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- Celebrating Black History Every Day: A Conversation with Michael Howell and Dee Greene Hill
- An Explanation of Paragraph 16 of Seller's Property Disclosure Form
- ARS: Save Money With the Association of REALTORS® School's Online Continuing Education Packages!
- NAR to Provide ABR® Coursework to REALTORS® At No Cost
- Bright MLS: Market Survey - Sellers Increasingly Offering Concessions to Close the Deal
- SRA: Philly-Area Homeowners Stay in Their Homes Longer Than Most
- Calendar of Events
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Celebrating Black History Every Day: A Conversation with Michael Howell and Dee Greene Hill
In a world where diversity, equity, and inclusion are becoming increasingly vital, every day presents an opportunity to celebrate black history. Incoming Chairman Elect Michael Howell and REALTOR® Member Dee Greene Hill recently engaged in a thought-provoking discussion led by the Diversity, Equity, and Inclusion Committee, highlighting the importance of recognizing and honoring black history beyond designated months.
While specialty months such as Black History Month, Women’s History Month, and Pride Month serve as essential reminders, it is crucial to maintain awareness year-round. Being present, asking questions, and approaching conversations with curiosity are key elements in fostering understanding and appreciation for the contributions of people of color.
During the interview, Dee referenced a recent PAR Webinar featuring Dr. Courtney Johnson Rose, President of the National Association of Real Estate Brokers (NAREB), one of the oldest minority trade associations in the country. Dr Johnson Rose was joined by PAR President Preston Moore and discussed the significance of amplifying black voices and honoring history makers in the real estate industry. NAREB is active in advocating for Black homeownership, and the association is made up of real estate brokers, agents, non-affiliate associations, appraisers, developers and more.
For those eager to learn more about NAREB and its efforts in championing black excellence, view the webinar recording on PAR’s website.
To echo Dee, whether it be through participation in local celebrations, engaging in meaningful conversations, or supporting organizations dedicated to equity and inclusion, each of us plays a crucial role in shaping a future where black history is celebrated every day. The full interview is available on the Tri-County Suburban REALTORS® YouTube channel.
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An Explanation of Paragraph 16 of Seller's Property Disclosure FormParagraph 16 of the Seller’s Property Disclosure Statement (Form SPD) (Other Equipment and Appliances) is commonly misunderstood. Though the wording certainly seems very straightforward, members and consumers don’t always seem to grasp the intent of the language. So let’s do a deep dive into the reasoning behind the paragraph and explain why it is even in there in the first place.
One of the most common misconceptions is that this paragraph somehow is meant to indicate whether the seller is offering or committing to include certain items in the transaction. That is NOT the purpose of this paragraph, and never has been – as you can see from the all bold, all capitalized sentence in that section. The only items of personal property included in the sale are the ones that are specifically listed in the agreement of sale. It is also important to note that even if the seller believes today that they are absolutely never going to give the refrigerator with the property, they should still answer whether there is an issue or not. This is because everything is negotiable. IF the seller were to select an offer that included the refrigerator, or were to later change their mind and negotiate into the deal, they would want to make sure that they have covered all the bases as required by the Real Estate Seller Disclosure Law.
For access to the full article from PAR's JustListed Blog, click here.
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ARS: Save Money With the Association of REALTORS® School's Online Continuing Education Packages!
Through an online partner, The Association of REALTORS® School now offers 4 different self-paced online packages to complete PA License Renewal online.
Each package represents a savings of $45 and includes all required & elective hours! If you have any questions about these packages, continuing education requirements, or the Association of REALTORS® School, please contact Tri-County Suburban REALTORS® Director of Student Services, Michelle Leister.
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NAR to Provide ABR® Coursework to REALTORS® At No Cost NAR has announced that it will provide its members with no-cost access to the Accredited Buyer's Representative (ABR®) designation course, helping REALTORS® communicate their value to buyers in this ever-evolving real estate landscape. The ABR® course, a $295 value, focuses on "the key information and skills you need today when working with buyers, so you can be prepared to articulate and demonstrate your value and help buyers understand written buyer representation agreements," says NAR President Kevin Sears. From late February through the end of the year, members can complete the course via a live interactive webinar or online at their own pace.
Later this week, Tri-County Suburban is hosting a 2-day ABR® course for a fee, this specific ABR® course counts towards continuing education for the current renewal cycle. To enroll in the course, click here.
ABR® designation courses taken through NAR (via live webinar or self-paced options) will not count for continuing education credit or broker licensing credit.
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Bright MLS: Market Survey - Sellers Increasingly Offering Concessions to Close the Deal
Results from Bright MLS’s latest survey reveal that a lack of inventory is the main reason buyers and sellers are staying on the sidelines.
Buyers Facing Elevated Prices and Rates Push Sellers to Offer Concessions
Mid-Atlantic sellers continue to have an upper hand in the 2024 market as tight inventory forces buyers to compete among the dearth of options available. However, sellers are increasingly showing flexibility to close a deal, according to the latest Bright MLS subscriber survey.
The top concession reported among listing agents who have worked with multiple clients in the past six months was credit for repairs or items uncovered during the inspection. Additionally, just under a third (30.1%) had a seller offer closing cost assistance.
Although not as common, some sellers lowered the home price after a low appraisal (8.9%) or offered assistance to buy down the mortgage rate (3.6%). Both can impact the monthly payment, which is likely top of mind for buyers. Nonetheless, about a quarter (27.6%) of sellers did not offer any concessions or have issues with their contract.
Low Inventory Holds Sellers Back from Listing Their Home
Not all potential sellers ultimately decide to put their home on the market. And even some who have listed may take their home back off the market. Roughly two in five listing agents and brokers reported having a client stop or pause selling their home in the past six months. The percentage has been consistent since the question was introduced in November.
Why do those wanting to sell their home take a step back? Unsurprisingly, more than one-third (36.1%) of potential sellers are clinging to their current mortgage rate. Conventional wisdom agrees. Only those with strong incentives would be willing to exchange an interest rate of 3% for one over 6.5%.But there is one factor more persuasive than mortgage rates limiting supply in the Mid-Atlantic—and that’s supply itself! Nearly half (48.1%) of listing agents reported at least one of their clients wouldn’t put their home on the market because they couldn’t find another home to buy. Additional reasons clients may hesitate to list their home include uncertainty about the market (24.1%), a family or health issue (13.3%), or not getting the price/offers on their home (13.3%).
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SRA: Philly-Area Homeowners Stay in Their Homes Longer Than Most
Homeowners in the Philadelphia-metro area are staying in their homes longer than the national average, according to an analysis by Redfin. Current nationwide trends have homeowners living in their homes for about 12 years, down from a peak of 13.5 years in 2020. In 2023, the median length of time homeowners in the Philadelphia metro region lived in their homes was a little over 16 years and one month. A variety of reasons were cited for the increase, including market conditions and an increase in older Americans staying in their homes as they age instead of downsizing or moving into assisted-living facilities.
Source: Philadelphia Inquirer; 2/20/2024
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