the valley voice for real estate by srar7232

the valley voice OCT- DEC 2023

OFFICIAL PUBLICATION OF SOUTHLAND REGIONAL ASSOCIATION OF REALTORS®

PROUDLY SERVING THE REALTORS® OF THE SAN FERNANDO AND SANTA CLARITA VALLEYS

Commitment to

ENHANCED COMMUNICATIONS

IN THIS ISSUE:

Vacant Land Scams and What You Need to Know ChatGPT and AI

The Power of Technology in the Modern Agent’s Toolkit

SRAR Charitable Foundation Fulfilling The Promise to Serve Our Communities

7 Questions With Jeff Kahn

the valley voice "the voice for real estate" 2023 ASSOCIATION OFFICERS Rich Pisani 2023 PRESIDENT Bob Khalsa PRESIDENT-ELECT Jeff Phillips IMMEDIATE PAST PRESIDENT

Dear valued Southland Regional Association of REALTORS® members and Affiliate Business Partners,

BOARD OF DIRECTORS Eugenia “Gina” Aguilar Bryan Almeida Anthony Bedgood Olivia Chavez Filip Crispino Winnie Davis Louisa Henry Robert Johnson Kristen Kalski Howard Katchen

Cauchi's Corner

Erika Kauzlarich-Bird Vilma Letosky Rana Linka Gaye Rainey Michael Regilio Nancy Starczyk Fred Tazartes Dan Tresierras Gina Uzunyan Stephen DiGiuseppe

ASSOCIATION EXECUTIVES Paul Cauchi Chief Executive Officer paulc@srar.com

Ext. 251

Valerie Biletsky Chief Operations Officer valerieb@srar.com

Ext. 255

Elizabeth de Carteret Director, Industry and Community Relations elizabethd@srar.com

Ext. 256

Jessica Cruz Communications Manager jessicac@srar.com

Ext. 257

Diane Fraser Marketing Manager dianef@srar.com

Ext. 252

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

Change is difficult, and as the market shifted from one with a high number of transactions to one with less inventory and sales, we are faced with unique challenges and opportunities. Just like our members, SRAR needs to be able to transition during these times and offer information, education, tools and resources that reflect the marketplace and times. I am also thrilled to announce that this edition of our magazine marks its debut on a brand-new platform, reflecting our commitment to innovate and adapt to the ever-evolving needs of our members. Embracing this change reflects our forward-thinking approach, ensuring that we stay ahead of the curve and continue to provide our members with the most current tools and information. We are dedicated to better communication through newsletters, this magazine and our new website www.srar.com. SRAR remains steadfast in providing the latest education and member benefits, encouraging every member to leverage everything our association offers. But to truly serve our members we need your involvement, feedback and guidance. In keeping with our theme “the Voice for Real Estate”, I invite members to share their ideas on how we can serve you better, whether through education, programs, products or services. Please email our SRAR Team at info@srar.com. Over the years I have learned that many of the best ideas come from members and know that through your guidance we can serve you better. Regards,

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

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

Paul Cauchi

CEO, AHWD, C2EX, e-PRO®

OCTOBER-DECEMBER 2023 | VOLUME 1 | NUMBER 1

CONTENTS 7 Discover the Power of Knowledge

Kit Young shares education highlights from 2023, and exciting plans for educational opportunities in 2024.

Additional Content 8 SRAR REALTOR® EXPO In case you missed it.... there were 40+ exhibitors, a stellar lineup of speakers, and 300+ members attended.

Cauchi’s Corner

Paul Cauchi, Chief Executive Officer

12 2023 Legislative Meet & Greet A special Thank You to our members and elected officials.

Monthly Sales & Price Report

15 Exciting Recent SRAR Announcements

Market Statistics for San Fernando and Santa Clarita Valleys

Vacant Land Scams

Hall of Shame

By Jessica Cruz, SRAR Communications Manager

16 Women In Leadership Conference SRAR members were treated to insights from state-wide leaders in real estate and related fields 17 SRAR Santa Clarita Office Grand Opening See some of your favorite SRAR members and leaders who attended the ribbon cutting at the new SCV location. 18 ADU Seminar Informative. Relevant. Instructional.

C.A.R. Code of Ethics Violation

10 ChatGPT and AI

"The Power of Technology in the Modern Agent’s Toolkit" By Ivan Estrada

21 CRMLS Marketwatch Report 2023 4th Quarter Los Angeles County Statistics.

Reprinted with permission from California Real Estate magazine

13 Attorney Comments

"I've Had A Data Breach – Now What?" By Mark C. Carlson - Carlson Law Group Inc.

14 Affiliate Column

"Real Estate Transactions and the Recognized Environmental Conditions" By Ami Adini - President., AAES

19 7 Questions With Jeff Kahn, Esq.

ON THE COVER

SRAR's Commitment to Enhanced Communications SRAR is dedicated to providing the latest technology to assist our members in succeeding in their real estate business.

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

AS OF 10.17.2023

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

VACANT LAND SCAMS

What You Need to Know

Jessica Cruz, SRAR Communications Manager

SRAR has confirmed several attempts of scammers posing as sellers aiming to sell “their” vacant land parcels within the San Fernando and Santa Clarita Valleys. The primary target of these attempts is landowners who do not live on their property. These sophisticated fraud schemes are being mitigated by SRAR REALTORS® through thorough verification of the “seller’s” identification. The scam varies but can include: the fraudster poses as a “seller” and attempts to hire an agent to list a land parcel, usually vacant land. The scammer typically tells the agent to list the property’s asking price as less than the market value of the property and wants a quick cash close. In one of the reports, one of the scammers provided a fraudulent driver’s license that contained some correct information about the actual landowner.

Know the tell-tale signs and red flags of the vacant land property scam: • They typically target unencumbered, vacant land property, sometimes estate property that has not been properly transferred to heirs after the death of the owner. • A new deed may have been recently recorded in an effort to erase the prior owner. • They price the property well under market with a quick, all-cash close. • They will never meet in person, all communication is online through email or text. • If communication is via phone, the call will come through a burner phone. • They will refuse to sign in person and will demand an e-notary insisting on their own personally chosen notary or they will simply make the notary arrangements themselves. • The closing will be a traditional or remote/e-closing, even if the owner is local. • The sale proceeds are distributed to a person who is not on title. • Occasionally the true owner will contact you outright and tell you that they are not selling. SRAR believes it is important to inform the public to help deter and collaborate against any future fraud attempts by scammers. For more information, please click here to view C.A.R.’s quick guide on this issue.

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

CODE OF

ETHICS Sandy of South Bay was found in violation of Articles 3, 15, and 16 of the Code of Ethics. As a result of these violations, a letter of warning was placed in her file for 3 years, she was fined $500, and was required to attend a live Code of Ethics class. Sandy contacted a seller directly who had an exclusive listing agreement with another REALTOR®. Sandy told the seller that she had called and texted the listing agent before contacting the seller directly and that the listing agent was unresponsive. Testimony at the hearing indicated this statement was untrue. Sandy violated Article 3 for failing to cooperate with another broker, Article 15 for making false and misleading comments about another real estate professional, and Article 16 for taking an action inconsistent with another REALTOR®’s exclusive representation of their client. Standard of Practice 16-13 states that all dealings with sellers who are subject to an exclusive listing agreement shall be carried on with the seller’s representative or broker, and not with the seller, except with the consent of the seller’s representative or broker or except where such dealings are initiated by the seller. - Originally published by California Association of REALTORS®

Discover the power of knowledge!

E L E VAT E

Your Realtor® Journey

In today's dynamic real estate landscape, there's no better partner than SRAR. My name is Kathleen “Kit” Young, and I would like to tell you a little about our current Education Program and what to expect moving forward. 2023 HIGHLIGHTS:

• • • • •

Dove deep into the listing and buyer's processes with our acclaimed Professional Edge series. Stayed ahead with tech insights: From Social Media Boot Camp to ChatGPT. Sharpened your marketing with our Canva Basics course. Kickstarted your own venture with our guide to starting a Small Real Estate Business. Mastered the Matrix platform with specialized classes from CRMLS, and much more!

GEAR UP FOR 2024:

• • • • • •

A comprehensive Educational Platform covering both practical and strategic aspects of real estate. Workshops on stress management, work-life balance, financial planning, and even traditional marketing, such as door knocking. Revamped Lunch & Learn sessions to foster networking and information sharing. Classes at our Lake Balboa and Valencia centers, plus Zoom sessions for everyone, everywhere! Bonus: SRAR plans to offer discounts on designation and certification classes via Zoom. Flexible class timings to fit your schedules because we value your time. Your Input Matters! As the Education Manager, I'm thrilled about SRAR's upcoming ventures. But we need YOUR insights: - Know an engaging speaker? - Have topic suggestions or venue recommendations? Reach out to us at education@srar.com.

Unlock SRAR's Full Potential: Explore all SRAR offers at www.srar.com. From educational opportunities to member-exclusive benefits, we've got you covered. While education remains our cornerstone, SRAR is a hub of myriad opportunities. Together, let's elevate our association. I can't wait to collaborate with you and make 2024 spectacular. See you soon!

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

The 2023 REALTOR® EXPO was held at Knollwood Country Club on June 14th. This free Southland Regional Association of REALTORS® member benefit event included over 40 exhibitors, a complimentary lunch, and a stellar lineup of speakers, including Gov Hutchinson. With over 300 members in attendance, raffles, and prize winners, this year’s annual REALTOR® EXPO exceeded all expectations.

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

ChatGPT and AI:

The Power of Technology in the Modern Agent’s Toolkit By Ivan Estrada

“ ” TWO POWERFUL TOOLS

on their search history, demographics, and online behavior. This personalized approach not only increases the chances of attracting interested buyers but also maximizes the return on marketing investments.

REVOLUTIONIZING THE INDUSTRY!

IN THE EVER-EVOLVING world of real estate, staying

ahead of the competition in this current market requires embracing cutting-edge technology. Two powerful tools that are revolutionizing the industry are ChatGPT (Generative Pre-trained Transformer) and artificial intelligence (AI). By combining the capabilities of both, real estate agents can unlock new opportunities, streamline processes, and provide exceptional customer experiences. Here are five major reasons why the use of these two incredible tools will revolutionize how you do business.

Enhanced Customer Engagement:

ChatGPT and AI empower agents to provide instant and personalized responses to potential buyers and sellers. Through automated chatbots, agents can engage with clients 24/7, answering inquiries, scheduling appointments, and offering property recommendations. This level of responsiveness and convenience not only improves customer satisfaction but also generates leads and increases conversion rates.

Time and Efficiency Savings:

Real estate transactions involve numerous repetitive tasks, such as data entry, documentation, and market research. AI technologies can automate these processes, allowing agents to focus on more critical aspects of their business like prospecting and negotiations. With AI-powered algorithms, agents can analyze vast amounts of data, identify trends, and make data-driven decisions faster. This efficiency translates into time savings, increased productivity, and a more streamlined workflow.

Personalized Marketing Strategies:

Understanding the preferences and needs of clients is crucial in real estate. ChatGPT and AI can collect and analyze customer data, enabling agents to create highly targeted marketing campaigns. By leveraging AI algorithms, agents can identify potential buyers based

Market Insights and Predictive Analytics:

Staying updated with the latest market trends and predicting future developments are essential for real estate success. ChatGPT and AI can provide valuable insights into market conditions, pricing trends, and property demand. By harnessing the power of AI algorithms, agents can gain a competitive edge by identifying emerging opportunities, understanding buyer preferences, and making informed investment decisions.

Improved Customer Experience:

The real estate industry is built on relationships and trust. ChatGPT and AI can enhance the customer experience by offering personalized recommendations, virtual property tours, and interactive platforms. Virtual reality and augmented reality technologies can simulate property visits, allowing clients to explore homes remotely. These immersive experiences not only save time but also enable agents to cater to international clients, expanding their reach and closing deals more effectively. By embracing these technologies, agents can deliver exceptional customer experiences, fostering loyalty and referrals. The integration of ChatGPT and AI technologies into the real estate business offers tremendous advantages for agents. From improved customer engagement to time savings and personalized marketing, these tools are reshaping the industry. Embracing technology is no longer an option but a necessity in an increasingly competitive market.

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

John Schroeder 818-788-124 4 schroeder team.la john.schroeder@pillar topost.com General Visual Inspeccon | Sewer Scoping | Mold Tessng Pool & Spa Inspeccons | Water Quality Tessng

COMMITMENT TO ENHANCED COMMUNICATION

SEE THE DIFFERENCE IT MAKES TO YOUR BUSINESS! OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

CALIFORNIA LEGISL ATOR S

SUPPORTING REALTOR® ISSUES - AUGUST 11, 2023 -

2023 LEGISL ATOR MEET & GREET The Southland Regional Association of REALTORS® Legislator Meet & Greet, the first in person since 2019, was a tremendous success. The Meet & Greet took place on August 11th at the Lake Balboa office. We had an impressive turnout welcoming our esteemed guest: Congressman Brad Sherman, Congressman Mike Garcia, Senator Henry Stern, Senator Caroline Menjivar, Assemblymember Pilar Schiavo, LA County Assessor Jeff Prang, LA City Council President Paul Krekorian, LA City Council Bob Blumenfeld, LA City Council John Lee, Mayor of the City of Calabasas David Shapiro and Councilmember Ed Albrecht. The event was a fantastic opportunity for our members to engage directly with their representatives, providing a platform for an open and constructive dialogue. Watch your SRAR newsletter for an announcement if you are interested in attending the 2024 event.

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

ATTORNEY

COMMENTS

Mark C. Carlson, Esq., SRAR Counsel

I’VE HAD A DATA BREACH – NOW WHAT? “Personal Information” is a business record or file that include a customer’s name along any one of the following: signature, social security number, address, telephone number, physical description, passport number, driver’s license number, insurance policy number, education, employment, employment history, bank account number, credit card number, or any other financial, medical or health insurance information. If a business record or file containing Personal Information is stolen or is accessed by an unauthorized person, a specific form of notice must be given to the customer(s).

A real estate agent’s transaction file will contain “Personal Information” as name and signature of the client/customer will appear on many documents within that file. A hack into an agent’s computer or the network at the broker’s office would constitute access by an unauthorized person under the statute. Similarly, if a computer is lost or stolen the required notice will be required. If the Personal Information is encrypted, notice must still be given unless the business reasonably believes that the encryption key was not also accessed or obtained by the unauthorized user. What does that mean in plain English? It means that a computer, tablet or smart phone containing Personal Information and is not encrypted, notice must be given. If an office network is hacked and the location of the Personal Information on the network is not separately encrypted, notice must be given. If the electronic device is encrypted or if the

Personal Information on a breached network is separately encrypted, no notice is required unless there is a reasonable belief that the encryption key was also accessed by an unauthorized person. If such a breach occurs, California Civil Code Section 1798.82 requires that the notice be in the following format. First the notice must have a conspicuous title at the top of the document that reads “NOTICE OF DATA BREACH.” The body of the notice must contain the following headings: 1. What Happened? 2. What Information Was Involved? 3. What Are We Doing? 4. What Can You Do? 5. Other Information: 6. For More Information: Within these headings, the notice must provide • The name and contact information of the person or business providing the notice • A list of the types of personal information that are reasonably believed to be have been the subject of the breach. • The date or dates (estimated if necessary) of the breach(s). • A general description of the breach incident • Whether the notice was delayed because of a law enforcement investigation • The toll-free numbers and addresses of the major credit reporting agencies if the breach included social security or driver’s license information. • If the person or business providing the notification was the source of the breach, an offer to provide identity theft protection and mitigation services, if any, shall be provided for a period of not less than 12 months if the data breach included both social security numbers and driver’s license numbers. The notice may be in written form, in electronic form, or posted on the company’s website for a period of not less than 30 days provided that a link appears on the home page of the website that is in larger type than the surrounding text or is set off from the surrounding text by symbols or marks that call attention to the link. If the Personal Information of 500 or more clients/customers was accessed, then a copy of the notice must also be sent to the Attorney General.

Mark C. Carlson | Woodland Hills • San Ramon • San Diego | Tel: 818-996-7800 | www.CarlsonLawGroup.com OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

Affiliate Column Real Estate Transactions and the Recognized Environmental Conditions

By Ami Adini - President, AMI ADINI ENVIRONMENTAL SERVICES, INC.(AAES) Nowadays, most commercial and industrial property transactions employ Phase I Environmental Site Assessments to ascertain potential risks to public health and the environment from non-optimal conditions of contaminated soil, contaminated groundwater, contaminated soil vapor, or contaminated indoor air. Such risks can originate on the property of interest, or they can encroach from peripheral neighbors, in exceptional cases even a mile away.

Lenders are averse to risks, and environmental situations can reduce collaterals in quick order. But risk has no meaning if not quantified: how bad is bad? How good is good?

The yardstick for environmental risks in commercial real estate transactions has become the Phase I Environmental Site Assessment process when done in accordance with rules of the ASTM (American Society for Testing and Materials) Standard Practice E-1527. The Practice requires that we search for Recognized Environmental Conditions (RECs). It prescribes the investigatory routines to unearth RECs, and when any are found, most institutional lenders (and many a buyer) then balk until the Condition is removed.

ASTM defines the REC in a way that might be confusing to the uninitiated. It is “(1) the presence of hazardous substances or petroleum products in, on, or at the subject property due to a release to the environment; (2) the likely presence of hazardous substances or petroleum products in, on, or at the subject property due to a release or likely release to the environment; or (3) the presence of hazardous

substances or petroleum products in, on, or at the subject property under conditions that pose a material threat of a future release to the environment.”

An easier way to understand the REC might be through the definition of what it is not: “De minimis conditions are not recognized environmental conditions.” A de minimis condition is “a condition that generally does not present a threat to human health or the environment and that generally would not be the subject of an enforcement action if brought to the attention of appropriate governmental agencies.” Regular stains of engine fluids on the floor of a car mechanic shop would normally be looked upon as de minimis. Same for hydraulic hoists.

Reverse the de minimis condition and you find that a REC would be that which generally represents a threat to human health or the environment and that generally would be the subject of an enforcement action if brought to the attention of appropriate governmental agencies; and such situations would arise from actual or potential releases of petroleum products or hazardous substances to the environment. Ami Adini is a veteran environmental consultant with over 40 years of experience. He is president of AMI ADINI ENVIRONMENTAL SERVICES, INC. (AAES), a general engineering contractor and consulting firm specializing in environmental site assessments, rehabilitation of contaminated sites and removal of environmental risks from real-estate transactions.

Amiadini.com | (323) 899-5001 | amia@amiadini.com

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

SRAR PRESS RELEASES Southland Regional Association of REALTORS® is the proud recipient of three prestigious grants this year. • $4,000 Fair Housing Grant • $2,500 Broker Grant for Townhall • $2,500 Women’s Council of REALTORS® Grant

Southland Regional Association of REALTORS® Charitable Foundation Donates $55,000 to Local Organizations $5,000 each to 11 deserving organizations within the community Bridge to Home Echoes of Hope Family Promise of Santa Clarita Valley Hope the Missions LA Family Housing

MAPS Charities New Horizons Safe Parking LA SFV Rescue Mission CSUN Strength United Tunnels to Towers

Southland Regional Association of REALTORS® has finalized a new partnership with Elm Street (IXACT, a CRM tool and Elevate, a social media and marketing platform). The partnership includes a member discount and both tools will soon be featured in the benefits page of the Member Login.

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

SRAR Celebrates

INSPIRE | INNOVATE | INFORM

The Southland Regional Association of REALTORS® partnered with the Women’s Council of REALTORS® Los Angeles and hosted a standout empowerment event. The Women in Leadership was held on August 16, 2023, at the Odyssey in Granada Hills and delivered beneficial insights for today’s entrepreneurs. Speakers and panelists such as Heather Ozur, Jeanne Radsick, and Sara Sutachan provided experienced feedback, tools, and encouragement.

WOMEN In Leadership

Network & learn from state-wide leaders discussing their insights.

INSPIRE. INNOVATE. INFORM.

Topics include: Leading in Today's Market

WEDNESDAY

You Are the Value Proposition

AUGUST 16, 2023

Legends and Millennials Panel Industry Leaders Panel Special Keynote Speaker!

Thank You to our our sponsor & exhibitor HEATHER OZUR

JEANNE RADSICK

SARA SUTACHAN

2022-2023 C.A.R. Treasurer 2019 National Women's Council

2020 C.A.R. President

C.A.R. Senior VP & Chief Strategy Officer

of REALTORS® President

AUGUST, 2023

Heather Ozur - Jeanne Radsick - Sara Sutachan - Kathi Constanzo Olivia Chavez - Stephanie Vitacco - Sarineh Yedgarian - Pamela Mozer 16

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

THE ODYSSEY

Members - $29

15600 Odyssey Drive Granada Hills, CA

8:30am-12:30pm

Table of 8 - $240

Non-Members - $39 Table of 8 - $340

Registration begins at 8:00 am Full Breakfast Served

Purchase Tickets at

srar.com/womeninleadership

For sponsorship and exhibiting contact Shontara Moore

ShontaraM@srar.com

SEPTEMBER, 2023

SANTA CLARITA On September 7, 2023, the Southland Regional Association of REALTORS® celebrated the grand opening of the new Santa Clarita office. The evening included a live band, hors d'oeuvres, and desserts. Over 100 members attended the ribbon-cutting ceremony with special guest Mayor Jason Gibbs and representation from other elected officials.

28033 Smyth Drive

Thank you to our generous sponsors:

beer & wine sponsor

ice cream sponsor

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

ADU SEMINAR

Do you want to learn about Accessory Dwelling Units (more commonly known as an ADU?) Discover everything from basics about what qualifies as an ADU all the way to markets, costs, design, build and more! You’ll hear from a representative from the county assessor office, a loan officer, and a contractor. This seminar is a great overview of everything you need to know to get started on the pathway to adding an ADU to your property. Continental Breakfast will be provided. Please note: No solicitations of any kind at this event.

Click here to register or go to www.srar.com/calendar

THURSDAY, OCTOBER 5, 2023 | 9:30AM - 12:00PM SRAR Office | 7232 Balboa Blvd. Lake Balboa, CA 91406 Free to attend | Registration required | Open to the Public

PANEL SPEAKERS L.A. County Representative

Adrian Orozco Loan Officer

Open to the community, the Accessory Dwelling Unit (ADU) seminar was nothing short of a success. On October 5, 2023, REALTOR® members, local professionals, and the public gathered to discover everything from the basics about what qualifies as an ADU, to market costs, design, build, and more! With a representative from the County Assessor's office, a loan officer, and a contractor this seminar was by far one of the most robust events of the year.

SCAN CODE TO REGISTER

Rafael Estevez Architect/Project Manager

Two locations to better serve you! 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

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

+ 7

n o t h g i l t Spo Jeff Kahn

Questions

Expertise, Insight, and a Touch of Adventure IN JEFF'S WORDS:

What is your favorite restaurant in San Fernando Valley and why? Petite Restaurant in Sherman Oaks - delectable dishes and stellar ambiance. With over 40 years of experience in real estate, what still surprises you? A Constant Learner: Even after 40 years, real estate surprises me daily with fresh challenges. In 2023, C.A.R. made several changes to existing real estate forms and added new forms to their library. What changes made the biggest impact? What are the biggest misconceptions about the changes? Changes in C.A.R. Forms: Buyer’s agent commission is defined by the Buyer Representation Agreement. A common misconception is when and how buyers should request this. This only applies if the buyer has a separate Buyer Representation Agreement and owes more than what the listing agent commits to via the MLS. The box in RPA’s paragraph 3G3 should only be checked if these conditions are met and the buyer seeks payment from the seller. As an expert in risk management for REALTORS®, what are recent issues that members might not be aware of? How can they navigate them? Recent Risks: Be proactive about Solar Panel systems and acquiring fire insurance. Utilize CAR's new Solar Panel Disclosure. These matters should be addressed early in the buying process to prevent issues later. C.A.R. has introduced a Solar Panel Disclosure form, and it's advised for sellers to complete it during listing, ensuring agents are informed about potential solar panel lease or lien issues. What have you learned from working with other attorneys on C.A.R. forms, particularly the Residential Purchase Agreement? Future Gaze: The agents out in the field provide the Standard Forms committee with many excellent suggestions for modifying the various forms. There are always modifications to be made to keep up with all the changes in the business and in the technology surrounding a real estate transaction. What are the biggest issues regarding disclosures? Are you seeing any new issues crop up? 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. You recently went on an African safari – are there any analogies to real estate out there in the wilds of Africa? African Safari Insight: Real estate agents, like safari guides, must adeptly understand varied client desires. From law, real estate, to wild safaris, Jeff's journey is a testament to adaptability and expertise Stay tuned for more insights in our next issue!

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE

EARN THE NAR GREEN DESIGNATION November 6-7, 2023 | In-person FREE to attend, but registration is required!! SPONSORED BY:

IN PARTNERSHIP WITH:

course looks at how consumer demand for green homes is eople The increasing and provides a detailed accounting of how high perfeatures work. The course prepares real estate proroperty formance fessionals by providing advice and resources to help homeowners improve the performance of their homes — from lanet low-cost fixes and DIY projects, to retrofitting and replacing sysrosperity tems, to big budget remodeling projects and new constructions.

covers the distinguishing characteristics that make a high-performance home

Ultimately, this course will show you how to apply green knowledge to enhance your business while also helping to create a more sustainable, healthy world. QUALIFICATIONS TO EARN THE GREEN DESIGNATION:

1. Be an active member of NAR 2. Complete the Green coursework 3. Become a Green REsource Council member

November 6th & 7th, 2023 | 9:00am - 5:00pm | 8:30am Registration

7232 Balboa Blvd., Lake Balboa CA REGISTER HERE Earning NAR’s Green Designation positions you as a leader in the green real estate market who’s fully equipped to help clients take advantage of the benefits in energy-efficient housing.

Southland Regional Association of REALTORS® www.srar.com

THE VALLEY VOICE MAGAZINE · OCTOBER-DECEMBER 2023

Local Market Update – August 2023

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

Los Angeles County Single Family

August

Year to Date

Key Metrics

2022

2023

% Change

Thru 8-2022

Thru 8-2023

% Change

New Listings

4,909

3,884

- 20.9%

41,901

30,579

- 27.0%

Pending Sales

3,476

2,470

- 28.9%

29,285

22,462

- 23.3%

Closed Sales

3,445

3,112

- 9.7%

29,595

22,205

- 25.0%

+ 4.0%

+ 54.5%

Median Sales Price*

$910,000

$945,000

+ 3.8%

$950,000

$905,000

- 4.7%

Average Sales Price*

$1,307,693

$1,375,140

+ 5.2%

$1,413,875

$1,355,166

- 4.2%

Percent of List Price Received*

100.6%

102.2%

+ 1.6%

104.2%

101.0%

- 3.1%

Inventory of Homes for Sale

11,167

6,950

- 37.8%

––

Months Supply of Inventory

2.9

2.6

- 10.3%

––

Days on Market Until Sale

Townhouse/Condo

August

Year to Date

Key Metrics

2022

2023

% Change

Thru 8-2022

Thru 8-2023

% Change

New Listings

1,669

1,348

- 19.2%

14,900

10,793

- 27.6%

Pending Sales

1,207

832

- 31.1%

11,084

7,965

- 28.1%

Closed Sales

1,240

1,176

- 5.2%

11,307

7,842

- 30.6%

- 3.6%

+ 47.8%

Median Sales Price*

$659,500

$661,250

+ 0.3%

$678,000

$660,000

- 2.7%

Average Sales Price*

$817,226

$854,195

+ 4.5%

$831,597

$825,928

- 0.7%

Percent of List Price Received*

100.5%

101.6%

+ 1.1%

103.4%

100.6%

- 2.7%

Inventory of Homes for Sale

3,630

2,536

- 30.1%

––

Months Supply of Inventory

2.5

2.7

+ 8.0%

––

Days on Market Until Sale

* 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.

OCTOBER-DECEMBER 2023 · THE VALLEY VOICE MAGAZINE