Helping Heroes into Homes: |
The Indiana REALTOR® Stakeholder Meeting has sold out (we’re all excited to be back in person for the first time since 2019), but that doesn’t mean you can’t give your career a boost next week – there are still spots available for the Military Relocation Professional (MRP) course being held on Tuesday, September 20th!
After the regular Stakeholder Meeting agenda wraps up Monday evening, this special course taught by IAR past president Paul Wyman will guide you through the unique issues, special programs and other considerations in helping current and former members of our military achieve homeownership. Completing the class earns your MRP certification and six hours of Continuing Education credit! (Learn more about the MRP certification here.)
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A registration fee of $125 applies. 9AM – 4PM ET at the Hilton Indianapolis Hotel & Suites
(120 W. Market Street Indianapolis – Vincennes Room on Floor 2).
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August Brings Stable Sales, Supply Challenges |
Preliminary August housing data showed a modest improvement in sales across Indiana, another month-over-month dip in median prices and a steep decline in new listings on the market.
In general, home sales were slow-but-stable to finish the summer – though a tougher September may be ahead – but supply continues to be our biggest long-term challenge.
Here are the statewide details:
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- August existing home sales rallied to nearly 8,940, growing 4 percent from July.
- This total is 8 percent below August of 2021, but narrows the year-over-year gap that had grown to 10.3 percent in July.
- Median prices dropped for the second consecutive month, from $246,000 to $240,000 (after finishing June at $250,000).
- Prices remained nearly ten percent above August ’21, but year-over-year price growth has been slowing for six consecutive months.
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But as some buyers were lured back into the market last month, new listings dropped sharply, down 9 percent from July and 13 percent compared to the previous August.
- Every region of the state experienced a year-over-year downturn, and total year-to-date listings are now below 2021 after starting June four percent ahead for the year.
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Updates from IAR’s Legal Team: |
Managing property management:
Many IAR members own rental properties or engage in other property management duties as a secondary line of business. But branching out brings up important issues, too: What activities are covered by a broker’s license? Does the REALTOR® Code of Ethics apply to leasing transactions? Does my managing broker need to be in the loop? (Quick answer: Yes.)
IAR’s Legal Team breaks down the key aspects of property management and REALTOR® rules, roles and responsibilities in this Q&A fact sheet.
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Not-so-top secret: Protecting confidentiality in presented offers:
In most cases, it’s professional courtesy (and smart business) to keep the terms of presented offers confidential – but is confidentiality guaranteed by law? Nope – not in Indiana, anyway, unless both parties agree to it. Fortunately, there’s a form for that.
Learn about REALTOR® standards of practice on confidentiality from NAR, what’s in the Indiana Code and the IAR confidentiality agreement form in this video update:
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A refresher on “required agency duties:”
REALTORS® aim higher than legal minimum requirements when it comes to serving clients – all the same, it’s important to understand how the agency-consumer relationship is defined by Indiana law. IAR’s ‘Guide to Agency Law Required Duties’ outlines the basic responsibilities of Indiana real estate licensees – check it out here.
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September is REALTOR® Safety Month – remember, job #1 is making it home safely at the end of each day. Check out some basic precautions and REALTOR® safety tips compiled by NAR at https://www.nar.realtor/safety.
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A Special ‘Thank You’ to Stakeholder Sponsors: |
First of all, thanks to everyone who registered for next week’s sold-out Indiana REALTOR® Stakeholder Meeting – we’re excited to see you, and keep an eye on your inbox for a detailed schedule coming soon.
We’d also like to thank the sponsors who helped make this event happen:
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Capitol and Market. It’s not only our address but also what we do. IAR backs you at the state Capitol and works to keep REALTORS® at the center of their local market. This monthly newsletter will report on these efforts, as well as all the other information you’re entitled to as a member.
Add news@indianarealtors.com to your address book and be sure to let your local association know when you change email addresses (that’s where we get your contact). Thank you for reading and thank you for your membership.
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