Annual Membership Meeting and Market Forecast Recap

By: Lea Vatenmakher COMMUNICATIONS SPECIALIST

Orange County REALTORS® (OCR) hosted its Annual Membership Meeting and Market Forecast on March 25th, at the UCI Student Center. The fully booked event featured President-Elect Ed Molina, Treasurer Charleen Nagata Newhouse, C.A.R. Vice President and Assistant General Counsel Gov Hutchinson Esq., and ReportsOnHousing.com Economist Steven Thomas.

Ed Molina started the meeting by saying that he is humbly taking over hosting duties on behalf of 2024 President Jeffrey Jackson. He read a letter from Jeffrey explaining that he was unable to attend as he is courageously battling cancer. Despite the solemn news, Jeffrey’s letter was one of encouragement and hope. After reading the statement, Ed proclaimed, “We’ve got your back, Jeff.”

Ed then went on to give out four special awards: the Icon Award, the Rockstar Award, the Pillars of Excellence Award, and the Leadership Legacy Award. Teri Miles received the Icon Award, which celebrates those who display professionalism to clients and colleagues and have volunteered at the national, state, and local level. The Rockstar Award is given to a person who leads by example, encouraging others to get involved – this recognition went to Adam Rodell, who has championed the REALTOR® and Affiliate Wellness (RAW) group. Lori Namazi and Lisa Dunn each received the Pillars of Excellence Award, which celebrates those who display unwavering commitment to the Code of Ethics. The 2023 Leadership Legacy Award, which honors a person who is an exceptional leader and mentor to those in their charge, went to Len Herman. Congratulations to all our 2023 award recipients!

Next, Charleen Nagata Newhouse provided the Treasurer’s report. With healthy reserves, the Board of Directors has approved plans to update the exterior of our main office building in Laguna Hills, with construction expected to begin this summer.

Charleen went on to report that our staterun REALTOR® Action Fund (RAF) has exceeded the state goal set by the California Association of REALTORS® (C.A.R.) with a 24% participation rate in 2023. Additionally, C.A.R.’s Housing Affordability Fund, which supports local housing and community development programs, received nearly $16,000 from member contributions through the 2023 dues checkoff.

In 2023, Auditors from Withum – a certified financial accounting firm – gave our 2022 financials a clean report. The Association’s finances are also in compliance with standards set by the National Association of REALTORS® (NAR). We continue to be the largest local association of California and the sixteenth largest in the nation, with 16,753 members at year-end.

After Charleen’s report, Gov Hutchinson took to the stage with an update about the National Association of REALTORS® (NAR) proposed settlement agreement, which is subject to court approval. Details of the agreement can be found on NAR’s website at facts.realtor.

Should members have questions regarding the NAR proposed settlement agreement, including how it might impact any of their transactions, members are urged to contact C.A.R.’s Legal Hotline.

All Agents: (213) 739-8282

Broker-Owners, Office Managers, Designated REALTORS®: (213) 739-8350

As for other changes being made in the world of real estate–Gov discussed alterations regarding single-family residential property disclosures (AB 968), tenancy security deposits (AB 12), and termination of tenancy (SB 567), among other laws.

As the final speaker of the day, Steven Thomas reported on Orange County’s housing market. He highlighted the challenge of supply scarcity, attributing it to constraints on new building permits, sellers delaying listings until interest rates decrease, and potential buyers awaiting a more favorable housing market for affordability. For further details on the Orange County housing market, please refer to Steven Thomas’ article on page 42.

Following Steven’s presentation, Ed thanked the lunch sponsors, speakers, and members who attended. With a final round of applause, Orange County REALTORS®’ 2024 Annual Membership Meeting & Market Forecast concluded.

Thank You to our Sponsors:

• Bear Printing

• Reverse Mortgage Educators

• Citi Bank

• National Pacific Lending

• The Qwik Fix