SAMCAR {RE}source | July 2008

i. 4 / vol. I

July 2008 Monthly Newsletter of the San Mateo County Association of REALTORS®

www.samcar.org

In this issue

SAMCAR

Important Announcements page 1 Message from the President page 2 Practitioner’s Tips page 4 Cultural Diversity Reception page 4 Welcome New Members from June 2008 page 2

Legislative Legislative Day re-cap pages 3 AB 1991 Update Beachwood Settlement pages 3 SB 1386 Update Carbon Monoxide Point-of-Sale pages 3

CAR

C.A.R. Web Site Update page 5

NAR

NAR Update page 5

MLS

MLSListings, Inc. Updates page 6

Association News

Monthly Newsletter of The San Mateo County Association of REALTORS®

www.samcar.org tel. (650) 696-8200 fax (650) 342-7509 Board of Directors 2008 President President Elect Region 25 Chair Director Director Director Director Director Director Director Director Affiliate Director Director Director Director

Sue Walsh Olivia T. Edwards Geoffrey Craighead Tim Auran Eric Berggren John Clifford Nini De La Fuente-Pecson Bobbi Decker Suzan Getchell-Wallace Anne Oliva Jennifer Tasto Edgar Tulcanaza Sue Vaterlaus Marianne Zanone Rush David Zigal

*Important SAMCAR Announcement*

Become a SAMCAR Director!

Elections for positions on the

SAMCAR Board of Directors will be held in August.

Deadline to submit an application

July 15, 2008

REALTOR® Candidate Application

http://www.samcar.org/userfiles/file/BOD08_Realtor_app.pdf printed copies also available at SAMCAR

Chief Executive Officer Philip B. Tedesco, RCE, CAE Editorial Team

“Thank You” from SAMCAR

Michon Coleman Director of Public Affairs Dalen Gilbrech Publications Designer Our Vision The Voice for Real Estate Professionals and Property Owners in San Mateo County.

Congratulations! to

Laura Lung of Fidelity National Title for helping us to name the

{RE}source newsletter SAMCAR {RE}source is published monthly by the San Mateo County Association of REALTORS®, 850 Woodside Way, San Mateo, CA 94401 and distributed to more than 4,000 recipients. E-mail samcar@samcar.org your questions or comments.

Copyright © 2008

and winning the $50 prize!

Association News

July 2008

Welcome New Members

The Following Members Joined in June 2008

Realtors Sue Walsh

2008 President

Message from the President Fernel K. Andong Exit Realty, WEM & Associates

Happy Fourth Of July!

My applause to all of you who have faced the many challenges of 2008! You too have much to celebrate as we honor our nation’s independence and success! SAMCAR has been working for you to resolve the issues of mortgage fraud, new lending guidelines, point of sale requirements, disaster insurance, health care, and local schools and parks funding, which have a direct impact on your real estate business.

Our trips “to the Hill” in both Washington D.C. and Sacramento put us in face-to-face contact with our legislators, who heard us loud and clear and asked for our input on current local affairs.

It is rewarding, powerful and enlightening to see our government in action on our behalf!

We want you! As we start the second half of the year, I would like to invite you to participate in making SAMCAR the best Association in California … if not the United States!

The election of new Directors is coming up in August, and the search is on for members

who want to make a difference! SAMCAR is a vital part of your success, and plays a huge legislative role in the community, state and nation regarding homeownership and property rights! If you have any interest in becoming part of the “Voice of Real Estate in San Mateo County,” now is the time to let us know! The Leadership Academy that we are preparing to implement will help groom and guide you, so that you can hit the ground running, or prepare for future years leadership. We want to know who our future leaders may be, and we want to do all we can to ensure your successful involvement and career. The real estate industry is constantly changing with new technology, new legal issues and new membership that take us forward into unknown territory. It is exciting, challenging and fulfilling to be leading the way!

If you know anyone interested, feel free to have them call me with questions or just to discuss what leadership may mean to you! I am always available and happy to talk with you!

Have a Safe and Happy Fourth of July!

Fely Barrera Provident Lending

Marie Bernardo Panda Realty

Troy Bilodeau Western Estates Business

Joy Estupinian Cashin Company

Richard Feerick Intero Real Estate Services

Virginia M. Freiberg Pinoy Connections

Susan B. Horwitz Cashin Company

Alexandra Rodriguez RE/MAX Achievers

Ravinesh Sen Greenfield Realty

William T. Tran Keller Williams Realty

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Government Affairs

July 2008

SB 1386 Update

SAMCAR Successfully Obtains Amendments to SB 1386, Carbon Monoxide Point-of-Sale

AB 1991 Update

SAMCAR Continues to Support AB 1991 as it Now Moves to Senate, Half Moon Bay Beachwood Settlement

SB 1386 requires that all homes in California have a carbon AB 1991 is a special local rescue bill that will help the City monoxide device installed at time of sale beginning July 1, 2010, and assigns noticing and penalty provisions for failure to install. Initially, the bill as originally written required verification of compliance upon sale, whereby it effectively made sellers and their agents de facto public safety compliance officers and virtually guarantees that CO devices will not be installed until the property changes hands. The point-ofsale requirement has been removed and the measure was amendment to ensure that real estate agents and other agents to a sale transaction are not required to monitor or ensure compliance.

SB 1386 has been passed as amended and re-referred to the Committee on Appropriations. SAMCAR Government Affairs office will keep you informed of any new development.

of Half Moon Bay avoid payment of an $18 million settlement for a $41.1 million court-imposed liability resulting from a dispute with the owner of property known as Beachwood. The California Assembly passed the bill, 45 to 19. This vote brings the City one step closer to avoiding a multi-generation burden on the City if AB 1991 fails.

AB 1991 will be heard in the state Senate Local Government Committee on Wednesday, June 25, 2008. SAMCAR Government Affairs Director George Mozingo and Government Affairs Coordinator Dimitra Bizos are planning to attend the Committee hearing and express support for the Legislation. SAMCAR Government Affairs office will keep you informed of any new development.

Sacramento Legislative Day

A

s tradition holds, SAMCAR Realtors made their way to Sacramento to participate in this year’s Legislative Day. We had the opportunity of meeting with a number of our representatives, including Assemblymember Ira Ruskin, Assemblymember Gene Mullin, Senator Joe Simitian and Senator Leland Yee. Hot issues for the day involved the following three pieces of Legislation.

First, we clearly opposed Assembly Bill 2678 (Nunez). This bill will require among other things, that ALL homes and commercial property in California have an energy audit at point-of-sale. Second, we support Senate Bill 1055 (Machado) only if amended. This bill will eliminate the tax penalty from the “phantom” income created when lenders

SAMCAR members and directors attended the opening session to the C.A.R. meetings in Sacramento on Legislative Day - Wednesday, June 4, 2008.

forgive some of the homeowner’s mortgage to allow a “short” sale.

We are seeking that the bill be amended so that it conforms to federal law and allows three years, as opposed to the current two years, of such relief. Lastly, we support Senate Bill 1448 (Scott). This bill will increase fines to be sought by district attorneys when someone practices real estate without a license.

SAMCAR Directors David Zigal and Nini De La Fuente-Pecson

The evidence of Legislative Day success immediately materialized when the author of Assembly Bill 2678 agreed to remove the requirement from the measure that would have, required homes and commercial property on the market in California to undergo an energy audit at point-of-sale and mandated completion of energy efficient investments. Our recent success goes to show that our collective voices do not go unnoticed.

Association News

July 2008

Practitioner’s Tips

First Time Home Buyers: This is Their Market

I

n some ways, market conditions in many areas, such as San Mateo County, favor first-time home buyers; they have more choices and access to financing at near-historic low rates, and they do not have to sell an existing home to take advantage of current opportunities.

This has not been lost on many new buyers – research from the National Association of REALTORS® estimates that in 2007, first-time home buyers purchased approximately 2.5 million homes.

Conditions are ideal for first time home buyers. Prices have moderated, interest rates are approaching 40-year lows and the number of homes for sale is greater than it has been in 15 years. In fact, current market conditions, which are robust here in San Mateo County, won’t last long. Research shows that prices are beginning to stabilize and price declines are coming to an end. A modest increase in property values is expected in 2009.

Lenders are also better able to assist this home buying group due to provisions of the recent stimulus package. Buyers are now able to make better use of the Fannie Mae, Freddie Mac and FHA loan products that now incorporate the increased loan limits of $729,750.

Fortunately, San Mateo County is one of the first counties to be included in the initial increase, where the median home price is approximately $875,000. Even in lower cost areas, such as Daly City and Pacifica, median home prices are in excess of $550,000. The temporary increases on conforming loans not only allow troubled borrowers to refinance out of sub-prime loans, but also make it easier for many new, first time home buyers to qualify for mortgages in high-cost areas, like San Mateo County.

Due to the high amount of attention focused upon the downturn in the real estate market, many consumers have soured on the idea of buying a home. The truth of the matter is that now is the ideal time to buy as prices in the San Mateo County market are not likely to go any lower and inventory is abundant.

So, let your first time home buying clients know that it is a great time to buy, with many options for financing available.

SAMCAR Diversity Committee Hosts Lender Panel & Networking Reception

T

he SAMCAR Diversity Committee hosted a panel discussion with representatives from various lending institutions, to discuss a variety of products and programs available to first time home buyer and diverse clients.

SAMCAR President-Elect Olivia Edwards introduced the panel, which included: Scott Coe

HCD Specialist from the San Mateo County Department of Housing

Janet Velez

Senior Vice President of Bank of America’s Palo Alto Residential Mortgage Center

Carolyn Mountain

Home Loan Consultant and Cal HFA Specialist for Countrywide Home Loans

Yolanda Liu

Home Loan Consultant for Wells Fargo Home Mortgage

The panelists gave brief presentations and then opened up the discussion to questions from many of our members, which included both REALTORS® and Affiliates. Following the panel, the Diversity Committee hosted a reception, featuring an assortment of international hors d’oeuvres. Attendees had the opportunity to network, enjoy great food and wine, and speak further with our panelists, who were gracious enough to stay through the reception.

For information regarding how to connect with the panelists, please contact Michon Coleman, Director of Public Affairs, at (650) 696-8204 or via email, mcoleman@samcar.org.

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July 2008

NAR Updates

REALTORS® Challenge HUD’s Complicated and Costly RESPA Reform NAR has asked the U.S. Department of Housing and Urban Development to amend its proposed changes to the Real Estate Settlement Procedures Act. In a comment letter, NAR expressed concern and dissatisfaction with HUD’s proposed reforms and asked the agency to simplify the procedure and improve the disclosure requirements for mortgage settlement costs.

an appropriate mortgage and high-quality settlement services at competitive prices.”

NAR supports greater transparency in the settlement process and reform that is focused narrowly on simplification, including clear disclosures provided early in the home buying process. “We need to work together to help consumers identify the mortgage product

NAR supports greater transparency in the settlement process and reform that is focused narrowly on simplification, including clear disclosures provided early in the home buying process

“As the most trusted resource for real estate information, Realtors® have an important stake in RESPA reform,” said NAR President Dick Gaylord. “Real estate brokers and agents operate their businesses locally and achieve success through client satisfaction.

Business is obtained by providing clients with a successful home buying experience that results in finding the right home, and securing

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July 2008

CAR Web Site an Update

that provides the optimal combination of cost and value,” Gaylord said. “However, we question the wisdom of undertaking what HUD acknowledges is a major overhaul of the rules that will require significant time and expense to implement at a time when the housing and mortgage markets are already in disarray.”

NAR believes the proposed rule fails to strike the right balance between simplification and understanding. “The Good Faith Estimate and the standard HUD-1 document should present information uniformly. This change would help consumers better understand whether the terms and expenses that were disclosed during the application process are identical to those presented at time of closing.”

In its letter, NAR noted that it does not support the other proposed reform provisions. Provisions in the proposed rule on cost reduction are anti-competitive and will reduce the quality of settlement services; “required use” modifications and average cost pricing will have negative unintended consequences; and the proposed rule underestimates the cost of implementation and overstates the benefits.

Gaylord noted that NAR believes HUD’s efforts to modernize RESPA have been well-intentioned.

“The proposed rule, however, is cumbersome, confusing, goes far beyond what was envisioned after HUD’s public roundtables, and is not likely to yield benefits in the real world.”

NAR has asked HUD to withdraw all elements related to price controls and focus on simply reforming the Good Faith Estimate to make it easier to understand for home buyers. To view the full comment letter, please visit http://www.realtor.org/RESPA.

C.A.R. Updates

The new CAR web site, launched earlier this month, experienced some technical difficulties.

Accordingly, while the new site undergoes repair, please continue to use www.car.org to access forms, member pages and other information.

When you enter that web address, you will be routed automatically to the old site. Once the new site is operable, CAR will send out a notice of the relaunch.

MLSListings News

July 2008

10

Service Updates

MLSAlliance Update In April, MLSListings’ Board of Directors voted not to renew the MLSAlliance contract for another 12 months. The current contract expires June 30. On average, approximately 1,500 of the nearly 20,000 subscribers (7%) access MLSAlliance each month. At a cost of nearly $20,000 per month and with such low usage, the Board decided that the expense of $180,000 for the 9-month contract that was offered was economically unfeasible.

MLSAlliance will be replaced shortly across the state by the multiple data-share initiatives that are already underway, including our data-share arrangement with SFAR, BAREIS and MetroList which will be launched in the early fourth quarter of this year.

Strong Authentication Moves Ahead MLSListings staff presented its proposed Strong Authentication software solution to the CEO’s of SFAR, BAREIS, and MetroList. The partners in the Quattro data-share enthusiastically endorsed the solution, which

does not require subscribers to utilize a token or other hardware device to access the MLS. Following extensive reviews of more than a dozen vendors, contract negotiations have begun with a finalist vendor.

If you have further questions about this decision or how it was reached, please contact MLSListings, Inc. CEO, Jim Harrison, at (408) 874-0255

MLSListings DirectConnect Monthly online publication of MLSListings, Inc.

http://mlslistings.frogpond.com

MLS Board Updates

Board Elects

New Member; Reinstates Quarterly Billing At its May 27 meeting, the Board of Directors elected John Leahy of San Jose as a Board Member, to complete the unfinished term of former Board Member Bob Endsley.

The Board approved the re-instatement of a quarterly billing option for subscribers. This follows a $12-per-month fee increase approved last month, beginning with June 1 renewals.

The new subscription fee schedule is as follows:

JULY 2008 Weekly Education, Events & Tour Calendar

JUNE 27 – JULY 04 Su 22 29

Mo 23 30

Tu 24 01

We 25 02

Th 26 03

Fr 27 04

Sa 28 05

Classes & Events July 4 / ALL DAY

saMCar office Closed in observance of U.s. independence day

July 7 3 p.m.

WiNforms® training WINForms® is the electronic standard forms software you receive FREE as a C.A.R. member. Location: SAMCAR | Instructor: Bernie Martinez Registration: http://www.samcar.org/calendar or 650-696-8200

July 10 8 a.m. – 5 p.m.

Gri 100: agency relationships, duties and disclosures; and Gri 101: ethics, Professional Conduct and Legal aspects Location: SAMCAR| Cost: $149 Registration: http://www.eDesignations.com or 888-785-4800

Two 3-hour courses offered together

July 11 9 – 10:30 a.m.

July 21 10 a.m. – 6 p.m. *DEADLINES* Sponsors: July 7 Golfers: July 11

e-Pro, sharpen your e-skills A free workshop with tech tips and information on NAR’s fastest growing online technology certification course, e-PRO. Instructor: Floyd Arnold, ePRO, GRI, SRES | Location: SAMCAR Register: http://ePROworkshop.InternetCrusade.com or 866-ePRONAR saMCar annual Charity Golf tournament Location: Peninsula Golf & Country Club / 701 Madera Dr., San Mateo Information: http://www.samcar.org/index.cfm/special_events.htm go to the page above for Hole SponSorSHip and Golfer reGiStration forms.

July 24 10 a.m.

WiNforms® training WINForms® is the electronic standard forms software you receive FREE as a C.A.R. member. Location: SAMCAR | Instructor: Bernie Martinez Registration: http://www.samcar.org/calendar or 650-696-8200

July 25 101 / 10 a.m. – 12 p.m.

102 / 1:30 – 3:30 p.m.

MLsListings 101 and 102 seminar training Location: SAMCAR Registration: http://www.samcar.org/calendar or 650-696-8200

July 30 1 – 4 p.m.

LiVe ethics This course satisfies the NAR Quadrennial Ethics training requirement.

Location: SAMCAR| Instructor: Bruce Southstone | Cost: $15 Registration: http://www.samcar.org/calendar or 650-696-8200

Marketing Meetings Tuesday, July 1 8:30 a.m.

June Combined Tour Elks Lodge 229 West 20th Avenue San Mateo Presentation: SaMCar Board of direCtorS C.A.R. Update

9 a.m. Half Moon Bay Tour Community Center 535 Kelly Avenue Half Moon Bay

9:30 a.m. Pacifica Tour Community Center 540 Crespi Drive Pacifica

SAMCAR Board of Directors Meetings July 23 8:30 a.m.

saMCar Board of directors Meeting Members welcome to attend these monthly meetings. | Location: SAMCAR

Legislative Committee Meetings July 16 9:30 – 11 a.m.

Peninsula North Legislative Committee Meeting Members welcome to attend these monthly meetings.

Location: Financial Title Co., 1001 Bayhill Dr., Ste. 185, San Bruno

July 17 9:30 – 11 a.m.

Peninsula soUth Legislative Committee Meeting Members welcome to attend these monthly meetings.

Location: Coldwell Banker, 580 El Camino, San Carlos

July 3 10 a.m.

PaCifiCa Legislative Committee Meeting Location: Old Republic Title in Pacifica Linda Mar

July 9 10 – 11 a.m.

Coastside Legislative Committee Meeting Location: RE/MAX Dolphin Half Moon Bay, Conference Room

MLS Tour Sheet Deadline Reminder Broker/Property tours Tuesdays 9:30 a.m. – 1:30 p.m.

Deadline to add tours in MLS Mondays, 11 a.m.

Entry deadlines are subject to change for holidays.

Deadline for Monday holidays prior Friday at 11 a.m.

View tour sheet by Monday afternoon http://www.samcar.org/index.cfm/tour_information.htm