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- Buyers Resilient Against Rising Rates
- Local Market Statistics Published for April
- Power of Diversity: Celebrating Juneteenth and NAREB
- Do We Have a Cash Deal?
- Majority of Buyers Prepared to Make an Offer in Three Days or Less
- Broker Licensing Classes Return
- Vacancy Ordinance Debate Continues in Lansdale
- Calendar of Events
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Buyers Resilient Against Rising RatesMortgage rates continue to push higher, but home buyers aren't spooked. Mortgage applications for home purchases moved 5% higher last week compared to the previous week, and buyer competition remains elevated in many markets.
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Local Market Statistics Published for AprilTri-County Suburban REALTORS® continues to help members communicate the latest real estate market conditions with a set of Monthly Resident Market Reports for area counties and their respective school districts. Note that these monthly reports, updated the third week of the month, cover all districts in Chester, Delaware and Montgomery counties and Philadelphia. Select Berks County school districts are also available. Please note that an assortment of reports is also available to all Bright MLS members at BrightMLS.com. Once logged into the site, click the Market tab to access the various reports. If you have questions or requests, please contact Steve Farace.
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Power of Diversity: Celebrating Juneteenth and NAREB June 2022 marks the 157th anniversary of Juneteenth and the 75th anniversary of the National Association of Real Estate Brokers (NAREB). On Thursday, June 23, join fellow REALTORS® and REALTISTS® in a celebration of both with light refreshments, a presentation and interactive dialog. The event will feature: - The history of Juneteenth, celebrating the day when many enslaved people in Texas learned they had been freed
- The history and accomplishments of NAREB, the nation's oldest and most historic black real estate trade association
- A collaborative discussion on progressing forward in a fair, diverse and inclusive manner
For each Tri-County Suburban member in attendance at this event, Tri-County Suburban REALTORS® will donate $20 to the local chapter of NAREB, the Philadelphia Metropolitan Board of REALTISTS® in support of their efforts to promote black and brown homeownership.
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Do We Have a Cash Deal?
PAR Staff Attorney Brian Carter recently wrote a blog post on this common Legal Hotline question. Simply stated, waiving the mortgage contingency does not mean the buyer is promising to pay cash and not get financing. Waiving the mortgage contingency means the buyer surrenders the protections provided by the contingency (i.e., they could lose their deposit if they don't secure financing). No more and no less.
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Majority of Buyers Prepared to Make an Offer in Three Days or LessSixty-five percent of buyers said they were willing to make an offer within three days of viewing a home, and 20% said they were prepared to make one immediately after viewing.
According to Bank of America's 2022 Homebuyer Insights Report, most buyers know they have to act quickly. And they're not wrong.
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Broker Licensing Classes ReturnGet a jump on earning your broker's license this summer and fall! The Association of REALTORS® School is offering a full slate of broker classes that provides credits for the PA Broker license and high-level information to help your business. Our schedule of broker classes includes BOTH required broker-licensing classes!
Our very first scheduled broker licensing class, Real Estate Law, also provides the core required credit towards your broker license. This six-day, in-person class begins June 7.
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Still Need to Complete your 2020-2022 Continuing Education? We still have a complete set of in-person courses available to complete your required 2020-2022 continuing education. All coursework must be completed by May 31, 2022.
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Vacancy Ordinance Debate Continues in LansdaleLansdale Borough officials are continuing discussion on whether and how the borough can create some sort of fee for owners of vacant buildings, while at the same time taking steps to help fill the vacancies. In February, Councilman Mark Ladley and Mayor Garry Herbert suggested the code committee consider a vacant property ordinance. The proposed ordinance is meant to either spur new development or a sale to someone who will develop a property. Herbert said the empty properties have a negative impact on the town. Ladley and Herbert also reported that there is a proposed bill that would establish a vacant property registration statewide. HB 1791 would mandate an annual reassessment of the property, levy a fine based on the reassessment, and apply to all vacancies, including residential properties. The bill has been referred to the House Appropriations Committee for further discussion. Read more from The Reporter. The Pennsylvania Association of REALTORS® opposes HB 1791, an Suburban REALTORS® Alliance is closely monitoring the local debate in Lansdale. Source: The Reporter; 5/6/2022
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