Interested in a leadership role in RVAR? Are you ready to give back to the REALTOR® community? Do you have fresh ideas for change?

RVAR's Board of Directors has announced the following leadership openings for 2018: President-elect, Vice President and 3 Director positions. Based on Bylaws revisions approved last year, the process for applying for a Director or Officer position has been streamlined:

• The application period begins Tuesday, August 1st and ends on Monday, October 2nd.
• A period of RVAR membership is required: 2 years for Directors, 3 years for Vice President and 4 years for President-elect.
• No more than 2 members from the same firm may serve at the same time on the Board of Directors, with the exception of the Immediate Past President.
• All applicants must meet the following objective criteria:

The Board is a hardworking body of 12 REALTORS® who set policy for RVAR and the MLS. The group meets 10 times each year to ponder issues, solve problems and manage the Association and MLS funds. If you are interested or have any questions about the requirements and benefits of serving on the Board of Directors, please contact President Kathy Chandler or CEO Laura Benjamin.

Continuing their service on the 2018 Board will be: President Connie Hash (MKB); Immediate Past President Kathy Chandler (MKB); and Directors Bitsy Davis (Long & Foster), Becky Fields (BHHS Premier), Jeff Fletcher (BHHS Premier) and Renee Wiggins (RE/MAX All Stars).

The real estate market continued to be active in April, with the highest number of homes sold (437) during April since 2006. A link to the home sales statistics, along with a 4-year comparison, is provided on the front page of RVAR.com. The MLS releases its monthly home sales statistics around the 15th of the following month.

Back in April, 2006, the MLS had 1,400 more residential listings and RVAR had 400 more members. The average price of closed homes in April, 2006 was $202,635, about $2,000 less than in April, 2017.

NAR forecasts that single-family existing home sales will see their best year since 2006, driven by robust job gains and improving household confidence. NAR also forecasts an increase of 5% in existing home prices in 2017. NAR predicts two more rate hikes this year to bring mortgage rates to an average 4.3% by the end of 2017, and climbing towards 5% in 2018.

Effective July 1st, the act of performing a home inspection for compensation in Virginia will require a license issued by DPOR. Also effective July 1st, home inspections of new construction will require a licensed home inspector with the additional New Residential Structure (NRS) specialty designation. Currently certified home inspectors whose certification is unexpired will automatically be issued a license as of July 1st.

The Virginia REALTORS® Legislative Agenda for 2017 totaled nine pieces of legislation that touched on issues pertaining to property management, homeowner associations and the Residential Disclosure Act. Each bill passed the General Assembly, has been signed into law by the Governor and will go into effect July 1st.

Property management legislation included several provisions that will allow for a smoother transition for an existing tenant and a new owner following a foreclosure of a rental property, including allowing the tenant to continue to pay rent to the new landlord, the property manager at the time of the foreclosure or the courts. The new law will also allow for the written property management agreement to continue in place following a foreclosure on a month-to-month basis until terminated by either the property manager or the new owner, unless a shorter period is provided for in the property management agreement.

Property and Condo Owners Association legislation stipulated that Associations cannot condition, limit or prohibit for sale signs other than limiting signs to those that are in compliance with the VREB regulations. Associations cannot require a formal power of attorney from a real estate licensee to represent their clients before the Association and are required to accept a document from the real estate licensee signed by the owner that confirms representation. Also, failure to deliver the Association disclosure packet within the 14-day requirement subjects the Association to up to $1,000 fine imposed by the Common Interest Community Board.

Residential Disclosure Act updates allow for electronic delivery of the form to the potential purchaser and rename the 'red-flag' disclosure statement the 'buyer to beware' statement. The following new 'buyer to beware' statements are also added that owner makes no representations with respect to underlying (i) conservation or other easements and (ii) community development authority.

A variety of MLS changes were implemented in April, including a complete revamp of the square footage (SQFT) fields to separate above and below grade SQFT per level. The MLS Rules contain the following requirements and definitions.

Above grade SQFT (finished) is required for all residential, farms and rental listings. "Above grade" is defined as that part of the dwelling that is ENTIRELY above ground level. "Below grade" is defined as the area that is ALL or PARTLY below ground level. The square footage of garages may be entered ONLY in the appropriate fields related to Primary Covered Parking and Additional Covered Parking.

Click here for an overview of the MLS changes implemented in April.

What is the REALTORS® Action Committee?
 

GRI 508: Real Estate Laws / Virginia Regulations: This Tuesday, June 20th ( 9AM-4:30PM) class, taught by Donna Austin, will cover the most recent Virginia laws and Real Estate Board regulations. Learn how the laws apply to you and protect the interests of your clients. This class qualifies for 8 hours of CE credit (Legal Update and Flood) plus PL credit (8 hours real estate law and Board regulations). Click here to register.

Already have your GRI designation? Contact Louann@rvar.com to register for this class at a reduced rate of $45 (includes materials and filing of CE credit, but no exam required.)

Farm and Land Class: Learn how to be outstanding in your 'field', with everything you need to know about listing and selling farm and land properties. This Thursday, June 22nd (10AM-Noon) class, taught by David Hurt of MKB, REALTORS® and Joey Cornwell of Farm Credit of Virginias, will cover topics including: conservation easements, surveys and right of way, land use taxation, staging land listings and financing options. Click here to register for this FREE class.

Sympathy

RVAR expresses sympathy to the friends and colleagues of James Richard Brooks, Jr. of Campbell Realty upon his recent death.

Congratulations

RVAR congratulates Karen Hankins, of Atlantic Bay Mortgage, upon her recent appointment to VHDA's new Rural Housing Advisory Council.  

Congratulations to those recently named "2017 Best Of" by The Roanoker Magazine, which included categories for real estate firms and agents. Some of RVAR's Affiliate members were recognized, too!

Best Real Estate Firm: Platinum -- MKB, REALTORS®; Gold -- RE/MAX (no specific office named); Silver -- Long & Foster, REALTORS®
 
Best Real Estate Agent: Platinum -- Norm Pullen (MKB, REALTORS®); Gold -- Vickie Clarke (Long & Foster, REALTORS®); Silver - Scott Avis (MKB, REALTORS®)  
 
Best Credit Union: Platinum -- Member One FCU; Gold -- Freedom First FCU; Silver -- Blue Eagle Credit Union
 
Best Moving Company: Platinum -- Virginia Varsity Transfer
 
Best National Bank: Platinum -- Wells Fargo; Gold -- SunTrust; Silver -- BB&T
 
Best Regional/Local Bank: Platinum -- HomeTown Bank; Silver - Bank of Botetourt   

Best Pest Control: Platinum -- Bug Man Exterminating
 
Best National Insurance Provider: Platinum -- State Farm

Best Local Insurance Provider: Platinum - Bill Meador Insurance Agency

Let RVAR know if you have news to share.