It looks like summer is upon us and the temperature is getting hotter by the minute. It appears that we can expect another hot summer and it is always a good idea to have your HVAC tuned up in preparation for the coming months. Why not call one of our Preferred Partners for this service? If you search and don’t see your favorite HVAC Partner, give them an opportunity to grow their business by becoming one of our very own Preferred Partners. It is always a great idea to use the folks who support SAR.
It has been busy here at SAR with a lot of events and meetings not to mention great educational classes. We have our Main meetings the 1st Tuesday of each Month and the Preferred Partners Forum on the 1st Thursday of the month. Did you know that all members are invited to attend the Preferred Partners Forum? There is always great information, a lending update, and a motivational/educational item. It’s a great opportunity to build your stable of partners for services as well.
June was designated as National Homeownership Month in 2002 and this month recognizes 21 years of REALTOR® Associations promoting the benefits of homeownership and creating opportunities for future homeowners. One such opportunity was SAR’s Homebuyer’s Expo on April 8th (photos), which recently received national recognition by the REALTOR® Party. NAR says it best – “REALTORS® strive to ensure all Americans have the opportunity to achieve homeownership, the centerpiece of the American Dream and the pathway to economic well-being and intergenerational wealth-building.” We must keep that in mind throughout the entire year – not just June.
On another note, several of your SAR peeps just returned from NAR Business Meetings in Washington D.C. While we were there, the hotly contested FHFA program that increased fees for better qualified individuals and decreased them for the lesser qualified (called Loan Level Price Adjustments or LLPA) was thankfully repealed. I call that a major win for home buyers. I am sure they will work on another way to make homeownership more affordable. Hopefully soon.
Some of the things discussed were the addition of a Fair Housing Component to our continuing education. It will be treated much like our Ethics requirement and will be required every 3 years like Ethics. It would be nice to have it on our schedule, but much of the country is at a 2 year timeline so they matched the Ethics.
Another big topic was the budget and anticipated membership drop for 2024. They are projecting a drop in membership of 14%. The real estate market across the country is facing similar issues with inventory and rate hikes affecting both affordability of homes and the number of transactions that are being made. With that said, here at SAR we can expect a drop in membership as well, but not likely as much as NAR’s projections. The Strategic Planning and Finance Committee will be looking at this closer as we go into the budget cycle later this year.
On the taxation front, it was proposed that a NAR support Tax Policies that would reduce Capital Gains Taxes for homes, townhomes and condominiums that sell the property to an owner occupant. This would apply only to those homes owned at the time of enactment. The thought behind this is to stimulate more inventory for owner occupied homes that were previously rentals. The theory being that with more inventory, the rise in housing costs and the affordability barrier to homeownership would be alleviated to some degree. This is a great idea, and we all hope this will get through.
Another good thing that came out is that NAR will oppose the sale, exchange and use of trigger leads for marketing of a mortgage loan. I am sure our clients will appreciate this because right now they are inundated when they originate a loan by all sorts of offers to get a better rate. Sure, they should have the ability to shop for a rate, but they should not be automatically enrolled in a program that sells their information. It is definitely confusing for the consumers and problematic for the practitioners as it can quickly derail a transaction. All in all, NAR has your back when legislation to help our industry and the consumer comes up.
June also recognizes a few very important local events in which SAR is participating. The Diversity, Equity, Inclusion, and Fair Housing Committee (DEIFH) is partnering with the Sacramento LGTBQ+ Real Estate Alliance and celebrating the PRIDE Festival this weekend. Join your fellow REALTORS® in the PRIDE March on Sunday, June 11th in support of the Community.
The SAR DEIFH Committee will also be supporting the Community as a sponsor at the 20th Annual Sacramento JUNETEENTH Festival on Saturday, June 17th at William Land Park. This Festival celebrates one of the most momentous occasions in American history: The signing of the Emancipation Proclamation. But it wasn’t until June 19, 1865, that those still enslaved in Texas were notified by the Union Army that from this day forth all those enslaved were now freed. June 19th has been combined to form “Juneteenth” and celebrated nation-wide, officially being recognized as a Federal Holiday in 2021.
Coming up next month, we will be having our annual election for the Board of Directors. This promises to be quite exciting as we have more people stepping up to get into leadership than we have seats available. Be sure to participate in that as you will have a choice from several well qualified candidates. Your vote matters because in addition to voting for people, you are helping shape the direction of SAR by choosing the best qualified amongst your peers.
If you are contemplating on how you can get involved in the future, applications for committees will be going out soon so if you have a passion for the Association or are considering leadership, you can read about the committees here.
As a reward for those of you already involved at SAR, we will be having our 2023 SAR Volunteer Appreciation Day at an upcoming River Cats game! The invite for this went out to all 2023 Committee Members, Chairs, Vice-Chairs and Staff, too. We appreciate your commitment and want to reward you – time to have some fun and watch our local Boys of Summer!