2.0 percent. The final estimate of second quarter 2015 real growth was revised upward to 3.9 percent. However, most analysts think our annual growth rate will barely hit 2% this year. There still is major concern over the growth rate in China and the financial situation in the country. For over a year, financial analysts knew the Chinese stock market was overvalued, so few were surprised when it recently started dropping. However, since our product and service sales to China are only about 5% of our GDP, economists are still not sure how the growth slump and stock market fall will affect the U.S. economy. Although the Fed has indicated that it does not necessarily expect a growth slowdown in the U.S., there are plenty of analysts who are skeptical.

KNOW? The best news in December was that total nonfarm payroll

Finally, the Fed’s Open Market Committee made good on its promise to start raising interest rates. It now has set the Fed Funds rate range at 0.25% to 0.5% (a quarter- to one-half percentage point or 25 to 50 bp, “basis points”). They finally have stated to normalize the interest rate structure. Originally, the speculation was that the Fed would raise rates once a quarter, adding about 1% to the current 25-50 bp rate range by the end of the year. However, some analysts now are speculating that the Fed will not raise rates again until the middle of the year. Another concern is that the almost 7-year period of very low rates has forced many investors and consumers to invest in riskier assets than they should at this stage in their life. If we, and Asia, fall into even a slight recession, we could see more defaults of financial assets. Puerto Rican bonds are in big trouble and other “bad” spots are likely to crop up in other economies. Most publicly quoted economists think our economy is strong enough to avoid a recession, but we could see growth rates only in the 1% range. For the month of December, consumer price inflation hit a very low mark. Consumer prices rose by only 0.7% compared to December of 2014. This figure is much below the Fed’s target value of 2%. These figures were primarily due to declines in energy costs, and some declines in food and home and apparel prices. But, when food and energy prices are subtracted out, the residual “core” consumer inflation was 2.1% from December to December. This annualized number pretty much hits the Fed target; however, they will also look at the personal consumption expenditure price index. For this measure, the November figure for “core” prices was up only 1.3%, so it is likely that core inflation is lower than 2%. Job growth and inflation play into the Fed’s Open Market Committee decisions on interest rates. Job growth seems solid but prices are short of inflation. At this writing in late January, the most recent Freddie Mac survey rates are: 30-year fixed conforming mortgage rate at 3.81%; the 15-year fixed averaged 3.10%; and, the 5/1-year ARM came in at 2.91%. Recent turmoil in international stock markets have caused a “flight to quality” including Treasury securities and the bonds of Fannie Mae and Freddie Mac. This has put downward pressure on mortgage interest rates and will help keep the housing market going in 2016.

The Bottom Line

For 2015, Montgomery County and the District of Columbia sales continued, page 26

23 23

® CAPITAL AREA REALTOR ® • May/Jun 2014 CAPITAL AREA REALTOR • Jan/Feb 2016


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

Q A

QUESTION: A husband and wife own a property, but only the wife is able to the sign the contract as the husband has Alzheimer’s, is in a nursing facility, and does not have the mental capacity to execute. Do we have a contract?

ANSWER: There will not be an enforceable contract if both

parties on title, or an authorized agent of the parties, do not execute the contract. In this instance, if the husband is not capable of signing, there are a couple of possible solutions. In the event the husband and wife had previously done an estate plan, a durable power of attorney may have been produced for each spouse authorizing the other to sign on their behalf in the event they are not of sound mind to do so. If a durable power of attorney was not previously prepared, then a guardian would need to be appointed on his behalf. This would entail going through the local judicial system for the court to appoint someone to act on his behalf. The appointed guardian would then be able to sign the contract and other documents necessary for settlement.

Q

QUESTION: I am interested in purchasing an investment

property in all cash. Because I am a real estate agent, I was wondering what the correct mechanism/document is to disclose my relationship to the transaction and what point that has to be made. Secondly, I was wondering if there is a letter of intent that can be used for transactions. This would ensure the parties agree on the main factors of the transaction (price, settlement date, contingencies) before proceeding to fill out all the necessary paperwork for a real estate transaction.

A

ANSWER: Such a disclosure needs to be provided in writing

and prior to the signing of any contract as provided in Article 4 of the Code of Ethics as interpreted by Standard of Practice 4-1. The required disclosure of your agency is provided for in Paragraph 10 of Addendum of Clauses - A (GCAAR Form 1332). The text of the Article and Standard of Practice are as follows:

Article 4

REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative. (Amended 1/00)

24

® CAPITAL 2014 2016 CAPITALAREA AREAREALTOR REALTOR• May/Jun • Jan/Feb ®

• Standard of Practice 4-1 For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract. (Adopted 2/86) While a letter of intent may be used, it is typically non-binding and is generally not used in the Washington Metropolitan area for residential property transactions. The much more common practice is to simply submit a written offer in the form of the contract.

Q A

QUESTION: Is a seller of a Condominium in the District

required to provide a copy of the condominium plat as a part of the condominium disclosures?

ANSWER: Yes. The condominium plat is considered a con-

dominium instrument and a copy of it along with all other recorded documents must be provided to a potential purchaser of a condominium. Below is the “laundry list” of documents to be provided pursuant to Section 42-1904, 11 of the District of Columbia Code: A copy of the condominium instruments (i.e., recorded declaration, bylaws, plats and plans and all exhibits, schedules, certifications and amendments to any of same) and a certificate setting forth the following: A. A statement, which need not be in recordable form, setting forth the amount of any unpaid assessments levied against the Unit; B. If applicable, a statement, which need not be in recordable form, certifying to the Board’s waiver of, or failure or refusal to exercise, any rights of first refusal or other restraints on free alienability of the Unit which may be contained in the Condominium instruments; C. A statement of any capital expenditures approved by the unit owners’ association within the current or succeeding 2 fiscal years; D. A statement of the status and amount of any reserves for capital expenditures, contingencies, and improvements, and any portion of such reserves earmarked for any specified project by the Condominium Board; E. A copy of the statement of financial condition for the unit owners’ association for the most recent fiscal year for which such statement is available, and the current operating budget, if any;


F. A statement setting forth what insurance coverage is provided for all unit owners by the unit owners’ association and a statement whether such coverage includes public liability, loss or damage, or fire and extended coverage insurance with respect to the Unit and its contents; G. A statement that any improvements or alterations made to the Unit or the limited common elements assigned thereto, by the Seller are not in violation of the condominium instruments; H. A statement of the remaining term of any leasehold estate affecting the Condominium or the Unit and the provisions governing any extension or renewal thereof; and I. The date of issuance of the certificate.

Q

QUESTION: I represented the seller in a listing, and received a

non-contingent offer and accepted. The contract was supposed to have settled just before Thanksgiving and the buyer said they needed time to get the financing, but then the communications dropped off. At this point, it is more than a month past the

original agreed upon settlement date, with no follow up communications from the buyer at all. I have also sent over the release form requesting for the seller to get the earnest money deposit (EMD), with no response.

A

ANSWER: A party to the GCAAR Sales Contract (the “Contract”) (GCAAR Form #1301) cannot unilaterally void the contract unless a contingency was made a part of the contract giving the option to one of the parties to declare the Contract null and void by providing written notice. Short of that, the parties must mutually agree to void the Contract.

In this instance, the buyer is in default of the contract. And while you can place the property back on the market you must note in the multiple listing that it is pending a release of the contract and the earnest money deposit. The Seller will want an acknowledgment by the buyer that the contractual obligations of the Contract are no longer in effect. And in order for the escrow agent holding the earnest money deposit to release the money to the Seller the parties would need to agree to that disbursement.

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

25 25

CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • Jan/Feb 2016 ®


Housing Statistics . . . continued from page 19

GCAAR in the news

The Bottom Line

For 2015, Montgomery County and the District of Columbia sales were up solidly, but prices have slipped a bit in the Montgomery County single-family market. The District’s market has performed well in the single-family segment and in condos and coops. Lack of inventory still remains a problem locally as well as nationwide. This is mostly due to the defaults and negative equity problems of 2008-2009. At this point, forecasters expect the U.S. economy to grow at about a 2% rate for all of 2016, although there is a possibility we could see a figure as low as 1.5%. Since there is little inflation pressure, interest rates will rise at a very slow rate in 2016. But, the possibility of a global recession due to a slump in China is looking like a good possibility. quarter r2013 prices. These rates look pretty good in a world where inflation is staying below 2%. Average and median prices, respectively, started out at $677,361 and $559,700 in January. By the end of December they had worked up to $750,771 and $620,250. The peak YTD average price was $783,460 in July, and then it trended down steadily as cheaper properties sold. For the median, January started out at $559,700. The peak was $628,750 in July, and then it followed a downward trend to around $620,000.

26 26

CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • Jan/Feb 2016 ®

GREATER CAPITAL AREA ASSOCIATION OF REALTORS®

2015

“Thank you, GCAAR members, for serving our communities with dedication, commitment, and diligence for the past 10 years!”

Suzanne Des Marais, 2015 GCAAR President

GCAAR REALTORS® Care!

Jamie Coley Long & Foster Real Estate 2015 GCAAR REALTOR® of the Year over $6800 at the GCAAR Cares raisedR® Fest Silent Auction. 6th Annual REALTO

GCAAR and DCAR members cleaned the grounds at The Community for Creative Non-Violence (CCNV) DC headquarters.

RobeRt W. moses Home Team Title 2015 GCAAR Affiliate of the Year

Phil DiCkson Long & Foster Real Estate 2015 GCAAR Rookie of the Year

Over 40 volunteers came out to support this year’s 2015 Rebuilding Together project in Montgome ® ry County.

• • • • • • • •

gcaar.com

(301) 590-2000

of serving Celebrating 10 years ons in housing-related organizati the DC metro area.

GCAAR Cares is pleased to announce the 2015 grant recipients:

EQUAL HOUSING OPPORTUNITY

REAL TO R

®

The ARC Montgomery County (MC) Calvary Women’s Services (DC) Community Ministries of Rockville (MC) The Dwelling Place (MC) Friendship Place (DC) Two-time Winner of the Hope and a Home (DC) Maryland Association Interfaith Works (MC) of REALTORS® Pathways to Housing (DC)

Special Projects Award

gcaar.com (301) 590-2000

2015DistinguishedAwardwinners.indd 1

Distinguished Award Winners Ads

1/12/16 12:59 PM

January 27, 2016 Current Newspapers

Twitter

CNBC- Diana Olick January 17, 2016

— GCAAR Housing Stats mentioned

Thank You REALTORS‰ (Community Service Ad) December 16, 2015 Current Newspapers


education schedule March 7, 2016 MREC Agency - Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Jackie Talpa Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor

March 2, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Chad Older & Adam Polsky Time: 1:00 – 4:00 p.m. March 3, 2016 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Carole Maclure Time: 9:30 a.m. – 12:30 p.m. March 3, 2016 FHA Financing CEU: 3 hours MD, DC and VA (elective) Instructor: Russell Rothstein Time: 1:30 – 4:30 p.m. March 4, 2016 How to Keep Your Clients (and You) Out of Court CEU: 3 hours MD and DC (elective) Instructor: Gary Hardy Time: 9:30 a.m. – 12:30 p.m. March 4, 2016 Maryland Fair Housing CEU; 1.5 hours MD (required) and DC (elective) Instructor: Lisa Bosse Time: 1:30 – 3:00 p.m. March 7, 2016 MREC Agency - Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Barbara Maloney Time: 9:30 a.m. – 12:30 p.m. NOTE: All classes are held at GCAAR’s Rockville office unless otherwise noted.

March 7, 2016 MREC Required Supervision CEU: 3 hours MD (required for Brokers) and DC (elective) Instructor: Barbara Maloney Time: 1:30 – 4:30 p.m. March 7, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Jackie Talpa Time: 2:00 – 3:30 p.m. * NAR Building/3rd Floor March 9, 2016 Home Inspections CEU: 3 hours MD, DC and VA (elective) Instructor: Dan Deist Time: 10:00 a.m. – 1:00 p.m. * NAR Building/12th Floor March 9, 2016 Advanced FHA Financing CEU: 3 hours MD, DC and VA (elective) Instructor: Chanin Wisler Time: 2:00 – 5:00 p.m. March 10, 2016 Comparison Between GCAAR and MAR Contracts CEU: 1.5 hours MD and DC (elective) Instructor: Susann Haskins Time: 1:00 – 2:30 p.m. March 10, 2016 Short Sales CEU: 3 hours MD and DC (elective) Instructor: Jill Michaels Time: 3:30 – 6:30 p.m. March 11, 2016 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Robert Moses Time: 9:30 a.m. – 12:30 p.m.

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

March 11, 2016 First-Time Homebuyer Financing CEU: 1.5 hours MD (elective) Instructor: Brian Willingham Time: 1:30 – 3:00 p.m. March 14, 2016 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: David Politzer Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor March 14, 2016 Common Settlement Problems CEU: 3 hours MD (elective) Instructor: Stanley Goldstein Time: 1:30 – 4:30 p.m. March 14, 2016 DC Fair Housing CEU: 3 hours DC (required) Instructor: Cammie Reed Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor March 16, 2016 Transaction Red Flags CEU: 1.5 hours MD and DC (elective) Instructor: Harry Yazbek Time: 9:30 – 11:00 a.m. March 16, 2016 Broker/Manager Forum: Risk Management and Reduction CEU: No CE Instructor: Robert Moses Time: 12:00 – 2:00 p.m. March 17, 2016 New Member Orientation CEU: No CE Instructor: Dana Hollish Hill Time: 10:30 a.m. – 4:00 p.m. March 17, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Jill Michaels Time: 1:00 – 4:00 p.m. continued, p. 28

CAPITAL REALTOR • May/Jun2016 2014 CAPITAL AREA AREA REALTOR • ® Jan/Feb ®

27


education schedule March 18, 2016 Veterans Administration (VA) Financing CEU: 3 hours MD and DC (elective) Instructor: Derek Harman Time: 9:30 a.m. – 12:30 p.m. March 18, 2016 The Ins and Outs of Contracts CEU: 1.5 hours MD and DC (elective) Instructor: Maria Deligiorgis Time: 1:30 – 3:00 p.m. March 19, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Atusa Salvidio Time: 9:30 – 11:00 a.m. March 21, 2016 DC Legislative Update CEU: 3 hours DC (required) Instructor: Counselors Title Time: 9:30 a.m. – 12:30 p.m. March 21, 2016 Financing Issues/Update CEU: 3 hours DC (required) and MD and VA (elective) Instructor: Debbie Benkert and Chris Darby Time: 1:30 – 4:30 p.m. March 23, 2016 Maryland Legal & Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 9:30 a.m. – 12:30 p.m. March 23, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 1:30 – 3:00 p.m. March 23, 2016 New Member Orientation CEU: No CE Instructor: Bruce Cotting Time: 4:00 – 9:00 p.m.

March 23, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Thom Brockett Time: 6:00 – 9:00 p.m.

March 28, 2016 Introduction to Broker Price Opinions (BPOs) CEU: 3 hours MD and DC (elective) Instructor: Stu Reynolds Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor

March 24, 2016 Rental Property Management CEU: 3 hours MD and DC (elective) Instructor: Scott Goldberg Time: 9:30 a.m. – 12:30 p.m.

March 30, 2016 Foreclosures CEU: 3 hours MD and DC (elective) Instructor: Lee Morris Time: 9:30 a.m. – 12:30 p.m.

March 24, 2016 DC Legislative Update CEU: 3 hours DC (required) Instructor: Counselors Title Time: 9:30 a.m. – 12:30 p.m. * NAR Building/12th Floor

March 31, 2016 DC Fair Housing CEU: 3 hours DC (required) Instructor: Mary Chieppa Time: 9:30 a.m. – 12:30 p.m.

March 24, 2016 Financing Issues/Update CEU: 3 hours DC (required) and MD and VA (elective) Instructor: Debbie Benkert and Chris Darby Time: 1:30 – 4:30 p.m. * NAR Building/12th Floor

March 31, 2016 DC Law Prep Course CEU: No CE Instructor: Mary Chieppa Time: 1:30 – 4:30 p.m.

March 24, 2016 DC Fair Housing CEU: 3 hours DC (required) Instructor: Counselors Title Time: 5:00 – 8:00 p.m. * NAR Building/12th Floor March 28, 2016 Listing Presentation CEU: 3 hours MD and DC (elective) Instructor: Thom Brockett Time: 9:30 a.m. – 12:30 p.m. March 28, 2016 Mortgage Basics CEU: 3 hours MD, DC and VA (elective) Instructor: Jamica Browne Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor March 28, 2016 Advertising Compliance CEU: 3 hours MD and DC (elective) Instructor: Thom Brockett Time: 1:30 – 4:30 p.m.

April 4, 2016 MREC Required Supervision CEU: 3 hours MD (required for Brokers) and DC (elective) Instructor: Al Monshower Time: 9:30 a.m. – 12:30 p.m. April 4, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 1:30 – 4:30 p.m.

NOTE: All classes are held at GCAAR’s Rockville office unless otherwise noted. AREA REALTOR • May/Jun 2014 2828 CAPITAL CAPITAL AREA REALTOR • Jan/Feb 2016 ®

®


For more information, or to become an Affiliate, visit gcaar.com

affiliate list

Need a Service? GCAAR Affiliate Members Can Help You GCAAR has over 200 Affiliates. Affiliates are non-REALTOR® professionals who are involved in real-estate related transactions such as settlements, house inspections, mortgage services, banking, insurance, and more. Below is a list of our current Affiliates. To contact an affiliate, or if you are interested in becoming an Affiliate, visit gcaar.com (Resources>Find An Affiliate). If there are any updates to this list, please send them to membershiprecords@gcaar.com. 301-986-1114

Business

Contact

Office Phone Number

Affiliate Type

Anne M. Powell Appraisals

Anne Powell

410-721-7505

Appraisal Companies

Appraisals Xpress Inc.

Jeffery Chen

301-385-9669

Appraisal Companies

Bessell Brett

Bessell Brett

301-208-0330

Appraisal Companies

Chase Commercial Appraisal Division

Chad Harris

202-312-1160

Appraisal Companies

Chase Commercial Appraisal Division

Carlos Ortiz

202-312-1160

Appraisal Companies

Chase Commercial Appraisal Division

Anna Pagi

202-312-1160

Appraisal Companies

J. D. Egly & Assocs.

John Egly

301-428-0113

Appraisal Companies

J. Hansen Appraisal Assocs. LLC

John Hansen

301-464-2878

Attorneys

James Blaine Miller Jr.

James Miller Jr.

301-933-9881

Attorneys

Kevin Gowen

Kevin Gowen

240-460-9926

Attorneys

Magee Appraisal Service

Diana Magee

301-846-9696

Attorneys

Roxann Novel Appraiser

Roxann Novel

800-232-7196

Attorneys

Washington Appraisal

Frank John Jr.

202-646-1150

Attorneys

Adams, Morris & Sessing

Michelle Adams

301-637-0143

Attorneys

Adams, Morris & Sessing

Elizabeth Morris

301-637-0143

Attorneys

Adams, Morris & Sessing

Timothy Sessing

301-637-0143

Attorneys

Andrew FitzGerald Atty at Law

Andrew FitzGerald

301-933-6550

Attorneys

Bregman Berbert Schwartz Gilday LLC

Wendy Pullano

301-656-2707

Attorneys

Curtin Law Roberson Dunigan

Thomas Dunigan

202-530-3300

Attorneys

Glazer Winston Honigman Ellick

L. Mark Winston

202-537-5500

Attorneys

Greenstein DeLorme & Luchs PC

Richard Luchs

202-452-1400

Attorneys

Greenstein DeLorme & Luchs PC

Vincent Mark Policy, Esq.

202-452-1400

Attorneys

Jackson & Campbell PC

Roy Kaufmann

202-457-6710

Attorneys

Jacobs & Associates

Harvey Jacobs

301-300-6252

Attorneys

Kase & Associates

Sadaf Saberi

703-444-4100

Attorneys

Kass Mitek & Kass PLLC

Benny Kass

202-659-6500

Attorneys

KVS Law

David Kanstoroom

301-605-1420

Attorneys

KVS Law

Lisa Lamphier

301-605-1420

Attorneys

KVS Law

Marty Stanton

301-605-1420

Attorneys

Lasso & Lasso PC

Ricardo Lasso

202-537-0343

Attorneys

Law Office of Arthur Konopka

Arthur Konopka

202-686-0600

Attorneys

Law Office of Mark A. Bayer

Mark Bayer

202-466-4747

Attorneys

Law Office of Robert McCarthy

Robert McCarthy

301-654-3730

Attorneys

Law Offices of David P Modell

David P Modell

301-634-9820

Attorneys

Law Offices of Michael Frissel/Wolf Title

Michael Frissell

301-951-0940

Attorneys

Law Offices of Quinn O’Connell Jr.

Quinn O’Connell Jr.

202-537-1820

Attorneys

Lynn Candle Boynton Esq.

Lynn Boynton

240-499-7465

Attorneys

Miles & Stockbridge PC

Casey Cirner

301-762-1600

Attorneys

Moses & Aiken, LLC/Home Team Title

Robert Moses

301-468-0080

Attorneys

Paley Rothman

Katherine Palumbo

301-951-9362

Attorneys

Richard W. Lawlor PA

Richard Lawlor

301-340-2400

Attorneys

Samuelson Law Offices LLC

Kenneth Samuelson

202-494-0848

Attorneys

continued next page

CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • Jan/Feb 2016 ®

29 29


affiliate list

30 30

Business

Contact

Office Phone Number

Affiliate Type

Shaner & Helf LLC

Thomas Helf

301-913-9306

Attorneys

Shulman Rogers Gandal Pordy

Matthew Alegi

301-230-5200

Attorneys

Shulman Rogers Gandal Pordy

Amy Klein

301-230-5200

Attorneys

Shulman Rogers Gandal Pordy

Marc Lipman

301-230-5200

Attorneys

Siegel & Associates

P. Joy Siegel

301-907-8808

Attorneys

The Law Offices of Jill Pogach Michaels

Owen Jarvis

240-425-0008

Attorneys

The Law Offices of Jill Pogach Michaels

Jill Michaels

240-425-0008

Attorneys

The Law Offices of Jill Pogach Michaels

Ben Silver

240-425-0008

Attorneys

The Sacks Law Firm PLLC

Michael Sacks

301-948-2300

Attorneys

Vaughn W. Royal Attorney at Law

Vaughn Royal

202-895-1530

Attorneys

Capital Area Realtors FCU

Tony Launi

240-314-0734

Credit Unions

Capital Area Realtors FCU

Olympia Overton

240-314-0734

Credit Unions

Anderson Inspection Consultants Inc.

Gary Anderson

301-855-3337

Home Inspection Companies

1st American Home Inspections LLC

Henry Toman

443-388-2410

Home Inspection Companies

Alban Home Inspection Svcs. Inc.

Virginia Sulcer

301-662-6565

Home Inspection Companies

Building Inspector of America

Vimal Kapoor

301-916-0300

Home Inspection Companies

Ikon Home Inspections

Anthony Webber

301-326-2300

Home Inspection Companies

Mid-Atlantic Inspection Srvcs.

Alan Beal

202-607-4153

Home Inspection Companies

Pillar to Post Montgomery County

Rocky Banks

301-455-5994

Home Inspection Companies

Top to Bottom Services

Gregory Butler

301-938-9100

Home Inspection Companies

Top to Bottom Services

Daniel Deist

301-938-9100

Home Inspection Companies

Home Staging by Vivian LLC

Vivian Gilbert

301-802-5166

Home Staging Companies

MD Dept of Housing & Community Development

William Ariano Jr.

410-514-7014

Housing Interests

Holman & Associates

Keith Holman

202-246-6834

Housing Interests

Holman & Associates

Linda Holman

202-246-6834

Housing Interests

Holman & Associates

Thomas Holman

202-246-6834

Housing Interests

Rent the District

Hanna McClain

202-210-0043

Housing Interests

Duffy Insurance Group LLC

Joe Duffy

301-384-5000

Insurance Companies

Duffy Insurance Group LLC

Mike Duffy

301-384-5000

Insurance Companies

First Home Mortgage

Ryan Angier

301-656-4388

Mortgage Companies

1st Mariner Mortgage

Deborah Benkert

240-235-5337

Mortgage Companies

Academy Mortgage Corporation

Raymond Shelton

571-225-5066

Mortgage Companies

Apex Home Loan

Erin Finke

301-610-9600

Mortgage Companies

Apex Home Loan

Michael Parsons

301-610-9600

Mortgage Companies

Apex Home Loan

Brian Willingham

301-610-9600

Mortgage Companies

BB & T Mortgage

Patricia Widerman

301-590-2382

Mortgage Companies

BB&T

Mike Kidwell

301-493-8917

Mortgage Companies

BB&T

Kari Sansom

301-493-8917

Mortgage Companies

BB&T

Daniel Shea

301-493-8917

Mortgage Companies

Caliber Home Loans

Jamica Browne

301-660-3292

Mortgage Companies

Caliber Home Loans

Charles Clapper

301-660-3292

Mortgage Companies

Caliber Home Loans

Robert Kirchner

301-660-3292

Mortgage Companies

Caliber Home Loans

Jason Turner

301-660-3292

Mortgage Companies

Corridor Mortgage Group Inc.

Sara Lenes

301-443-5749

Mortgage Companies

Corridor Mortgage Group Inc.

Natalie Winter

301-443-5749

Mortgage Companies

EagleBank Corp.

Thomas Biegler

202-292-1581

Mortgage Companies

EagleBank Corp.

Deborah Levy

202-292-1581

Mortgage Companies

Embrace Home Loans

Adriana Clapper

301-921-0070

Mortgage Companies

Embrace Home Loans

Tina Del Casale

301-921-0070

Mortgage Companies

Embrace Home Loans

William Rozek

301-921-0070

Mortgage Companies

First Home Mortgage

Zachary Bodine

301-656-4388

Mortgage Companies

CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • Jan/Feb 2016 ®


affiliate list Business

Contact

Office Phone Number

Affiliate Type

First Home Mortgage

Christopher Jordan

301-562-9540

Mortgage Companies

First Home Mortgage

Brooke Lowry

202-448-0880

Mortgage Companies

First Home Mortgage

Nicolas Matsangakis

301-657-1003

Mortgage Companies

First Home Mortgage

Scott Story

301-656-4388

Mortgage Companies

First Home Mortgage

David Toaff

301-657-1003

Mortgage Companies

First Home Mortgage

Travis Vollmerhausen

301-562-9540

Mortgage Companies

First Home Mortgage

Kevin Walsh

301-656-4388

Mortgage Companies

First Home Mortgage

Timothy Whittier

301-656-4388

Mortgage Companies

First Home Mortgage Corp.

Jacob Ryan

301-220-0999

Mortgage Companies

First Savings Mortgage Corp.

J. D. Teitelman

703-564-1746

Mortgage Companies

First Washington Mortgage

Chanin Wisler

301-526-0020

Mortgage Companies

FitzGerald Financial Group/Monarch Group

Evelyn Miller

240-403-1868

Mortgage Companies

FitzGerald Financial Group/Monarch Group

L. William Woods Jr.

240-403-1868

Mortgage Companies

Home Savings & Trust Mortgage

Derek Harman

703-766-4634

Mortgage Companies

McLean Mortgage Corp.

Alex Peters

240-800-4502

Mortgage Companies

Movement Mortgage

Maria Clark

410-740-5250

Mortgage Companies

Movement Mortgage

Scott Dillon

410-740-5250

Mortgage Companies

Movement Mortgage

Michelle Mathews

410-740-5250

Mortgage Companies

MVB Mortgage

Chris Kearney

202-751-2146

Mortgage Companies

MVB Mortgage

Robert Ross

202-751-2146

Mortgage Companies

Prosperity Home Mortgage LLC

Romy Espino

301-838-3172

Mortgage Companies

Prosperity Home Mortgage LLC

Brian Haug

301-838-3172

Mortgage Companies

Prosperity Home Mortgage LLC

Tom O’Keefe

301-838-3172

Mortgage Companies

Sandy Spring Bank

Jeffrey Nelson

301-617-4233

Mortgage Companies

Sandy Spring Bank

Guy Silas

301-617-4233

Mortgage Companies

Sandy Spring Bank

Kenneth D Storck

301-617-4233

Mortgage Companies

SunTrust Mortgage

C. J. Kemp

301-961-0901

Mortgage Companies

SunTrust Mortgage

Russell Rothstein

301-961-0901

Mortgage Companies

Wells Fargo Private Mortgage

James Semeyn

410-573-6411

Mortgage Companies

Interstate Moving & Storage

Pauline Dent

703-226-3220

Mortgage Companies

Perry Moving & Storage

Alvin Lewis

410-799-0022

Moving Companies

Capitol Termite & Pest Control

Julio Gonzalez

301-657-4480

Pest Control Companies

Agent Photos Online LLC

John Brueske

877-774-4720

Photographers

Columbia Property Management

Scott Bloom

888-857-6594

Property Management Companies

Transwestern

Donald R Wilson

301-896-9000

Property Management Companies

Weichert Referral

Atusa Salvidio

973-605-1600

Referrals

Beta Solutions F&BC LLC

Kevin Matthews

301-787-0782

Software Companies

Homesnap

Stephanie Rall

202-999-2903

Software Companies

Britton PLLC

Lisa Britton

202-416-0121

Tax Consultants

Exchange Solutions Group LLC

William Gessner

703-787-3893

Tax Consultants

Tax-Masters Inc.

Linda de Marlor

301-230-0200

Tax Consultants

Capitol Title Insurance Agency

Lisa Bosse

301-231-7250

Title/Settlement Companies

Capitol Title Insurance Agency

Sara Demb Goldstein

301-231-7250

Title/Settlement Companies

Capitol Title Insurance Agency

Stanley Goldstein

301-231-7250

Title/Settlement Companies

Capitol Title Insurance Agency

William Splitgerber Jr.

301-231-7250

Title/Settlement Companies

Avenue Settlement Corporation

Stephen Ballard

202-296-4500

Title/Settlement Companies

ATG (Alltech Title Group)

Michael Gross

703-934-2100

Title/Settlement Companies

ATG (Alltech Title Group)

Mark Somerville

703-934-2100

Title/Settlement Companies

Atlantic Closing & Escrow

Isadora Connor

202-730-2635

Title/Settlement Companies

Atlantic Closing & Escrow

Sam Houston

202-730-2635

Title/Settlement Companies

Avenue Title Group

David Helfrich

202-296-4500

Title/Settlement Companies CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • Jan/Feb 2016 ®

31 31


affiliate list

32 32

Business

Contact

Office Phone Number

Affiliate Type

Capitol Termite & Pest Control

Brian Schoonmaker

301-657-4480

Title/Settlement Companies

CLA Title & Escrow

John Coester

888-929-6000

Title/Settlement Companies

CLA Title & Escrow

Matt Landsberg

888-929-6000

Title/Settlement Companies

CLA Title & Escrow

Joel Steinberg

888-929-6000

Title/Settlement Companies

Classic Settlements

Joe Detrick

301-921-2667

Title/Settlement Companies

Classic Settlements

Jonathan Levy

301-921-2667

Title/Settlement Companies

Classic Settlements

Mary Papagjika

301-921-2667

Title/Settlement Companies

Closeline Settlements LLC

Elliot Liss

301-622-6000

Title/Settlement Companies

Confidence Title & Escrow

Vittorio Muzzatti

301-740-1880

Title/Settlement Companies

Counselors Title LLC

Christopher Darby

202-686-0100

Title/Settlement Companies

Counselors Title LLC

Marie Enderle

202-686-0100

Title/Settlement Companies

Counselors Title LLC

James Griffin

202-686-0100

Title/Settlement Companies

Counselors Title LLC

Noreen Hathaway

301-670-0100

Title/Settlement Companies

Counselors Title LLC

Robert Kuczarski

301-670-0100

Title/Settlement Companies

Counselors Title LLC

Thomas Muldoon

202-686-0100

Title/Settlement Companies

Counselors Title LLC

Timothy Mullin

202-686-0100

Title/Settlement Companies

Counselors Title LLC

John Nalls

202-686-0100

Title/Settlement Companies

Counselors Title LLC

Colleen Smyth Cogan

301-670-0100

Title/Settlement Companies

District Title A Corp.

Jeff Darrah

202-518-9300

Title/Settlement Companies

District Title A Corp.

Brendon Sheperd

202-518-9300

Title/Settlement Companies

District Title A Corp.

Marc Sushner

202-518-9300

Title/Settlement Companies

District Title A Corp.

Steven Sushner

202-518-9300

Title/Settlement Companies

Federal Title & Escrow Co.

Todd Ewing

202-362-1500

Title/Settlement Companies

Fenton Title Co.

Louis Pettey

301-590-0220

Title/Settlement Companies

First Class Title Inc.

Daniel Kotz

301-770-4107

Title/Settlement Companies

Flynn Title

Gregory Flynn

301-545-0150

Title/Settlement Companies

GPN Title Inc.

Jessica Chipoco

301-294-4055

Title/Settlement Companies

GPN Title Inc.

George Glekas

301-294-4055

Title/Settlement Companies

Lakeforest Title & Escrow Co.

Marc Malakoff

301-590-0500

Title/Settlement Companies

Logan Title

Patrick Tangney

202-244-3200

Title/Settlement Companies

Main Street Settlements Inc.

John Ferguson

301-570-3600

Title/Settlement Companies

MBH Settlement Group LLC

Jill Messier

703-277-6800

Title/Settlement Companies

Michaels Title & Escrow LLC

Jill Pogach Michaels

240-425-0008

Title/Settlement Companies

Monarch Title Inc.

Katherine Brewer

202-546-3100

Title/Settlement Companies

North American Title Co.

Janelle Gaughan

202-237-8222

Title/Settlement Companies

Palisades Title Company

Steven Buckman

202-351-6100

Title/Settlement Companies

Paragon Title & Escrow Co.

Randy Raskin Rothstein Philip

301-986-1114

Title/Settlement Companies

Paragon Title & Escrow Co.

Rob Rothstein

301-986-1114

Title/Settlement Companies

Pinnacle Title & Escrow Inc.

Marie Daugherty

301-424-5400

Title/Settlement Companies

Pinnacle Title & Escrow Inc.

Marci Maged

301-762-6757

Title/Settlement Companies

Pride Settlement & Escrow LL

Jay Brody

888-729-0145

Title/Settlement Companies

Pride Settlement & Escrow LL

D. Leigh Hewartson

888-729-0145

Title/Settlement Companies

Pride Settlement & Escrow LL

Lee Anne Rodriguez

888-729-0145

Title/Settlement Companies

RGS Title

Suzanne Feinstein Esq.

301-230-0070

Title/Settlement Companies

RGS Title LLC

Helen Dankos

301-230-0070

Title/Settlement Companies

RGS Title/Traditional Title

Anthony DeVol

301-654-9800

Title/Settlement Companies

Sage Title Group LLC

Joseph Hansen

301-670-2812

Title/Settlement Companies

Sage Title Group LLC

Bobby Lee

301-654-2560

Title/Settlement Companies

Settlement Professionals LLC

Carol Calomiris

202-363-1870

Title/Settlement Companies

Settlementcorp

David Deckelbaum

202-537-0005

Title/Settlement Companies

Stewart Title Group

R. Bradley Runyan

202-349-0220

Title/Settlement Companies

Title Town Settlements

Todd Greenbaum

301-580-2850

Title/Settlement Companies

Village Settlements Inc.

Carey Brennan

301-590-9300

Title/Settlement Companies

Village Settlements Inc.

Leslie Childs

301-590-9300

Title/Settlement Companies

Village Settlements Inc. ® ®

David Hahn

301-486-0799

Title/Settlement Companies

Village Settlements Inc.

Michael Hollman

301-590-9300

Title/Settlement Companies

CAPITAL 2014 2016 CAPITALAREA AREAREALTOR REALTOR• May/Jun • Jan/Feb


UNITED FOR BETTER MORTGAGES You help your clients find their dream home. Rely on us to help them secure the financing to purchase the home.

“UNFCU provided us with one of the most competitive rates in the country.” - UNA-USA Connecticut Chapter Member

As a portfolio lender, UNFCU offers: → Better Rates → Better Products → Better Service We serve U.S. citizens, residents and foreign buyers. Learn more at unfcu.org/DCReps or call +1 703-448-8240.

*Datatrac, America’s largest interest rate database, certifies that UNFCU 5/1, 7/1, 10/1 ARMs consistently outperformed the U.S. financial institution market average for the 12-month period 7/18/2014 to 7/18/2015. © 2015 UNFCU and ‘serving the people who serve the world’ are registered marks of United Nations Federal Credit Union. All rights reserved. 10/2015

CAPITAL AREA REALTOR® • May/Jun 2014

33


AT EXIT MID-ATLANTIC,

WE BELIEVE

IN YOUR FUTURE We BELIEVE that real estate professionals should be able to live for today while building a better tomorrow.

Only our dynamic formula of single-level residual income allows you to work smarter, not harder, save for retirement and create a financial legacy of security for the ones who matter most in your life. Contact us for more information!

EXIT MID-ATLANTIC DE * DC * MD * PA * WV

410-287-9000 www.EXITMid-Atlantic.com

WE WILL HELP YOU EVERY STEP OF THE WAY TO ENSURE YOUR SUCCESS! * Industry leading training & coaching * Superior technology & marketing resources * Empathy-driven culture geared to your success * Financial security through sponsoring, retirement & beneficiary residual bonuses Offices in ALL 50 States • Regionally: 36+ Offices, 1200+ Agents Sponsoring $$ Paid: Last 12 Months $2,141,974 • Since 2004 to Date $18,906,362 EXIT MID-ATLANTIC Region (DE * DC * MD * PA * WV), 60 Algonquin Road, North East, MD 21901 • 410-287-9000 • www.EXITMid-Atlantic.com Not intended to solicit Brokers / Owners already under contract. This is not an offer to sell or solicitation of an offer to buy a franchise. An offer is made by prospectus only.

Capital Area REALTOR® Jan/Feb 2016  

Capital Area REALTOR® Jan/Feb 2016

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