Weekly Notices - June 24, 2022

The Spokane Association of REALTORS®:

ENGAGES its members, ENCOURAGES professional excellence and cooperation,

ADVOCATES for real property rights, and PROMOTES strong, sustainable communities.

Weekly Notices

June 24, 2022

FREE - LIVE!

DPR training session

July 12th at 10 a.m.

The SAR MLS had 1,577 properties listed during the month of May that were DPR eligible - that's 63% of all listings that had money waiting on the table for the right buyers.

Did you help your clients explore their eligibility for a down payment resource?

Now is the time to get in front of sidelined buyers and build your future business pipeline. Today’s consumers are online getting prepared for homeownership and researching their down payment options. Show them that you can help.

Learn how to start more conversations that lead to homeownership by highlighting information about down payment programs in your marketing campaigns, website content and social media platforms. You’ll also learn how Down Payment Resource’s agent tool, Down Payment Connect, can match your clients to homeownership programs and deliver leads right to your inbox.

New!

National Median Sales Price Surpasses $400,000

for the First Time

At $407,600, the median existing-home sales price exceeded $400,000 for the first time and represents a 14.8% increase from one year ago.

Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year.

Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers.

NAR Chief Economist Lawrence Yun

Read NAR's news release.

How to advise your clients

who feel a property tax valuation

is too high

The most recent Spokane County property valuations are up 30% across the board. This reflects the historic gains in property values in recent years.

As a real estate professional, you may be joined in conversations with clients, friends, and neighbors on this topic.

SAR Governmental Affairs Director Darin Watkins Zooms with Spokane County Assessor Tom Konis about what the valuation means and what steps a property owner can take if one feels the valuation is not accurate.

The video runs about two minutes:

Visit the SAR resource page.

Visit the website.

Hoopfest Returns this Weekend!

Hoopfest - the nation's largest three-on-three basketball tournament - returns to the streets of downtown Spokane this weekend after a two-year pandemic pause.

45 blocks will be closed, impacting traffic and businesses in the city center.

The event has attracted as many as 250,000 people in past years, effectively doubling the city's population for 48 hours.

SAR Golf Tournament

Thursday, July 21st

Down River Golf Course

Registration deadline:

Friday, July 8th

Teams of four will start shotgun style at 7:30 a.m. on Thursday, July 21st, at Down River Golf Course.

After a round of golf, we'll gather in the club house for lunch and prizes.

Limited number of spots available.

Don't delay, sign your team up today.

Questions - call Tami Peterson at (509) 326-9222 or Wendy Shiley at (509) 979-6792.

Get the flyer.

loanDepot

Appreciation BBQ

Thursday, July 14th

loanDepot - Spokane is hosting an Appreciation BBQ for our business and industry partners on July 14, 2022 from 11:30am to 2:00pm.

Please join us for our party on the back patio - catered by Toby's BBQ and Hawaiian Style Food & Shaved Ice!

Enjoy great food, wonderful friends, music, games and a whole lot of fun!

Please make sure to RSVP so we have enough food for everyone!

We can't wait to see you there!

Registration closes at 5:00 p.m. on Friday, July 8th.

How to Handle an Ethics Violation

Spokane Association of REALTORS® Grievance Committee member Tim Olsen shares some advice on how to handle an ethics violation.

Click on the image to play a four-minute video created by your SAR Grievance Committee.

You be the Judge!

An opportunity to learn from real cases in real courts.

Congratulations to Angela Newcomb, EXIT Real Estate Professionals – May Wake Up Call Gift Card Winner!

Members with the correct answer

will be entered into

a monthly drawing

to receive a

$15 Wake Up Call Gift Card!

You be the Judge - June

Case #16-8: Unauthorized Use of Information Received from Listing Broker for the Purpose of Creating a Referral to a Third Broker or for Creating a Buyer Relationship.

(Reaffirmed Case #21-14 May, 1988. Transferred to Article 16 November, 1994. Revised May, 2017).

Test your judgement on this issue with a real NAR Case Study:

You be the Judge.

It is time for the 4th Annual Sip & Sail hosted by the The Realtor YPNs (Young Professionals Network) and WCRs (Women's Council of REALTORS®) in Spokane and Coeur d' Alene.

Join us for a cruise around the lake.

Have a few drinks and get re-acquainted with your colleagues in the industry.

Doors Open at 2 - Boat Leaves at 3PM SHARP!

Date and time

Thursday, July 7, 2022

2:30 PM – 5:00 PM PDT

Location

The Coeur d'Alene Resort

115 South 2nd Street

Coeur d'Alene, ID

New!

Mistaken Identity: Forms

Part 2 – Form 35R and Form 51

Are you using the right form?

Does it really matter if I use this form or another to get it done?

It can become a serious matter for Buyer Brokers and Listing Brokers alike if the wrong form is used, especially when you are held to the standard of care of a lawyer in your transaction dealings.

In part 2 of Mistaken Identity: Forms, Annie Fitzsimmons, WR’s Legal Hotline lawyer, talks about which form to use when the Buyer has finished their inspection and has decided to terminate the Purchase and Sale Agreement with the Seller.

Form 35R is the Inspection Contingency Response form and Form 51 is a Rescission Agreement — do you know which one is the right one?

Watch now to hear Annie’s answer.

See past videos in this series online here:

PART 1 - Form 35R and Form 34

Professional Development

The SAR offers a full schedule of virtual classes to help members satisfy their professional development requirements to keep their REALTOR® status current.

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

Next week!

Biggest Bloopers & Blunders we make in our Statewide Forms with Ken Sax

Tuesday, 6/28 9:00-12:30

3.5 clock hours

You can sign up to take this class in-person at the SAR or you can zoom in.

You'll want to check out this class and learn what the bloopers are and how to avoid making the same mistakes!

Don't be that broker!

Ken Sax has been teaching the Purchase & Sale class since 2010.

He's very passionate about REALTORS® being experts on this... after all, your clients think you are!

Ken will be discussing Forms - 21, 50, 51, 22A. 22EF, 22B, 39, 22Q, 35/35R, 35E and 36.

Next week!

Purchase & Sale with Sabrina Jones Schroeder

Thursday, 6/30 8:30-5:00

7.5 clock hours

You can sign up to take this class in-person at the SAR or you can zoom in.

This mandatory course will include: An introduction and discussion of intentions, goals, and purposes in properly completing the new Purchase & Sale Agreement; the deposit, parties and property; financing and the financing contingencies, title insurance and transfer and inspections; representations and disclosure; and remaining provisions.

This class must be taken once every four years.