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What is it about October? It seems every October markets get unsettled with wild swings in stocks, extreme focus on interest rates, inflation and economic indicators. Did everybody just wake up? With such a housing shortage how can homebuilders drop 14% in two weeks. Have the fundamentals changed that much in such a brief period? I don’t think so. I would compare the markets to life. You party and travel all summer and then realize the holiday are coming and you better lose some weight, so you stop eating for a month. The markets always fast in October but always bounce back. Don’t panic! At Tuesday’s Estates Meeting we had a very robust discussion about the Marin market. While rising rates are front and center, rising inventory and price reductions are also sending a bit of worry for sellers that need to sell. Once again, these issues are normal and personally, I think healthy for the overall market. I bought my first house in 1986 and my interest rate was 14%. I still bought the house. Over the last 30 years the rates dropped to 3.5% and are now in the 4-5% range. Would you loan somebody money for 30 years at 5%? I wouldn’t, but the banks will and that speaks to security in residential lending as a fairly safe investment. Provided of course that lenders stay over their skis. Another good point was made that many folks are choosing to put their home on the market now versus waiting until spring which is contributing to the rising inventory. There are still more people trying to get in to Marin versus getting out so once again the market will adjust and continue. Anything will sell at the right price. Don’t panic! Thursday’s agent mixer was a really nice event and it was great to put faces to names. I felt like I attended a high school reunion with so many folks in real estate are old classmates. We are putting the band back together and soon we will be singing from the same sheet of music. Stay thirsty my friends. You are only old when you start looking back and quit looking forward!
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Market Share Mill Valley
Novato
Belvedere
San Anselmo
Corte Madera
Greenbrae
Fairfax
San Rafael
Larkspur
Ross
Kentfield
Sausalito
Tiburon Marin County Market Share
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Top Sale Of The Week
Bill Smith + Ann Aylwin Selling Agents $3,250,000 14 Laurel Ave, Tiburon
Marin Stats For Sale vs. Sold
Weekly Market Update
Avg. Price Per Sq. Foot
Months of Inventory
Days On Market: Sold
Average Price For Sale vs Sold
Market Share By City
1974- 2017 Ave Sale Price
Open House Graph
Source: Trend Graphic/Charts Bareis MLS (updated on the 6th of every month)
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Economic Straight Talk What is Proposition 10? Proposition 10 is a statewide ballot initiative in the November 2018 election that aims to repeal the Costa-Hawkins Housing Act. While Proposition 10 has become a polarizing issue, it is critically important to understand what it does and does not do. What is the Costa-Hawkins Rental Housing Act? The Costa-Hawkins Rental Housing Act was passed by the California legislature in 1995 and places limits on municipal rent-control ordinances. The act limits municipal laws in the following ways: In cities that already have rent-control policies, it freezes the eligibility of units that can come under rent control at the age threshold that was in place when the ordinances were adopted. For example, units in San Francisco that fall under rent control are those built prior to June 13, 1979. It prohibits “strict” rent control (for instance, vacancy control), which requires rents to remain controlled even after a tenant moves out. Since Costa-Hawkins passed, owners may still increase the rent equivalent to the change in the cost of living as measured by the Consumer Price Index (averaging about 5 percent). Prior to the enactment of Costa–Hawkins, such strict vacancy controls existed in five California cities: Berkeley, Santa Monica, Cotati, East Palo Alto, and West Hollywood. It exempts all single-family homes, condominiums, and units built after Feb. 1, 1995. In California, 15 jurisdictions have passed some form of rent control, including “legacy” rent control, meaning cities with ordinances dating back to the late 1970s and early 1980s, such as San Francisco, Los Angeles, Berkeley, and Santa Monica. Bay Area cities such as Mountain View and Richmond have only recently enacted such ordinances. Cities listed as rent controlled by the state of California: Alameda, Berkeley, Beverly Hills, East Palo Alto, Hayward, Los Angeles, Los Gatos, Oakland, Palm Springs, San Francisco, San Jose, Santa Monica, West Hollywood, Mountain View, and Richmond. The major purposes of the Costa-Hawkins act are to eliminate vacancy control and thereby allow property owners to adjust the rent to market price and to exempt certain categories of rental units from rent control — new construction, single-family homes, and condominiums. The act leaves the power to determine most other elements of rent control to the cities. Cities remain in control of determining any changes to the rental amount of a tenancy and possess a substantive jurisdiction to regulate evictions and an owner’s ability to otherwise end a tenancy. Accordingly, cities could prohibit an owner from terminating a tenant without “just cause.” Each California city has its own independently enacted rent-control ordinances, which vary widely.
Read More Here We encourage you to share Pacific Union’s daily blog posts via email, your own blog, or social media. All blog content is updated daily in VoiceStorm, which allows you to share posts to the most popular social networks with just a few clicks. Additionally, our team sends out a weekly Content Hit email each Monday, which contains everything you need to promote Pacific Union content on Facebook, Twitter, or your own blog.
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Weekly Broker Tip Legislative Changes to Delivery Requirements for the Agency Disclosure Form Question: Our brokerage is having significant difficulty completing our transaction files because so few people understand who is to deliver the Agency Disclosure form, who is to receive it and when to deliver the Agency Disclosure form. Can we please get some clarity? Answer: YES! When the Agency Disclosure law went into effect on January 1, 1988, it was difficult to understand why the disclosure form had to be delivered 3 different times; many brokers and attorneys repeatedly requested a statutory change to eliminate the third step. The state Legislature has passed, and the Governor has signed, a CAR-sponsored bill removing the third step in delivering the Agency Disclosure form. Effective January 1, 2019, the Agency law has been amended and, under Civil Code Section 2079.14, the form only needs to be delivered twice, as follows: (1) The Seller’s Agent (if any) shall deliver (i.e., must give) the Agency Disclosure form to the Seller prior to the Seller signing the Listing Agreement; and (2) The Buyer’s Agent shall deliver (i.e., must give) the Agency Disclosure form to the Buyer as soon as practicable prior to the Buyer signing the Offer. BOTTOM LINE: The two logical times that the Agency Disclosure form needs to be delivered to clients has not changed; the only difference under the amended law is that the Buyer’s Agent no longer needs to deliver the Agency Disclosure form to the Seller prior to presentation of the Offer. LEGAL EFFECT OF NOT DELIVERING THE AGENCY DISCLOSURE FORM AT THE RIGHT TIME: One Appellate decision (Hujiers v. DeMarrais (1992) 11 Cal.App.4th 676) has already held that failing to deliver the Agency Disclosure form to the Seller prior to the Seller signing an agreement to pay commission (e.g., Listing Agreement, Single Party Compensation Agreement) makes the agreement to pay commission voidable. Thus, before securing a Seller’s signature on any type of commission agreement, the agent should deliver the Agency Disclosure form to the Seller.
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Compass Updates Staff Traning begins this week! Be sure to check your Office Managers emails and out of office replies to see who to contact while they are in trainings this week. Due Thursday 10.18- Let your office manager know what business card layout you’ve chosen
Tell your sphere you’ve joined compass! Email Template in Marketspace
Tell your sphere you’ve joined compass! Instagram Images Click here for black Click here for white
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2018 Advertising Online & Print Distribution, deadlines, and rates
*Some details will be updated as information becomes available. Advertising rates are subject to change. If you are interested in a specific publication that is not on this list, please contact your Marketing Coordinator directly. Co-op advertising rates are at your manager’s discretion.
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PREMIER SERVICE
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Resources - Forms, Vendors, Services • Inspection Checklist and Forms • Pacific Union Marin Vendor Guide • FEMA: Marin Flood Zone Update
• Sewer City and Fire Inspections
Pacific Union Leaders Brent Thomson & Pat Heller to Speak at Industry Conference Pacific Union Chief Operating Officer Brent Thomson and Vice President and Branch Manager Pat Heller will be among the featured speakers at the second California Association of Realtors’ WomanUP! Conference on June 28-29 at the JW Marriott LA Live in Los Angeles. The two-day conference is part of CAR’s women’s outreach program to bring together a community of mentors and leaders to communicate, collaborate, and support one another in the real estate industry. For its program, CAR earned a nomination for an Inman Innovator Award from Inman News, which saluted the organization’s commitment to helping elevate women in the industry. Thomson oversees all aspects of Pacific Union operations, including the recruitment and performance of top real estate professionals. She also leads the executives of the firm’s Northern California region. “Women make up the majority of the real estate industry, yet they’re underrepresented in brokerage leadership,” she says. “This conference seeks not only to heighten awareness of these opportunities, but to inspire women to move toward them.” Thomson continues, “Building self-confidence and learning to trust myself has been a by-product of many successes, as well as failures. Learning to appreciate that a failed attempt was far better than no attempt gave me more freedom to express myself, think big, and respect the same in others.” Heller, who heads four Pacific Union Westside Los Angeles locations (Brentwood East, Marina Del Rey, Pacific Palisades, and Santa Monica), has led every office she’s managed over the last two decades to top five national revenue-production status. She sees the conference as an invaluable opportunity for women to gather both input from experienced brokerage owners and support from the real estate community as they pursue their leadership careers. “This is an empowering event for women across our field,” she says. CAR data shows that 60 percent of real estate professionals in California are women but only about one-third of leadership positions in brokerage firms with more than 100 professionals are led by women — a statistic that has been virtually unchanged in recent years. CAR held its inaugural WomanUP! Conference in Pasadena last year. More than 300 women and men attended the full day of professional development devoted to giving powerful women bold tools to take their careers to the next level.
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Affiliate Resources The Mark Company The Mark Company is the authority on urban residential real estate sales and marketing. Using The Mark Method, our unique approach aligns developer goals with buyer insights to deliver unbeatable results. Visit: themarkcompany.com
Property Management Pacific Union Property Management offers full-service property management to property owners, landlords and investors throughout the SF Bay Area, helping your clients to maximize luxury real estate investments. Visit: pacunionpm.com
Commercial Backed by Pacific Union’s strong name recognition and marketing foundation, our Commercial Brokerage specializes in buying, selling, and leasing commercial properties- apartments, office, retail, and industrial- for a mix of clients. Visit: pacificunion.com/commercial-real-estate
Rentals Gain access to the Bay Area’s most exceptional rental properties with the helpof our rental experts. Visit: pacificunion.com/leasing-rentals
Relocation Whether you are moving to or departing from the Bay Area ... whether your move is job-related or personal ... whatever your move, we’ve got you covered. Visit: pacificunion.com/relocation
ProInsurance In addition to homeowner’s coverage, ProInsurance provides competitive pricing on a full range of personal insurance needs. Visit: pacificunion.com/pro-insurance INTERNATIONAL PROINSURANCE SOLUTIONS, LLC.
To obtain more information and quote, contact Adrianne Peixotto at 415-223-5543 or email adriannep@proinsurance.com
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