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R E A LTOR

CAPITAL AREA

®

www.gcaar.com

Official publication for the Greater Capital Area Assocation of REALTORS®

march/april 2016

BREAKING THE MOLD GCAAR’S YOUNG PROFESSIONAL NETWORK (YPN) IS NOT JUST FOR YOUNG PROFESSIONALS – page 6

CAPITAL AREA REALTOR® • May/Jun 2014

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CAPITAL AREA REALTOR® • May/Jun 2014


R E ALTOR

CAPITAL AREA

®

march/april 2016

July 18, 2016

Bethesda North Marriott

REALTOR® Fest – p. 5

YPN Breaking the Mold– p. 6

Home Staging Tips– p. 10

features

Legal Hotline– p. 24

in every issue 2

Ask the President

8

GCAAR Cares

3

Association News

4

Don’t Let This Happen To You

5

REALTOR Fest - July 18

6

Breaking the Mold - A YPN Exclusive

9

Meet Your GCAAR Committees

14 MRIS

10

REALTOR® Toolbox: Ten Staging Tips

15

NAR Director’s Report

12

Membership Corner - SentriLock Updates

16

Public Policy

18

Affiliate Spotlight

18

Three GCAAR Members Named to 2016 30 Under 30 Class

28

10

REALTOR® Toolbox

12

Membership Corner

12

GCAAR in the News

®

19 RPAC 20

Housing Statistics

24

Legal Hotline

26

Education Schedule

The Back Page NEW FEATURE

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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board of directors

ask the president As a broker, I always try to include information from GCAAR in my weekly sales meetings. I know that GCAAR now offers RBI’s SmartCharts to all members and I’d like to tell my agents about it! Can you share the details on what they get and how to sign up?

President-Elect Jamie Coley

President Peg Mancuso

Thanks for mentioning GCAAR at your meetings and helping us get the word out on everything that we are doing for members. You are correct one of the many benefits of membership to GCAAR is a complimentary subscription to RBI’s SmartCharts Pro™ product. It allows users to narrow down housing market data to the neighborhood level, track trends, and offers an at-a-glance glimpse of what’s happening. Reports are completely customizable. Signing up is easy! Visit: getsmartcharts.com/pricing and click on the circle to the far right with the “Free for Members” text. SmartCharts Pro can be accessed on any mobile or computer device. Check GCAAR’s education calendar for SmartCharts Pro training classes. I ended up with several lockboxes I no longer need. I’ve heard I can transfer them to another agent. Can you tell me how to do it?

Secretary Tom Daley

Treasurer Tim Knobloch

Absolutely! GCAAR’s Member Services staff is happy to do the transfer. Before we can reassign ownership, we need to verify that you, as the current owner of the lockbox, have authorized the transfer. Here’s what you need to do: 1. Give the agent buying the lockbox(es) a signed letter from you, includ- ing the lockbox number(s). 2. The buyer should bring the letter, lockbox(es), and their Sentricard to GCAAR, before placing the lockbox on a home.

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

R E A LTOR

CAPITAL AREA

®

Managing Editor Bobette Banks

Design & Layout Carla Conway, Uncommon Design

Advertising Representative Robert Silverstein

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CAPITAL AREA REALTOR ® • March/April 2016

When they are here for the transfer, we recommend they purchase new batteries and have them replaced on the spot. We will also reset the lockbox’s time clock. Can I add an email address into my SentriLock account so that another member of my team can receive the showing notifications on all of my lockboxes? Yes, you can add the email address of a member so they can be notified when your boxes are accessed. Here’s how to do it: 1. Login at http://lockbox.sentrilock.com. Then click on ‘My Account’ or ‘Manage My Account’. 2. Click on the tab at the top for ‘Preferences’. 3. Under ‘Showing Notifications’, check mark the box for ‘Copy All Showing Notifications to the Following Email Addresses’. 4. In the box below, add the email address or addresses that need to receive a copy on all of the showing notifications. Be sure to only put one email address per line.


association news Women’s Council of REALTORS® - March 2

The Women’s Council of REALTORS® (Greater Capital Area Chapter) welcomed NAR’s Chad Curry and MRIS’ Neal Feinberg at its technology-themed meeting on March 2.

Broker/Manager Forum – March 16

After the March 16 Broker/Manager Forum on Risk Management and Reduction, taught by Bob Moses of Home Team Title, we caught up with Betty Sharper of B. Sharper Real Estate. GCAAR: What was your biggest take away from today’s Broker/Manager Forum? Betty: As a Broker, you have to have written policies and procedures in place and you have to be able to communicate both to your agents and your clients. You have to protect yourself. GCAAR: As the owner of a small brokerage, what are some of your challenges? Betty: Agents think they have more leeway. They think that since they are not under a bigger parent company, they can get away with more. Fortunately, NAR has plenty of resources for you to take advantage of. Everything you need to run your brokerage is available from NAR.

Chad Curry with Greater Capital Area Chapter President Jackie Bennett.

New Member Orientation – March 17 At the New Member Orientation on March 17, we asked the following question:

What’s the most important thing you learned in New Member Orientation class today?

Jameson Freeman Long & Foster Real Estate

Dr. Agnes Judith Dongmo Carrington Real Estate Services

“Among the many valuable real estate insights I gleaned today, the most important thing for me was the reinforcement of the value of working with a REALTOR®, because most people involved in a real estate transaction do not have fiduciary duty to their client...and agents do.

“The most important thing was the Code of Ethics for real estate professionals. Under the Code of Ethics of the National Association of REALTORS®, real estate professionals are held to the highest standards. As the instructor, Attorney Jill Michaels pointed out, standards are, “You knew or should have known.” CAPITAL AREA REALTOR ® • March/April 2016

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Don’t Let This Happen to You! Submitted by Joy Liberti, 2015 Chair, Professional Standards Committee

Buyer Agent’s Demands that Listing Agent Reduce Commission As REALTORS®, one of our primary roles is that of negotiator. With Sellers, our knowledge of the market, along with our negotiating skills, will help determine the fair market value of the property; the steps a seller needs to take to have the property in good condition; and what our commission will be. With Buyers, the negotiation process starts early with our ability to obtain a Buyer Agency Agreement, including what commission we will receive. These skills continue throughout the home buying process in helping our clients make an attractive offer to the seller and navigating through various inspections and contingencies. What happens when our Buyers want to make their offer contingent on reducing the Listing Agent’s commission or the Buyer Agent’s commission as offered in MRIS? Our NAR Code of Ethics addresses this issue: Article 16 “REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients.” One of the practical applications of this Article is clarified in Standard of Practice 16-16: “REALTORS®, acting as subagents or buyer/tenant representatives or brokers, shall not use the terms of an offer to purchase/ lease to attempt to modify the listing broker’s offer of compensation to subagents or buyer/tenant representatives or brokers nor make the submission of an executed offer to purchase/lease contingent on the

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CAPITAL AREA REALTOR ® • March/April 2016

listing broker’s agreement to modify the offer of compensation.” Here is the determination of a Hearing Panel faced with this exact scenario: Case #16-16: Buyer Agent’s Demand that Listing Agent Reduce Commission (Adopted as Case #21-17 April, 1990. Transferred to Article 16 November, 1994 as Case #16-11. Renumbered November, 2001.) REALTOR® B contacted REALTOR® A, the listing broker, and notified her that he was a buyer’s agent and was interested in showing one of her listings to his client, a prospective purchaser. REALTOR® A made an appointment for REALTOR® B and his client to view the property. Shortly thereafter, REALTOR® B presented REALTOR® A with a signed offer to purchase from his client which was contingent on REALTOR® A’s willingness to reduce her commission by the amount she had offered through the MLS to subagents and on the seller’s willingness to compensate the buyer for the commission the buyer owed to REALTOR® B, his agent. REALTOR® A presented the offer to her client, the seller, explaining that she would not agree to reduce the previously agreed commission as specified in their listing contract. REALTOR® A then filed a complaint with the local Board charging REALTOR® B with violating Article 16 as interpreted by Standard of Practice 16-16. In her complaint, REALTOR® A stated that REALTOR® B had interfered in her agency relationship with the seller by encouraging the buyer

to condition acceptance of his offer on the renegotiation of REALTOR® A’s commission arrangement with her client, the seller. REALTOR® B defended his action arguing that REALTOR® A’s refusal to reduce her commission by an amount equal to what she had offered other brokers for sub agency services would have placed the seller in the position of having to pay an excessive amount of commission if he had accepted the offer agreeing to contribute to the buyer broker’s compensation. In addition, REALTOR® B felt that it was his duty to his client to get the best price for the property by encouraging the buyer to reduce the costs of sale wherever practical. The Hearing Panel concluded that by Michele Lerner REALTOR® B’s actions to encourage his buyer­client to pressure the seller to try to modify the listing agreement with REALTOR® A was an unwarranted interference in their contractual relationship. The Hearing Panel noted that Article 16, as interpreted by Standard of Practice 16-16, required REALTOR® B to determine, prior to presenting an offer to REALTOR® A and her seller-client, whether REALTOR® A was willing to contribute to REALTOR® B’s commission, either directly or by reducing the commission as agreed to in the listing contract and, if so, the terms and amount of such contributions. It was the decision of the Hearing Panel that REALTOR® B had violated Article 16.

Don’t Let This Happen to You!

For more information, visit the Code of Ethics section on realtor.org


It’s coming . . . Get Required CE Classes at REALTOR® Fest

Outstanding Opportunity for REALTOR® Fest 2016 Exhibitors and Sponsors GCAAR wants you to know that prime advertising space

is still available in the May/June 2016 issue of our flag-

ship magazine, Capital Area REALTOR® and in our digital publications. As an Affiliate member or service provider, you know the value and importance of delivering your marketing message to GCAAR members, and with our multi-media approach to reaching our market, adver-

tising in this issue will help assure you get the highest

rate of return on your investment at REALTOR® Fest, our annual education summit on July 18. GUARANTEED RATE PROTECTION

Enjoy a day of education and networking with dynamic instructors and relevant courses to take your real estate career to the next level! Receive up to nine continuing education hours from Maryland, DC, and Virginia. You can also take advantage of a packed trade show with over 90 exhibitors, great food, and

We are offering a special opportunity for all companies who exhibit this year. You can purchase your ad at our competitive 2016 rates and continue advertising in

additional issues throughout this year and into 2017

at those lower rates. This is a great way to extend your marketing dollars a little further throughout this year and next.

We will also offer a full range of print and electronic

media products including our weekly e-newsletters,

a silent auction.

Newsline and Broker Beat, as well as display advertising

Monday, July 18, 2016

products can be combined with print advertising to

Bethesda North Marriott

on our popular website, gcaar.com. Ad rates for these allow you to earn the lowest rates possible when you

use more than one of our products. Prime positions are still available. Please feel free to contact me with any

5701 Marinelli Road, North Bethesda, MD

questions or to discuss your advertising plans. I look for-

Conveniently located at the White Flint Metro Station

in this upcoming issue and throughout 2016.

Register at

realtorfest.com It’s an event you shouldn’t miss!

ward to working with you on your advertising campaign

For ad rates, download the 2016 Media Kit at: gcaar.com>Advertising and Sponsorship>2016 Media Kit.

Bob Silverstein, GCAAR Advertising Sales

Phone: (240) 498-9674 Email: marketing@gcaar.com

CAPITAL AREA REALTOR ® • March/April 2016

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History of YPN REALTOR® Magazine launched the Young Professionals Network (YPN) in 2006 as a way to

help the next generation of REALTORS® build

a stronger link with the magazine and the real estate industry. The mission of YPN is to help

real estate professionals excel in their careers by giving them the tools and encouragement to become involved in four core areas: • REALTOR‰ associations. Attend

REAL TOR® conferences and pursue

leadership roles with their local, state, and national association.

• Real estate industry. Take an active role in policy discussions and advocacy issues; be informed about the latest industry news and trends.

• Peers. Network and learn from one another by attending events, partici-

pating in online communication, and seeking out mentoring opportunities. • Community. Become exceptional

Breaking the Mold YPN is Not Just for Young Professionals By Bobette Banks

Chances are, when you hear the word YPN

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members of their community by

demonstrating a high level of REALTOR® professionalism and volunteering for causes they feel passionate about.

YPN at GCAAR GCAAR’s YPN charter was granted in 2008 and became an official GCAAR committee in 2011. Today the YPN Committee is comprised of a

diverse group of nearly 30 members who are dedicated to supporting and connecting the

Committee here at GCAAR, you’re thinking of

GCAAR Community. More than just a social

a committee made up of young real estate pro-

nity service, and professional development

club, YPN hosts numerous networking, commu-

fessionals, who get together to “kick it” at area

events that are open to all. With both industry

networking events. While that may be part of

active on other GCAAR committees, and many

veterans and up and comers, YPN members are

it, GCAAR’s Young Professional Network, better

of its members are also members of another

known as YPN, is more than that…much more.

Under 30.

CAPITAL AREA REALTOR ® • March/April 2016

distinguished group- REALTOR® Magazine’s 30


We felt like GCAAR needed an organization that addressed the needs of its younger members,” said Koki Adasi, YPN member and also a member of REALTOR® Magazine’s 30 Under 30

Class (2008). Danai Mattison Sky and husband Barak Sky, members of the

Dispelling the Myth

Consistent with the NAR program, YPN does stand for “Young” Professional Network, however, GCAAR YPN Chair Rob Rothstein says, “Don’t let the “Y” in YPN fool you. YPN events are open to those agents, Affiliates, and sponsors who are young in age, young in the business, young to YPN involvement, and even young at heart.” That being the case, many GCAAR members are still under the impression that the committee is just for younger real estate professionals. “I was definitely one who thought that YPN was only for agents under 30,” says GCAAR member Avi Adler from Long & Foster. “Their ‘Dirty Little Secrets’ event had interesting speakers, but being north of 30 I assumed I’d aged out. Knowing now that agents in their 40’s and older attended, I’m much more likely to register for future YPN events.” Tina Del Casale, a GCAAR Affiliate member who has been in the business 26 years, shared the same sentiments. “I really just saw the committee as a bunch of young folks gathering at area watering holes. “ Avi and Tina, and many others like them, are precisely the ones the YPN committee is hoping to reach. GCAAR YPN Vice Chair Harrison Beacher puts it this way, “At our events, all are welcome and all have something to gain from attending. We aim to provide a fresh and innovative perspective that appeals across demographics.”

Tapping Into the Professional Network YPN also creates an opportunity for newer members to connect with established GCAAR members. According to GCAAR Board member and active YPN member Tom Daley, “If you’re new to the business or a younger REALTOR®, think of the insights and war stories you can hear from a veteran real estate professional. They’ve navigated the mine fields and may share some information that can help you with your next transaction.” That’s the idea behind GCAAR YPN’s annual professional development event, “Dirty Little Secrets.” The immensely successful and always packed event features business building strategies shared by a panel of top producers. Rob Rothstein is confident that “with the momentum from last year’s event, YPN is preparing to host a professional development event this year unlike anything before.“ Affiliates also benefit from the YPN network. “I love supporting the YPN Committee at GCAAR,” says YPN sponsor Kenneth Storck of Sandy Spring Bank. “Our networking events are very informative and fun. REALTORS® and Affiliates of all ages and experience levels can enjoy them.” GCAAR YPN understands the important role REALTORS® play in support the local community and to that end the committee actively supports the activities of GCAAR Cares, including Rebuilding Together®, and also is planning a GCAAR-wide community service event this year.

30 Under 30 Class (2013), agreed,

saying, “GCAAR’s YPN group shows a

clear benefit to its younger members judging by consistent increases in

advocacy and engagement. Even more, it has provided another (and now com-

petitive) platform for participation on a committee/association level!

Still on the fence about YPN?

Want to know more? With the launch of its new website, gcaarypn.com, the committee is making it easier than ever to get involved with members, supporters, and check out upcoming events. So the next time you see a YPN event advertised, consider attending…the benefits you receive may surprise you.

Join us on May 9 at the next YPN event from 6-8 p.m. More details to come via email and at gcaarypn.com

gcaarypn.com CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR ® • March/April 2016

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GCAAR Cares: Spotlight Community Ministries of Rockville Community Ministries of Rockville (CMR) is a non-profit that operates five programs, each providing a range of health and human services to the most vulnerable residents of Montgomery County. The vast majority of clients are the working poor, women, and immigrants. Currently CMR operates two permanent supportive homes: the Rockland House for Women and the Jefferson House for men. Clients are provided with case management, support services and life skill sessions. All are required to work, volunteer, or attend school. Combined, CMR programs offer a safety net of services to over 4,000 residents every year. The GCAAR Cares grant will be used to repair two bathrooms at the Jefferson House, a beautiful Victorian that stands at the entrance to the City of Rockville. This house has been home to the program since 1991, providing over 45,000 bednights to men who would otherwise be homeless. CMR Jefferson House

Calvary Women’s Services Calvary Women’s Services offers housing, health, employment and education programs that empower nearly 140 homeless women in Washington, DC to change their lives. These on-site programs include: transitional housing, personalized case management, life skills and education classes, job placement services, health and wellness services, and therapy and addiction recovery meetings. Calvary believes every woman has the strengths and gifts she needs to be successful. The GCAAR Cares grant will help provide Welcome Kits for every woman who moves into Calvary’s transitional housing programs. These kits include amenities such as toiletries, clothing, bedding, towels, and pillows to help every woman feel comfortable and “at home” in a community where they can end their homelessness and focus on a better future. Calvary residents.

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® ® CAPITALAREA AREAREALTOR REALTOR • March/April 2016 CAPITAL • May/Jun 2014


GCAAR committees Property Management Committee

YPN (Young Professional Network) Committee

The Property Management committee reviews the association’s current standardized property management forms, makes recommendations on revisions, and creates new property management forms as needed (determined by market conditions and changing regulations).

The leaders of the future are building their networks today. GCAAR’s YPN helps them do it. This committee selects topics, speakers, and locations for quarterly events and solicits and secures sponsors.

All GCAAR members whose business is 50% or more property management can apply.

First Row L-R: Rajani Elek, Yvette Robinson, Staff Liaison; Mitch Farrar, Chair (seated), Carl Mauri, Harold Huggins. Second Row: Tim Knobloch, Shahnaz Tehraniazad, Lewis Laws, Cynthia Davis, Samantha Damato.

L-R: Row One: (people seated) Harrison Beacher (Vice Chair/30 Under 30), Marci Maged, David Toaff, Chad Dudley, Robert Kuczarski, Jessica Evans (30 Under 30), Sam Lin, Row Two: Ayanna Brooks, Tyler Siperko, Jeremy Rosenthal, Rob Rothstein (Chair), Trang Bui, Marysol Bonilla, Angela Hoyos, Jake Ryon, Justin Levitch, John Peters, Row Three: Koki Adasi, Ken Storck, Muju Hussain, Todd Greenbaum, Chris Kearney, Akrum Ali, Tony Taylor, Joe Detrick.

Chair: Mitch Farrah, Vice Chair: Matthew Rogers Staff liaison: Yvette Robinson

Chair: Rob Rothstein, Vice Chair: Harrison Beacher Staff liaison: Amy Ritsko-Warren

Members: Barbara Edler Brown Samantha Damato Cynthia Davis William Dooner Rajani Elek Harold Huggins Richard Humrichouse

Members: Akrum Ali Marysol Bonilla Ayanna Brooks Trang Bui Joe Detrick Chad Dudley Stephanie Erhueh Jessica Evans Todd Greenbaum

Tim Knobloch Lewis Laws Carl Mauri Damayra Ventura Perez Jean Poitevien Shahnaz Tehraniazad

We are grateful for your commitment to serve.

Angela Hoyos Mujahid Hussain Chris Kearney Robert Kuczarski Justin Levitch Sam Lin Marci Maged Claudia Matus John Peters

Jeremy Rosenthal Jake Ryon Tyler Siperko Danai Mattison Sky Kenneth Storck Tony Taylor David Toaff

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CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR ® • March/April 2016


REALTOR® Toolbox

Ten 1. Space is key when selling properties, so painting adjacent rooms the same color pulls them together and makes the space appear bigger. 2. Vacant properties appear smaller so it is important to give buyers a point of reference with some furniture. 3. While the first rule of home staging is to depersonalize, it is important for a house to have a personality. If there are no accessories, then the house will feel sterile. If it is too cluttered it will distract the buyer. 4. Balancing a room, bookshelves, or glass cabinets is important. Buyers feel better when things are balanced. 5. Stage a room with less furniture than you live with to make the room appear bigger. 6. Make sure the rooms that are visible the moment a buyer walks in are given the most attention. If a buyer doesn’t like your property in the first few seconds, it’s hard to change that feeling. 7. Consider some low cost changes that make a big impression like new hardware in the kitchen, new or trend light fixtures, or painting that bubble gum pink room a more neutral color. 8. Always remember, cleanliness and condition of property come even before staging. 9. While getting ready to go on the market don’t forget about the front curb appeal. If buyers aren’t impressed, they may just drive by. Remove dead plants and bushes. Replace them and fill in where needed. Perhaps paint the front door or replace old dated fixtures. Wash the windows and remember to add a fresh layer of mulch. 10. If a space is awkward, buyers might have a hard time knowing how to use it. Give it a purpose. Maybe a small desk, a yoga mat, or a play area. Get creative.

Buyers feel better when things are balanced. 10

CAPITAL AREA REALTOR ® • March/April 2016


Vivian Gilbert

Home Staging by Vivian These staging tips are courtesy of Vivian Gilbert, ASP, ISHSP, of Home Staging by Vivian. Check out her website at: homestagingbyvivian.com

Container gardens add a welcoming feel and colorful curb appeal to any home exterior — quickly and affordably.

Staging Tips

Less furniture makes the room appear bigger

CAPITAL AREA REALTOR ® • March/April 2016

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GCAAR in the news RealEstateRama (Government and Public Real Estate News) February Housing Stats for DC and Montgomery County March 17, 2016

Twitter CNBC- Diana Olick March 10, 2016

— GCAAR February Housing Stats mentioned

membership corner

How to Install the SentriCard® Utility and Renew your SentriCard® for Windows

Renew Your SentriCards

What is the SentriCard® Utility?

You must physically renew your SentriCards (in a card reader) in order for the listing agents and sellers to be able to view/ obtain the most recent up-to-date showing reports in their Note: Mac users, please visit http://www.sentrilock.com/mac to download the program and view installation instructions. Lockbox Access logs.

You will use the SentriCard® Utility and your SentriCard® Reader to renew your SentriCard® and access the REALTOR® Lockbox Web Site. Your SentriCard® contains authorization data that allows you to access lockbox key compartments, and it moves important data between lockboxes and the SentriLock Server. By using the SentriCard® Utility and a SentriCard® Reader to renew your SentriCard®, your SentriCard® access information can always be kept up to date. Use the instructions below to download and install the SentriCard® Utility and your SentriCard® Reader on a Windows computer.

Windows System Requirements

Saturday Services

To install the SentriCard® Utility, you must have the following minimum requirements: • • • •

Internet Connection

SentriCard® Readerservices are limited to walk-ins only at our Member Saturday Windows® XP SP3/Windows® Vista/Windows® 7/ Windows® 8 Firefox 3.x or higher/Internet Explorer 8.0 or higher/Google Chrome Services Center in Rockville, Suite 110 (the door off of the How to Install the SentriCard® for Windows main lobby).Utility The switchboard is not open on Saturday, Use the following steps to install the SentriCard® Utility on a Windows computer: however, if you need to contact someone in Member Services, 1. Browse to http://www.sentrilock.com/files and click on the image that matches your SentriCard® Reader. 2. please Save the SentriCardUtilityInstaller.exe file to to your Desktop or default location. send an email memberservices@gcaar.com. 3. From your Desktop or default location, double-click SentriCardUtilityInstaller.exe. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

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Click Next on the Setup-SentriCard Utility window. On the License Agreement window, review the agreement and choose the I accept the agreement radio button. Click Next. On the Setup-SentriCard® Utility window, select additional tasks you would like Setup to perform while installing the SentriCard® Utility, then click Next. Click Install. On the Device Driver Installation Wizard, click Next. When prompted, click Finish to complete the device driver installation Click Finish to complete the SentriCard® Utility installation. Plug your SentriCard® Reader into a USB port on your computer and insert your SentriCard® into the SentriCard® Reader. The SentriCard® Utility will launch your default web browser and the Login page will appear with your SentriLock ID automatically filled in. Enter your password and press Click to Login to log into the SentriCard® Utility. Select a permission and click Submit (if prompted). Click the Renew SentriCard® button on the left-hand side of the Main Menu. Make sure to leave your SentriCard® in the SentriCard® Reader during the renewal process. When the renewal is complete, you will receive a message in the Status Bar saying Card Status: Connected. Above the Status Bar, the web page displays the expiration date of your SentriCard®.

For questions about SentriLock service call SentriLock Support at (877) 736.8745 or send an e-mail to Support@ SentriLock.com.

Get Help

CAPITAL AREA REALTOR ® • March/April 2016

If you have any difficulty installing the SentriCard® Utility on a Windows computer, please contact SentriLock Support for further assistance. Last update to this topic: October 2, 2013.

SentriSmart™ Mobile App Now Available The SentriSmart™ mobile application allows you to access a lockbox key compartment with the use of a mobile access code instead of a SentriCard®. Now you can get automatic listing assignments, instant showing notifications, and SentriCard® renewal codes via your smartphone or tablet. DID YOU KNOW? – This application is free to our GCAAR members.


CAPITAL AREA REALTOR® • May/Jun 2014

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Join Us for the 2nd Annual MRIS R.O.A.D. Show: Reach Out and Discover All That MRIS Has for You Did you miss last year’s MRIS R.O.A.D. Show? We had such a great time that we’ve decided to take the show on the R.O.A.D. again to eight all new locations. This year we’re bringing you more product info, more sneak peeks and more chances to WIN! Read on to find out what you can look forward to at this year’s show. GET A SNEAK PEEK We have something very exciting to debut at the MRIS R.O.A.D. Show this year. Attend our show and be among the first to see the new MRIS.com!

We often hear that our customers are unaware of the tools that are available as part of the MRIS subscription. With that in mind, we decided to create a new MRIS.com experience to help you find these tools and important information quickly and easily. This new look and functionality should greatly improve your overall user experience while allowing you to discover all of tools that are available to you, especially those you didn’t know were there. LEARN TIMESAVING PRODUCT TIPS Most MRIS customers know about Matrix and Keystone, but there are a number of other great products available to you that you may not know about. Stop by and chat directly with product team members to learn more about our current product offerings.

Homesnap Pro

With your Homesnap Pro subscription, quickly get details on each listing, schedule showings, contact agents, and create a quick CMA - all with just a few taps on your phone. In addition to their innovative agent safety features and their version of LinkedIn for agents - How Am I Connected? - the app recently released an update that satisfied their number one customer request – the ability to search Rentals.

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MRIS Marketing Center

Create your own marketing materials without hiring a designer! MRIS Marketing Center imports listing information and photos from Keystone to easily create flyers, brochures, postcards and more for your business.

Mozaic

Wish you could know when your clients rate properties and what they’re saying about them? You can with our online sharing platform, Mozaic. With Mozaic, you’re always part of the conversation, so you’ll be able to help your clients find the home they love.

SmartCharts Pro and XactSite can help you grow your business. If you joined us last year, you’ll be happy to know that our popular Ask MRIS table is back. Bring your questions and suggestions and talk to MRIS Support Center and Compliance staff face to face!

ShowingTime for the MLS

WIN PRIZES No MRIS event is complete without prizes. We know your time is valuable, and we want to show you our appreciation for taking the time to meet with us with great prizes like MRIS summer gifts, gift cards and free months, quarters – even up to a full year of MRIS subscription fees!

Looking to add something extra to your real estate tool belt? Learn about other products. Talk to representatives about how Cloud CMA,

MARK YOUR CALENDARS! There’s even more that MRIS has to offer, and we want to invite you to explore all of these products with us this summer at our R.O.A.D. Show! Reach Out And Discover the products and services you have free access to as an MRIS customer. We will be holding events in EIGHT cities all around the MRIS area. Find your closest location by visiting MRISroadshow.com – we look forward to connecting with you!

Make it easy for other agents to set up showings with ShowingTime! This product integrates with showing services (like CSS) and the Homesnap Pro mobile app for additional convenience, and it provides agents who have shown your property with the opportunity to share listing feedback with you.

Take full advantage of our mobile-friendly MRIS apps and tools to keep you working efficiently anytime, anywhere.

marketing@mris.net | MRIS.com | MRISblog.com | Facebook.com/MRISonFB


NAR director’s report Jamie Coley, 2016 GCAAR President-Elect, NAR Director It seems that the 2016 election season has been going on forever! Front page stories on the U.S. Presidential Candidates have been running for so many months now, it’s hard to remember what filled the headlines before their campaigns started. The election into the National Association of REALTORS® leadership line is a much quieter affair, but an extremely important one for our industry. This year it’s particularly important in our region, as Maryland’s own JoAnne Poole, is running for First Vice President of NAR. If she wins, she will be in line to be President of NAR in 2019. A first generation REALTOR® from Glen Burnie, JoAnne has been a REALTOR® since 1986 and is an active selling Associate Broker and Director of Operations for two Berkshire Hathaway Homesale Realty offices in the Baltimore area. Her extensive experience at the national level includes serving as Regional Vice President in 2014, as a liaison to NAR’s Leadership Team on a number of committee issues, and chairing the Housing Opportunity Committee and Federal Housing Policy Committees. President of the Maryland Association of REALTORS® in 2005 and the Anne Arundel Association in 1997, she received the MAR Life Achievement Award for her dedication and service. If elected, JoAnne would be the first NAR President from Maryland and the first African-American woman to lead the organization. Visit her website for more information on her campaign: joannepoole.com. This year, more than any other, mark your calendars to attend the NAR legislative meetings in Washington, DC, May 9 - 14. Registration is free (realtor.org/midyear.nsf). In addition to the Trade Show and dozens of meetings and political presentations, support JoAnne in her election campaign at the “2017 First Vice President Candidates Forum” on May 12, from 1 - 2 pm. If you make it to the mid-year meetings, you’ll get a fantastic overview of everything NAR has in the works. One of NAR’s most popular initiatives, the public adver-

tising campaign, has a brand new look, sound, and reach. The completely reinvented “Get REALTOR®” campaign includes social, digital, print, and radio creative and aims for greater engagement with tech-savvy consumers who are increasingly going mobile, getting their content on demand, and sharing information across their social networks. If you follow NAR on Facebook, Instagram, or Twitter, you’ve probably already seen parts of the smart, slightly quirky campaign that underscores the expertise and professional service of REALTORS®. If you haven’t seen it yet, join the conversation now by following NAR on social media, and share with your customers and clients.

MARK YOUR CALENDARS!

REALTOR® Magazine’s Good Neighbor Award Nominations Due: May 13, 2016

REALTOR® MAGAZINE’S

GOOD NEIGHBOR AWARDS

The National Association of REALTORS® (NAR) is accepting applications for REALTOR® Magazine’s Good Neighbor Awards, which recognize REALTORS® who demonstrate exceptional community service. Nominate yourself or someone else. Nominations must be received by Friday, May 13, 2016. For more details and a nomination form, call (800) 874-6500 or visit REALTOR.org/gna.

Join a NAR Committee – Application Deadline: May 23, 2016

NAR’s committees are a great forum for debate and discussion. Being on a committee allows you to contribute to the decision-making process, and gain national experience beneficial for those seeking a leadership role. Terms of service range from one to three years. Members may submit applications for up to five committees, ranked in order of preference, but members cannot serve on more than three committees/ongoing groups at the same time. Exceptions may be made at the discretion of the President-Elect. To apply for a committee, visit the committee application webpage at realtor.org/CommitteeApplication. The deadline to submit an application is May 23, 2016. CAPITAL AREA REALTOR • March/April 2016 ®

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public policy Montgomery County GCAAR Joins Montgomery County Business Coalition GCAAR has recently joined forces with a group of business leaders to form the Montgomery County Business Coalition. Comprised of leaders from various organizations, with a particularly large delegation from the real estate community, the Coalition is committed to improving Montgomery County’s business climate. The goal is to provide support as a group in areas where our industry interests align, such as in County Budget discussions and transportation initiatives.

As a member of the Coalition, GCAAR can support REALTORS® with even stronger advocacy and increased communication across the industry. The Apartment and Office Building Association (AOBA), the Montgomery County Chamber of Commerce, and the Maryland Building Industry Association are all members, as well as local Chambers of Commerce (Bethesda-Chevy Chase, Gaithersburg, and Silver Spring). GCAAR looks forward to working with our Coalition partners to serve the real estate community!

Montgomery County Bus Rapid Transit (BRT) Takes a Step Forward After numerous delays, Montgomery County Executive Ike Leggett recently announced his multi-year plan to make BRT a reality. Leggett’s proposal initially focuses on the Rockville Pike and Route 29 corridors. BRT service will be available during peak commuting times with limited stops, specially-branded vehicles, upgraded stops/stations, transit signal priority, and real-time bus arrival information. BRT funding will come from the six-year capital budget and is not expected to require a tax increase. The County hopes the State of Maryland will match the County’s $5 million in funding, allowing BRT to begin initial operations in less than four years.

A rendering of an aerial view of a Bus Rapid Transist system. (Courtesy of Maryland Transit Administration)

GCAAR is committed to tracking all major transportation projects in Montgomery County and DC, and the Bus Rapid Transit (BRT) project is no exception. Learn more at montgomerycountymd.gov/rts.

District of Columbia REALTORS‰ Help Lower Recordation Taxes for DC First-Time Homebuyers Thanks to strong advocacy efforts by DCAR, first-time homebuyers may soon enjoy lower closing costs. A Bill currently moving through the DC Council would lower recordation taxes to .725% for first-time homebuyers. DC REALTORS® came out in droves to a hearing on February 10 to advocate on behalf of the legislation. “The first-time homebuyer tax benefit is a potential huge win for people who wish to settle in the District,” said 2016 DCAR President Angela Jones. “I can’t count how many times I’ve lost prospective buyers who decided to look outside of DC due to the excessive out-of-pocket expense required to pay the recordation tax.”

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Currently at 1.45% for homes $400K+ and 1.1% for homes under $400K, recordation and transfer taxes can tack on thousands of dollars at closing. We encourage all DC REALTORS® to let their Councilmembers know the importance of lowering recordation and transfer taxes.

Improving DC’s Regulatory Climate Have you ever tried to obtain a Basic Business License (BBL) or Certificates of Occupancy (CofO) in DC? It can be a bear! Luckily, there may be positive changes on the horizon. The District’s Department of Consumer and Regulatory Affairs (DCRA) is streamlining its overall operations, and is considering our recommendations to issue temporary BBLs and expedited CofOs. It’s not a done deal quite yet, but we are glad DCRA is listening to our issues and is very willing to work with the Council and DCAR.


public policy District of Columbia DC Zoning Corner

Several corner stores and apartments in the district.

Nearly eight years in the making, the DC Zoning Commission has finally adopted a brand-new zoning code. GCAAR and DCAR weighed in numerous times throughout the process and some significant policy reforms include: Accessory apartments: Homeowners will now be able to legally rent out a basement or other part of a house in lower density zones. This policy shift will add more affordable housing to DC and helps homeowners to better use the space they have. A hearing is still necessary to rent out a garage or carriage house, but the approval process should be easier. GCAAR is pleased to see our recommendations were taken seriously by the Commission. Parking minimums: Certain new buildings, especially near high frequency transit, will no longer have to adhere to stringent

parking minimums. Lowering the cost of construction and increasing the number of affordable housing units, particularly near Metro and bus lines, is the goal.

Corner stores: Grocery stores were previously not allowed in many residential neighborhoods. While still subject to a great number of restrictions, the new Zoning Code will open the door to more grocery stores. These new regulations will be in effect on September 6, 2016. You can read full details at zoningdc.org/.

ZONING GUIDEBOOK The Zoning in the District of Columbia is a comprehensive guide to zoning. It includes historical, procedural, and regulation information. Check it out: dcoz.dc.gov Confused by the regulations? We’ve been developing a strong relationship with the Office of Zoning and encourage REALTORS® to call them directly at: (202) 727-6311 with any questions. CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • March/April 2016 ®

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Three GCAAR YPN Members Named to REALTOR® Magazine’s 2016 Class of 30 Under 30! Congratulations to GCAAR YPN members Brittany Barksy Allison, Harrison Beacher, and Jessica Evans, who have been named as members of REALTOR® Magazine’s 2016 Class of 30 Under 30! This recognition is given to those who have accomplished significant results and are seen as future

Affiliate Spotlight

trend setters in real estate. Thanks to all of you who voted. Look for them to be featured in the May/ June issue of REALTOR® Magazine and in GCAAR’s magazine, Capital Area REALTOR®.

John Brueske Agent Photos Online, LLC

How long have you been an Affiliate with GCAAR? We have been a member since 2013. What are some of the events you support? REALTOR® Fest, political events held at GCAAR, annual Board installations, and other GCAAR-sponsored events.

Brittany Barksy Allison

Harrison Beacher

Jessica Evans

Why do you continue to support GCAAR as an Affiliate? It’s a great opportunity to meet members that we normally might not have an opportunity to interact with. It has provided a way for our company to expand our business and keep up with trends in the industry. What would you say to people who are considering becoming an Affiliate? Becoming an Affiliate is a great opportunity to meet with members and other Affiliates and feel a sense of community with them. This is also a great way for new people to learn and get up to speed with what’s happening within the industry. Why do you think being a member of GCAAR is important? First of all, GCAAR is an excellent way to stay current about what is happening in the marketplace when it is happening, and in some cases, before it happens. Committing your time as an Affiliate is also a good way to support the industry we work in.

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Realtor Party ®

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ment today! You can invest online at

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gcaar.com or send your check made

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Join with thousands of your fellow REALTORS® by making your invest-

payable to RPAC to our offices at: 15201 Diamondback Drive, Suite 100, Rockville, MD 20850

Dianah Shaw Jason Sherman Ellie Shorb Frank Snodgrass

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*As of March 30, 2016

CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • March/April 2016 ®

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housing statistics MONTGOMERY COUNTY & DC Montgomery County Sales Market The February combined (single-family and condo/coop) sales market is off to a stunning start compared to February of 2015. For all types of properties, the total sold dollar volume was over $325.6 million and it was up 32% from a year ago. On the unit sales side, there were 658 properties sold, up almost 20% from a year before. The average sold price this February was $494,907 – up 10% from a year before. The median sold price of $370,000 rose 2.8%. However, properties turned over a bit more slowly than a year ago. Average days on the market totaled 80, up 5% from February 2015. And, the median 56 days on the market were up about 4%.

Single-Family Homes The 2016 single-family market in Mont-

gomery County started off well. Through February, year-to-date single-family settlements (983) were 14.7% over those for 2015; and, year-to-date contracts (1,315) were up 3.5%. However, the February monthly results were much more impressive. February settlements (489) rose over 19% compared to a year before, and new contracts for the month (771) jumped 12%. While some of the year-to-date figures were likely under contract at the end of 2015, last month suggests a robust market moving into spring.

and the median was $450,995. Through February, the single-family finally average and median prices came in at $538,021 and $419,000, respectively. The average was down by 5.5% and the median was down 7.1% from 2015. While we have been hoping for more appreciation, 2014 seems to have been a peak year, with prices gradually slipping from those levels. The positive news is that unit sales volume seems to be making up for the difference.

Condominiums and Cooperatives So far, the Montgomery A less positive development is that inventory continues to have trouble keeping up with the demand. At the end of February, 1,746 active property listings were up less than 1% from the same period in 2015. For the month of February, there were 847 new listings, but they were down 3.4% from a year before. Inventory ranged between 2,700 and 2,800 from May through August, peaking at over 2,800 in September 2015. Clearly, we have a way to go. At the February contracts pace, there was only a 2.6-months supply of active listings. While it is early in the year, this is about a third of historically normal supply. We are still in a long-term shortage of supply. Although the unit sales pace for 2016 is up, prices have slipped from those in 2015. In 2015, the average sales price was $569,364

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County condominium and cooperative market is also off to a strong start. Through February, settlements (342) were up almost 8% from the same period in 2015. February monthly settlements (170) jumped 13.3% from a year before. Contracts also performed as well or better. Year-to-date contracts (423) rose 4.7% from a year before. But, monthly new contracts (257) leapt 22.4%. The level of active listings for the first two months of 2016 was up significantly from a year before. Condo/coop active listings (579) came in 8% above the level of a year ago. And, for the month of February, new listings (306) were nearly 9% above the levels of February 2015. All through 2015, the supply has had trouble breaking the 2.5-month barrier, and this problem continues. The February supply rate was 2.25 months, still below historical averages.


by Fred Flick, PhD, Consultant/Housing Economist

of $537,500 rose 7.6% from February 2015. Properties turned over faster this February. The average 48 days on the market were down about 6% from last February. The incredible median figure of only 20 days was unchanged from a year before.

Single-Family Homes For all of 2015, the unit sales figures were

up single-digits for single-family contracts and settlements. However, the 2016 single-family market, through February, has been down in unit sales and prices. Year-to-date settlements (479) declined by 5.3% and contracts (603) slipped 2.7% from February 2015. Furthermore, on a monthly basis, February new settlements (240) declined by almost 5%. Nevertheless, the ray of hope is that new February contracts (361) jumped almost 14% from a year before.

The early 2016 condo/coop market experienced some softening in price appreciation for mid-range units, but up-market properties are doing well. In 2015, the yearly average price was $275,456, and was up 3.4% from that of 2014. The median price of $221,900 was down about one-half of a percent. So far this year, the average price of $284,012 has risen 3.1%; but, the median of $213,495 has slipped by almost 3.9% from the 2015 figure. Clearly, the higher priced units seem to be selling better than the middle priced units.

Washington, DC Sales Market The District of Columbia’s February market (single-family and condo/coops) has shown solid growth so far in 2016. Total closed sales came in at 468 units and they rose 4% compared to a year before. Moreover, the monthly sold dollar volume of almost $290.5 million, edged up 2.2%. The February average sold price was $620,638, but it was down 1.8%. The monthly median sold price

For this time of year, there are significantly more properties available than in 2015. By the end of 2015, the active listing inventory totaled 547 properties— up 6.2% from December 2014. Through February, there were 568 actives and these were up 20% from February 2015. But, the February contribution of new listings was not significant – 390 listings, up 1.3% from a year before. This continues a trend that has held throughout the year -- the supply has stayed amazingly tight. Currently, there is only about a 1.6-months supply. Nevertheless, in 2015, the pace was only around a 1.2 months supply for most of the year. Although the supply has been very tight, so far single-family prices appear to have peaked last year. In 2015, the average price of $785,682 rose a respectable 4.7%; and, the $661,750 median levered-up 6.7% from the 2014 figure. So far in 2016, average and median prices have dropped by similar percentages. The February year-to-date average price was $732,994 and was down 6.7%. Similarly, the $615,500 median price slipped 7% from 2015. We’ll have to see how the market goes through the spring. However, even the tight inventory has not made the market immune to price slippage.

Condominiums and Cooperatives The 2016 District of Columbia condominium and cooperative market so far has shown a positive unit sales trend, but declining prices. In 2015, settlements were up

CAPITAL AREA REALTOR • May/Jun2016 2014 CAPITAL AREA REALTOR • March/April ®

®

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housing statistics MONTGOMERY COUNTY & DC

3.4% and contracts rose 5.8% from 2014. In the first two months of 2016, the 451 settlements rose 6.6% above the pace for the same period in 2015. And, February monthly settlements (229) jumped almost 12% above February 2015. As for contracts, year-to-date condo/coop contracts (598) were up 5% from 2015. However, monthly February contracts (349) leapt 17.5% above the pace for February 2015. This may be a forecast of a strong sales market for 2016. Combine that with warmer than average weather in the Washington, DC metro area and we may have had an early start to the spring sales market. The supply of listings of condos and coops seems to be strong as well. Active listing inventory figures were up significantly from the year before. Through February, the 633 total actives were almost 29% above those of a year before. And, for the month of February there were 422 new listings – jumping nearly 21% from the new listings for February 2015. Nevertheless, at the end of February, there was only a 1.8-months supply of properties. The drought of supply continues in this market as well. Nevertheless, the tight supply of prior years has contributed to solid appreciation rates for average and middle-market units the

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past few years. However, February year-to-date prices have started out slowly compared to all of 2015. So far, the most expensive condos have seen a decline in prices from 2015 levels. The condo/coop market finished the year with an average price of $490,976 and it rose 2.3% over 2014. And, middle-market unit prices worked out to $435,000 -- this figure was up 4.8% from all of 2014. However, year-to-date in 2016, the average priced condominium and coop unit has sold for $477,695 and that is down 2.7% from the 2015 levels. There is only a marginally better story for the middle-market. Median prices through February were up 0.9% (just less than 1%) from their respective 2015 figures. This is only the beginning of the year so we still need more time to better size up the market.

National Resale Market For all of 2015, national existing home

sales (single-family and condo/coops) totaled 5.25 million properties. The market showed solid performance throughout the year, up about 6.3% from 2014. Total existing home sales in January 2016 were 5.47 million units at a seasonally adjusted and annualized rate (SAAR). These monthly figures were up 0.4% from the December 2015 rate, and jumped 11% from the January 2015 rate. On an annual basis, the median resales price for 2015 was $222,400 and the average was $266,400. For 2015, the median price was up 6.8% and the mean rose 4.3%. Starting with January 2016, the median price was $213,800 and the mean was $257,500. Compared to January 2015, the median increased 8.2% and the average rose 4.8%.


Monetary Policy, Interest Rates and Inflation While, the Fed’s

As noted with the local markets, the national market is still wrangling with inventory shortages. At the end of December there was a 3.9-months’ supply of homes. For January, the national resale inventory was 1.82 million properties. This equates to about a 4.0 months’ supply, and that is down about 2.7% from a year before. The strong market of 2015 brought out the listing inventory, but the high sales rates shortened the months supply figures. It is still early in the year and more properties will come on the market in the near future.

Economic Growth and Jobs The Bureau of Economic Analysis’

second estimate for the 2015 fourth quarter real GDP (economic growth rate minus the inflation rate) showed that it increased at an annual rate of 1.0 percent. The final (third) estimate for the third quarter was 2.0 percent. These recent results mark 2015 annual growth at a 2.4% rate over that for 2014 (assuming the second estimate is not revised). This is a pretty good number, and better than some analysts expected. However, there is still major concern over the growth rates in China and Europe and the possibility of an international recession. However, our product and service sales to China are only about 5% of our GDP, and China and Europe are taking measures to stimulate their economies. Most recently, the European Central Bank has implemented a negative rates policy on bank reserves, and it is buying European corporate bonds, as well as country bonds, from member banks. The purpose of these are to provide more incentives to banks for loans. The good news in February was that total nonfarm payroll employment increased by 242,000 jobs. Also, the household survey for the unemployment rate came in at 4.9%, the same as the previous month. At this point, the unemployment rate and number of jobs in the economy are better than the economy was at its peak, before the financial collapse and onset of the Great Recession. Indeed, government policies have got us back to pre-recession health, but it took almost 8 years. Other figures now show that the unemployed are more actively looking for jobs; nevertheless, the number of long-term unemployed (2.2 million) has not changed since June. So far, the slipping unemployment rate and increased payroll employment has not triggered an increasing rate of inflation, as the traditional “Phillips Curve” analysis might suggest. Currently, the global economic forces suggest very little inflation and slow growth for the foreseeable future.

Open Market Committee recently made good on its promise to start raising interest rates (the current Fed Funds rate range is 0.25% to 0.5%), now the speculation is that they will hold off until the June meeting, or even later, to do another increase. Analysts had been predicting that the Fed would raise rates once a quarter, adding about 1% to the current 25-50 basis point rate range by the end of the year. However, it is now unlikely that we will see that much of a rate run-up this year. And, of course, the next rate bump is likely to be about 25 basis points. Most economists think our current economy is strong enough to avoid a recession in the near future, but we could see growth rates only in the low-2% range for a while. Our financial institutions are well capitalized enough (thanks to Dodd-Frank), that they could withstand a pretty good hit. Wall Street has been getting a bit more optimistic and the stock indexes suggest that the financiers do not think a recession is coming any time in the next year or so. However, a long period of slow growth does make us more vulnerable to a business slump. For the month of January, overall consumer price inflation (CPI) for all items was still around the 1.4% rate. Consumer prices rose by only 1.4% compared to January of 2015. Again, the figures were primarily due to declines in energy costs. But, when food and energy prices were subtracted out, the residual “core” consumer inflation was 2.2% from January to January. This is up only slightly from the readings for December, but it does exceed the Fed target rate. Another price index, the personal consumption expenditures (PCE) index is the Fed’s preferred measure (used to deflate nominal personal income and expenditures in the GDP accounts). Its “core” increase was about 1.5% to 1.7%; and, the overall increase for all commodities was about 1.1%. Based on these measures, we are still quite a ways from the 2% target.

The Bottom Line For early 2016, Montgomery County and the

District of Columbia unit sales were up solidly, but prices have slipped a bit in the Montgomery County single-family market. The District is showing slippage in single-family prices, but mid-priced condos/coops are holding firm. Lack of inventory still remains a problem locally as well as nationwide. This is mostly due to negative equity problems, debt burdens of first-time buyers, and lack of affordable developable land. At this point, forecasters still 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 in the next year or so, continues to torment the minds of policy makers.

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

Q

QUESTION:

I have a short sale in the District of Columbia which is also an estate sale and is being signed by a personal representative. She is the wife of the decedent, however, they have been living in another state and the property is a rental. Do disclosures have to be signed if she can’t disclose the condition of the house and lives in another state? Also, I have another estate sale and the personal representative is the attorney. Are there any disclosures that need to be signed?

A

ANSWER: In the District of Columbia, transfers by a non-occupant

fiduciary administering a decedent’s estate, guardianship, conservatorship or trust are exempt from the requirement of providing a Seller’s Property Condition Disclosure Statement (GCAAR Form 919). Since the Wife/Personal Representative is a non-occupant fiduciary, she does not have to provide a Seller Disclosure. The attorney/Personal Representative is similarly exempt from providing Form 919. That being said, they, like any seller, are required to provide Federal and DC Lead Paint Disclosures and also to disclose any material facts of which they have actual knowledge.

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CAPITAL AREA REALTOR® • May/Jun 2014

Q

QUESTION:

A condo association paid to have the balconies replaced. The strength of the balcony concrete was supposed to be 3600 PSI (pounds per square inch), as specified in the contract. Some balconies have concrete strength below the 3600 PSI, the strength agreed to in the contract, however, the impacted balconies do have a concrete strength above code requirements. The balcony company has proposed providing a 10-year warranty on the impacted balconies, instead of the normal 5-year warranty. That would mean the balconies with 3600 PSI concrete would get the normal 5-year warranty and the affected balconies would have a 10-year warranty. Would sellers of the impacted balconies be required to disclose the issue to potential buyers?

ANSWER: Yes, this is certainly information that would be deemed a

A

material fact that should be disclosed. A material fact is information that, if known, might have caused a buyer of real estate to make a different decision with regards to remaining in a contract, the price paid or purchasing the property at all. The disclosure should be incorporated in the condo documents provided by the association, but if not, then the Seller should certainly be sure that any potential buyers are aware of the situation.


did you know? GCAAR OFFERS MARYLAND CONTINUING EDUCATION CLASSES IN VIRGINIA Yes, it is true and offers you even more flexibility in your scheduling. GCAAR has been working in collaboration with the Northern Virginia Association of REALTORS® (NVAR) to bring Maryland required and elective continuing education classes to Maryland licensees in Northern Virginia. L-R: Chris Darby, Tom Muldoon, John Nalls.

Q

QUESTION:

We have an agent working on an REO sale listed by another agent. This agent will not provide the Maryland Lead form or the REA disclosure. I believe we have consulted attorneys before and have been advised that all residential sales in Montgomery County require REA forms and Lead forms for properties built prior to 1978 – no exceptions. Please let me know what the law is so I can advise the agent. Also, can buyers waive their right to review HOA or Condo docs?

A

ANSWER: You are correct that all sellers, regardless of circumstances, are required to provide the “REA - Regulations, Easements and Assessments Disclosure Addendum” (GCAAR Form 900), “Lead Paint - Federal Disclosure for SALES (GCAAR Form 907A) and, if applicable, “Lead Paint - Maryland Disclosure (GCAAR Form 908). An REO seller is only exempt from providing the “Residential Property Disclosure and Disclaimer” (GCAAR Form 912).

While buyers cannot waive their right to review HOA or Condo docs, if they proceed to settlement without reviewing them, they no longer have a right to void the contract based upon the failure to provide them.

DID YOU KNOW?

The Legal Hotline

is a free member benefit offered by GCAAR

Hours: 9 a.m. to 2 p.m. Monday through Thursday, excluding holidays. Phone: (202) 686-0100 Email: GCAARhotline@ctitle.net. 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 this material. Readers are encouraged to retain their own counsel for their specific questions. Answers may have been edited for formatting purposes.

The program, which was launched back in 2014, brings all of Maryland’s required continuing education classes (Legislative Update, Code of Ethics, Fair Housing, and MREC Agency) to NVAR’s headquarters in Fairfax (8407 Pennell Street) at least once every two months along with an elective class to ensure that Maryland licensees receive the continuing education credits they need and the high-quality education that GCAAR offers without having to make the trip across the river to one of GCAAR’s locations. These classes are denoted in our Education Calendar in each issue of this magazine as well as on the GCAAR website as “GCAAR @ NVAR”. Our dates for 2016 are: Friday, May 6 Friday, September 23 Monday, May 23 Thursday, October 13 Friday, June 3 Monday, October 24 Wednesday, June 22 Thursday, November 10 Friday, July 15 Friday, November 18 Monday, July 25 Thursday, December 8 Wednesday, August 24 Thursday, December 15

A special thank you to our instructors who make

this possible – Jessica Chipoco, GPN Title; Maria Deligiorgis, World Wide Land Transfer; Greg Flynn, Flynn Title; George Glekas, GPN Title; Derek Harman, Home Savings & Trust; Lee Morris, Adams, Morris & Sessing; John Nalls, Counselors Title; Chad Older, Peak Settlements; Adam Polsky, Peak Settlements; and Harry Yazbek, Coldwell Banker.

Visit gcaar.com for exact class titles and times and

be sure to take advantage of one of GCAAR’s best kept secrets and utilize another location where you can earn your Maryland required and elective continuing education credits. To learn more, please contact us at education@gcaar.com.

® CAPITAL AREA REALTOR • May/Jun2016 2014 CAPITAL AREA REALTOR • March/April ®

25


2016 EDUCATION SCHEDULE

may May 2, 2016 MREC Agency - Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Thom Brockett Time: 9:30 a.m. – 12:30 p.m. May 2, 2016 Financing Issues/Update CEU: 3 hours DC (required) and MD and VA (elective) Instructor: Jamica Browne Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor

May 9, 2016 Risk Reduction for the Buyer Agent CEU: 3 hours MD (elective) Instructor: Ned Rich Time: 9:30 a.m. – 12:30 p.m. May 9, 2016 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Jason Sherman Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor

May 2, 2016 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: P. Joy Siegel Time: 1:30 – 4:30 p.m.

May 9, 2016 Financing Issues/Update CEU: 3 hours DC (required) and MD and VA (elective) Instructor: James Semeyn Time: 1:30 – 4:30 p.m.

May 2, 2016 Mortgage Basics CEU: 3 hours MD, DC and VA (elective) Instructor: Jamica Browne Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor

May 9, 2016 Rental Property Management CEU: 3 hours MD, DC and VA (elective) Instructor: Jean Poitevien Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor

May 4, 2016 DC Fair Housing CEU: 3 hours DC (required) Instructor: Counselors Title Time: 9:30 a.m. – 12:30 p.m.

May 11, 2016 MREC Required Supervision CEU: 3 hours MD (required for Brokers) and DC (elective) Instructor: Barbara Maloney Time: 9:30 a.m. – 12:30 p.m.

May 4, 2016 DC Legislative Update CEU; 3 hours DC (required) Instructor: Counselors Title Time: 1:30 – 4:30 p.m. May 5, 2016 Title Insurance CEU: 3 hours MD, DC and VA (elective) Instructor: Brian Gormley Time: 9:30 a.m. – 12:30 p.m. May 5, 2016 Understanding Contract Components CEU: 3 hours MD, DC and VA (elective) Instructor: Brian Gormley Time: 1:30 – 4:30 p.m. May 6, 2016 GCAAR @ NVAR: MREC Agency Residential CEU: 3 hours MD (required) and DC (elective) Instructor: John Nalls Time: 9:30 a.m. – 12:30 p.m. * NVAR – Fairfax May 6, 2016 Environmental Issues CEU: 3 hours MD, DC and VA (elective) Instructor: Vimal Kapoor Time: 9:30 a.m. – 12:30 p.m. May 6, 2016 GCAAR @ NVAR: The Ins and Outs of Contracts CEU: 1.5 hours MD and DC (elective) Instructor: Counselors Title Time: 1:30 – 3:00 p.m. * NVAR - Fairfax

26 26

May 6, 2016 Going Green CEU: 3 hours MD, DC and VA (elective) Instructor: Vimal Kapoor Time: 1:30 – 4:30 p.m.

® CAPITAL • May/Jun 2014 CAPITALAREA AREAREALTOR REALTOR • March/April 2016 ®

May 11, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Barbara Maloney Time: 1:30 – 3:00 p.m.

May 16, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Jacqueline Talpa Time: 2:00 – 3:30 p.m. * NAR Building/3rd Floor May 18, 2016 Material vs. Confidential Facts CEU: 1.5 hours MD (elective) Instructor: Al Monshower Time: 9:30 – 11:00 a.m. May 18, 2016 Broker/Manager Forum: Staying Out of Arbitration CEU: No CE Instructor: Al Monshower Time: 12:00 – 2:00 p.m.

GCAAR

May 18, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 3:00 – 4:30 p.m. May 19, 2016 New Member Orientation CEU: No CE Instructor: TBD Time: 10:30 a.m. – 4:00 p.m. May 19, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: TBD Time: 1:00 – 4:00 p.m. May 20, 2016 Understanding the Buyer CEU: 3 hours MD (elective) Instructor: Thom Brockett Time: 9:30 a.m. – 12:30 p.m.

May 11, 2016 New Member Orientation CEU: No CE Instructor: TBD Time: 4:00 – 9:00 p.m.

May 20, 2016 Comparison of Agency Laws CEU: 1.5 hours MD (elective) Instructor: Thom Brockett Time: 1:30 – 3:00 p.m.

May 11, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: TBD Time: 6:00 – 9:00 p.m.

May 23, 2016 Virginia Ethics CEU: 3 hours VA (required) and DC (elective) Instructor: Mary Chieppa Time: 9:30 a.m. – 12:30 p.m.

May 12, 2016 Mortgage Basics CEU: 3 hours MD, DC and VA (elective) Instructor: Alex Peters Time: 1:30 – 4:30 p.m. May 16, 2016 Virginia Broker Management and Agent Supervision CEU: 8 hours VA (required for brokers; elective for agents) and DC (elective) Instructor: Thom Brockett Time: 9:00 a.m. – 6:00 p.m. May 16, 2016 MREC Agency – Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Jacqueline Talpa Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor

May 23, 2016 DC Fair Housing CEU: 3 hours DC (required) Instructor: Ned Rich Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor May 23, 2016 Virginia Mandatory Contract Review CEU: 1 hour VA (required) and DC (elective) Instructor: Mary Chieppa Time: 1:30 – 2:30 p.m. May 23, 2016 GCAAR @ NVAR: What You Don’t Know about Credit Can Hurt You CEU: 1.5 hours MD (elective) Instructor: Derek Harman Time: 1:30 – 3:00 p.m. * NVAR - Fairfax


2016 EDUCATION SCHEDULE May 23, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Dana Hollish Hill Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor May 23, 2016 Virginia Mandatory Agency CEU: 1 hour VA (required) and DC (elective) Instructor: Mary Chieppa Time: 2:45 – 3:45 p.m. May 23, 2016 Virginia Legal Update CEU: 1 hour VA (required) and DC (elective) Instructor: Mary Chieppa Time: 4:00 – 5:00 p.m.

CARES

May 23, 2016 Virginia Fair Housing CEU: 2 hours VA (required) and DC (elective) Instructor: Mary Chieppa Time: 5:30 – 7:30 p.m. May 25, 2016 203K CEU: 3 hours MD, DC and VA (elective) Instructor: Scott Shelton Time: 9:30 a.m. – 12:30 p.m. May 25, 2016 Financing Issues/Update CEU: 3 hours DC (required) and MD and VA (elective) Instructor: James Semeyn Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor May 25, 2016 Co-Ops and Co-Op Financing CEU: 3 hours MD, DC and VA (elective) Instructor: James Semeyn Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor May 26, 2016 FHA Financing CEU: 3 hours MD, DC and VA (elective) Instructor: Natalie Winter Time: 9:30 a.m. – 12:30 p.m. May 26, 2016 Real Estate Tax Update CEU: 1.5 hours MD and DC (elective) Instructor: Kevin Matthews Time: 1:30 – 3:00 p.m.

June 2, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Mary Chieppa Time: 9:30 a.m. – 12:30 p.m.

June 8, 2016 Broker/Manager Forum: The Most Common Complaints Received by the Real Estate Commission CEU: No CE Instructor: Kathie Connelly and Leon Lewis Time: 12:00 – 2:00 p.m.

June 2, 2016 Working with the Senior Client CEU: 3 hours MD, DC and VA (elective) Instructor: Mary Chieppa Time: 1:30 – 4:30 p.m.

June 9, 2016 Maryland Legal & Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 1:00 – 4:00 p.m.

June 3, 2016 Financing Issues/Update CEU: 3 hours DC (required) and MD and VA (elective) Instructor: Jamica Browne Time: 9:30 a.m. – 12:30 p.m. June 3, 2016 GCAAR @ NVAR: Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Chad Older and Adam Polsky Time: 9:30 a.m. – 12:30 p.m. * NVAR – Fairfax June 3, 2016 GCAAR @ NVAR: Working with Investors CEU: 1.5 hours MD and DC (elective) Instructor: Chad Older Time: 1:30 – 3:00 p.m. * NVAR – Fairfax June 3, 2016 TILA-RESPA Integrated Disclosure (TRID) Rule CEU: 1.5 hours hours MD and DC (elective) 1.0 hours and VA (elective) Instructor: Jamica Browne Time: 1:30 – 3:00 p.m. June 6, 2016 MREC Required Supervision CEU: 3 hours MD (required for brokers) and DC (elective) Instructor: Mary Chieppa Time: 9:30 a.m. – 12:30 p.m. June 6, 2016 MREC Agency – Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Stu Reynolds Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor

june

June 6, 2016 MREC Agency – Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Mary Chieppa Time: 1:30 – 4:30 p.m.

June 1, 2016 DC Legislative Update CEU: 3 hours DC (required) Instructor: Amy Klein Time: 9:30 a.m. – 12:30 p.m.

June 6, 2016 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Stu Reynolds Time: 2:00 – 5:00 p.m. * NAR Building/3rd Floor

June 1, 2016 DC Fair Housing CEU: 3 hours DC (required) Instructor: Suzanne Feinstein Time: 1:30 – 4:30 p.m.

June 9, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 4:30 – 6:00 p.m. June 10, 2016 First-Time Home Buyer Financing CEU: 1.5 hours MD and DC (elective) Instructor: Brian Willingham Time: 10:00 – 11:30 a.m. June 10, 2016 New Member Orientation CEU: No CE Instructor: Ned Rich Time: 10:30 a.m. – 4:00 p.m. * NAR Building/12th Floor June 10, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Ned Rich Time: 1:00 – 4:00 p.m. * NAR Building/12th Floor June 10, 2016 The Basics of Real Estate Bankruptcy CEU: 1.5 hours MD (elective) Instructor: Tim Sessing Time: 1:30 – 3:00 p.m. June 13, 2016 Escrow Management CEU: 3 hours MD (elective) Instructor: Sam Houston Time: 9:30 a.m. – 12:30 p.m. June 13, 2016 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Nichelle Hagins Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor June 13, 2016 Financing in the New World CEU: 2 hours MD, DC and VA (elective) Instructor: Romy Espino Time: 1:30 – 3:30 p.m. June 13, 2016 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Nichelle Hagins Time: 2:00 – 3:30 p.m. * NAR Building/3rd Floor

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

CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • March/April 2016 ®

27 27


BACKPage TRIVIA FINDS FACTS

Warren Buffett is one of the richest men in the world and he still lives in the same house he bought back in 1958. He paid $31,500 for it.

India’s richest person, Mukesh Ambani has built a $1 Billion Home. It is named Antilia, after a mythical Island. It contains a health club with a gym and dance studio, at least one

26

studio, a ballroom, guestrooms and a range of lounges and a 50 seater

Minutes

cinema. It has 27 habitable floors, including six parking floors for a

The average time consumers

capacity of up to 160 cars. Also, the

spent searching on REALTOR.com®

roof has three helicopter pads.

370,081,828

t

Total pages viewed on REALTOR.com®

28

Brass Doorknobs disinfect themselves

In New York, it is a legal

Several metals including brass, copper, aluminum, iron, lead

requirement for a seller to disclose

and silver are antimicrobial and they kill bacteria. Brass is the

if a property under inspection is

most antimicrobial of them all.

believed to be haunted by ghosts.

® CAPITAL AREA • May/Jun 2014 CAPITAL AREAREALTOR REALTOR • March/April 2016 ®


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29


IT’S ABOUT YOU WE BELIEVE

At EXIT MID-ATLANTIC Realty WE BELIEVE that the agents are the true assets of our company.

WE BELIEVE in providing the right Formula to ensure that our real estate professionals succeed, and have the chance to retire comfortably. WE BELIEVE in providing the right tools and resources to ensure our agents are the best in the business.

WE BELIEVE

in changing lives.

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 $2,285,284 • Since 2003 to Date $19,337,298 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® March/April 2016  

Capital Area REALTOR® March/April 2016

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