Greater Tampa REALTOR News: July 2016

Requested Delivery By: July 10, 2016

JULY 2016 T H E O F F I C I A L P U B L I C AT I O N O F T H E G R E AT E R TA M PA A S S O C I AT I O N O F R E A LTO R S ®

PRESORTED STANDARD US POSTAGE PAID TAMPA, FL Permit No. 2397

NAR: Commercial Drone Use Set to Take Flight with Release of FAA Rule Commercial drone use in the real estate business got a boost with the release of the Federal Aviation Administration's final rule governing small unmanned aerial systems.

tors to apply for a "Section 333" waiver from the FAA before they can fly. Over 5,000 waivers were issued to commercial entities, a significant portion of which were used for the real estate business, but only licensed pilots were eligible to fly commercially.

FAA rules released today create a clearer pathway Drones are increasingly for real estate professionals to use drones for commerbeing used in commercial cial purposes, a prospect applications, but federal that National Association regulations have required of Realtors® President commercial drone opera- Tom Salomone called

a win for the industry.

"We've worked hard to strike a responsible balance that protects the safety and privacy of individuals, while also ensuring real estate professionals can put drones to good use," said Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida.

"That effort just took another big step forward.

The rules unveiled today will help more real estate professionals take flight, making the efficiency and innovation that drones have

to offer available to a much broader base of operators."

The FAA's announcement marks a long-fought victory for for the National Association of Realtors®.

Since early 2014 (link is external), NAR has worked with the FAA and industry partners to integrate drones into the national airspace for commercial use. NAR wrote to the FAA (link is external) on numerous occasions to weigh in on the final Small UAS Rule, and testified before DRONES, Page 4

GTAR launched a new website & an upgraded member portal on June 13

We have listened to our member’s feedback and designed our new website to better suit their needs.

GTAR is proud to announce the launch of our new and improved website to enhance each member’s access to information about our Association and the services we provide.

The redesign is modern, loaded with information, and user friendly. We’ve even added content specifically tailored to the needs of our members and affiliate business partners.

Great features of this website include: an improved member portal

(MyGTAR), up-to-date information available without a password, a better website navigation and search feature, and an improved event calendar design, with an easier, single sign-on registration.

If you haven't updated your profile in a while, please login today using the same username and password from the old website. Please submit all comments, changes and suggestions to the webmaster at news@gtar.net.

JULY 2016

IN THIS EDITION 2016 CAP starts with a bang!

The award winning commercial real estate learning program is back!

Page 2

A REALTOR® and an Appraiser

Learn more about an appraiser's "Credible Opinion of Value” Page 5

Recommended Candidates

Consider these candidates when voting in the General Election. Page 5

Questions? We have answers

Can I show the buyer the house and provide him with the single agent relationship disclosure form later?

Page 9

Brexit could boost U.S. Real Estate

Learn more about the impact of Britain.'s recent vote Page 18

Candid Camera June 2016. Pages 16-18

FREQUENTLY ASKED QUESTIONS

GET YOUR GRI DESIGNATION AT GTAR

Did you know that many of your questions can be answered by visiting the FAQ section of the GTAR website? Take a look today:

www.gtar.org/faq

pg.11

• AFFILIATES

pg.12

• MLS STATISTICS

pg.14

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July 2016

Greater Tampa REALTOR® News

ABOUT GTAR

The Greater Tampa Association of REALTORS®, Inc. (GTAR) is the largest Tampa Bay-based professional association of real estate brokers and sales associates conducting business throughout the Bay. GTAR provides educational programs, ethical guidance and other services that enable licensed real estate professionals to help people buy and sell homes in the Greater Tampa area.

For more information, please visit www.gtar.org

2016 OFFICERS

President Andy Joe Scaglione.....(813) 968-4996 President-Elect Joe Perez..........................(813) 264-7754 Vice President Mari Colgan..................... (813) 685-4936 Treasurer Sandra Streit...................(813) 343-8001 Secretary Norma Cohen................. (813) 992-5845 Immediate Past President Barbara Jordan...............(813) 962-0631 Chief Executive Officer Dennis MacDonald......... (813) 879-7010

2016 DIRECTORS

Diane Acken................... (813) 299-4758 Alma Alexander................(813) 727-1201 Ashley Christie................(813) 504-8812 Diana Englehart...............(813) 748-2165 Zoe Green...................... (813) 259-0000 Dan Hazy.......................... (813) 545-7372 Mary McCall....................(813) 294-4425 Jodi McKeithan.............. (813) 597-9670 Brad Monroe...................(813) 309-4488 Jack Rodriguez...............(813) 877-6388 Tom Scaglione............... (813) 310-8200 Francine Villa..................(813) 598-0844

REPRODUCTION

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COMMERCIAL CORNER

The 2016 CAP had a phenomenal start!

The award winning commercial real estate learning program is back and even better than before.

The REALTORS® Commercial Alliance (RCA) of GTAR has had a phenomenal start to the Commercial Ambassador Program (CAP). CAP officially started in 2013 by the RCA at GTAR under the leadership of Chairman, Dan Thornbrugh. It is a NAR award winning commercial real estate learning program for residential agents who are curious about selling commercial real estate. The program encourages residential or new agents to partner with an experienced commercial agent. In addition, CAP students attend sessions to learn from some of the best commercial practitioners (agents, lenders, inspectors, engineers, etc.) and take

Nancy Surak; CCIM; Tina Marie Eloian, CCIM; and past GTAR President and commercial agent, Carlos Fuentes, CCIM. (photos on pg. 16).

Each panelists described what they do to facilitate commercial real estate sales and development. The panel program was followed by the first Commercial Legal Law Update with Michael Boutzoukas, Esq. leading with comments regarding legal issues brought up by the experts. He also answered questions from the CAP students. The program was a success. Look for more Commercial Legal Updates in the future. You do not have to be a CAP student

commercial tours, attend commercial pitch sessions, and learn from our new legal commercial update. CAP is affordable for members. There is also a scholarship available for agents who want to take their commercial learning a step further to CCIM courses. Should all agents attempt to sell commercial real estate? The answer is NO! Commercial sales are very different than residential sales in many ways. CAP uncovers those differences and helps the agents determine if commercial real estate sales is for them. Agents can have many legal issues if they are not experienced commercial agents and they attempt to sell commercial property.

On May 25, 2016 CAP session began with an impressive panel of experts: Larry Feldman, CEO of Feldman Equities; Stan Newmark, former President of the Florida Gulf Coast Association of REALTORS;

to attend CAP trainings as a student-at-large, GTAR Commercial Legal Update or Commercial Pitch.

The topic of the next CAP session, July 27, will be on Risk Management and Due Diligence in Commercial Transactions. Presenters include: Paul Willies, CEO and Senior Commercial Appraiser at Appraisal Development International; Shane Billings, President and Sr. Environmental Scientist of Bay Appraisal & Environmental, Inc.; Tom Frey, Owner and Operator of Florida Building Inspectors (FBI) Group; and Michael E. Boutzoukas, Attorney.

Even if you haven’t registered for the CAP Certificate Program, you may still sign up for some of the available sessions and tours, and, visitors are welcome at RCA meetings the first Wednesday of the month in the first floor conference room, at 10:30 a.m. Register at www.gtar.org.

The Greater Tampa REALTOR® News is published monthly for members of GTAR in the interest of informing, promoting, and improving the real estate industry. With the exception of articles and materials from other publications reprinted in this newspaper, members and affiliate members of GTAR are hereby authorized to reproduce articles appearing in this newspaper, provided each such reproduction gives the following credit:

Reprinted from Greater Tampa REALTOR® News, Greater Tampa Association of REALTORS®.

THE REALTOR® MARK

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.

ADVERTISING INFORMATION

For advertising information/sales, contact Mike Utaegbulam, Director of Communications at news@GTAR.net Advertising products or services herein shall not be construed to be a promotion, approval, or endorsement of those products or services by GTAR. All advertising is subject to the approval of the GTAR Board of Directors/Chief Executive Officer.

DISCLAIMER

Articles contained in this publication express the opinion of the author and not necessarily the opinion of GTAR.

HEADQUARTER INFO

Greater Tampa Association of REALTORS® 2918 W. Kennedy Blvd.

Tampa, FL 33609 (813) 879-7010

STAY CONNECTED Find GTAR on the following social media outlets to stay connected with the latest news and events.

facebook.com/TampaGTAR twitter.com/TampaGTAR linkedin.com/company/gtar

Learn more about the Commercial Ambassadors Program

www.gtar.org/education/cap

BY DIANE ACKEN REALTORS® Commercial Alliance Chair

www.GTAR.org

Greater Tampa REALTOR® News

July 2016

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LEGAL CORNER Fair Housing Act: Stay Informed The Fair Housing Act prohibits discrimination in the sale, rental, or financing of dwellings based on race, color, national origin, religion, sex, familial status and disability. As a Realtor, whether you are working with buyers or sellers, or you are working with landlords or tenants, you need to know the basics of the Fair Housing Act, and stay informed of recent developments

BY MERCEDES HALE

SOCIAL MEDIA

RENTALS AND CRIMINAL BACKGROUND CHECKS

The Fair Housing Act includes discrimination reflected in any notice, statement or advertisement relating to the sale or rental of a dwelling that indicates a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin.

REALTORS® need to be mindful of this when they are listing properties on MLS or when they are advertising the property through any other means, including Facebook, Twitter and LinkedIn. Realtors should always double check what they have included to promote the property, and if there is any doubt, LEAVE IT OUT!

Most recently, the Department of Housing and Urban Development published Fair Housing Act guidelines relating to criminal background checks.

While persons with criminal records are not a protected class, criminal background checks may have a greater impact on minority groups.

REALTORS® involved in property management where they use background checks for potential tenants should develop a program with consistent procedures and uniform standards. Financial and credit checks should be run prior to the criminal background check. If the credit report shows an issue, then you do not need to order the criminal background check. If a criminal background check is used, the nature and severity of the crime should be considered. You should also establish a specific period of time that you will use to look back for convictions. There are some indications that HUD may suggest a seven year look back period. You should also allow the individual to provide an explanation or mitigating facts relating to the criminal conduct.

NAR CODE OF ETHICS REALTORS® should be aware that in addition to the protected classes under the Fair Housing Act, NAR specifically opposes discrimination based on sexual orientation or gender identity. The NAR Code of Ethics includes NAR’s policy to support equal opportunity on the basis of sexual orientation and gender identity. Thus, while discrimination based upon sexual orientation or gender identity may not violate the Fair Housing Act, it is a violation of the Code of Ethics.

RENTALS AND REASONABLE ACCOMMODATIONS The Fair Housing Act specifically prohibits discrimination because of a handicap. This includes a handicap of a buyer or renter, a person residing in or intending to reside in the dwelling, or any person associated with the buyer or renter. Discrimination includes the refusal to allow the handicapped person to make reasonable modifications to a dwelling. If you have a potential renter who is handicapped or will have someone living in the dwelling who is handicapped, make sure that any and all modifications or alterations they want to make are discussed prior to entering into the lease agreement, and include the specific agreed upon modifications in the lease. If the owner will not agree to a requested modification, you should advise the owner to contact an attorney to ensure that they would not be in violation of the Fair Housing Act by refusing to allow the modification. Remember these rules when you are helping your friend or family member rent their home.

The “reasonable accommodation” requirement includes assistance animals, including those for emotional support. An assistance animal must assist the disabled individual in some identifiable way that makes it possible for them to have more effective use of their housing. Assistance animals do not have to be certified, individually trained, or require a special license. They include dogs, cats, birds, or other domesticated animals – which recently included a miniature horse. When a prospective tenant requests (either orally or in writing), to live with an assistance animal, only certain specific questions may be asked. These questions are: (1) Does the person seeking to live with the assistance animal have a disability? (2) Does the animal work, perform tasks, etc. for the benefit of the disabled individual? You may only ask for reliable documentation if the disability or the disability related need for the assistance animal is not readily apparent or known. You MAY NOT ask for access to medical records or medical providers or ask for detailed or extensive information or documentation regarding the disability.

The disabled person may be required to properly manage the assistance animal and they may be held liable for damages caused by the assistance animal. However, you cannot do any of the following: (1) unreasonably delay, condition or deny the request for the assistance animal; (2) require an emotional support animal to have any specific training; (3) have specific weight or breed restrictions; (4) require pet insurance; (5) charge a pet deposit. There are some very limited exceptions for emotional support animals. If an owner seeks to invoke one of the exceptions, you should advise them to consult with an attorney because the exceptions are very limited.

You should also be aware that the Fair Housing Act is broader and applies in more circumstances than the requirements under the Americans with Disabilities Act.

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July 2016

Greater Tampa REALTOR® News

Drones

TOP 5 THINGS REALTORS® Should Know About New FAA Regulations on Unmanned Aerial Systems (UAS)

From Page 1

Congress to support the use of drones in real estate.

Despite eliminating the requirement that operators hold a pilot's license, anyone looking to fly drones commercially will still have to comply with strict requirements designed to protect people on the ground.

Drones are useful in a number of real estate-related applications, including marketing properties, assisting with appraisals, facilitating insurance claims and overseeing utility work.

While many real estate professionals with pilot's licenses have already put drones to use in these arenas, the new rules are expected to open the door for additional operators to do the same.

Despite the significant progress made in the FAA's final rule, NAR's work on this issue will continue.

NAR is calling for eased restrictions on a "micro" category of drones; drones in this category weigh less than four pounds and present a much smaller safety risk than certain

www.GTAR.org

drones in the under-55 pound category covered by the rule released today.

NAR also believes there is an ongoing need for a drone strategy that allows for "beyond visual lineof-sight" flights, or those where the operator cannot physically see the drone throughout the entire operation. These flights are particularly important for aerial photography across large buildings or tracts of land.

Salomone praised the FAA for their efforts in crafting the rule.

"Getting here wasn't easy, and the FAA is to be commended for listening to the concerns of real estate professionals throughout the rulemaking process," he said. "We're entering a new stage of drone use in real estate, and no doubt there will be additional questions and challenges ahead. NAR will continue educating its members on issues important to the safe, responsible use of drones so they can grow their business and better serve their clients."

The final rule encompasses much of what was contained in the proposed rule, and NAR is pleased with the overall outcome. The rule will lead to more predictability in the market for drone-based services and will create a broader base of trained operators and service providers. Specifically, the new rule: 1. E ducation Provision: New certification for ‘remote pilot in command’ authority which is less burdensome than a pilot’s license. The test is administered at the FAA testing centers and is knowledge-based only.

The cost is about $150, and will take about 20 hours of study time to prepare for. The test itself is 3 hours long. Operators will still need to pass a background check performed by the TSA. 2. F light Operations Permitted: Flights may be conducted during daylight hours, within visual line of sight, not directly over non-participants, altitude limit 400’, and 100 MPH max speed.

• P rovisions for flight over non-participants will be addressed in the next rulemaking, microUAS, which was the subject of the March 2016 Aviation rulemaking committee.

• D aylight-only operations, or civil twilight (30 minutes before official sunrise to 30 minutes after official sunset, local time) with appropriate anti-collision lighting.

3. M any of the operational requirements can be waived, which leaves room for innovation and experimentation with the technology.

4. N o provisions for notice to bystanders. This could present problems for operations in more dense areas, but REALTORS® can work with UAS service provider to find a solution 5. R ule will go into effect in August 2016.

Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.

2016 RPAC MAJOR INVESTORS

Andy Joe Scaglione Platinum R

Connie Johnson Golden R President's Circle

Susanna Madden Crystal R

Mary McCall Sterling R Continued

Don Walden Sterling R Continued

Dennis MacDonald Sterling R President’s Circle

Jack Rodriguez Crystal R

Barbara Jordan Golden R President’s Circle

Ric Barmes Sterling R Continued

Jeanette Yates Sterling R Continued

Brad Monroe Sterling R Continued

Brenda Rabbitt Sterling R President’s Circle

www.GTAR.org

RPAC MAJOR INVESTOR PROGRAM RPAC’s Major Investor Program consists of an elite and passionate group of REALTOR® investors who partner with NAR to shape the political future of the real estate industry. Members of the Major Investor Program are eligible to participate in the RPAC Recognition Program, with specific benefits and accolades that acknowledge their support of RPAC. With a minimum annual investment of $1,000, there are four levels within the RPAC Major Investor Program: Sterling R, Crystal R, Golden R and Platinum R.

Learn more at

www.gtar.org/RPAC

Greater Tampa REALTOR® News

July 2016

MEMBER TIPS & ADVICE

My Story: A REALTOR® and an Appraiser Thirty years ago, I learned an important lesson that, as a REALTOR®, I still appreciate.

When an experienced and professional Real Estate Appraiser submits a “Credible Opinion of Value”, REALTOR®s might consider paying close attention.

I was working with a Builder who was preparing to build several new floor plans in a new development. Back then, we REALTOR®s could request an Appraiser when making the mortgage application and I requested one who was designated and highly respected. In due course the appraisals were

completed and the value was somewhat lower than we had anticipated. My Builder and I asked the Appraiser to review his work because I believed that he had probably made a mistake.

After all, I was an experienced REALTOR® and believed that I probably knew the market better than my Appraiser.

Have I already mentioned that the Appraiser was “designated and highly respected”?

My Builder built the new models and I went about the job of marketing the new homes. After what can only be described as disappointing mar-

BY DAVID BREWER GTAR Member keting effort, we finally sold the homes and I am sure that you will never guess what the sales price was. That’s right, we sold those houses for almost exactly the price that the Appraiser had shown on his appraisals and not for my higher listed price. Obviously, I should have paid much more attention to the original appraisals that were prepared by the designated, highly respected AND experienced Appraiser.

RECOMMENDED CANDIDATES National Association of REALTORS® Recommendations

$163,260

Gus Bilirakis, U.S. Representative - District 12 Kathy Castor, U.S. Representative - District 14 Dennis Ross, U.S. Representative - District 15 Vern Buchanan, U.S. Representative - District 16 Florida REALTORS® Recommendations

Current amount invested

$147,106

Tom Lee, State Senate - District 20 Bill Galvano, State Senate - District 21 Jake Raburn, Florida Representative - District 57 Dan Raulerson, Florida Representative - District 58 Ross Spano, Florida Representative - District 59 Greater Tampa Association of REALTORS® Recommendations

To contribute to Florida REALTORS® PAC, please visit

David Gee, Hillsborough County Sheriff Robert Henriquez, Property Appraiser Doug Belden, Tax Collector Craig Latimer, Supervisor of Elections Sandra Murman, County Commissioner - District 1 Lesley “Les” Miller, County Commissioner - District 3 Susan Valdes, School Board Member – District 1 Cindy Stuart, School Board Member – District 3 Mark Ober, State Attorney – Circuit 13 Julianne Holt, Public Defender – Circuit 13

Choose "Greater Tampa Assn" for the Contribution Board/Association field.

Additional recommendations will be forthcoming.

As of June 22, 2016

www.gtar.org/FLPAC

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July 2016

Greater Tampa REALTOR® News

www.GTAR.org

CODE OF ETHICS

ARTICLE 12

The Case Interpretations offer examples of the practical application of the Code in professional standards enforcement and help REALTORS® understand the ethical obligations created by the Code of Ethics.

REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional.

STANDARD OF PRACTICE 12-1 REALTORS® may use the term “free” and similar terms in their advertising and in other representations provided that all terms governing availability of the offered product or service are clearly disclosed at the same time. (Amended 1/97) Case Interpretation #12-1: A​bsence of Name on Sign Prospect A observed a sign on a vacant lot reading: “For Sale—Call 330-5215.”

Thinking he would be dealing with a For Sale by Owner, he called the number on the sign. He was surprised and offended that the lot was exclusively listed by REALTOR® A, and the telephone number on the sign

was the home number of REALTOR-ASSOCIATE® B in REALTOR® A’s office.

Prospect A filed a complaint against REALTOR® A and REALTOR-ASSOCIATE® B. REALTOR® A and REALTOR-ASSOCIATE® B alleging a violation of Article 12 of the Code of Ethics.

At the hearing, REALTOR® A stated that he permitted REALTOR-ASSOCIATE® B to put up the sign. REALTOR-ASSOCIATE® B’s defense was that the sign was not a “formal” advertisement, such as a newspaper advertisement, business card, or billboard, to which he understood Article 12 to apply.

The Hearing Panel determined that the sign was an advertisement within the meaning of Article 12; that its use violated that Article of the Code; and that both REALTOR® A and REALTOR-ASSOCIATE® B were in violation of Article 12.

STANDARD OF PRACTICE 12-2 REALTORS® may represent their services as “free” or without cost even if they expect to receive compensation from a source other than their client provided that the potential for the REALTOR® to obtain a benefit from a third party is clearly disclosed at the same time. (Amended 1/97)

Case Interpretation #12-2: Exaggeration in Advertising Prospect A noted REALTOR® B’s classified advertisement describing a home with five acres “about 20 miles from the city” giving directions to the “modern 3-bedroom home, well maintained, and set in a charmingly landscaped site.”

After visiting the property, Prospect A clipped out the ad and pasted it to a letter to the Board of REALTORS® complaining of the gross exaggeration it contained, which had

induced him to waste time and money in inspecting the property. The property, he said, was actually 36 miles from the city limits.

Its wood-lath support for plaster, which was visible in many large breaks in the walls, indicated it to be 40 years old or more. There was no evidence of painting in recent years. Several windows were broken, half of the back steps were missing. The house was located at the end of a crude dirt road in a small cleared area that had become densely overgrown in weeds—a

picture of extreme neglect.

REALTOR® B was asked to respond to the charge of misleading advertising, and a hearing was called on the complaint by the Professional Standards Committee. REALTOR® B criticized the complainant for bringing the matter to the Board, pointing out that Prospect A had failed to mention that the property was priced at only $30,000; that at such a price it was an exceptionally good buy to anyone looking for a small place with a few acres; that CODE, Page 13

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REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.

Greater Tampa REALTOR® News, the official publication of GTAR, is produced twelve (12) times a year and distributed to more than 8,500 REALTORS® and affiliate business partners throughout the Tampa Bay area. Don’t miss this opportunity to market your company’s message to an engaged audience.

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Greater Tampa REALTOR® News

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July 2016

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July 2016

Greater Tampa REALTOR® News

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LIVING THE GOOD LIFE IS CLOSER THAN YOU THINK.

DISCOVER WATERGRASS ... JUST MINUTES FROM I-75 AND I-275 Where homes enjoy green views on spacious homesites. Private neighborhoods are nestled in nature with each neighborhood featuring its own park. The WaterGrass Club boasts a new fitness center, 5 shade structures, and a Jr Olympic pool and also includes a resort pool with splash pad. The little ones grow and flourish at the onsite school. Visit our beautifully decorated models from a variety of the area’s finest builders. WaterGrass conserves other green, too, with homes in every price range and a variety of quick move-in homes, you’re sure to find the home to fit your clients’ needs!

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Florida REALTORS®

ASK AN ATTORNEY

Q&A QUESTION: I’m a broker who was out of the office when a prospective buyer called me to see a home that is listed with another real estate brokerage company. This buyer wants to see the property immediately and wants me to represent him as a single agent. If I don’t have time to go back to the office to get the single agent relationship disclosure form, may I show the buyer the house and provide him with the single agent relationship disclosure form later?

ANSWER: No. Section 475.278(3)(b)1, Florida Statutes, provides that a written single agent relationship disclosure “must be made before, or at the time of, entering into a listing agreement or an agreement for representation or before the showing of property, whichever occurs first.”

The Florida Realtors Legal Hotline is a free benefit available to all members.

Call: 407.438.1409. Hours are 9 a.m. - 4:45 p.m., Monday - Friday.

The information and materials in this column are provided by Florida REALTORS® for general informational purposes only and are not intended to be legal advice.

No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

Greater Tampa REALTOR® News

July 2016

WELCOME NEW MEMBERS Alley, Kyla Alvarez, Brian Alvarez, Joshua Andrew, Kathryn Andruss, Jenny Astacio, Daniel Barnes, Chuck Battle, David Benitez, Ana Bennett, Todd Bennett, Todd Blake, Morgan Bogart, Gabriel Boodhram, Heather Bordeaux, Honey Breton, Giovanny Bricklemyer, Valerie Camp, Laura Campbell, John Cardozo, Manuel Carr, Katherine Chastain, Karen Cheramie, Greg Cheshire, Melvin Lorray Cho, Hannah Chung, Cynthia Cilmi, Evelyn Cineas, Cliford Clemens, David Collier, Kelly Collura, Nancy Collura, Samuel Cottone, Brett Cox, Melanie Crewss, Logan Crow, Jeffrey Davenport, Matthew David, Michelle Dexter, Maya Doenges, Melissa Duffy, Karrie Dungy, Eric Dye, Daniel Eagam, Somaiah Eid, Hatem Faithful, Jason Febre, Manny Anthony Ferrell, Chanta Floyd, LaToya Foguth, Shawn Franklin, Lesley Garcia, Nelson Garcia, Zulay Garrett, Phillip Gaye, Danielle Gonzalez, Alicia Gonzalez, Daniel Gornbein, Eve Gray, Ashley Griffin, Christopher

Gross, Jesse Harrington, James Harris, Brian Harvey, Susan Heath, Tessa Hensley, Gary Hernandez Ferro, Daylin Hines, Paulette Holloway, Nathaniel Hubler, Kristin Huletz, Edward Jimenez, Natalia Jin, Ye Johnson, Nathaniel Johnson, Tiffany Jones, Dena Keilholz, Joseph Kelly, Shawn Keyser, Raeann Langley, Christie Laszlo, Heather Legner, Julie Lennox, Katelyn Lesperance, Arlene Long, Christa Lopez, Carlos Lucke, Alexander Lugo, Rafael Machado, Yenislei Marteli, Tonilisa Martinez, Thirza McCabe, Rosa McDaniels, Tammy McDonald, Joseph D Metzger, Christopher Miller, Christopher Mish, Brooke Molinet, Gabriel Moore, Lauren Moore, Thometrius Mundra, Mitesh Muquit, Ed Musso, Chris Nelson, Alicia Nesbihal, Chelsea Newman-Moore, Kimberly Nguyen, Hung Nguyen, Lee Noble, Jeffrey Noceda, Victor Nolan, Alicia North, Teri Novak, Arnold Oliver, Elizabeth Oremosu, Adekunle Pagan Torres, Carmen Paiva, John Patel, Gayatri Patrick, Lauren Payne, Leah

Pennington, Kristin Perez, Isabel Peterson, Chad Porter, Jennifer Portera, Daniel Potsic, Cindi Rasemont, Jessica Reale, Courtney Reed, Jim Regina, Tracy Rippy, Robert G Risner, Darrell Rivera, Paul Robinson, Brandon Rogers, Shari Rojas-Matiz, Veronika Rolles, Paul Patrice Rolon, Luz Ryan, John Sanchez, Shirley Schauf, Rachel Schneider, Steven Sefchick, Monica Sheriff, Yvette Shorr, Michael Shutt, Jason Sias, Andrea Silva, January Silva, Ryan Smith, Donald W Spears, Benjamin Sprague, Colleen Stock, Jamie Stone, Alyssa Stoyan, Michelle Sundmacher, Wayne Svoboda, Deana Swick, Catherine Tinervin, Betsy Tochynski, Marie-Therese Trevino, Tenesha Tucker, Kimberly Vallieres, Joseph Vanderlaan, Kristen Vazquez, Jose Villaverde, Luisa Vogel, Adam Wagner, Blake Ward, Kristin Warren, Towanda Weitman, Lindsey Willis, Rachel Woodall, Nicole Woods, James Yazdani, Parvaneh Zwolinski, Chad

Special thanks to our June 10 and June 17, 2016 Orientation Sponsors

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10

July 2016

Greater Tampa REALTOR® News

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CALENDAR JULY 2016 FRIDAY, JULY 1 EALTORS® Political Actions Committee (RPAC) R 10:45AM - 12:15PM

WEDNESDAY, JULY 6 EALTORS® Commercial Alliance Committee R 10:30AM - 12:00PM ommercial Pitch C 1:00PM - 2:30PM

THURSDAY, JULY 7 REALTOR®/Attorney Committee 1:00PM - 2:30PM

FRIDAY, JULY 8 ew Member Orientation N 8:00AM - 1:00PM

MONDAY, JULY 11 I nternational Council 3:00PM - 4:30PM

TUESDAY, JULY 12 ode of Ethics C 9:30AM - 12:30PM oung Professionals Network Committee Y 10:00AM - 11:30AM echnology User Group T 5:30PM - 7:30PM

WEDNESDAY, JULY 13 ode of Ethics C 9:30AM - 12:30PM ffordable Housing Committee (AHC) A 9:30AM - 11:00AM

G TAR Board/Committee Meetings E ducational Opportunities M LS Computer Classes WEDNESDAY, JULY 13 Affiliates/Business Partner Meeting 10:00AM - 11:30AM air Housing Committee F 11:00AM - 12:30PM inance Committee F 1:30PM - 3:00PM

THURSDAY, JULY 14 Searching, Reports, and Contact Management 9:00AM - 12:00PM Communications Committee 9:30AM - 11:00AM

TUESDAY, AUGUST 2 uxury Real Estate L 9:00AM - 12:30PM ode of Ethics C 1:00PM - 4:00PM

EALTORS® Commercial Alliance Committee R 10:30AM - 12:00PM ommercial Pitch C 1:00PM - 2:30PM

GRI 8:30AM - 6:00PM dvanced Matrix A 9:00AM - 12:00PM rievance Committee G 9:30AM - 1:00PM

FRIDAY, JULY 22 ew Member Orientation N 8:00AM - 1:00PM

TUESDAY, JULY 26 LS Basic M 9:00AM - 12:00PM

Intro to Transaction Desk 1:00PM - 3:00PM

ompliance 101 C 1:00PM - 2:30PM

FRIDAY, JULY 15 Regional Coalition Meeting 10:30AM - 12:00PM rofessional Development Committee (PDC) P 10:00AM - 11:30AM

MONDAY, JULY 18 oard of Directors Meeting B 9:30AM - 1:00PM

TUESDAY, JULY 19 ompliance 101 C 1:00PM - 3:30PM

dding/Editing Listings A 3:00PM - 4:30PM

WEDNESDAY, JULY 27 EALTORS® Commercial Alliance Training R 10:30AM - 12:00PM

THURSDAY, JULY 28 GRI 9:00AM - 5:00PM

FRIDAY, JULY 29 GRI 8:30AM - 6:00PM

Adding/Editing Listings 3:00PM - 4:30PM

WEDNESDAY, JULY 20 Legal Lounge 9:30AM - 11:00AM GRI 9:00AM - 5:00PM

MONDAY, AUGUST 8

eneral Membership Meeting G 9:30AM - 11:30AM REALTOR /Attorney Committee 1:00PM - 2:30PM ®

FRIDAY, AUGUST 5 overnmental Affairs G 9:30AM - 11:30AM EALTORS® Political Actions Committee (RPAC) R 10:45AM - 12:15PM

MONDAY, AUGUST 8 LS Basic M 9:00AM - 12:00PM ppraisal Task Force A 10:00AM - 11:30AM LS Compliance 101 M 1:00PM - 2:30PM

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MONDAY, AUGUST 15

MLS Adding and Editing Listings 3:00PM - 4:30PM

oard of Directors Meeting B 9:30AM - 1:00PM

Technology Committee 3:00PM - 4:30PM

E Monitor Training C 10:00AM - 12:00PM

International Council 3:00PM - 4:30PM

Young Professionals Network Committee 10:00AM - 11:30AM echnology User Group T 5:30PM - 7:30PM

WEDNESDAY, AUGUST 10 THURSDAY, AUGUST 4

Special Events

roperty Managers Task Force P 10:00AM - 11:00AM

TUESDAY, AUGUST 9 WEDNESDAY, AUGUST 3

Licensing/Renewal Class

THURSDAY, JULY 21

The new GTAR website and upgraded Member Portal launched on Monday, June 13. Take a look today!

AUG. 2016

Orientation

TUESDAY, AUGUST 16 ffiliate Expo A ALL DAY

WEDNESDAY, AUGUST 17 egal Lounge L 9:30AM - 11:00AM

THURSDAY, AUGUST 18

ffordable Housing Committee (AHC) A 9:30AM - 11:00AM

spanol: 14-Hour Licensing E ALL DAY

Affiliates/Business Partner Meeting 10:00AM - 11:30AM

rievance Committee G 9:30AM - 1:00PM

Fair Housing Committee 11:00AM - 12:30PM

ompliance 101 C 1:00PM - 3:30PM

Finance Committee 1:30PM - 3:00PM

dding/Editing Listings A 3:00PM - 4:30PM

THURSDAY, AUGUST 11

FRIDAY, AUGUST 19

ommunications Committee C 9:30AM - 11:00AM

spanol: 14-Hour Licensing E ALL DAY

Property Managers Task Force 11:00AM - 12:00PM

ew Member Orientation N 8:00AM - 1:00PM

FRIDAY, AUGUST 12 New Member Orientation 8:00AM - 1:00PM

rofessional Development Committee (PDC) P 10:00AM - 11:30AM

WEDNESDAY, AUGUST 31 EALTORS® Commercial Alliance Training R 10:30AM - 12:00PM

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Greater Tampa REALTOR® News

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11

EDUCATIONAL OPPORTUNITIES G R A D U AT E , R E A LT O R ® I N S T I T U T E ( G R I ) D E S I G N AT I O N

GRI 200 SERIES

Essential Real Estate Techniques WHERE:

As the industry continues to evolve and change, you need more than just motivation and initiative to succeed.

You need a solid foundation, as well as in-depth training in legal and regulatory issues, technology, professional standards and the sales process. Earning the GRI Designation will help you stand out in the crowd.

GTAR AUDITORIUM

GRI 201: IT’S ALL ABOUT YOU July 20 & July 21 • 8:30AM - 6:00PM

$149 for non-members

• P rovide key information to best serve the customer.

• A pply the elements of a marketing plan to sell a property.

• P repare a pre-listing and listing presentation.

• I llustrate income tax ramifications of financing the purchase of a residential property.

• I llustrate how marginal tax brackets are used.

2918 W. Kennedy Blvd.

COST PER MODULE: $129 for Members (At the door price: add $20)

BUNDLE PRICE (BOTH MODULES): $248 for Members $288 for Non-Members

GRI 202: TECHNOLOGY AND INVESTMENT July 28 & July 29 • 8:30AM - 6:00PM • R elate the growth of technology in the real estate industry to consumer demands and expectations.

• A pply the law and the Code of Ethics to all electronic marketing.

• C alculate and explain tax related considerations for investment property • C lassify allowable business expenses. * NOTE: E ssential Real Estate Techniques 201 and 202 are 15-hour courses with 1.5 hour exams approved for 11 hours of CE Specialty Credit OR 15 hours of Broker Post-Licensing Credit per module.

You can receive 11 Hours of Specialty CE Credit or 15 hours of Broker Post Licensing Credit Per Module*

Register online at www.gtar.org/calendar

12

July 2016

Greater Tampa REALTOR® News

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AFFILIATE BUSINESS PARTNERS

The Affiliate Expo is Back!

We are excited to bring back the Affiliate EXPO. Join us August 16, 2016 in our very own GTAR Auditorium. We have lined up great speakers and awesome give-aways.

So “Save The Date” and come meet your Affiliate Business Partners! There are great Speakers lined

up to educate and entertain. There will be lunch served and plenty to enjoy.

Our first Party with a Purpose Event was a HUGE success. Over 130 REALTORS® came to network with Affiliates at the Blue Martini in the International Plaza. Special thanks to the event sponsors: Steve

Getting to Know your Affiliate Business Partner Our July Affiliate Business Partner spotlight is Dustie Amatangelo with Florida Building Inspection Group, AKA The FBI Group - 813-409-3249 We currently cover 6 counties, Hillsborough, Pinellas, Polk, Pasco, Sarasota and Manatee, with three inspectors and offer a one stop shop environment, which includes a termite inspection service. We also offer the following reports and services; wind mitigation, 4 point, mold, radon, water, roof certification, dock/seawall, pre-listing, and new construction.

The FBI Group believes that OUR DUTY is to handle your cares and concerns as it relates to your clients and their home purchase.

We complete a thorough visual examination of the home and report our findings in a professional manner, so you all can make an informed decision. It’s our Peace of Mind guarantee.

We make it easy to do business with us. We offer 24/7 online scheduling or a mobile link to our scheduler, that you can order an inspection right from your phone or you can call the office at 813-409-3249 and speak with Raja, which is a delight in itself.

We are always OPEN because we work when you WORK! So NEW or OLD Before you BUY, Call The FBI!

Barker (RELTCO), Lori Behrendt (Brier Grieves), Kelly Tolster (Veterans United Home Loans), Hayes Dunne (AIB Insurance), Jay Smith (A Snoop Inspection) Audra Snyder (Hughes Exterminating) Jay Wazelle (Landtec Surveying), Jillian Cherry (Cherry Family Chiroprac-

tic), and Frank Grimes(Associates Home Loan) Our affiliate website is up and running and looks amazing: www. gtar.org/affiliates!

Please go check it out and your comments with us!

We Affiliate Business Partners work hard at GTAR to support the

BY FRANCINE VILLA Affiliates Business Partners Chair REALTOR® Care Foundation who is working hard to help first time homebuyers, what a great TEAM!

PARTY with a

PURPOSE

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MY FLORIDA REGIONAL MLS CALENDAR MLS SEARCHING REPORTS AND CONTACT MANAGEMENT JULY 14 • 9AM-12PM This class provides a detailed overview of how to conduct various searches in Matrix. Topics include performing quick and detailed searches, utilizing map-based searches, adding additional fields to search forms, and conducting speed bar searches.

MLS INTRO TO TRANSACTION DESK JULY 14 • 1PM-3PM Transaction Desk is powerful tool for agents to manage forms, documents, and files. Through Transaction Desk, agents can populate a wide variety of forms and contracts, create transaction templates, store documents, and track tasks for any transaction.

Through Authentisign, agents can collect electronic signatures on forms and contracts through email.

MLS BASIC JULY 19 • 9AM-12PM JULY 26 • 9AM-12PM This course gives new MFRMLS participants and subscribers a basic overview of MFR products and services, along with a general tour of how the various functions of Matrix will benefit them in their real estate business. Navigation and basic functionality such as searching, utilizing map tools, reading a broker synopsis, adding and managing contacts, saving searches and setting up auto emails will be covered.

MLS COMPLIANCE 101 JULY 19 • 1PM-2:30PM JULY 26 • 1PM-2:30PM This is a mandatory class for all new members to be completed within 60 days of joining. Existing members must complete the class every two year period. In this class you will learn about the My Florida Regional MLS Rules and Regulations and the compliance procedure for accuracy of Listing Data, along with additional educational materials available on MFRMLSUniversity.com.

MLS ADDING AND EDITING LISTINGS JULY 19 • 3PM-4:30PM JULY 26• 3PM-4:30PM This class is mandatory if you will be adding and modifying listings in the MLS (but all agents are welcome to attend!). This class offers a comprehensive overview of the process to properly add a listing to the MLS and walks through each part of the add/edit tab in Matrix. The class also covers how to edit listings, change the status on listings, and add photos, attachments, and open house information.

MLS ADVANCED MATRIX JULY 21 • 9AM-12PM In this course you will learn more advanced techniques in using the Matrix MLS system, including: techniques on how to use the MLS to customize your criteria and utilize Wild cards, Navigate the search results, Utilizing map tools, Creating custom grids, Creating and saving custom search templates, Hot sheet criteria, Market watch, Concierge/ Carts, Turning off auto searches, Changing the customers criteria, and more!

MLS ADDING AND EDITING LISTINGS JULY 21 • 1PM-3PM This class provides a comprehensive overview of the iMapp tax system. iMapp offers a wide variety of information (including tax information, permits, characteristics, comps reports, market data, and neighborhood demographic information) on any property in the state. You can also run a search for properties based on a variety of fields from tax data, MLS data or foreclosure data. iMapp also generates mailing labels based on your search results.

Greater Tampa REALTOR® News

Code From Page 6

to get attention to such properties it was necessary to do a bit of “puffing” to attract attention in advertising; that as a matter of fact the general lines of the house were similar to many of modern design; that the house had been well enough maintained to be salvageable by anyone who would do a reasonable amount of work on it; and that, in his opinion, the site was truly “charming” in its rugged simplicity.

The Hearing Panel concluded that REALTOR® B had used gross exaggeration in his advertisement and was found in violation of Article 12 of the Code of Ethics.

STANDARD OF PRACTICE 12-5 REALTORS® shall not advertise nor permit any person employed by or affiliated with them to advertise real estate services or listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that Realtor®’s firm in a reasonable and readily apparent manner either in the advertisement or in electronic advertising via a link to a display with all required disclosures.

(Adopted 11/86, Amended 1/16)

Case Interpretation #12-5: True P​icture in Use of “Sold” Sign REALTOR® A, the listing broker, was charged by REALTOR® B with giving a false picture in his advertising by putting up a “sold” sign on property that had not been sold. REALTOR® A was notified of the complaint and of the date of a hearing on it scheduled before a Hearing Panel of his Board’s Professional Standards Committee.

Undisputed testimony offered during the hearing revealed that REALTOR® A was an exclusive agent, offering Client C’s home for sale. An offer to buy was obtained from Prospect D and a counter proposal by Client C was accepted. An earnest money deposit was made, and a date for settlement was agreed upon.

At that point, REALTOR® A put up his “sold” sign.

Several days later, Prospect D received an unexpected notice from his employer that he was to be transferred to another city. Prospect D immediately contacted REALTOR® A and Client C about his predicament.

In an amicable discussion it was agreed that everyone had acted in good faith; that the property was readily marketable; that the earnest money deposit would be refunded; and

July 2016

13

that REALTOR® A would put the property on the market again. A week later, when REALTOR® B was showing a number of houses to a prospective buyer, they drove by Client C’s property, and the prospect casually said that she didn’t understand the “sold” sign, since she had been taken to see the house that morning by REALTOR® A. REALTOR® B contended that a “sold” sign is a measure of a REALTOR® ’S advertising, and that it cannot give a true picture if it is put up prior to the settlement and actual transfer of ownership.

The Hearing Panel’s decision agreed with REALTOR® B’s contention that the use of a “sold” sign constitutes advertising by a REALTOR® but did not agree that a “sold” sign could be put up only after the actual settlement and transfer of ownership. The decision indicated that after the client’s acceptance of a bona fide offer, REALTOR® A could consider that he had brought about a sale and would not be in violation of the requirement to give a “true picture” by putting up a “sold” sign. However, once it was clear that the sale had fallen through, the “sold” sign should have been immediately removed since allowing the sign to remain in place no longer provided a “true picture.”

REALTOR® A was found by the panel to have violated Article 12.

14

July 2016

Greater Tampa REALTOR® News

www.GTAR.org

MLS STATISTICS

MAY 2016

Monthly Market Detail - May March April 2016 2016 2016 Single Family Homes Hillsborough County

Monthly Market Detail - May 2016 Single Family Homes Hillsborough County Month

Summary Statistics

April May 2016 2016

March 2016 1,718 February 2016 1,815 January 2016 375 406 December 2015 $207,545 $224,500 November 2015 October 2015 $268,525 $258,980 September 2015 $487.4 Million $444.9 August 2015

Sales The number of Closed Sales during the monthClosed in which Paid in Cash buyers exclusively paid in cash Median Sale Price

Average SaletoPrice Economists' note : Cash Sales can be a useful indicator of the extent which investors are participating in the market. Why? Investors are Dollar Volume far more likely to have the funds to purchase a home available up front, July 2015 Medianother Percent of Original whereas the typical homebuyer requires a mortgage or some 96.8% June 2015 97.7% List Price Received form of financing. There are, of course, many possible exceptions, so May 2015 this statistic should be interpreted with care.

26 Days Median Time to ContractApril 2015 30 Median Time to Sale

2012

800

2013

200

1,571 1,488

2015 1,553 1,642

-4.2% -4.3%

2,115 2,158

2,046 2,026

3.4% 6.5%

Pending Inventory

2,565 2,520

2,775 2,811

-10.4% -7.6%

Inventory (Active Listings)

5,119 5,233

5,423 5,513

-5.6% -5.1%

Months Supply of Inventory

3.4

3.9

-12.8%

29.8% 1,499 1,516 4,041 27.9% 1,646 1,499

April 2015 March May 2015 2015

20142014 Dollar Volume2014 Median Percent of Original List Price Received

50% 1,500 40% 1,000 30% 20% 500 10%

$238,092

26.4% 1,783 1,646 1,419 27.7% 1,869 1,783 $176,895 28.6% 1,586 1,869 29.5% 1,639 1,586 $218,221

2015 2015Million $1.1 Billion 2015 $881.8

1.5%

Median Time to Contract

29 Days

41 Days

-29.3%

Median Time to Sale

76 Days

86 Days

-11.6%

5,020

4,847

3.6%

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Wednesday, Friday, May 20, April June 2016.

22, 20,2016.

2016.

Historical Historical Historical data revised data datarevised revised on Friday, on onFriday, Friday, February February February 26, 2016.

26, 26,2016.

2016.

Dollar Dollar Dollar Volume Volume Volume revised revised revised on April on onApril 15, April 2016.

15, 15,2016.

2016.

Next5,652 data Nextrelease data release is Wednesday, is Thursday, Friday, June May July 22, 20,21, 2016.

2016.

6,152 -8.1% Pending Inventory

Inventory (Active Listings)

13,042

14,374

-9.3%

Months Supply of Inventory

3.4

4.1

-17.1%

Closed Sales

Monthly Market Detail - May 2016 The number of sales transactions which closed during Townhouses the month and Condos Hillsborough County

Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of differentSummary sizes,Statistics we recommend comparing the percent changes in sales rather than the Salesare number of sales. Closed Sales (and many other market Closed metrics) affected by seasonal cycles, so actual trends are more accurately Paid in Cash represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), Medianrather Sale Price than changes from one month to the next.

Average Sale Price

2012

Closed Sales

5,000

Closed Sales

Percent Change Year-over-Year

May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 May 2016 October 2015 September 2015520 August 2015 238 July 2015

4,429 4,212 4,156 3,287 2,710 3,900 3,056 May 2015 3,765 3,827 441 4,031 231 4,467

9.6% 3.8% 4.2% 4.9% 7.4% 2.3% Percent Change 0.3% Year-over-Year 4.3% 11.3% 17.9% 13.4% 3.0% 27.5%

June 2015 $130,000 May 2015 $166,125

4,646 $116,000 4,041 $148,325

27.6% 12.1% 12.7% 12.0%

Month

2013

Dollar Volume2014

$86.4 Million2015$65.4 Million

3,000

Median Percent of Original List Price Received

2,000

Median Time to Contract

1,000

Median Time to Sale

4,000

96.8%

1.3%

27 Days

39 Days

-30.8%

71 Days

83 Days

-14.5%

This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not

512

515

-0.6%

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Wednesday, June 22, 2016. Historical data revised on Friday, February 26, 2016.

Dollar Inventory Volume revised on April 15, 2016.684 Next data release is Thursday, July 21, 2016.

788 -13.2% Pending

Inventory (Active Listings)

1,075

1,313

-18.1%

Months Supply of Inventory

2.4

3.1

-22.6%

Closed Sales

Month

Monthly Distressed Market - May 2016 The number of sales transactions which closed during Single Family Homes the month Hillsborough County

May 2016 April 2016 March 2016 February 2016 January 2016 Economists' note : Closed Sales are one of the simplest—yet most December 2015 important—indicators for the residential real estate market. When November 2015 comparing Closed Sales across markets of different sizes, we May 2016 October 2015 recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics)Closed are Sales September 2015 1,640 affected by seasonal cycles, so actual trends are more accurately August 2015 Traditional represented by year-over-year changes (i.e. comparing a month's Median sales Sale Price July 2015 $232,000 to the amount of sales in the same month in the previous year), rather June 2015 than changes from one month to the next.

124 Closed Sales May 2015

Closed Sales

Percent Change Year-over-Year

520 497 433 340 332 472 May382 2015 425 491 1,236 443 499 $228,816 527 441 270

17.9% 2.9% -10.4% -10.1% 11.4% 8.5% Percent Change 13.4% Year-over-Year -2.5% 24.9% 32.7% 2.3% 5.3% 1.4% 20.0% 2.6% -54.1%

Economists' note : Cash Sales can be a useful indicator of the extent to November 2015 which investors are2012 participating in the market.

2013 Why? Investors are 2014 October 2015 far60% more likely to have the funds to purchase a home available up front, September 2015 50% whereas the typical homebuyer requires a mortgage or some other August 2015 40% of financing. There are, of course, many possible exceptions, so form July 2015 30% this statistic should be interpreted with care.

10% 0%

2013

2014 Median Sale Price

500

Closed Sales

400

$154,000 2015 $117,750 51

80

-36.3%

Median Sale Price

200

$145,000

$127,500

13.7%

100 0

J F M A M J 2012 J A S O N D J F M A M J 2013 J A S O N D J F M A M J J2014 A S O N D J F M A M J J 2015 A S O N D J F M A M

Traditional

Foreclosure/REO

Short Sale

Produced by100% Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Wednesday, June 22, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Thursday, July 21, 2016.

90% 70% 60% 50% 40% 30%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Month

Monthly Market Detail - May 2016 The percentage of Closed Sales during the month Townhouses Condos which wereand Cash Sales Hillsborough County

May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 Month November 2015 October 2015 May 2016 September April 2016 2015 August 2015 March 2016 July 20152016 February June 2015 January 2016 May 2015 2015 December

Economists' Cash Salesnote :

This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not

The of Closed Sales during in which paidnumber fully in cash) each month involved somethe sortmonth of financing, such as mortgages, owner/seller financing, assumed loans, etc. buyers exclusively paid in cash

Economists' note : Cash Sales can be a useful indicator of the extent to November 2015 which investors are2012 participating in the market.

2013 Why? Investors are 2014 October 2015 60% far more likely to have the funds to purchase a home available up front, September 2015 50% whereas the typical homebuyer requires a mortgage or some other August 2015 40% form of financing. There are, of course, many possible exceptions, so July 2015 30% this statistic should be interpreted with care.

June 2015 May 2015

20% 10% 0%

400

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

27.4% 30.0% 31.2% 36.4% 36.6% 31.9% Cash Sales 36.5% 33.8% 238 33.7% 215 34.1% 207 33.9% 164 33.0% 168 35.1% 201

-21.9% -12.8% -15.9% -15.3% -15.9% -13.3% Percent Change -6.2% Year-over-Year -11.7% 3.0% -14.2% -16.7% -9.5% -17.2% -4.2% -23.4% -9.6% -2.9% -13.3% -10.7%

187 2015 194 238 211 245 261 231

8.1% -17.4% 3.9% -5.4% -1.6% 15.0% 3.6%

J F M A M J2012 J A S O N D J F M A M J2013 J A S O N D J F M A M J2014 J A S O N D J F M A M J2015 J A S O N D J F M A M

Produced by Florida 300 REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Wednesday, June 22, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Thursday, July 21, 2016.

200 100 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Cash Sales as a Percentage of Closed Sales

Month

Monthly Distressed Market - May 2016 The percentage of Closed Sales during the month Townhouses Condos which wereand Cash Sales Hillsborough County

May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 May 2016 Economists' note : This statistic is simply another way of viewing October 2015 Cash Sales. The remaining percentages of Closed Sales (i.e. those not September 2015 462 Closed Sales paid fully in cash) each month involved some sort of financing, such as August 2015 mortgages, owner/seller financing, assumed loans,Traditional etc.

July 2015 $137,500 Median Sale Price June 2015 40 Closed Sales May 2015 80%

2012

Foreclosure/REO 2013

60%

2014Price Median Sale Closed Sales

$73,550

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

45.8% 43.3% 47.8% 48.2% 50.6% 42.6% 49.0% May 2015 45.6% 48.5% 336 47.6% 49.1% $130,500 49.5% 52.4% 85

-12.6% -18.9% -7.7% -14.8% -12.9% -17.6% Percent Change -4.5% Year-over-Year -15.4% -16.8% 37.5% -7.6% -6.5% 5.4% -4.3% 1.0% -52.9%

2015$70,000

5.1%

18

20

-10.0%

$119,000

$91,000

30.8%

Short Sale

40%

Median Sale Price

20% 0%

2012

2013

2014

2015

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Traditional

Foreclosure/REO

Short Sale

Produced by100% Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Wednesday, June 22, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Thursday, July 21, 2016.

90% 80% 70% 60% 50% 40% 30% 20%

10%

10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

$250,000

$160,000 $140,000

$200,000

$120,000

ce

ce

1,291 1,374 1,515 1,535 1,419

-6.0% -8.0% -4.5% 2.5% 22.3% 15.6% -2.4%

500

Cash Sales as a Percentage of Closed Sales

20% 0%

1,115 2015 1,273

1,000

0

Closed Sales

Closed Sales

80%

25.8% 1,212 26.6% 1,263 29.8% 1,295 27.9% 1,196 26.4% 991 27.7% 1,245

Data released on Wednesday, June 22, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Thursday, July 21, 2016.

30.8%

Short Sale

300

-25.3% -17.5% -14.6% -24.2% -22.3% -10.0% Percent Change -17.9% Year-over-Year -22.1% -14.6% -18.2% -9.6% -4.8% -12.4% -2.1% -11.2% -13.2% -9.7% -14.2% -11.1%

Produced by1,500 Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Pct. of Closed Sales Paid in Cash

Closed Sales

2012

Percent Change Year-over-Year

20.7% 23.6% 25.2% 26.9% 29.2% 27.1% Cash Sales 27.1%

J F M A M J2012 J A S O N D J F M A M J2013 J A S O N D J F M A M J2014 J A S O N D J F M A M J2015 J A S O N D J F M A M

Foreclosure/REO

600

Percent of Closed Sales Paid in Cash

June 2015 May 2015

20%

2,000

J F M A M J J A S O N D J F M A M J J A S O N D New J F Pending M A MSales J J A S O N D J F M A M J J A S O457 N D J F M A -7.7% M 422

New Listings

May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 Month 2015 November October 2015 May 2016 September April 2016 2015 August2016 2015 March July 20152016 February June 2015 January 2016 May 2015 2015 December

The of Closed Sales during in which paidnumber fully in cash) each month involved somethe sortmonth of financing, such as mortgages, owner/seller financing, assumed loans, etc. buyers exclusively paid in cash

32.1%

95.6%

Month

Cash Salesnote : Economists'

Sales JJ FF MMAAM MMJJ J JJ JAA ASS SOO ONN N DD DJJ FJF M M A MM J J J AAJ SSAOOSNNODDNNew J JDF FPending M J JM J JAJASJSOAONSNDODJ NJF D3,450 FMM JA ASJ 3,660 SOJ O NA N DS DJO FJ NM F DM A J-5.7% M AF M F AM A JM J MA F AMM A JA AFM MJ JAJ M New Listings

2015

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

Monthly Market Detail - May 2016 The percentage of Closed Sales during the month Single Family Homes which were Cash Sales Tampa-St. Petersburg-Clearwater MSA

19.6%

95.6%

2014

Cash Sales as a Percentage of Closed Sales

-21.1% 19.5% 14.2% 9.1%

-14.6% -13.2% -12.0% -20.4% -18.7% -9.6% -19.2% -15.9% -11.0% 8.4% 20.3% 9.6% -2.2%

200 0

-13.2% 22.9% 13.6% -14.6% -14.2% 26.3% 22.9% 12.5% -21.0% 14.2% 26.3%

97.0%

2013

375 406 409 348 296 413 329 391 398 491 498 493 439

400

Cash Sales

Pct. Closed of Closed Sales Sales Paid in Cash

60% 2,000

August 2015 October September 2015 2015 4,429 July 2015 August September 20152015

-14.6% 14.4% 4.8% -24.2% 3.0% 4.8% -22.3% 5.3% 3.0% -10.0% 5.0% 5.3% -17.9% 0.4% 5.0% -22.1% -1.6% 0.4% Percent Change -1.6% 7.8% -18.2% Year-over-Year -4.8% 8.9% 7.8% 9.6% -2.1% 13.6% 8.9%

June2015 2015 August July 2015 1,212 May 2015 2015 June July 2015 April2015 May June 2015 $199,000

Average Sale Price

2013 2013 2013

Percent Change Year-over-Year

25.2% 1,718 1,815 26.9% 1,623 1,718 29.2% 1,296 1,623 27.1% 1,015 1,296 27.1% 1,522 1,015 25.8% 1,214 1,522 May 2015 26.6% 1,516 1,214

2012

Percent Change Year-over-Year

600

Pct. of Closed Sales Paid in Cash

Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of differentSummary sizes,Statistics we Economists' note : This statistic is simply another way of viewing recommend comparing the percent changes in sales rather than the Cash Sales. The remaining percentages of Closed Sales (i.e. those not Salesare number of sales. Closed Sales (and many other market Closed metrics) paid fully in cash) each month involved some sort of financing, such as affected by seasonal cycles, so actual trends are more Paid accurately in Cash mortgages, owner/seller financing, assumed loans, etc. represented by year-over-year changes (i.e. comparing a month's sales Medianrather Sale Price to the amount of sales in the same month in the previous year), than changes from one month to the next.

2012 2012 2012

Percent of Closed Closed Sales Sales Paid in Cash

May 2016 April March 2016 2016 February March April 2016 2016 2016 January2016 February March 2016 2016 December January February 2016 2016 2015 January 2016 November December 2015 October 2015 November December 2015 May 2016 September October November 2015 2015 2015

Month

Monthly Market Detail - May 2016 The number percentage of sales of Closed transactions Sales during whichthe closed month during Single Family Homes which the month were Cash Sales Tampa-St. Petersburg-Clearwater MSA

0

800

Cash Sales

May 2016 April 2016 March 2016 February 2016 January 2016 December 2015 November 2015 October 2015 September 2015 August 2015 July 2015 June 2015 May 2015

Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care.

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Cash Sales as a Percentage of Closed Sales Closed Sales

0% 0

498 96.4% 493 439 39468 41 Days

Month

The number of Closed Sales during the month in which buyers exclusively paid in cash

Pct. of Closed Sales Paid in Cash

0

87465 86 Days

-12.0% 14.4% 4.8% -20.4% -18.7% -13.2% -14.6% -9.6% 10.0% 6.4% -19.2% -15.9% 8.4% 7.0% -11.0% 24.0% 12.2% 8.4% 20.3% 1.3% 0.4% 9.6% -2.2% -33.3% -26.8% -5.6% -1.3% -13.8% -10.5%

Cash Sales

Cash Sales

Cash Sales

400

2014

409 1,586 1,639 348 296 468 439 413 $204,000 $195,000 329 391 $247,729 $242,038 398 $392.9 $396.7 Million 491

Percent Percent Change Change Year-over-Year Year-over-Year

New Listings

New Pending Sales

600

March 2015 75 77 Days

Cash Sales April 2015 May 2015

Cash Sales

Cash Sales

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M

www.GTAR.org

Greater Tampa REALTOR® News

July 2016

15

GLOBAL NEWS ‘Brexit’ Could Give U.S. Real Estate Brief Boost

BY ROBERT FREEDMAN, REALTOR® Magazine Britain's vote on June 23 to exit the European Union will likely have a long-term impact on the world economy, but in the short-term, U.S. real estate could be flooded with investors flocking to the U.S. as a safe haven, pushing up the dollar and sending down mortgage rates.

"Demand for U.S. real estate could rise," says NAR Chief Economist Lawrence Yun. On the commercial side, global corporations could show additional interest in U.S. real restate as they come to see the U.K. as a less certain place to set up or maintain their businesses, Yun says, "especially in London, as it becomes a less attractive place to conduct global business."

While a rise in the dollar could hurt U.S. exports, it's also expected to put downward pressure on long-term mortgage interest rates. "Mortgage rates will tumble," says Greg McBride, chief financial analyst at Bankrate.com, "possibly hitting new record lows. If you're a borrower, don't wait to lock in your rate, as this opportunity may not last long."

However, Fannie Mae Chief Economist Doug Duncan says low rates because of economic uncertainty could last for a while. "The Fed will very likely be on hold for some time as it observes the impact on U.S. and global financial markets and economic activity," he says.

If mortgage rates — already at historic lows — drop even further, that could help drive up sales of all types of U.S. real estate, including on the residential side. Foreign households who might have otherwise looked to London to buy might turn to U.S. residential real estate, although U.K. citizens, who histor-

ically are among the top buyers of investment and vacation homes in the U.S., could pull back. "The British economy will be disrupted, and hence we should expect fewer Brits able to buy in the U.S.," Yun says.

Steve Rick, chief economist at CUNA Mutual Group, was quoted in a Bankrate.com article saying a further drop in mortgage interest rates could give new life to home-mortgage refinancing, which started to cool early this year after

several years of big growth.

"This would create another mini refinance mortgage boom at financial institutions, as homeowners rush to lock in near-historic low interest rates," he said.

In the long run, though, the uncertainty stemming from the vote could cause broad global weakening, which would hurt jobs, income, and consumer confidence. That would be a net-negative for U.S. real estate, even if it sees gains in the short-term.

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