The Q3 Economic anad Market Watch Report is now available from Arizona Regional Multiple Listing Service, Inc. (ARMLS).

This detailed real estate market report includes data and local trends for Maricopa County and Pinal County. It also includes a trends report from regional economic manager, Ken Fears titled “Pricing During the Post-Credit Hangover” and an article by Lawrence Yung, NAR Chief Economist titled “Inflation or Deflation?”

( CLICK HERE ) to download a PDF version of this report.

IS URGENCY AFFECTING GOOD JUDGEMENT?

With the current economic times, the real estate climate has changed drastically…and rightfully so. Home buyers and sellers are trying to grasp at every opportunity – whether trying to buy low or simply selling a home.

Real estate professionals are working harder than ever to provide the best services available to their clients. They play the part of confidante, strategist, market expert, and negotiator. They are available 24/7, counseling sellers and navigating buyers to help them make the best real estate decisions. And all with a sense of urgency.

For Sellers this sense of urgency is created by the level of patience they have for time. Time to market. Time to an offer. Time to closing. The urgency from Sellers can be a detriment to the sale of a home because it brings negative energy to an already uncertain situation. A multitude of factors will affect time whether it be an financial situation, overpriced home, poor showing conditions, strict availability to show or unreasonable expectations. Sellers, it’s time to trust the real estate professional you chose to represent you and you’ll see the positive difference it will make.

For Buyers, this sense of urgency is created by opportunity. Opportunity to buy low. Opportunity to have the upper hand in negotiating. Opportunity to prosper. The need for urgency is good but it shouldn’t impede the process by clouding what opportunities are the next best available. Buyers should take a step back and evaluate what their goals are, what’s available on the market and take a moment to make sure they are making good buying decisions.

Don’t let urgency affect your good judgment. Buy & sell smart = Be happy.

Courtesy of REALTOR Magazine:

The U.S. House of Representatives approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program to Sept. 30, 2015, a provision strongly supported by the National Association of REALTORS®.

Passage of H.R. 5114, the Flood Insurance Reform Priorities Act, would strengthen the NFIP and bring certainty to many real estate markets that are much in need, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshalling the bill through House passage.

“This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation. ( Full Story )

Courtesy of REALTOR Magazine:

The Senate in a 60-39 vote passed landmark legislation to create new oversight structures for financial services firms and increase protection of consumers with a new Consumer Financial Protection Bureau.

The 2,300-page bill, called the Dodd-Frank Wall Street Reform and Consumer Protection Act, includes several pieces that touch on real estate finance, including a title to reform the regulation of subprime and other non-standard mortgage products.

The mortgage reform aspects will curb incentives to lenders to originate loans for consumers that might not be the best possible for them. The reforms also will require lenders… ( Full Story )

HB 2345: This law was passed by the state legislature and will go into effect in the fall.  This law deals specifically with Open House Signage and prohibits the restriction of this signage by an HOA.

The highlights are:

o   An HOA can no longer prohibit or regulate the use of temporary Open House signs in a community

o   An HOA can no longer require the use of a specific (generic) sign as long as the open house signs are industry standard

o    An HOA can no longer limit the hours or days for an open house as long as they fall between 8am and 6pm (Can affect sunset tours).

o     Controlled access communities are not addressed, so HOA’s MAY still restrict non-residents’ access to communities even though the non-residents indicate they would like to view an open house.

Please click here to view the new law in its entirety.

Additional Laws that were discussed affect Real Estate and Finance.

HB2045 states that reasonable access to private property shall not be denied by the state or a political subdivision of the state.
THIS BILL WAS SIGNED INTO LAW

HB2345 allows “for sale”, “for lease” and temporary “open house” signs in HOA’s. It also allows for open houses during the hours of 8:00am to 6:00pm.
THIS BILL WAS SIGNED INTO LAW

HB2450 states that a municipality cannot charge anyone other than the person they contracted with for the water and wastewater services.
THIS BILL WAS SIGNED INTO LAW

HB2768 prohibits private transfer fees to be paid to developers or third-party companies on the sale of real property.
THIS BILL WAS SIGNED INTO LAW

HB 2154 would have required easement holders to maintain the easement. If an easement was held by two or more persons and those holders could not agree on a maintenance agreement, then it would have allowed those holders to apply to a court for arbitration and judgment. This bill was extremely arbitrary and had the potential of negatively affecting thousands of easements in our state.
WE WERE ABLE TO KEEP THIS BILL FROM PASSING

SB 1219 conforms the time a real estate license is valid with the time period in completing education requirements: two years. It allows a licensee to cancel his/her license, defines business broker and requires a valid fingerprint clearance card before applying for a license.
THIS BILL WAS SIGNED INTO LAW

For additional information about real estate legislation, visit RALLiNow.com.

When choosing a listing agent to represent the sale and marketing of your home, one of the documents that is required is call an Exclusive Right to List/Rent (ER). This document secures the relationship between the Seller and real estate professional who will be listing the home. When you sign an ER, you are committing to working with that real estate professional for a specific time period and to paying a fee for the successful sale or lease of the home.

A recent situation occurred where a client was about to lease a property to a prospective tenant without discussing it with their real estate professional, whom they have an ER signed. The question arises – does the Seller owe the real estate professional a commission even though the prospect came through another means?

The answer is YES.

When you sign an ER document, you are committing (as the agent is committing to you to market your home) to abide by the agreement when a successful transaction takes place. There are no exclusions unless otherwise specified in the agreement.

It’s good business (and karma) to stand by your word.