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January 24, 2007
New NAR ads tout
opportunities available in today’s market
This past week, the National Association of REALTORS® launched a new
series of public awareness ads to educate consumers on the favorable
conditions currently available to home buyers, and the benefits of
working with a REALTOR® to help sell a home in today’s highly
competitive market. The $40 million NAR
Public Awareness Campaign,
which is now entering its 10th year, includes an extensive
schedule of over 33,000 television and radio commercials which will
air in both English and Spanish from January-November on hundreds on
national network radio stations, as well as several national
television networks and Cable TV outlets across the U.S.
Notably, beginning next month, the Massachusetts Association of
REALTORS® (MAR) is planning to supplement the NAR ad campaign with its
own local media buy, which is expected to appear throughout much of
this year’s spring market. The MAR Board of Directors has approved
over $300,000 for consumer outreach efforts in 2007, a significant
portion of which will be used to increase the reach and frequency of
the NAR’s “buy now” message in the local print and electronic
media.
The NAR ads are designed to promote market activity and tout the
benefits of working with REALTORS® through two distinct messages. The
“Good Time to Buy”
spots will highlight today’s low mortgage rates, plentiful inventory
levels and more realistic selling prices as key factors which have
provided buyers with increased purchasing power
and a better position from which to negotiate, while explaining how
REALTORS® can assist prospective buyers in structuring the best offer. Separately, the “Know How to Sell” ads will point out the
challenges of selling a home in the current market and explain how
REALTORS® can help sellers to best position their home to attract
serious buyers today.
To learn more about this program, including where the ads will
appear and how to obtain customizable web banners ads for your own
personal or company use, visit the 2007 NAR Public Awareness Campaign
home page on
realtor.org.
Land use restrictions in metro Boston among the
most stringent in U.S.
A new study examining
land use regulations in more than 2,600 communities across the U.S.
found that Boston and its immediate suburbs impose some of the most
restrictive rules on residential construction in the nation. The
study, conducted by the University of Pennsylvania’s Wharton School of
Business, ranked Boston and 40 nearby cities and towns as second only
to the Providence, R.I. area among 47 metropolitan markets in terms of
severity of regulation placed on housing development.
This heavy regulation is contributing to the region’s high housing
prices and helping to limit the local housing supply, which in turn is
prompting young professionals and working-class families to leave the
state in increasingly larger numbers, according to the study’s
authors. These findings come as little surprise to local REALTORS® and
help to validate the public policy efforts undertaken by the Greater
Boston Real Estate Board, in recent years to
support legislation aimed at expediting permitting processes and
reducing the amount of zoning and land-use controls placed on
residential and commercial development in the Commonwealth.
The Boston area’s high ranking is attributable in part to minimum lot
size requirements that are much larger here than in communities in the
South and Midwest, as well as the prominent role local elected
officials, neighbors and community groups are often given in reviewing
residential projects and zoning proposals. In many Bay State
communities, it’s not uncommon for municipal zoning departments,
boards of health and other elected officials to impose excessive
regulatory controls on residential development to limit growth, reduce
housing density, or preserve open space, the
report found.
FHA loan limits remain unchanged in eastern Mass.
The U.S. Department of Housing & Urban
Development (HUD) has set new mortgage limits for loans insured by
the Federal Housing Administration (FHA), but in most of eastern and
central Massachusetts loan limits will remain unchanged in 2007.The
announcement comes following a year of modest price declines in home
values in Massachusetts during 2006.
In Barnstable, Essex, Middlesex, Norfolk, Plymouth and Suffolk
counties, the FHA will continue to insure single-family home mortgages
up to $362,790, a limit that first became effective on January 1, 2006,
while in Bristol County the FHA single-family mortgage limit remains
at $316,350 and in Worcester County a limit of $292,600 remains in
place for a second consecutive year.
FHA loan limits for 2-3 family properties also are to remain stable in
2007.For two-family dwellings the limits are set at $461,113 in
Barnstable, Essex, Middlesex, Norfolk, Plymouth and Suffolk counties;
$359,397 in Bristol County; and $371,621 in Worcester County. On
three-family properties, the FHA will continue to insure mortgages up
to $560,231 in Barnstable, Essex, Middlesex, Norfolk and Suffolk
counties; $434,391 in Bristol County; and $449,181 in Worcester
County.
To educate consumers about FHA mortgages, REALTORS® are invited to
download a copy of the NAR-produced
brochure
Shopping for a
Mortgage? FHA Improvements Benefit You
from realtor.org
or access
FAQs on FHA loans from the
HUD website.
Real estate provisions part of newly signed federal tax bill
President Bush has signed a federal tax bill (H.R. 6111) that
provides a temporary mortgage insurance deduction for home buyers and
other tax benefits for commercial property owners. Specifically, the
legislation contains a special one-year only tax provision that allow
certain home buyers to deduct the cost of mortgage insurance premiums
issued in 2007. This new deduction will only be available to
households with less than $100,000 income on a joint tax return and
phases out for incomes above $110,000. Furthermore, it only applies
for homes purchased in 2007, but can be taken on either private or
FHA, VA or Rural Housing Service premiums.
Separately, commercial real estate brokers and property owners will
be pleased to learn that the bill renews and extends through 2007 a
tax deduction for
brownfields clean-up expenditures that had
previously expired on December 31, 2005. In addition, the measure
authorizes new rules that would permit the 15-year cost recovery
period for leasehold tenant improvements made to commercial buildings
to be made retroactive to January 1, 2006. It was just two years ago
that federal legislation was passed to allow a reduction in the
recovery period for leasehold improvements from 39 years to 15 years
for any qualified improvements (such as redesigned restrooms and
upgrades to electrical wiring, cable and technology infrastructure)
made to non-residential real estate. With enactment of this
legislation, the new rule retroactively applies the 15-year leasehold
improvement provision to the beginning of last year and extends it
through December 31, 2007.
Legislation seeks to
require licensure of mortgage loan originators
In response to a
steady rise in foreclosures over the past year and mounting evidence
that lower-income households are being increasingly targeted with
risky loans from sub-prime lenders, several bills which aim to protect
consumers through increased regulation of the mortgage industry have
been filed with the Massachusetts Legislature. Specifically, at least
three measures have been proposed to license the estimated 30,000
mortgage loan originators who operate in the Bay State. At present,
only mortgage companies must be licensed to do business in the
Commonwealth.
The movement to require the licensure of mortgage loan officers comes
just months after a new report found that mortgage companies and
out-of-state banks have been increasing their market share of home
purchase loans in Massachusetts. In fact, in 2005, they were
responsible for three quarters of all such loans in the state. Yet,
these same lenders were found to direct a smaller share of their loans
to “traditionally underserved” borrowers than Massachusetts banks and
credit unions did over the same period. For this reason, a bill filed
by a coalition of groups, including the
Citizens Housing and Planning
Association,
Massachusetts Affordable Housing Alliance, and Massachusetts
Association of Community Development Corporations, proposes to extend
the Community Reinvestment Act – which currently applies only to banks
and credit unions – to mortgage firms.
To further protect homeowners from losing their homes through
foreclosure, the coalition’s bill, and another filed by Boston Mayor
Thomas Menino, contain a provision that would provide consumers a
30-day grace period to come up with funds to pay off debt without
having to incur additional legal expenses, fines, or other fees that a
lender might impose onto the amount already owed by homeowner. The
grace period would be triggered when a loan is about to default,
typically after 60-90 days of payment delinquency by the property
owner. Notably, both bills also seek funding for counseling and legal
services to educate and assist consumers in avoiding loan troubles and
foreclosure.
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Lexington REALTOR®
nominated for 2008 NAR New England Region VP seat |
 Judy Moore, a REALTOR® with RE/MAX Premier Properties in Lexington,
who previously served as president of the Greater Boston Association
of REALTORS® in 1998, has been formally nominated for the position of
2008 Region I Vice President for the National Association of REALTORS®.
Moore, who also served as clerk of the Greater Boston Real
Estate Board in 2000 and 2001, will represent members from the six New
England states (Connecticut, Maine, Massachusetts, New Hampshire,
Rhode Island and Vermont) on the NAR Executive Committee once she
assumes the RVP position at the end of this year. She is expected to
be elected to office by
the NAR Board of Directors this May in
Washington, D.C., and will beformally installed at the NAR Convention in Las
Vegas in mid-November. Congratulations Judy! |
Volunteers Sought for
GBAR Committees
If you are interested in taking an active role in implementing
association programs or would like to become a decision-maker and
leader within the REALTOR® organization, we invite you to apply for
service on a GBAR committee in 2007.There are more than a half dozen
committees you may choose to serve on during the coming year,
including Communications, Community Service, Education, Membership,
and Professional Standards. To express your interest in serving on a
GBAR committee, simply complete the online
Committee Request Form and
submit it by January 26th. Participation on GBAR
committees is open to any association member in good standing, though
some committee service may stipulate that you first meet specific
service requirements. Appointments to 2007 committees will be made by
GBAR leadership later this month, with most committees expected to
hold their first meeting in February.
GBAR to host
continuing ed courses
Members in need of continuing education credits to renew their
license are encouraged to enroll in one or more of the
CE courses
being offered by GBAR over the next month at the Greater Boston Real
Estate Board’s offices at 11 Beacon Street in Boston. On January 30th,
CE classes on Residential New Construction (9-11 a.m.), Title 5 (11:15
a.m.–1:15 p.m.), and the Wetlands Protection Act (2-4 p.m.) will be
offered with instructor Paul Yorkis. On February 27th, CE
classes on International Real Estate (9-11 a.m.), Commercial Real
Estate Basics (11:15 a.m.-1:15 p.m.), and Commercial Leasing (2-4
p.m.) will be presented by instructor Rob Nahigian. Registration is
$45 per class or $105 for members who attend all three courses
scheduled for the same day. To register, log on to
www.gbar.org or call 617-423-8700.Don’t delay as seating is
limited to 30 students for this program!
Registration to Real
Estate CyberConvention is free to GBAR members
The Greater Boston Association of REALTORS® is
pleased to be a sponsor of the Sixth Annual National Real Estate CyberConvention being hosted by the
Real Estate Cyberspace Society
from February 18-24, 2007. The convention, which is entirely
web-based, features education sessions and a virtual expo. It’s
expected to attract over 50,000 real estate professionals from around
the world.
This year's Real Estate Cyberspace Convention will include major
keynote addresses by National Association of REALTORS® President Pat Vredevoogd Combs and Alex Perriello, president and chief executive
officer of Realogy, the world’s largest franchisor of residential and
commercial real estate brokerages. In all, the week-long, on-line
convention will feature nearly three dozen nationally recognized real
estate trainers, authors and industry experts, who will present
sessions on many timely issues, such as blogging and e-marketing,
successful lead generation strategies, working with foreign-born
clients and customers, winning websites, commercial real estate, and
protecting yourself against identify theft.
REALTORS® who attend the CyberConvention also will have the
opportunity to network with other real estate practitioners in chat
forums, as well as browse the latest business-building products and
services in the on-line expo.
Registration to the National Real Estate CyberConvention
is free to all GBAR members. For a complimentary pass and additional
information, including a summary of all session topics and speakers,
visit the special
pre-convention registration page.
Volunteers sought for
REALTOR® booth at local home shows
REALTORS® interested in serving as association ambassadors at two
upcoming Boston area home shows are encouraged to contact the
Massachusetts Association of REALTORS® which will be participating as
an industry exhibitor at regional home shows across the Bay State this
winter and spring. The home show appearances are part of MAR’s annual
public awareness campaign to educate consumers about the benefits of
working with a REALTOR® during the home buying and selling processes.
Member volunteers are being sought for the
North American Home Show,
which is scheduled to take place February 9-11 at Gillette Stadium in Foxborough, as well as for the
57th Annual New England Home
Show, which will be held from February 24 – March 4 at the Seaport
World Trade Center in Boston. As an association ambassador, you will
be looked to to distribute consumer information material and answer
questions from the public about real estate, the local housing market,
and the home purchase and sale process. All members who volunteer for
the MAR booth at these home shows will receive a complimentary
REALTOR® polo shirt and parking reimbursement. If you are interested
in serving as a REALTOR® association ambassador, send an e-mail to
katie@marealtor.com or call MAR Customer Service at 800-725-6272.
NAR Mid-Year Meetings
housing lottery opens January 25th
REALTORS® who plan to
attend the National Association of REALTORS® Mid-Year Legislative
Meetings in Washington, D.C. are invited to enter the special housing
lottery to be conducted by NAR to allocate unassigned rooms in the
meeting’s two headquarters hotels – the Marriott Wardman Park and Omni
Shoreham hotels. The lottery will open on Thursday, January 25th
at 12 noon CST and remain open for one week. As a reminder, there is
no advantage to entering the lottery as soon as it opens nor is there
an advantage to entering one’s name more than once. Furthermore,
members are reminded to have their NRDS (National REALTOR® Database
System) information handy to
register
for the housing lottery.
Registration for hotel rooms for the NAR Legislative Meetings will
formally open on February 8th.
Bay State REALTORS®
to join in NAR/Habitat effort to rebuild the Gulf Coast
The Massachusetts
Association of REALTORS® is seeking members to serve on a team of 21
Bay State REALTORS® who will travel to Mobile, AL. in early April to
help construct a new home as part of a year-long effort by the National
Association of REALTORS® and Habitat for Humanity International to
rebuild the Gulf Coast region following the destruction caused by
Hurricanes Katrina and Rita. MAR has agreed to reimburse all
participants for the cost of airfare, ground transportation and hotel
accommodations, and daily lunches will be provided compliments of
Habitat for Humanity during the week long trip to Alabama. The
project dates are April 8-14. Volunteers will be expected to provide
their own work clothes and will be required to sign a series of forms
to waive liability. If you are interested in participating on MAR’s
Operation Global Village team, contact Paul Chasse of MAR at
781-839-5526 or
pchasse@marealtor.com by January 31st.
GBAR.org |
