Quick Links Top Sales & Closed Sales For the Week
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From Ed’s Desk Dear Marin Colleagues,
Weekly Broker Tip
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I don’t know what happened over the past 2 weeks but the buyers are definitely back at it. This past 2 weeks have been very strong with a number of properties that seemed to be stalled on activity getting offers and in contract. Several of these properties benefitted from price reductions which tells me the sellers are listening to you. Being on top of the market and paying attention to the activity and stats is critical to being a successful property to close. Tuesday is our 1st June Estates Meeting and I want to continue the agent discussion of the recent market activity. Our last two meeting discussions have been very beneficial to all of us and your clients. On Tuesday, I look forward to introducing our newest colleague to join our Marin Team, Amy Diller, in our new Novato Office. I also look forward to introducing our new Marin Team Staff, Chelsea Dederick in our downtown Mill Valley office and Lisa Srisavat in our Southern Marin office. I look forward to seeing you Tuesday, 9:30 Piatti’s.
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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
CONCIERGE MARIN CONCIERGE TEAM
Chandler Gavin Jerri Cohen
Megan Penna
Amy Bowes
Joan Simone
Ashley Jennings Click here to submit your request
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Top Sale of the Week $5,350,000 10 Rock Road, Kentfield
Marilyn Rich Listing Agent Based on Information from 02 19 18 Noon - 03 23 18 Noon Please note that even though a sale closed during this time frame it may take longer to process.
Marin Stats For Sale vs. Sold vs. Pending
Weekly Market Update
Avg. Price Per Sq. Foot
Months of Inventory
Average Days On Market
Average Price For Sale vs Sold
Market Share By City
1974- 2017 Ave Sale Price
Source: Trend Graphic/Charts Bareis MLS (updated on the 6th of every month)
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Where Will Mortgage Rates Land? June 1, 2018 EXECUTIVE SUMMARY • Thirty-year, fixed-rate mortgages in 2018 have been rising at the fastest pace in 50 years and reached 4.66 percent for the week ended May 24 before dropping to 4.56 percent this week. • However, mortgage rates did not increase proportionally to the federal funds rate determined by the Federal Reserve because they are determined by longer-term economic factors beyond solely the influence of central banks and monetary policy. • Some Fed officials and economists believe that long-term structural factors -- such as changes in demographics, a slowdown in productivity growth, and heightened demand for safe assets -- will continue to keep the 10-year U.S. Treasuries, a proxy for U.S. fixed-rate mortgage rates, low going forward. • According to the Federal Reserve of San Francisco, the new normal for the natural rate of interest is around 2.5 percent, 2 percentage points below the long-term average, which puts mortgages rates at about 5 percent or slightly higher over time. • Shorter term, through the end of 2018, 30-year fixed rate mortgages are still expected to reach no more than 4.7 percent. • The Federal Open Market Committee has signaled that it would increase the federal funds rate at its June meetings. Markets have most likely already priced in the hike. • Some Fed officials urge caution in how fast it continues raising rates because of inflation expectations, the neutral policy rate, the flattening yield curve, room to grow business investment, and labor markets. • There are concerns that if the rate hikes are too aggressive, they could tip the U.S. economy into recession.
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. Check it out at blog.pacificunion.com
Weekly Broker Tip
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Dual or Variable Commission Arrangements Q: I am about to get a Listing Agreement signed with a Seller who wants me to reduce the amount of commission by 2% if I sell the Property myself. My Broker has no objections and I am willing to do this, but are there any special rules regarding the language needed in the Listing Agreement and are there any specific rules about disclosing this arrangement? A: Yes, as to both questions. The Listing Agreement will need to specify that: “The total amount of commission will be reduced by 2% but only if [fill in your name] is personally working directly with Buyer but there will be no commission reduction if any other Sales Associate affiliated with Broker is working directly with Buyer.” This type of arrangement is what is known as a “dual or variable commission arrangement” and the correct means for how this is to be disclosed are governed by both MLS rules and the NAR Code of Ethics. 1. MLS RULES: The CAR Model MLS Rule, which has generally been adopted is as follows: 7.22 Dual or Variable Rate Commission Arrangements. The existence of a dual or variable commission arrangement shall be disclosed by the listing broker by a key, code or symbol as required by the MLS. A dual or variable rate commission arrangement is one in which the seller or owner agrees to pay a specified commission if the property is sold by the listing broker without assistance and a different commission if the sale results through the efforts of a cooperating broker, or one in which the seller or owner agrees to pay a specified commission if the property is sold by the listing broker either with or without the assistance of a cooperating broker and a different commission if the sale results through the efforts of a seller or owner. The listing broker shall, in response to inquiries from potential cooperating brokers, disclose the differential that would result in either a cooperative transaction or, alternatively, in a sale that results through the efforts of the seller or owner. If the cooperating broker is representing a buyer or tenant, the cooperating broker must then disclose such information to his or her client before the client makes an offer to purchase or lease. The CAR Model MLS Rules have not been adopted by all MLSs; you should check with your local MLS to confirm how to handle dual/variable commission arrangements; however, most MLSs have a box, code or other means for the Listing Agent to disclose the existence of a dual/variable commission.
Click here to read more ... DO NOT FORWARD TO CLIENTS. This Weekly Practice Tip is for the exclusive use of clients of Broker Risk Management and their agents. It may not be reproduced or distributed without the express written consent of Broker Risk Management. The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices. PRACTICE TIPS All Weekly Practice Tips are available at BrokerRiskManagement.com User ID: clientaccess, password: yard
THE LOOP
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The Loop is your all in one stop for training, communication, and collaboration. STREAMLINED COMMUNICATION Rather than using Distribution Lists to send any and all information, The Loop helps to filter and organize this information into relevant, organized, and searchable ways. It also allows everyone more access to each other for things such as promoting listings or reaching out to each other for vendor recommendations or open house sitters. Now these communications are in the loop, and out of your inbox. You can pick and choose which emails you want to receive. INFORMATION The Loop becomes an easily searchable directory, a reservoir of information, and a simple communication vehicle. Now you can find information, tools, how-too, and support articles on everything from industry events to product support on the latest technology, and how to do the latest email signature! CONNECTION & CULTURE Now we can connect our company across California, build culture by sharing and distributing information. Share yourself on the loop through your posts, comments, replies, and participation! The loop brings everyone together and allows access to everyone in Pacific Union in a way that has never been done before.
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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
@pacificunion
PUI Tools Pacific Union offers a variety of online tools that will enhance your marketing, contact management, social media and client relations.
MOXI PRESENTS
Contactually
Best Buyer Report (BBR)
Resources - Forms, Vendors, Services • Inspection Checklist and Forms • Pacific Union Marin Vendor Guide • FEMA: Marin Flood Zone Update • Sewer City and Fire Inspections
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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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