Category Archives: 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.

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®

Land Special of the Week – 448 Red Cloud

This weeks’ gem is Parcel 448 on RedCloud Drive. It’s a real beauty, and next to 640 acres of State Trust Land. It’s like being in a lovely high desert park! $24,900 – 40.14 acres

Value priced. Lush vegetation including Joshua Trees, Ocotillo, Barrel Cactus, Juniper, Palo Christie, and loads of wildflowers.

Across Red Cloud is 640 acres of State Trust Land for additional privacy. Dark skies for astronomical pleasure, and excellent mountain vistas!

Hualapai, Mohave, Black Mountains – lovely views. Surveyed, staked 100% Water & mineral rights.

Get to where you’ve always wanted to be – the beautiful high desert of Northwest Arizona. Big 40.14 acres.

Private, yet has easy access to main roads. One of my personal favorites. Owner may carry with decent down. Do not miss this one!

Continue reading Land Special of the Week – 448 Red Cloud

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

Most Popular Homes This Week

A suburban Las Vegas home filled to the brim with a chaotic collection of statues, mounted animal heads, and baroque furniture drew curiosity seekers on social media. The residence jampacked with knickknacks earned a ton of clicks and is the week’s most popular home on realtor.com®.

Aside from the bright magnolia exterior, the home looks like any other suburban, single-family house. But the interiors are a whole different story.

Hundreds of sets of eyes follow you from room to room—there are life-size mannequins, dolls, moose heads, and religious statuary throughout. Even the furniture in the photos appears to have been transported from a different time and place. All of these things must have meant a great deal to the owner, which is perhaps what makes these particular pictures so appealing. It’s a peek into someone else’s strange and private world.

Source: Vegas House Filled With Wild Decor Is the Week’s Most Popular Home | realtor.com®

Click the link to see the weeks’ most popular homes.

Land Special of the Week – Parcel D8 Nolan

Update: Sold!

1+ acre piece of desert beauty where the Mohave desert meets blue Sonoran skies.

Lush desert vegetation: Joshua trees, Palo Christie, beavertail, hedgehog, and a plethora of wildflowers.

Starry, starry nights. Basic dirt driveway, ready for your RV or off grid home. Stunning views in all directions.

Milky Way nights, and gorgeous Spring wildflowers. Close to miles and miles of Federal Lands not only on all four sides of this subdivision, but nearby too are thousands of acres for all your off road adventures. Peace and quiet, just what the doctor ordered.

Pretty, affordable, and just waiting for you. Don’t miss this value!

Owner/Broker (I know, those darn brokers,  really I’m one of the good guys,) and it is a great price.

Continue reading Land Special of the Week – Parcel D8 Nolan

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

A REAL Oceanfront Home

Some homes claim to be oceanfront, but this one on Scenic Road in Carmel, CA, really is. Ocean. Front.

“You really get this natural feel, almost like a ship, where you’re just on the cusp of being on the water, and the water is right below you. So it’s a very unique perspective.”

Listed for $14 million, the home is built into the rock, and is one of only a handful in the area located on the water’s edge. On the market for the first time in 40 years, it offers a rare opportunity to buy a home right on the water in the exclusive enclave.

Built in 1947, the 2,777-square-foot landmark property sits on a quarter of an acre. It’s next door to the famous Butterfly House, with its distinctive roof, which resembles wings. Built in 1951, that house was sold in 2016 for $16.5 million.

The architect Frank Wynkoop designed both homes. He was born in 1902, and his work was much sought-after in the area until his death in 1978.“His goal was to maximize the view beyond that of a 180-, to almost a 270-degree angle,” Canning explains. He adds that, from the huge windows, you can see from Point Lobos to Sunset Point, the Pebble Beach golf links, and Carmel Beach.

The seaside retreat comes with lots of living space, with three bedrooms and four bathrooms. An office could be another bedroom, for a total of four sleeping areas.

Source: Rare Oceanfront Abode in Carmel on Sale for the First Time in 40 Years | realtor.com®

Check out more information & pictures on this truly one of a kind home at the link. Very cool!

Mortgage Refis are Up Big Time with Low Rates

The mortgage market recorded its best quarter in years this spring, a reflection of how the housing market is booming in 2020 even as much of the economy stumbles.

Lenders issued $1.1 trillion in home loans between April and June, according to mortgage-data firm Black Knight Inc. That was the biggest quarter in the company’s records, which date to 2000. Lenders extended roughly $2.5 trillion in home loans in all of 2019.

Refinancings, up more than 200% from a year ago, drove the increase. Mortgage rates hit new lows multiple times this year, falling below 3% for the first time in July. The low rates have made millions more Americans eligible to save money on their monthly payments. Purchase mortgages, though, fell 8% from a year earlier.

Source: Mortgage Refinancings Boom, Even as Coronavirus Hits Economy | realtor.com®