E-News
New York State Association of REALTORS
July 19, 2016
REALTOR NEWS
Last Thursday, the U.S. Senate unanimously passed H.R. 3700, the "Housing Opportunity Through Modernization Act," which included reforms to current Federal Housing Administration restrictions on condominium financing. The National Association of REALTORS (NAR) has long supported this legislation. The changes are expected to make FHA’s recertification process less burdensome and will lower FHA’s owner-occupancy requirement from 50 percent to 35 percent, NAR reports. The bill also requires FHA to replace an existing policy on transfer fees with a less-restrictive model that has already been in place at the Federal Housing Finance Agency. Learn more here.
New York-based RealtyUSA and Hanna Real Estate Services announced last week they would merge, creating the third largest residential real estate company in the country. Combined, the companies had a total of $16.2 billion in closed sales volume from 89,737 closed transactions last year. Prior to the merger, RealtyUSA was the largest residential brokerage in New York State, while Hanna was the largest in both Pennsylvania and Ohio. Hanna also operates in Virginia, West Virginia, Michigan, Maryland and North Carolina. Read more here,
NYSAR committee sign up is now available online until July 31. Members may select up to seven of the more than 25 NYSAR committees available in 2017 – three termed/closed committees and four open committees/forums/working groups. Volunteers are asked to be sure they will be able to attend the association’s 2017 business meetings, which are Feb. 5-9 in Albany and Sept. 24-27 in Verona, before committing to serve. Click here to sign up today!
GOVERNMENT AFFAIRS
The REALTOR-supported NY First Home legislative proposal would provide first-time home buyers an incentive to save for and purchase their first home in New York State. The program would be similar to NY’s 529 college education savings account and would allow individuals to deposit after-tax income into a bank account designated only for costs associated with buying a first home in New York State. Individual taxpayers, or couples if filing jointly, would then be able to deduct these savings against their federal adjusted gross income. To learn more and take action, visit nyfirsthome.com.
Property tax levy growth for local governments will be capped at 0.68 percent for 2017, decreasing slightly from 2016, when it was 0.73 percent, according to New York State Comptroller Thomas P. DiNapoli. The latest inflation figure affects the property tax cap calculations for local governments that operate on a calendar-based fiscal year (Jan 1. – Dec. 31), which includes all counties, towns, fire districts, 44 cities and 10 villages. A full report can be found here.
LEGAL
Tune in this morning at 10 a.m. for this month's NYSAR Radio show and listen to NYSAR General Counsel S. Anthony Gatto, Esq. cover disclosures other than agency. You will need to be logged in to listen.If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts. Find more information as well as a list of links to play NYSAR Radio from any of your mobile devices here.
Polish your leadership skills, raise your profile and gain valuable experience by being a part of the 2017 NYSAR Leadership Academy! The objective of NYSAR’s Leadership Academy is to discover, educate and empower future leaders. Graduates come away with life-long friendships, a strong referral network and a real sense of accomplishment. Any full-time NYSAR REALTOR member in good standing, who has been in the business for at least three years as of Jan. 1, 2016,should consider applying. Click here or a flyer with more information. Click here to download an application. Applications must be submitted by Monday, Aug. 1, 2016 at 5 p.m.
UPCOMING EVENTS
The Graduate REALTOR Institute GRI-3 Agency course will be offered Aug. 3 at the Staten Island Board of REALTORS office in Staten Island, NY. Learn to provide effective, legal and ethical client representation. This course provides in-depth coverage of all forms of agency representation, associated issues and proper disclosure.Learn how to avoid the risk of misrepresentation, vicarious liability and breach of fiduciary duties.
The Graduate REALTOR Institute GRI-7 Property course will be offered Aug. 10 at the Staten Island Board of REALTORS office in Staten Island, NY. Learn about all the factors impacting value and close more deals. Discover myriad elements that affect property value including:types of housing; appraisals and inspections; neighborhoods and amenities; energy efficiency and environmental issues; lender requirements; and more.
The Seniors Real Estate Specialist (SRES) course will be offered Aug. 17 -18 at the Long Island REALTOR Service Center in Riverhead, NY. Learn to specialize in the 50+ real estate market by expanding your knowledge of: current lifestyle and housing trends; how life stages impact real estate choices; and how to develop a network of resources.
MEMBER PERKS
Office Depot and Office Max are now one company, and have partnered with NYSAR to provide you exclusive members-only discounts at all store locations and online. Benefits include: up to 80 percent off preferred products; 93,000 products discounted below retail pricing; free next-day delivery on online orders more than $50 (excludes furniture); exclusive low printing costs; and more. Visit www.officediscounts.org/nysar.html to shop online or print your free royalty card for in-store purchases. You can also enroll your business in a business account/direct billing account by calling 855-337-6811 ext. 12897.
NYSAR’s newest Member Perks partner, UBS Financial Services, helps you reduce your taxable income and save for retirement with Independent 401(k) plans. Designed with the flexibility to decide whether to contribute and how much on an annual basis, you have the ability to borrow against your own retirement savings both tax-free and penalty-fee. Through NYSAR’s partnership, you’ll pay a minimal annual fee of only $25 for your account. Visit the Retirement page of NYSAR.com or contact Christopher Michelsen, financial advisor at UBS Financial Services, at 212-626-8515 for more details and to enroll now. Click here to view a recent webinar on tax and retirement planning for REALTORS.
RPAC
The July RPAC Auction features a picnic backpack for four with an insulated cooler, detachable water/wine holder, flatware, plates, cutting board, bottle opener and REALTOR blue blanket.
Current Bid: $300
Bidding Increments: $25
Email bids to dking@nysar.com, call Derick King at 518-463-0300 x238 or join the RPAC of New York Facebook group to submit a bid. Bidding remains open until the close of business on Friday, July 29.
Greater Capital Association of REALTORS members sailed the night away along the Hudson River and raised $3,225 for RPAC! Thank you to the attendees for sailing with us and investing in RPAC and to those who worked so hard to plan this annual gathering in support of RPAC!
Local board RPAC events have already raised more than $90,000 for RPAC so far this year. Thank you to those boards that have already stepped up and hosted an RPAC event. The Summer RPAC fundraising season remains hot! For a complete list of the summer RPAC events on the calendar, click here.
