Weekly Notices

Friday, January 29, 2016

Home Sales, Prices Surge

The residential real estate market in Spokane and Kootenai counties last year saw the biggest upswings in home sales by total numbers and median price since the Great Recession.

This encouraging sentence leads a front-page story on the Spokane Journal of Business, this week (pictured above).

The article shares market statistics provided by your association (pictured above) that show 6,863 homes were sold in Spokane County in 2015, up nearly 18 percent compared with 5,829 homes sold in the prior year.

The median sales price for homes sold through the Spokane MLS last year was $179,900, up more than 7 percent compared with the 2014 median sales price of $168,000.

"That's the biggest price jump in years, and it's the highest median price since 2008," says Rob Higgins, executive vice president of the Spokane Association of Realtors.

Read the complete article online here.

Spokane Talks Real Estate

SpokaneTalksOnline photo.

2016 SAR President Susie Luby (photo above, center) and 2016 SAR President-elect Jennifer Valerien (photo above, right) were guests of SAR member and host Ken Sax (photo above, left) on Real Estate Radio on SpokaneTalksOnline, the new Internet talk radio station.

The program brought the highly-credible perspectives of three of the areas best REALTORSŽ to a conversation on the current state of the business.

SpokaneTalksOnline is a partnership between Spot-on Media, The Spokesman-Review, and KHQ-TV - all locally owned media companies.

Hear the complete program online here.

REALTORSŽ Property Resource

Realtors Property ResourceŽ (RPRŽ), one of the most innovative benefits included in your NAR membership, delivers on-the-go access to an all-encompassing real estate platform, available exclusively to REALTORSŽ, and offered at no additional cost.

Easily accessed through desktop, iOS and Android devices, RPR offers residential and commercial agents, brokers, and appraisers with data sets ranging from tax and mortgage history, to listings, sales, valuations, demographics, psychographics, and school information, to name just a few.

Research hundreds of datasets on over 160 million properties
Access the entire RPR platform via desktop, iOS and Android devices
Create winning listing presentations
Calculate the ROI for home improvements
Use the exclusive Realtor Valuation ModelŽ (RVMŽ) in pricing discussions
Refine the value of a home when conducting a comps analysis
Build a comprehensive relocation packet
Create customized, client-friendly reports from any handheld or desktop device

Remember, as a member of the Spokane Association of REALTORSŽ, you have access to RPR from your MLS dashboard or via the direct integration on Paragon listing reports.

You can also find RPR online here.

Spokane/Kootenai Real Estate Forum

The popular 2016 Spokane/Kootenai Real Estate Market Forum will be held on Thursday, February 25th, at the Spokane Convention Center.

Your SAR sponsors this event - it is always a valuable experience.

This year, attendees will hear from these featured speakers:

Jim Frank - founder, Greenstone Corp., on Economic and Demographic Drivers

Dave Black, CEO, NAI Black, on Real Estate Impacts of a Completed North/South Freeway Corridor

Mark Mansfield, executive director, Spokane University District Board, on the Spokane University District

See more details and register online here.

Have a product or service of interest to the local real estate community? Reach local real estate leaders from your vendor table at the event! All sponsors will be in the main event room.

For details, see the sponsorship flyer (pictured above) online here.

Broker Symposium

Enjoy REALTORŽ education designed specifically for Designated Brokers, Branch Managers, and Team Leaders.

Plan now to attend the Washington REALTORSŽ Broker Symposium, Thursday, March 17th, at the SeaTac Convention Center.

Take away actionable and useful information to use in your business for improved function, profitability, and fun!

Visit the event web page to learn more and register, online here.

The Voice for Real Estate

NAR Director of Broadcasting Stephen Gasque returns this week with a new edition of his bi-weekly video update, The Voice for Real Estate.

Featured segments:

Sales surge
NAR tech lab
Beverly Carter
Ephemeral messages

See the six-minute video online here:

The Voice for Real Estate

Legal Hotline Mailbag

Washington REALTORSŽ Legal Hotline lawyer Annie Fitzsimmons is back this week to answer another letter to her Legal Hotline Mailbag.

This time, the question is this:

Buyer and Seller have mutual acceptance. The Seller would like to terminate the agreement. What are the ramifications to the seller if they refuse to sell?

You can see the five-minute video online here:

Legal Hotline Mailbag #10

2016 Education Requirements

By the current rule, you need to take a Code of Ethics class once in every four-year cycle. That means that if you have not taken a Code of Ethics class since January 1, 2013, then you need to take a COE class before the end of this year!

This COE requirement also applies to appraisers.

Check the SAR's class schedule and register for a class via the Member Portal:

By the new rule, which starts on January 1, 2017, you must complete a Code of Ethics class once in every two-year cycle. The first two-year cycle will begin January 1, 2017, and end December 31, 2018.

Email Debbie at the SAR, or call her at 326-9222, to confirm your status.

While you're checking, NAR, SAR, and WA-DOL require you to take other classes in varying cycles, too.

For example, SAR requires you to take a Purchase & Sale Agreement class once in a four-year cycle; the Washington State Department of Licensing requires you to take the Core Curriculum class once in a two-year cycle.

If you have not taken a Purchase & Sale Agreement class since January 1, 2013, then you need to take a P&S class before the end of this year!

This P&S requirement does not apply to commercial members or appraisers

See a handy guide to WA-DOL, NAR and SAR education requirements (pictured above), online here.

2016 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 2016.

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.

Statewide Purchase and Sale Agreement

Tuesday, February 9 - Statewide Purchase and Sale Agreement - with Sabrina Jones-Schroeder.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 5:00 p.m.
at the SAR

7.5 clock hours

Home Inspections for REALTORSŽ and Appraisers

Thursday, February 11 - Home Inspections for REALTORSŽ and Appraisers - with Matthew Pederson.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 4:30 p.m.
at the SAR

7.5 clock hours

The Code of Ethics for Real Estate Professionals

Friday, February 12 - The Code of Ethics for Real Estate Professionals - with Linda Miller Sheets.

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

4.0 clock hours

Code of Ethics: Standards for Success

Tuesday, February 16 - Code of Ethics: Standards for Success - with Linda Miller Sheets.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 4:30 p.m.
at the SAR

7.5 clock hours

SAR CALENDAR

Click on the image below to see the current SAR calendar

showing dates and times of classes, committees and events.

Condolences

Sharon Ehrhardt, Windermere Valley, Inc., passed away on December 19, 2015.

There will be a memorial and celebration of life for Sharon on Saturday, January 30th, at 2:00 p.m. at Redeemer Lutheran in the Spokane Valley.

The address is 3606 S. Old Shafer Rd., Spokane Valley, just off South Dishman Mica Road.

In lieu of flowers, Sharon's family asks that donations be made to Hospice of Spokane.

2016 SAR DUES DUE

LATE PENALTY NEXT WEEK!

Your 2016 SAR annual dues were due January 1st, 2016.

Thank you if you have already paid them!

If you have not yet paid your dues, they

must be received or postmarked no later than January 31st to avoid a 10% late penalty.

The final date for payment of 2016 Annual Dues is

February 29th - with penalty.

If your payment is not received or postmarked by this date, your membership and services will be inactivated.

To pay your 2016 SAR annual dues online, click on the graphic below, which will bring up the login screen for the SAR member portal.

You may retrieve an invoice while online to pay by mail or you may pay in person at the SAR, 1924 North Ash Street.

Please call 326-9222 if there is any part of this you do not understand.

Thank you for your continuing membership in your SAR!

Four Trends

The Urban Land Institute recently released its "Emerging Trends in Real Estate" report, covering the U.S. and Canada, for the coming year.

The report names the top four trends expected to impact real estate in the short and mid-term.

- rising mortgage rates
- drought impact
- Generation X in leadership
- the Fair Housing Act and "the affordability crisis"

Read more on these four emerging trends in real estate in REALTORŽ magazine, online here.

2016 SAR Special Events

NEXT WEEK!

Your SAR Special Events Committee will meet on Thursday, February 4th, at 9:00 a.m.

This 90-minute meeting will share details on upcoming SAR events - Third-grade Poster Contest, Golf Tournament, Food Drive, Christmas Party, and the Washington REALTORSŽ Fun Night - and let you sign up for the events you'd like to work on this year.

All are welcome and encouraged to attend; no previous experience required. There will be something for all tastes and all commitments!

Email Debbie at the SAR, or call her at 326-9222, if you have any questions before the meeting.

WCR January Event

NEXT WEEK!

The Spokane-Eastern Washington chapter of Women's Council of REALTORSŽ invites you to its first program of 2016 - Thursday, February 4th - featuring Tami Bonnell, CEO of EXIT Realty Corporation International.

Download the event flyer (pictured above), with more information, online here.

Visit Spokane E-Newsletter

Want to be among the first to know what's happening in Spokane? VisitSpokane offers an e-newsletter that may be tailored to your specific interests in what's going on in our area:

outdoor adventures, golf, romantic retreats, culinary & wine, ski & snowboard adventures, family fun, mancations, girlfriend getaway and general Spokane.

Subscribe to the VisitSpokane e-newsletter online here.

ListHub Report for December

See the December ListHub report, online here.

Market Activity Report - December

The SAR Market Activity Report for December is now online.

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

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

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

You be the Judge - January

Here is You Be The Judge for January:

Case #2-3: Obligation to Disclose Defects.

Read the case and submit your judgement online here.

Winner to be announced next month.

Congratulations, Patrick Martin, Martin Partners Real Estate, our December Starbucks card winner!

DECEMBER ANSWER

The Hearing Panel concluded that REALTORŽ B's actions to encourage his buyer-client to pressure the seller to try to modify the listing agreement with REALTORŽ A was an unwarranted interference in their contractual relationship. The Hearing Panel noted that Article 16, as interpreted by Standard of Practice 16-16, required REALTORŽ B to determine, prior to presenting an offer to REALTORŽ A and her seller-client, whether REALTORŽ A was willing to contribute to REALTORŽ B's commission, either directly or by reducing the commission as agreed to in the listing contract and, if so, the terms and amount of such contributions. It was the decision of the Hearing Panel that REALTORŽ B had violated Article 16.

From Case #16-16: Buyer Agent's Demand that Listing Agent Reduce Commission.

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

Member Roster Update