the valley voice for real estate

the valley voice JAN- MAR 2024

OFFICIAL PUBLICATION OF SOUTHLAND REGIONAL ASSOCIATION OF REALTORS®

PROUDLY SERVING THE REALTORS® OF THE SAN FERNANDO AND SANTA CL ARITA VALLEYS

empoweringyour business IN THIS ISSUE:

success

The Main Challenges Real Estate Agents Will Face in 2024 C.A.R. launches FortressFire's Wildfire Disclosure Report

For California Residential Real Estate Transactions

The Stars Aligned in 2023

The first ever SRAR REALTOR® Action Fund Donor Wall

7 Questions

with Bryan Almeida

"the voice for real estate" © 2024 Southland Regional Association of REALTORS® | 7232 Balboa Blvd., Lake Balboa CA 91406 | www.srar.com | 28033 Smyth Drive, Valencia CA 91355

the valley voice "the voice for real estate" 2024 ASSOCIATION OFFICERS

2024 President's Message Elevating Real Estate: A Message from SRAR President Bob Khalsa

Bob Khalsa 2024 PRESIDENT

Dear SRAR Members

Anthony Bedgood 2024 PRESIDENT-ELECT

I am honored to address you as the 2024 President of the Southland Association of REALTORS®. We are here to empower our members and navigate the challenging market conditions and operating environment together.

Howard Katchen 2024 TREASURER BOARD OF DIRECTORS Bryan Almeida Olivia Chavez Winnie Davis Louisa Henry Tisha Janigan Kristen Kalski Vilma Letosky

Rana Linka Rich Pisani Michael Regilio Nancy Starczyk Nicole Stinson Fred Tazartes Stephen DiGiuseppe (LEGAL COUNSEL)

ASSOCIATION EXECUTIVES Valerie Biletsky Interim Chief Executive Officer valerieb@srar.com Elizabeth de Carteret Government Affairs Director elizabethd@srar.com Jessica Cruz Communications Manager jessicac@srar.com Diane Fraser Marketing Manager dianef@srar.com

Supporting You Every Step of the Way In the world of real estate, SRAR stands as your unwavering support system. Our commitment extends particularly to those in small brokerages with limited resources. We understand the hurdles you face, and we are dedicated to helping you thrive in this competitive arena.

Championing Professionalism Amidst the backdrop of NAR lawsuits, it is crucial to showcase our professional skills. Your role at the center of every transaction is pivotal, providing clients with the highest level of support and guidance. SRAR is here to champion your professionalism and ensure your clients receive the best.

Empowering Excellence Through Education In our fast-paced industry, knowledge is power. SRAR is committed to enhancing your education and resources in residential and commercial real estate. Our platform features nationally renowned speakers, training on essential contracts and disclosures (including the Buyer Representation and Broker Compensation Agreement), and strategies to empower new agents. We're dedicated to keeping you ahead of the curve.

Cultivating Future Leaders Strong leadership is the backbone of our industry's success. That's why SRAR has established a robust Leadership Academy program. Our goal is to nurture effective leaders who will shape the future of real estate and our association. More information will be available soon on srar.com.

A Gateway to Success SOUTHLAND REGIONAL ASSOCIATION OF REALTORS® SAN FERNANDO VALLEY 7232 Balboa Blvd., Lake Balboa CA 91406 (818) 786-2110

www.srar.com SANTA CLARITA VALLEY 28033 Smyth Drive, Valencia CA 91355 (661) 299-2930

In the digital age, access to information is crucial. SRAR is excited to introduce a modern website, designed to provide you with the resources you need today and in the future. Stay informed, stay competitive, and stay successful.

As your SRAR President, I am committed to guiding our association towards excellence. Together, we will elevate the real estate industry, empower our members, and embrace the opportunities that lie ahead.

Thank you for placing your trust in SRAR.

With warm regards, Bob Khalsa, President Southland Association of REALTORS®

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

JANUARY-MARCH 2024 | VOLUME 2 | NUMBER 1

CONTENTS 13 Success Occurs When Opportunity Meets Preparation

Kit Young shares the SRAR educational platform for 2024.

Additional Content 2

6 SRAR 2024 INAUGURAL BALL Check out some photos from the elegant evening installing our 2024 President Bob Khalsa and the new Board of Directors.

President's Message Bob Khalsa, 2024 SRAR President

10 Monthly Sales & Price Report Market Statistics for San Fernando & Santa Clarita Valleys.

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2024 Board of Directors

8

The Main Challenges Real Estate Agents Will Face In 2024

Originally published by OneVirtual Global Business Solutions

12 C.A.R.'s 2024 Champion of Home

IMPACT AWARDS - Rules, Criteria, Prizes, How to Nominate

11 CRMLS Marketwatch Report 2024 1st Quarter Los Angeles County Statistics.

13 Case Study of Code of Ethics C.A.R. Code of Ethics Violation 15 The Stars Aligned in 2023 The first ever SRAR REALTOR® Action Fund Donor Wall 16 Santa Clarita Valley Casino Royale Gala A high-roller event that celebrated the incoming 2024 SRAR SCV division members and our platinum sponsors.

17 2024 SRAR Santa Clarita Valley Platinum Sponsors

14 Affiliate Column

"Protecting Your Dreams: Why Earthquake Insurance Matters"

By Irv Selman - Founder, Selman Insurance Services

18 Gov Hutchinson visits Santa Clarita Valley office SRAR members were treated to insights from state-wide leaders in real estate and related fields

19 Attorney Comments

"Reduce Risk When Completing The Residential Purchase Agreement" By Mark C. Carlson - Carlson Law Group Inc.

20 C.A.R. launches FortressFire's Wildfire Disclosure Report

for California residential real estate transactions Originally piblished by California Association of REAL:TORS®

21 7 Questions With Bryan Almeida

ON THE COVER Empowering Your Business Success

ON THE COVER

SRAR is committed to providing our valued members with continued education and support to navigate any real estate challenges ahead in 2024 JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

r e h g i Fly H

SRAR is excited to share some fun photos of members who joined in the celebration at this year's Inaugural Ball and Installation of 2024 President Bob Khalsa and the newly sworn Board of Directors.

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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The Main Challenges

Real Estate Agents will face in 2024 Originally published by OneVirtual Global Business Solutions Consumer choices are also influenced by the generation they belong to, the economy, and their social-cultural values.

Millennials and Gen Z are seen as the most important target audience for the real estate industry.

Indeed, nothing is certain, but we can expect new trends to emerge and produce new opportunities. As early as now, real estate professionals must strategize on how to approach and overcome the disruptions and harness the opportunities that will define the coming year.

A projected generational shift in homebuying is seen, with millennials beginning to purchase residential real estate.

Research has shown that nearly all of Gen Z highly value home ownership.

In this edition, we will talk about the main challenges that real estate agents will face in 2024:

The change in the behavior of consumers will be a challenge for real estate agents. They must be able to adapt to the differing perspectives of their target customers.

Technological Advancements

Changing Economic Trends

Technology keeps on evolving and new trends come out every year. The real estate market is not exempted from this development.

The status of the economy does affect the real estate market situation. With the unforeseen status of the economy in 2024, realtors will find it difficult to generate leads and close deals.

These advances have pushed real estate agents to shift to the use of social media marketing, and artificial intelligence with machine learning that has already transformed the way companies operate.

Realtors must prepare strategies to adjust to what corresponds with the interest, unemployment, and inflation rates.

It can be challenging to navigate an unfamiliar field especially if you are not a tech-savvy realtor.

The demands in the real estate industry can be very overwhelming. The workload can cause burnout for many realtors.

Increased Competition

Maintaining a Work-Life Balance

With more and more real estate businesses emerging on a daily, the market is undoubtedly getting packed. This means tougher competition and more difficulty in selling property.

Just like in any job, an individual needs to separate the demands of their career from the needs of their personal lives. That is a dilemma for realtors who sacrifice their valued personal time to focus on getting more clients.

There are way too many realtors which makes it more difficult for agents and agencies to establish their identity and differentiate their brand among the rest.

Business owners must be forward-thinking to prepare for the challenges that will come their way. Strategize as early as now and be ready to step up for success this 2024!

The more crowded the market gets, the harder it becomes for realtors to generate leads, attract clients, and close deals.

Face 2024 with Confidence!

Changing Consumer Behavior The attitude of consumers also changes as time passes. This can be a cause of concern for realtors because their business strategy must align with the preferences of their target market.

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It’s time to cement your place in the real estate industry.

Streamline your operations and improve your business productivity without additional costs.

SUCCESS

THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

empowering

COMMITMENT TO ENHANCED COMMUNICATION

STREAMING ON HULU

SEE THE DIFFERENCE IT MAKES TO YOUR BUSINESS!

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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AS OF 2.9.2023

AS OF 2.9.2023

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

Local Market Update – December 2023

A Research Tool Provided by California Regional Multiple Listing Service, Inc

Los Angeles County Single Family

December

Year to Date

Key Metrics

2022

2023

% Change

Thru 12-2022

Thru 12-2023

% Change

New Listings

2,046

1,897

- 7.3%

55,751

43,706

- 21.6%

Pending Sales

2,036

1,682

- 17.4%

39,202

32,071

- 18.2%

Closed Sales

2,472

2,439

- 1.3%

40,827

32,381

- 20.7%

Days on Market Until Sale

38

32

- 15.8%

25

32

+ 28.0%

Median Sales Price*

$860,000

$915,000

+ 6.4%

$931,500

$915,000

- 1.8%

Average Sales Price*

$1,297,641

$1,319,886

+ 1.7%

$1,391,658

$1,353,682

- 2.7%

Percent of List Price Received*

98.6%

100.5%

+ 1.9%

102.9%

101.0%

- 1.8%

Inventory of Homes for Sale

8,493

5,707

- 32.8%

––

––

––

Months Supply of Inventory

2.6

2.1

- 19.2%

––

––

––

Townhouse/Condo Key Metrics

December 2022

2023

Year to Date % Change

Thru 12-2022

Thru 12-2023

% Change

New Listings

666

709

+ 6.5%

19,434

15,498

- 20.3%

Pending Sales

649

567

- 12.6%

14,364

11,217

- 21.9%

Closed Sales

829

797

- 3.9%

15,096

11,283

- 25.3%

Days on Market Until Sale

39

33

- 15.4%

25

33

+ 32.0%

Median Sales Price*

$600,000

$662,000

+ 10.3%

$670,000

$665,000

- 0.7%

Average Sales Price*

$760,435

$776,771

+ 2.1%

$823,576

$825,111

+ 0.2%

Percent of List Price Received*

98.9%

99.8%

+ 0.9%

102.4%

100.5%

- 1.9%

Inventory of Homes for Sale

2,734

2,284

- 16.5%

––

––

––

Months Supply of Inventory

2.3

2.4

+ 4.3%

––

––

––

* Does not account for sale concessions and/or downpayment assistance. | Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.

Median Sales Price - Single Family Rolling 12-Month Calculation

Median Sales Price - Townhouse/Condo State of Californa Los Angeles County

Rolling 12-Month Calculation

State of Californa Los Angeles County

$700,000

$1,000,000 $900,000

$600,000

$800,000 $700,000

$500,000 $600,000 $500,000

$400,000

$400,000 $300,000

$300,000

1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023

1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 1-2021 1-2022 1-2023

A rolling 12-month calculation represents the current month and the 11 months prior in a single data point. If no activity occurred during a month, the line extends to the next available data point.

Current as of January 16, 2024. All data from the California Regional Multiple Listing Service, Inc. Report © 2024 ShowingTime.

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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C.A.R. is relaunching its Champions of Home Awards with a new name and new criteria. The Champions of Home Impact Awards honor California REALTORS® who have made a significant impact on their communities through volunteer efforts.

Eligible activities include any kind of volunteer work that serves to address issues in the community at large. Examples include (but are not limited to) food insecurity, housing, educational, social and/or environmental issues. One award winner and up to two award honorees will be recognized at the REimagine! Conference & Expo in September.

One Champions of Home Impact Award Winner Will Receive • • • • • • •

$5,000 donation to the non-profit organization 501(c)3 they serve Travel expenses to REimagine! Conference & Expo for two Physical trophy Story video to be shown at awards presentation California Real Estate magazine article Press release, newsletter stories, shareable social media content Promotional communication supplied to local association

Up to Two Champions of Home Impact Award Honorees Will Receive • • • • • • •

$1,000 donation to the non-profit organization 501(c)3 they serve Travel expenses to REimagine! Conference & Expo for one Framed certificate Short video to be shown at awards presentation California Real Estate magazine mention Press release, newsletter stories, shareable social media content Promotional communication supplied to local association

Nominate a REALTOR® Making a Difference!

The Champions of Home Impact Awards recognize California REALTORS® who go above and beyond, volunteering their time and talents to create positive change in their communities. MORE DETAILS TO COME!

For details on Nominee Criteria, Contest Rules, and What You Will Need To Apply please visit the Impact Awards page on C.A.R..'s website

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

Discover the power of knowledge!

E L E VAT E Your Realtor® Journey “Success Occurs When Opportunity Meets Preparation” 2023 was a rollercoaster for most REALTORS®! There were changes in the market, legal challenges looming, rapidly growing online real estate marketing, economic uncertainties and through it all our industry continues to thrive. It thrives because of YOU, and here is where your REALTOR® Association is here to help.

The Southland Regional Association of REALTORS® has been busy building an educational platform for 2024 that will take you to your next level. In answer to the legal challenges presented in 2023, SRAR is your source of information every step of the way. Offering legal updates and classes on forms to get you ahead of the curve.

Understanding the value of your exclusive SRAR members benefits provides an avenue for virtual staging, online marketing tools and gives you an understanding of how social media can do the work for you. We are not stopping there! We will offer classes on how to show a house, effective open house tips, successful ways to engage with future and present clients, retaining and building your “clients for life” foundation. We also have respected economic experts and financial advisors on board to help you secure your financial balance and provide the market insight you need.

We are currently planning a new course series called “Rental Property Specialist,” panel discussions on the best marketing strategies OLD and NEW, a “Contracts and Disclosures: from A-Z” series that will take you through your transaction forms including the Buyers Representation Agreement, exciting motivational speakers, and much more. SRAR wants to be there FOR YOU, giving you what you need to prepare for 2025 and beyond. We want to provide opportunities in education that will take you to the next level, no matter what the market looks like.

While education remains our cornerstone, SRAR is a hub of myriad opportunities. - Kathleen “Kit” Young

CODE

OF

ETHICS

CASE

STUDY

A REALTOR® was found in violation of Article 16 of the Code of Ethics. As a result of this violation, a letter of reprimand was placed in her file for 5 years, she was fined $5,000, and she was required to attend and complete NAR’s online Code of Ethics course.

The REALTOR® was the listing broker for a residential property. A buyer submitted an offer to purchase the property, which was accepted. However, the buyer was not cooperative and did not order an appraisal or remove other contingencies. The buyer was sent a notice to perform from the sellers to remove all contingencies. Immediately after that, the buyer sent a letter to her broker seeking to terminate her exclusive buyer representation agreement with the broker. However, the broker never agreed to terminate the agreement. With no response to the notice to perform, the seller requested that the buyer cancel the purchase agreement. A cancellation was received and signed. Then, the buyer submitted a new offer with Cole’s agent as both the buyer’s and seller’s agent. Notably, the exclusive buyer’s representation agreement the buyer had with the previous broker was never cancelled. The panel concluded that Cole was aware of the exclusive buyer’s representation agreement between the buyer and the first broker before she established an agency relationship with the buyer. Thus, Cole was found to have violated Article 16 because she engaged in actions that were inconsistent with the exclusive representation agreement another REALTOR® had with their client.

- A version of this article was published by California Association of REALTORS® JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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Affiliate Column Protecting Your Dreams: Why Earthquake Insurance Matters

By Irv Selman - Founder, Selman Insurance Services Affordability: An Unexpected Surprise Imagine sipping your daily coffee – the cost of that simple pleasure is all it takes to secure your home with earthquake insurance. Even in the most seismically active regions, like California, where 90% of the nation's earthquakes occur, only 10% of residents have this essential protection.

A single earthquake can shatter those dreams. Earthquake insurance ensures you can rebuild and recover, protecting your present and future.

Beyond Government Aid: Filling the Gaps While government assistance may be available after a major earthquake, it often falls short, leaving many costs unaddressed. Don't rely on uncertain aid – secure your own financial safety net.

Expect the Unexpected: Mitigating Risk Today We've all learned that disaster can strike anytime, anywhere. Earthquakes are no exception. Just like wildfires, they pose a significant financial risk. Don't let earthquake damage lead to hardship.

Beyond Walls: The True Value of Coverage While standard homeowners' insurance won't cover earthquake damage, a dedicated earthquake policy provides a comprehensive safety net. This includes: •Repairs: Restoring your home's foundation, walls, and roof.

•Personal Property: Replacing lost or damaged belongings.

•Living Expenses: Finding temporary accommodation while repairs are underway.

Without this coverage, rebuilding, replacing, relocating, and managing existing loans could become insurmountable challenges.

Safeguarding Your Future: Financial Stability and Peace of Mind For many, their home equity serves as a crucial pillar of financial stability, particularly in retirement.

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Take Control: Assess Your Risk and Act Now Living in an earthquake-prone area requires careful consideration of risk. By understanding the benefits of earthquake insurance, you can make an informed decision to protect your home, belongings, and financial security.

Don't wait for the ground to shake.

Take control of your future today.

THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

The Stars Aligned in 2023 (and Beyond) Thank you to our Major Investors who support the REALTOR® Action Fund, which promotes and protects homeownership and property rights!

Hall of Fame members have made a lifetime investment of at least $25,000 Double Hall of Fame members have made a lifeime investment of at least $50,000 President's Circle members contribute to REALTOR®-friendly candidates at the federal level

At the end of 2023, SRAR initiated its first ever REALTOR® Action Fund Major Donor Wall.

Highlighting over 35 investors, the wall resides at the entrance of the Lake Balboa office.

The stars feature NAR RPAC Double Hall of Fame, NAR RPAC Hall of Fame, NAR RPAC Golden 'R', NAR RPAC Sterling 'R' & Charter Sterling R and California Silver Bear donors.

SRAR advocates for real property rights, a core mission of the association.

The REALTOR® Action Fund helps to promote the values, attitudes, and beliefs of organized real estate, and is used to protect and advance homeownership for all.

For more information, please visit srar.com

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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As Southland Regional Association of REALTORS® members gathered for the Santa Clarita Valley Casino Royale, SCV City Council member Jason Gibbs addressed the gathering and incoming SRAR SCV Division members. Also recognized were SRAR's platinum sponsors and their impact on the association's growth and prosperity. The event fostered a strong sense of community and reinforced the SRAR's commitment to its valued partners.

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

We sincerely appreciate our generous Santa Clarita Valley Platinum Sponsors for their ongoing support!

Please support them by contacting them for your real estate needs.

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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In a packed room, Gov Hutchinson, Assistant General Counsel of C.A.R., addressed the audience with a deep dive into the latest legal landscape impacting real estate. He provided a comprehensive overview of new laws, discussed the latest C.A.R. forms, and shared insights on the current real estate industry.

Down Payment Resources at Your Fingertips Did you know that C.A.R. has a resource page dedicated to down payment resources? This page has information on over 400 down payment assistance programs throughout California. It includes webinars, customizable flyers, and a down payment resource directory. As a valuable directory, it has several custom features to help you find resources for your buyers.

These include: • • • •

Identifying opportunities through a simple three-step process Capability to search general or property-specific locations Filters to better identify specific programs Filters for potential matches in just seconds

Affordability is an issue for many buyers, and these tools can help you qualify consumers' use, especially the customizable flyers for prospecting. And for those wanting to delve deeper into these opportunities, there is an in-depth video for you to educate and share with your clients so that you can better understand the down payment resources.

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

COMMENTS

ATTORNEY

Mark C. Carlson, Esq.

Reduce Risk When Completing The Residential Purchase The California Association of Realtors Residential Purchase Agreement is probably the most widely used form in a residential real estate transaction. If the RPA isn't properly completed, the risk of litigation increases substantially. Below are simple strategies that will help you when you fill out the RPA, so that it is a full and complete representation of the agreement reached by both parties.

If a property is tenant-occupied, obtain direction from the principals as to whether the buyer plans to take the property with the tenants in possession or whether the seller is to deliver a vacant property. It is dangerous to assume that there will not be problems in getting the tenants to move out during the escrow period. Even if the parties extend the closing, it is impossible to predict when tenants are ultimately going to be evicted.

Multiple counteroffers are common in hot markets and when inventory is low. Unfortunately, listing agents will sometimes send out multiple counters without checking the multiple counter box in each of them. If that mistake is made, the agent will have sold the property to multiple buyers.

First, a salesperson should double check that the RPA is completely filled out before presentation. This means that every term of the agreement reached by the parties is included in the RPA. Personal property that is not contained in the sale is often overlooked. Paragraph 4, which lists Addenda and Advisories that will be used, is seldom completed accurately. Finance terms, contingencies on sale/purchase, tenant occupancy, possession and allocation of costs, all required terms that should be added by a salesperson.

Counteroffers should be clear and complete and include a reference to the specific term in the RPA to be countered, since this helps avoid misunderstandings.

Typically, a counteroffer changing the close of escrow will say “Close of Escrow is to be 45 days.”, but it is better to include it in the paragraph where that term is located in the RPA. Here is an example: “Paragraph 3.B. Close of Escrow of the RPA is amended from 30 days to 45 days.”

If a term in the RPA is to be countered, state that in a similar way. An example of this is: “Paragraph 3.R.(2) Other Terms of the RPA is deleted.”

Sellers are always motivated to get the highest price, just as buyers are motivated to get their offers accepted. Salespersons often use successful negotiating strategies like asking for buyers “highest and best” offers or offering “$5,000 more than any other offer.”

This is dangerous because in California, the three essential terms are the description of the property, the identity of the principals, and the purchase price. Courts can reform a contract to add or clarify every other reasonable term, but property, parties, and price are the three terms that need to be in a contract for it to be enforceable.

The RPA also has an “integration clause”, which means that all terms of the contract are contained within the four corners of the document and prevent a court from looking outside the contract to analyze an essential term. When the contract provides for a “highest and best” price term, that number cannot be determined within the four corners of the RPA. Similarly, you cannot determine price when a counteroffer provides for “$5,000 more than any other offer.” If a contract is found to be unenforceable, the losing party undoubtedly will blame his or her agent for improperly drafting the contract.

Mark C. Carlson | Woodland Hills • San Ramon • San Diego | Tel: 818-996-7800 | www.CarlsonLawGroup.com JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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C.A.R. launches FortressFire's Wildfire Disclosure Report For California Residential Real Estate Transactions

Originally published by CALIFORNIA ASSOCIATION OF REALTORS® January 11, 2024, all rights reserved.

“ ” ENSURING THE

C.A.R. encourages all residential real estate transactions in California, particularly those in wildfire hazard zones rated “moderate” through “extreme risk,” to incorporate

SAFETY and SECURITY of their investments.

Los Angeles, Calif. (Jan. 11) -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) has partnered with FortressFire to provide Wildfire Disclosure Reports (WFDRs) in California that document the specific vulnerabilities of a home and provide a roadmap for how to protect and insure it, for the safety and security of homeowners’ investments.

Leveraging satellite imagery, machine learning, and advanced physics models, these reports provide essential insights into wildfire vulnerability, insurability challenges, and property compliance complexities, particularly in wildfire hazard zones rated “moderate” through “extreme risk.”

As the threat of wildfires continues to impact communities across California, C.A.R. recognizes the invaluable role FortressFire's Wildfire Disclosure Reports plays in shaping the future of residential real estate transactions. These innovative reports offer more than just data; they provide actionable insights and roadmaps to mitigate propertyspecific wildfire vulnerabilities.

FortressFire's reports, developed with input and guidance from C.A.R. and its members, reflect a commitment to leveraging advanced technology to assess and mitigate property-specific wildfire risks. C.A.R. President Jennifer Branchini stated, "FortressFire's reports are valuable tools for real estate professionals and property owners in California. They allow our members to offer comprehensive wildfire vulnerability assessments and guide clients toward proactive mitigation strategies, ensuring the safety and security of their investments."

Paul Scola, Chief Revenue Officer at FortressFire, commented, "We are honored to partner with the CALIFORNIA ASSOCIATION OF REALTORS®. Their collaboration in the development and launch of our Wildfire Disclosure Reports reflect a shared commitment to equipping homeowners with essential insights to navigate the ever-evolving dynamics of wildfire risk and creating a more resilient real estate industry."

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FortressFire's Wildfire Disclosure Reports. Furthermore, C.A.R. is pleased to announce that these reports will become an integral part of the standard Residential Purchase Agreement used throughout the state of California by the end of the year.

This integration will streamline the process of ordering and accessing property-specific data and details, further enhancing property owners' ability to safeguard their properties and safety.

To learn more about FortressFire's Wildfire Disclosure Report and its transformative impact on the real estate industry, visit www.fortressfire.com. To order a report, please contact your real estate professional or one of our authorized distribution partners – First American/JCL-LGS NHD, Snap NHD, myNHD, or PropertyID – or visit www.car.org.

About FortressFire FortressFire brings together a diverse group of scientists, technologists, insurance experts, service operations leaders, and fire management professionals dedicated to protecting homes and businesses from the devastation of wildfire. We understand the complex, chaotic nature of fire and how the inability to precisely model and quantify that threat at the individual property level has disrupted the property insurance market in California and the western U.S. FortressFire was founded on the belief that today's technology can enable practical, effective preparation strategies and mitigation services at scale to protect residential properties, communities, and small commercial enterprises. FortressFire's innovative AMP Platform uses machine learning and predictive modeling to assess wildfire vulnerability risk, recommend mitigation actions, and provide ongoing monitoring and protection services. Visit fortressfire.com to learn more.

THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

n o t h g i l Spot Bryan Almeida

7

Questions

Empowering Innovation: A Chair's Vision for Business & Tech Meet Bryan Almeida, SRAR Board member and Chair of the newly formed Business Development, Technology, Artificial Intelligence, and Social Media Committee. They are dedicated to equipping SRAR members with the latest tools and strategies to thrive in today's ever-evolving real estate landscape. We sat down with Bryan to tap into his insights and passion for the industry's future.

Tell us about the new Business and Tech Committee. What excites you most as Chair?

What excites me most about leading this committee is the chance to contribute to professional growth and enhance the knowledge of our members. In today's fast-paced business landscape, staying current with the latest industry trends is crucial, and this committee will play a pivotal role in ensuring that our members have access to cutting-edge information.

Education is a cornerstone for you. Why is this so important for REALTORS®?

In an industry where change is constant, staying informed and up-to-date is not just beneficial – it's imperative. The real estate market is experiencing shifts in regulations, market trends, technological advancements, and consumer behavior. As professionals, we risk falling behind if we aren't abreast of these changes. In an environment that thrives on adaptability and foresight, continuous education serves as a compass, guiding REALTORS® through the complexities of the market.

What technologies are you utilizing in your own business?

One notable technology that has significantly impacted my business is ChatGPT and counterparts like Bot AI. ChatGPT and similar AI-driven tools have become invaluable in streamlining various aspects of my work. They have proven useful in formalizing emails, creating compelling property descriptions, and generating innovative ideas.

What are your thoughts on the 2024 market?

I foresee the market accelerating in the first two quarters due to lower interest rates. Lower rates typically make homeownership more attractive, encouraging both first-time buyers and existing homeowners to enter or move within the market. My biggest concern is a shortage in inventory. Scarcity will lead to increased competition among buyers, potentially driving up prices for whatever inventory enters the market. Another thing I see is that inventory will primarily come from sellers who urgently need to sell, such as relocation for work or divorce. It will continue to keep low inventory in 2024.

Looking ahead, what do you see impacting real estate in the future?

One of the most significant challenges facing our industry is the NAR lawsuit. Initially, this legal action may prompt a reevaluation within the profession, serving as a catalyst to separate committed agents from those not as invested in the industry. As a secondary effect, it will cause the public to reevaluate our value as real estate professionals. I perceive this lawsuit as another disruption, compelling us to pivot and adapt.

Affordability is a major hurdle for many first-time buyers. How do you navigate this challenge?

Avoiding Deal Pitfalls: Prioritize full disclosures early. The listing agent should have a discussion with the seller at the time of the listing as to what the seller should expect in terms of disclosure and what documentation the seller will need to disclose to a prospective buyer. Use C.A.R.'s "Disclosure Information Advisory" for guidance.

How has volunteering shaped you? Why should others get involved with SRAR? Volunteering has been a powerful catalyst for my personal growth, significantly shaping my perspective on life in meaningful ways.

Beyond personal development, volunteering has played a pivotal role in expanding my community connections. It has also deepened my commitment to social responsibility and heightened my awareness of the role I can play in addressing societal issues. It is why getting involved with SRAR was so pivotal for me. Without the opportunity to volunteer at the association and actively participate, I would not have been as successful in my career.

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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In 2023 SRAR offered our members, and members of the general public, two options to give back to our local community in our December

2 WAYS TO GIVE event.

Both events yielded gifts of joy, life, and immeasureable happiness. Thank you to all of the generous hearts that opened for these causes at this giving time of year.

SAN FERNANDO VALLEY

7232 Balboa Blvd., Lake Balboa CA 91406 (818) 786-2110

SANTA CLARITA

28033 Smyth Drive, Santa Clarita CA 91355 (661) 299-2930

Southland Regional Association of REALTORS® www.srar.com

Get reminders and updates about Events by texting WHATSUP to (818) 338-1414.

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THE VALLEY VOICE MAGAZINE · JANUARY-MARCH 2024

JANUARY-MARCH 2024 · THE VALLEY VOICE MAGAZINE

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