Category Archives: Real Estate

Arizona, Real Estate

NAR Gets Woke – Will We All Go Broke?

REALTORS® who engage in hate speech or discriminatory conduct even outside of their real estate practice could face disciplinary action under the Code of Ethics. The National Association of REALTORS®’ Board of Directors on Friday approved a proposal intended to hold members to a higher standard of ethics in everything they do. The board meeting was held during the virtual 2020 REALTORS® Conference & Expo.

NAR President Vince Malta called the passage of the proposal “a monumental moment for NAR” in reaffirming its commitment to fair housing. The changes go into effect immediately but do not retroactively apply to members’ past activities or actions. REALTORS® who make discriminatory remarks, on their business or personal social media accounts, can be subject to disciplinary action.

NAR’s Professional Standards Committee first developed the new rules this past summer after nationwide social unrest following the death of George Floyd.

Local, state, and national REALTOR® associations reported receiving an “unprecedented” number of complaints about members posting hate speech on social media. “I applaud NAR’s Board of Directors and our Professional Standards Committee for their efforts to raise the bar on the professionalism and private speech of America’s 1.4 million REALTORS®,” Malta said Friday. “Combating and overcoming bigotry and injustice starts with each of us.

REALTORS® today took tangible steps to ensure we are held to the highest possible standard while providing a mechanism of enforcement for those who violate our new policies.” The new rules extend Article 10 of the Code, which already prohibits discrimination in professional services and employment practices, to include discriminatory speech and conduct.

Article 10 prohibits REALTORS® from discriminating on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. The new Standard of Practice, 10-5, will now state: “REALTORS® must not use harassing speech, hate speech, epithets, or slurs” against members of those protected classes. The board also approved a revision to NAR’s bylaws to expand the definition of “public trust” to include all discrimination against the protected classes under Article 10, as well as all fraud. Going forward, associations will be required to inform their state real estate licensing authority of final ethics decisions that hold REALTORS® in violation of the Code in instances involving real estate–related activities and transactions where there is reason to believe the public trust may have been violated. Prior to approval, the hate speech proposal was reviewed and thoughtfully debated by members.

Some suggested the Code shouldn’t change, and instead, the proposal should become a conduct suggestion. Others expressed concern that the new standard could be viewed as violating the First Amendment right to free speech. NAR, however, is a private association that is supported by member dues and, therefore, has the ability to impose ethical duties on its membership, according to FAQs from the Professional Standards Committee.

Other board members welcomed the no-tolerance policy against hate speech, saying that discrimination on the part of any real estate professional reflects poorly on the entire membership. Board member Maurice Hampton, speaking in favor of the proposal, said the nation’s 1.4 million REALTORS® are “not looked at as individuals. We are looked at as a whole. We have a fiduciary duty to protect the REALTOR® brand.”

Board member Boyd Campbell, echoing support for the proposal, said the policy should not be looked at as solely a race issue. It applies to protecting all classes outlined in Article 10 of the Code. “We have a choice to be a REALTOR®. And if you choose to be a REALTOR®, you have certain qualifications, characteristics, and duties that you have to fulfill,” Campbell said.

Any complaint alleging a violation of Article 10’s prohibition on hate speech can now be brought to a hearing panel at a local REALTOR® association. Members accused of violating the standard of practice will be given an opportunity to present their case and defend themselves before the hearing panel, which would weigh the specifics of the alleged violation, whether the comments were made inadvertently or unintentionally, and whether the member has any previous ethics complaints. NAR’s professional standards policies include a defined process of checks and balances to protect members and evaluate potential Code violations.

NAR’s Professional Standards Committee will continue to develop case interpretations to assist members and professional standards enforcement volunteers understand the Code. NAR has produced training and resource materials to assist leaders with understanding and implementing the changes and will roll those out in the coming weeks.

Source: In ‘Monumental Moment,’ NAR Cracks Down on Hate Speech | Realtor Magazine

My comment (which they wouldn’t post.)

I have to seriously consider remaining with an organization that is so averse to free speech. You know, the First Amendment in the Bill of Rights. Stupid is as stupid does. Get woke, go broke.

These are the same morons that thought we needed even bigger FHA loans in 2007, just before it all blew up harming millions of homeowners.

I will continue to express myself as I please and I don’t need big NAR brother to police my private life. F**k you! If you guys worried more about the membership & the public, and less about all of your expensive parties in DC & your foolish moralizing, we’d all be better off. Why should I pay $1,000/year for this BS? NAR – National Association of Reprobates.

I urge all of you fellow Realtors to vote with you wallet. Losing millions might end this idiocy. Meanwhile, I promise to physically harm anyone who even tries to take away my livelihood. God, you pompous a******s.

Yes, we’re talking to you: Charlie Oppler, Leslie Rouda-Smith, Kenny Parcel, Nancy Lane, Vince Malta, Leigh Brown, Tommy Choi, And Bob Goldberg. We know who you are, and we know where you live and work. Next time, let us vote on stuff like this, instead of just assuming you know best. You need us, we really don’t need you.

Real Estate

Existing Sales Soar Inventory Levels Still Low

The numbers: Existing-home sales rose for the fifth consecutive month in October, as the housing market finally made up for the pandemic-related downturn in sales this spring.

Total existing-home sales increased 4.3% from September to a seasonally-adjusted annual rate of 6.85 million, the National Association of Realtors reported Thursday.

Compared with a year ago, home sales were up roughly 27%. It was the highest level of home sales in 15 years. “Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” Lawrence Yun, the trade group’s chief economist, said in the report. “The surge in sales in recent months has now offset the spring market losses.”

Source: Existing-Home Sales Soar Despite Record-Low Inventory | realtor.com®

Real Estate

7 in 10 Homes Sold in Less Than a Month in September

The numbers: Existing-home sales increased for the fourth consecutive month in September, as the U.S. housing market benefitted from low interest rates.

Total existing-home sales rose 9.4% from August to a seasonally-adjusted, annual rate of 6.54 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up nearly 21%.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” Lawrence Yun, the trade group’s chief economist, said in the report. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Economists polled by MarketWatch had projected existing-home sales to rise to a median rate of 6.36 million.

What happened: The fast pace of home sales has quickly dwindled the remaining supply of homes on the market, however. More than seven in 10 homes on the market in September sold in less than a month.

As a result, by month’s end the total inventory of homes for sale dropped to a 2.7 months’ supply, the lowest on record. A 6-month supply of homes is considered to be indicative of a balanced market.

Source: Existing-Home Sales Soared in September—7 in 10 Homes Sold in Less Than a Month | realtor.com®

Here in Mohave County sales are brisk with residential sales continuing in “boom” territory, and many sales are closed over the original asking price. It’s a feeding frenzy.

Land sales have picked up, and we’re seeing real appreciation for the first time in many years. Anything with a septic, or better yet a well is hot these days. Gotta go, there’s the phone again….Ben

Real Estate

Home Sales Stay Hot in August

Sales of previously owned U.S. homes remained brisk in August as low mortgage rates and demand for space in the suburbs sustained strength in a housing market that’s a bright spot for the economy.

Closing transactions increased 2.4% from the prior month to a 6 million annualized rate, the strongest pace since the end of 2006, according to National Association of Realtors data issued Tuesday. The figure matched the median estimate in a Bloomberg survey of economists.

Prices jumped 11.4% from a year earlier on an unadjusted basis to a record. While the increase in existing home sales in August was smaller than the record 24.7% jump a month earlier, the level is consistent with steady growth. The housing sector has been one of the strongest parts of the economic rebound, in part because of ultra-low mortgage rates, as well as cooped-up urbanites looking for homes and yards outside of city centers during the pandemic.

Source: U.S. Existing-Home Sales Increase to Fastest Pace Since 2006 – Bloomberg

Real Estate

Prices Are Bubblicious, Will the Bubble Burst?

The nation’s surging home prices don’t seem to care about the recession the country is mired in. They can’t be bothered by the deadly coronavirus pandemic or the double-digit unemployment that’s come as a result. Instead, prices are defying logic, expectations, and even belief, as they shoot up to record highs amid an unprecedented health and economic crisis.

It has all led some to wonder: Are some markets getting too hot? Could a significant correction be around the corner?

Such questions have become louder in recent weeks, in the face of some startling growth numbers, particularly in some high-priced California and less expensive Rust Belt, Midwestern, and Southern markets.

Source: Home Prices Hit Record Highs. Is It a Bubble About to Burst? | realtor.com®

With the massive migration from California, and other large metro areas, I think we’re just at the beginning of this new wave. Our biggest problem is that the builders and everyone else in the system (title people, county inspectors etc.) are overwhelmed and unable to keep up with the demand.

Meanwhile, I expect things will stay hot for the foreseeable future.

– Ben

Off Grid Living, Real Estate

Making the Tiny Home Perfect for Living Large

On “Good Bones,” Mina Starsiak and her mother, Karen Laine, have shown themselves to be pros at making small spaces feel open and airy. In their newest Indianapolis renovation, they show how to creatively transform a grungy, run-down house into a bright and inspiring artists’ cottage. In the episode “Cottage Becomes Artistic Oasis,”

Starsiak and Laine are tasked with renovating a house that a local arts nonprofit has bought for a mere $6,000. They plan to turn it into affordable housing for artists.

The top challenges? For one, the house is tiny, just 790 square feet. The nonprofit also has a tight budget of $90,0000 to spend on renovations, which won’t go far, given all the work this place needs…

For less than $100, they build a vertical living garden inside the sunny three-season room and fill it with edible plants like basil, Brussels sprouts, lettuce, and chives. The result is a beautiful green design element that’s also functional.

This article has even more goodies. One important thing is to use neutral and lighter colors in small spaces. This makes them feel much bigger and inviting.

Since the home will someday be rented out to artists, Starsiak and Laine decide to keep the design color palette light and neutral.

Not only does this help make the tiny home feel bigger, but it also creates a blank slate for the future tenants. They’ll be able to add their own colors and decor to match their style.

Source: ‘Good Bones’ Reveals Top Tricks To Make a Tiny Home Feel Huge | realtor.com®

Lots of interesting ideas for those on a tight budget or just anyone who wants new things to try.

There’s quite a few smaller homes in Kingman dating back to when it was a sleepier mining town. Good bones homes, but in desperate need of a renovation. Many investors have already caught on to this idea as it’s a great way to build instant equity. Many folks will pay top dollar for a mint move-in condition home.

Moreover, these inspirations can translate to your new tiny home in the beautiful northwest high desert of Arizona.

Enjoy…Ben

Real Estate

Good News Again – Housing Starts Soar 22.6% in July

The numbers: Home-building activity has staged a significant turnaround from the coronavirus-related slowdown.

U.S. home builders began construction on homes at a seasonally-adjusted annual rate of 1.496 million in July, up 22.6% from the previous month and 23.4% from a year ago, the U.S. Census Bureau reported Tuesday. The pace of home building is now 7% down from the pre-coronavirus high.

Permitting activity occurred at a seasonally-adjusted annual rate of 1.495 million, up 18.8% from June and 9.4% from July 2019.

Source: Housing Starts Soar 22.6% in July as Americans Reenter the Housing Market in Droves | realtor.com®

It’s wild here as we are clearly in a “boom.” Sadly, land prices are just beginning to move up, primarily because the market is being driven by California and other big city refugees looking for immediate housing. Still, there are encouraging signs: same day land sales (we haven’t seen that for a long time,) multiple offers, and shrinking inventories are all contributing to somewhat more solid prices.

The lack of ready infrastructure is holding many folks back. Some would be more than willing to live temporarily in an RV, but just don’t want to start completely from scratch. Having a septic, or even a basic driveway are all helpful. A well  or utility power are hot sellers these days.

Meanwhile, it’s just startling to see how active the market is in the residential world. At least 50% of sales in Kingman are on the very first day of the listing. – Ben

(Photo: Realtor.com)

Real Estate

Record Low Interest Rates and Improving Economic Numbers

The already scalding-hot housing market is likely to heat up even more.

Mortgage interest rates continued their downward descent, hitting yet another record—largely thanks to the pandemic, and the resulting economic downturn, dragging on. Rates fell to just 2.88% for 30-year, fixed-rate loans in the week ending Aug. 6, according to Freddie Mac.

That’s the lowest rates have ever been since Freddie Mac began tracking them in 1971. They fell from 2.99% last week and are down from a higher 3.6% at the same time last year. “The mortgage rates are really fueling the [housing] market this summer,” says George Ratiu, realtor.com®’s senior economist.

Source: Mortgage Rates Fall to New Record Low ,Adding Fuel to Housing Market | realtor.com®

Real Estate

Suddenly the Country Life Isn’t So Bad

It could be LA, San Francisco, or maybe the riotously fun time cities of Seattle, Minneapolis, & Portland, but suddenly everyone loves sunny Yucca, Arizona.

It’s 111 degrees Fahrenheit (872 C)  yet I have multiple appointments for the next few days. The phone calls and emails are steady every single day. Is it the beginning of another Yucca land boom? I wouldn’t have believed it possible, but now it wouldn’t surprise me either.

What a long, strange year…

(Meme via wilderwealthywise) One of the best…