Weekly Notices

Friday, July 3, 2015

- SAR CLOSED TODAY -

Best Year since 2008

We have some good news to celebrate this Independence Day holiday weekend: the Spokane real estate market is seeing its best year since 2008!

Here are some of the numbers:

From the June 2015 Monthly Home Sales Report (pictured above, left):

Unit sales up 27.5%

Average price up 7.8%

From the 2015 Year to Date Home Sales Report (pictured above, right):

Unit sales up 22.6%

Average price up 5.4%

Inventory today is down to a 3.2 months supply.

These Market Activity Snapshot Reports and the full Market Activity Report are created monthly by your SAR and shared directly to members here, each week, in the Weekly Notices - and monthly in the Brokers Need to Know.

Congratulations to you on your part in this encouraging market! Happy Independence Day from all of the staff members at your SAR. Enjoy the holiday as we celebrate in our All America city!

All-America City

For the third time in 41 years, Spokane has been named an All-America City.

The award from the National Civic League went to 10 U.S. cities.

Spokane, which previously won the award in 1974 and 2004, was recognized this year for focused efforts to boost high school graduation rates.

In the city's entry for the award, Spokane Public Schools highlighted three programs for at-risk youth: the district's Community Attendance Support Teams, groups of volunteers who work with students and parents to help reduce truancy; Communities in Schools, a program launched in 2008 that puts students in touch with community leaders; and the Youth Police Initiative, a five-day course that introduces students to Spokane police officers.

Read more in Monday's edition of The Spokesman-Review, online here.

Legal Hotline Letters - 2

NEW!

Washington REALTORSŽ Legal Hotline attorney Annie Fitzsimmons offers the second episode of "Annie's Mailbag," a collection of member letters to our legal hotline with her answers.

This week, she discusses Buyer's Contingency/Negotiation Period, Inspections/Giving Legal Advice, and Broker Liability/Earnest Money.

See the seven-minute video online here:

Annie's Mailbag

What's Included?

What's included when you buy a house?

Is the fence included, the hot tub, the satellite dish?

2015 SAR President Jack Kestell talks about what's included when you buy a house in his regular guest column from Sunday's edition of The Spokesman-Review, online here.

Drone Webinar

NEXT WEEK!

Hear the latest on the regulatory and business hurdles associated with the operation of unmanned aerial vehicles (UAV), or drones, in a webinar on Thursday, July 9th, at 11 a.m. Spokane time.

This event will provide information about integrating drone technology into a real estate business and obtaining a Section 333 waiver from the Federal Aviation Administration.

TILA-RESPA Webinar and Webcast

NEXT WEEK!

Washington REALTORSŽ FREE Webinar
Thursday, July 9th, 10 a.m. - 11:30 a.m.

The Consumer Financial Protection Bureau (CFPB) issued its final rule to integrate the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations.

The final rule integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid in comparison shopping, and help to prevent surprises at the closing table.

The new rule and changes go into effect on August 1, 2015, and we want our members ready.

This informative 1.5 hour webinar is for Designated Brokers and Branch Managers to help them prepare their offices for the changes.

During this session we will discuss: new forms, new terms, new timing requirements, how to implement best practices now!

Register online here now.

REALTORŽ magazine will present a live webcast on RESPA-TILA Integrated Disclosure on Thursday, July 16th, at 11 a.m. Spokane time.

Nationally recognized closing process expert Phil Schulman of K&L Gates and NAR Senior Counsel Finley Maxson will walk you through the new Loan Estimate and Closing Disclosure forms and the new time frames that you must meet to comply with the requirements set by the Consumer Financial Protection Bureau.

The speakers will discuss and answer questions on the 1) the new Loan Estimate, 2) fees, 3) referrals, 4) the new Closing Disclosure, and 5) timing issues.

TILA-RESPA Lunch & Learn

You have probably heard of the changes that are coming to mortgage loan disclosures as a result of the Dodd-Frank TILA (Truth in Lending Act) - RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure rule.

These changes go into effect on August 1, 2015 (deadline extension to October 3rd pending).

The SAR will offer its second of two Lunch & Learn events on this topic Monday, July 27th - with Greg Britton from HomeStreet Bank to help you get ready for the changes.

See the event flyer (pictured above), online here.

Monday, July 27th
Noon to 1:30 p.m.
at your SAR

Earn your CIPS Designation

NEXT WEEK!

Spokane Association of REALTORSŽ members are invited to earn their CIPS Designation this summer Calgary!

The Canadian Real Estate Association and Calgary Real Estate Board will be hosting a Certified International Property Specialists (CIPS) Institute in Calgary, Alberta from July 6th through July 10th.

Learn more about this opportunity, online here.

REALTORŽ Broker Summits

Two REALTORŽ Broker Summits are coming to Seattle later this summer - August 17 & 18 and August 18 & 19. The second of these will feature a technology edge.

These summits are designed exclusively for designated broker, and broker owner members to come together and learn from presenters, panels and peer leaders in the industry offering fresh insights on current conditions while looking to the future of real estate.

Over two days you will gain valuable insights to make your brokerage and our industry more successful.

Read more about these events, online here.

2015 REALTORŽ Education

CONTINUING EDUCATION

Quality of Education

through SAR/WR Education Instructors

Here is the latest class listing of your SAR - offering the best live and local continuing real estate education classes for 2015.

Click on each class title, underlined in blue, to bring up a flyer for that class - suitable for posting in your office.

Register for these classes online here:

Please be in touch with Debbie at the SAR if you have any questions about these classes or your license education requirements, by phone at 326-9222 or by email.

Linda Miller presents
The Code of Ethics for Real Estate Professionals

NEXT WEEK!

Thursday, July 9 - The Code of Ethics for Real Estate Professionals - with Linda Miller.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 12:30 p.m.
at the SAR

4.0 clock hours

Sabrina Jones-Schroeder presents

Current Issues in Washington Residential Real Estate

NEXT WEEK!

Thursday, July 9 - Current Issues in Washington Residential Real Estate - with Sabrina Jones-Schroeder.

Registration: 1:!5 p.m.
Class: 1:30 p.m. to 4:30 p.m.
at the SAR

3.0 clock hours

Cristi Zacherley presents
Mortgage Awareness for REALTORSŽ

NEXT WEEK!

Friday, July 10 - Mortgage Awareness for REALTORSŽ - with Cristi Zacherle.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 11:30 a.m.
at the SAR

3.0 clock hours

Linda Miller presents
The Truth about Negotiating

Tuesday, July 21 - The Truth about Negotiating - with Linda Miller.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 11:30 a.m.
at the SAR

3.0 clock hours

SAR CALENDAR

Click on the image below to see the current SAR calendar

showing dates and times of classes, committees and events.

The offices of your SAR will be closed today, Friday, July 3rd,
to keep the Independence Day holiday.

Local Fireworks Displays on the Fourth

Inlander photo

The cities of Spokane, Coeur d'Alene and Liberty Lake will feature public fireworks displays this Sunday, July 4th, to celebrate the Independence Day holiday:

Spokane:

This year's celebration expands through the weekend, and includes a new food vendor market, pie and hot dog eating contests, a beer garden, live music and entertainment, half-price passes to amusement rides and the Fourth of July fireworks show on Saturday at dusk. July 3, noon-11 pm; July 4, noon-10:30 pm; Sun, noon-9 pm. Free

Coeur d'Alene:

The day kicks off with the American Heroes Parade down Sherman Ave. (11 am), followed by food vendors, live music and games in City park. The fireworks display over the lake begins at dusk. Free

Liberty Lake:

Fourth of July weekend events include a screening of Rio 2 on Friday at dusk. Saturday events include live music by Milonga at 6 pm and the fireworks show at 10 pm. Free

See more Staff Picks of things to do this holiday weekend in the Inlander, online here.

2015 SAR Golf Tournament

Registration is now open for the 2015 SAR Golf Tournament!

Space is limited so register now if you'd like to participate in this popular annual event.

Registration deadline is next week, Tuesday, July 7th.

Event is Thursday, July 16th, at Downriver Golf Course.

See the event flyer (pictured above), online here.

Member 2 Member

Inland Professional Title invites all SAR members and friends to a wine and cheese open house at its new location in Spokane Valley on Wednesday, July 15th.

See the event flyer, pictured above, online here.

NEXT WEEK!

Stewart Title shares a warm welcome to all SAR members and friends to attend its grand opening celebration, Thursday, July 9th, at its new home on Spokane's near north side, across the street from the Spokane Arena.

See the event flyer (pictured above), online here.

ListHub Report for May

See the May ListHub report, online here.

Market Activity Report - June

NEW!

The SAR Market Activity Report for June is now online.

See the latest report - and archived reports - online here.

See the June 2015 summary report (pictured above) online here.

See the 2015 year-to-date summary report (pictured above) online here.

You Be The Judge - July

NEW!

Here is You Be The Judge for July:

Case #1-25: Disclosure of Latent Defects.

Read the case and submit your judgement online here.

Those who decide correctly will be entered in a drawing for a Starbucks coffee card!

Winner to be announced next month.

Congratulations to Cathy Elmore, Coldwell Banker Tomlinson North, our June Starbucks card winner!

JUNE ANSWER

The Hearing Panel concluded that REALTORŽ B had adequately respected the agency of REALTORŽ A as interpreted by Standard of Practice 16-4. The panel's decision indicated that a listing broker should recognize that his refusal to disclose the type and expiration date of a listing to an inquiring broker frees the inquiring broker to contact the seller directly. If the contact with the seller is made under the provisions of Standard of Practice 16-4, the REALTORŽ is also able to discuss the terms of a future listing on the property or may enter into a listing to become effective upon the expiration of the current listing. The panel found REALTORŽ B not in violation of Article 16.

From case #16-7: REALTORŽ's Refusal to Disclose Nature and Current Status of Listing to Another REALTORŽ.

See the full text of last month's case, online here.

Tech Helpline Blog

Have you ever heard of an HDMI stick computer?

An HDMI stick computer plugs into the HDMI slot on most any modern TV, instantly turning it into a big screen computer with its own on-board processor and RAM data storage.

Think of the possibilities for sales presentations, open houses and more.

HDMI sticks are on the market now.

Read more about this and other tech news on the Tech Helpline monthly blog, online here.

Member Roster Update

NEW!

Click here to view the latest Roster Update - listing new and resigned members and companies.

Click here to view the latest list of MLS Subscription Waivers approved by the SAR Board of Directors.

Send a message to Angie at the SAR with any changes.

All-New REALTORŽ Store