Stable January sales, scroll down for a scam alert
The Waiting is the Hardest Part
2023 is a license renewal year for Indiana real estate brokers, and many of you are probably eager to check the renewal process off your list…but it’s not quite that easy.
Renewals can’t be filed until about 90 days before the June 30th deadline – no April Fool’s: The Professional Licensing Agency (PLA) has gotten a number of calls and even a few completed forms from over-eager brokers and have returned them.
PLA will send an e-mail notice when the ‘renewal window’ is open, and we’ll let you know too.
Here’s your five-point checklist for the six weeks before renewal season:
- Don’t start the renewal process until you get the official green light.
- And be sure to complete all required Continuing Education before submitting your renewal.
Even though the annual CE and renewal cycle deadlines are the same (June 30th), the order matters – you’re subject to a fine or other disciplinary action if an audit reveals you filed for renewal without finishing this year’s twelve hours (or 36 hours for the three-year cycle).
- If it’s your first license renewal, read this:
Your annual CE requirement doesn’t kick in for two years (because you should be focused on completing your 30-hour post-licensing course). So double-check the issue date of your license – you likely don’t have CE to complete before the June 30th deadline, or you may only need to complete the current twelve hours.
- If you need to finish CE hours before submitting your license renewal, RECP has you covered.
IAR offers member-benefit CE through our Real Estate Certification Program (RECP) at RECP.org. Access high-quality content from industry experts that meets CE and other professional requirements (like NAR’s Code of Ethics course), delivered online and on-demand for maximum flexibility and convenience. Best of all – it’s already included in your membership.
If you have any questions, contact RECP at email@example.com or call 1-800-742-4067.
- In the meantime, channel your inner Scout: Be Prepared.
After you’ve learned about smart home technologies and winning negotiating strategies (two courses offered by RECP), you can prepare for license renewal by gathering documentation for your completed courses – if you use RECP, our team guarantees easy download of your course certificates! And make sure PLA has an active and up-to-date e-mail for timely communication.
January’s Housing Market in Three Charts
As we put 2022 further into the rear view mirror, there are signs of hope in the housing market: Inflation has improved for seven straight months, mortgage rates are down from November (despite recent volatility), and there’s stability in January’s statewide home sale numbers.
Read IAR’s January summary and market report here, or get the picture in these three charts:
January ends year-over-year slide in home sales:
2022 ended on a steep decline versus 2021, with sales down 27% in November and 30% in December. January ended a four-month trend of growing year-over-year sales gaps – as IAR CEO Mark Fisher said in our media release, January represents a “plateau could pivot into a recovery in the months ahead.”
Inventory continues to increase in a slower market:
Inventory grows as homes sell as a slower pace versus 2021, even with fewer new listings versus last January; however, both median days-on-market (25) and average inventory (13,000 listings) are well below pre-2020 levels.
Homebuyers begin to benefit from a more balanced market:
Okay, this is actually two charts, but they work together to show the improved position of homebuyers in a more balanced market: Year-over-year price appreciation slowed to just 3.5% in January, and sale price as a percent of listing price falls to 2019 levels as buyers gain bargaining power.
General Assembly advances IAR-supported legislation targeting Indiana housing shortage
Even though inventory is up from 2021 (when monthly sales actually surpassed average inventory for much of the year), Indiana’s supply of homes listed for sale has dropped dramatically since 2011. A recent analysis for IAR by Fourth Economy Consulting estimates a statewide deficit of 30,000 housing units just to keep up with population and employment trends.
A bill aimed at rebuilding residential inventory continues to glide through the General Assembly, driven by consensus that housing capacity is a critical challenge for Indiana: HB1005 – a centerpiece of IAR’s 2023 Legislative Agenda – passed two committee votes and triumphed on the floor 91-6. It now awaits action in the Indiana Senate.
The bill creates a new infrastructure revolving loan fund to help local governments tackle the rising costs of infrastructure associated with new residential projects. It emerged from the findings of the legislative Housing Task Force last fall.
Check out IAR’s full Legislative Agenda – Rebuild & Renew
Legal Update: Pre-Closing Possession (and a Scam Alert)
We have two videos from IAR’s Legal Department featuring General Counsel Richelle Cohen Mossler this month.
First, Richelle covers the Pre-Closing Possession Agreement available in IAR’s library of 140+ legal forms. This form is used when a Seller is willing to give Buyer possession of the property prior to closing the transaction. (See if you can guess whether Richelle thinks this is typically a good idea!)
Next, Richelle warns REALTORS® of a type of criminal fraud involving vacant lots and scammers impersonating property owners – this crime has been reported across the country, including an attempt in Central Indiana (where it was fortunately foiled by a member). Learn more below, including precautions you can take to stop the steal.
The Indiana Association of REALTORS® is applying for a special group recognition license plate to highlight the work of REALTORS® supporting homeownership and thriving communities across our state. Proceeds from special license plate fees will support homeowner education and financial literacy programs through the Indiana REALTOR® Foundation.
Help make the REALTOR® recognition license plate a reality by signing this petition supporting our application and expressing your intent to purchase the plate when it’s available!
Follow us on Social Media:
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 firstname.lastname@example.org 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.
Manage your preferences | Opt Out using TrueRemove™
Got this as a forward? Sign up to receive our future emails.
View this email online.
143 W Market St, Ste 100 | Indianapolis, IN 46204 US
This email was sent to .
To continue receiving our emails, add us to your address book.