Tuesday, May 28, 2013

GTAR Weekly Facts – May 27, 2013


GTAR/NORES Members: Help Your REALTOR® Family in Moore 

In last week’s meeting, the GTAR and NORES Boards of Directors voted to contribute $5,000 to the GTAR Foundation for OAR’s Oklahoma Housing Foundation REALTOR® Disaster Relief Fund; monies from the fund will be distributed to REALTORS® in Moore and other impacted areas who lost their homes in last week’s tornado. Confirmed so far: 16 REALTOR® homes were completely demolished, at least 20 homes were majorly damaged (unlivable, but still standing in parts), and at least 12 REALTOR® family members have lost homes. The REALTOR® Disaster Relief Fund is administered by the Oklahoma Housing Foundation, which is a non-profit charitable fund administered by fifteen Trustees to provide financial assistance to REALTORS® whose personal residences or property has been destroyed or damaged by natural disasters.

You can help too! Through June 17, the Board of Directors will match donations made by members up to an additional $5,000. You can write a check, payable to the GTAR Foundation (please indicate Tornado Relief in the memo field), and either bring it by our office or mail it to P.O. Box 470603, Tulsa, OK 74147. Or, donate online by credit card: Go to tulsarealtors.com, and click on DONATE button on lower right side of home page. (All donations are tax deductible.)

April 2013 Home Sales Stats Now Available


2013 Backpacks for Kids Campaign
GTAR’s eighth annual Backpacks for Kids campaign is in full swing, and your help is needed. In the last seven years, GTAR’s Community Relations Committee, with your support, has raised $85,000, and given over 1,500 backpacks to children in need. We are very aware of the challenges in our community right now and the financial demands that face everyone. This year’s goal is to raise $17,500 to fund 350 backpacks (each backpack costs approximately $50 to fill); to date, $6,606.03 has been raised. The deadline to reach the goal is June 30. To date, $ has been raised. We are grateful to you in advance for any donation you make to this effort—no donation is too small, and all donations are tax deductible!
Click Here for Donation Form


June 8
Homeownership Event
Housing Partners of Tulsa, Inc. presents “I’m Coming Home”; 9:00 a.m.-1:00 p.m. at the Tulsa Area Housing Authority office (415 E. Independence).  A step by step roadmap by industry professionals on purchasing your first home. For more information on the event, call 918-551-5200. Housing Partners also has booth space available and is looking for donations. They are asking those who want booths to contact Heather Martin Quintoro at 918-581-5907, and bring either a food donation or a door prize in lieu of a booth fee. (This is not a GTAR event.)
June 12
Cloud CMA Demos at GTAR
Join us at GTAR for this special event and see why tens of thousands are using Cloud CMA to deliver high impact, eye catching reports with data right from your MLS! Cloud CMA is a proud product partner of GTAR, and is among the most exciting technology products for real estate in 2013. Cloud CMA uses your MLS data and blends it with community and lifestyle information from multiple data sources on the Internet to create custom MLS reports for buyers, sellers, and prospects. These live demos are FREE to GTAR members, and will cover the many aspects of creating a winning CMA, as well as awesome Buyer Tour Reports, Property Reports and flyers in seconds. Click Here to Register
June 15
Credit Clarity Saturday
Do you have a client that needs their credit checked? What does your credit report say about you? Come find out, June 15, 9:30 a.m.-12:30 p.m., Hicks Community Center (3443 S. Mingo). Presented by The Alliance for Economic Inclusion for Northeastern Oklahoma, this community event is open to everyone. Free one-on-one counseling, free credit reports can be pulled on site through www.annualcreditreport.com or you can bring your own credit report that is less than 60 days old. Many exhibitors will be available to help you meet your financial and/or home buying goals. (This is not a GTAR event.)
Upcoming CE Classes at GTAR
Don’t wait until the end of your three-year licensing period to start working on your CE hours. As CE classes are scheduled, information and registration will be available on tulsarealtors.com; from the main Member Services page, simply click the red Education bar. If you are a Class Pass Holder, please register for Class Pass eligible classes by emailing education@tulsarealtors.com or calling 918-663-7500.
June 6: Understanding the URAR Appraisal Report
9:00 a.m.-12:00 p.m.: In this encore presentation, Bob Bryant will discuss the URAR form in detail with emphasis on the new guidelines established March 2012. Fannie Mae requires all reports submitted to them for purchase to be compliant with these guidelines. The additional guidelines, Uniform Appraisal Dataset (UAD), pertain to how the URAR form is to be completed. OREC approved: 3 hours required HOT CE credit. (Class Pass Eligible)
June 10: A Residential Transaction: ‘For Sale’ to ‘SOLD’
1:00-4:00 p.m.: This new course will explore the processes involved for taking a listing from “For Sale” to “Sold.” Ann Lloyd will review the complete “selling” process, evaluate pricing considerations, analyze marketing strategies, discuss negotiating techniques, and examine the transaction participants’ roles in the closing process. By the end of the class, you will have expanded your knowledge of all aspects of a real estate sales transaction, and have a more thorough understanding of how your role as a real estate professional is monumental in delivering a smooth and successful transaction; OREC Approved: 3 hours elective CE credit. (Class Pass Eligible)
June 13: REALTOR® Ethics, 1:00-4:00 p.m., Kathryn Jones; req. PSC CE; no cost (registration required)
June 26: What RE Professionals Need to Know About Taxes
1:00-4:00 p.m.: This new course is not designed to make a real estate agent a tax accountant, but it is designed to make a real estate agent aware of the rules and documentation requirements that are part of their everyday business and life as a real estate agent.  Bill Zumwalt, CPA, will show agents how they must be in compliance with the IRS and the Oklahoma Tax Commission or they could lose their license; how to treat hiring an assistant—are they an independent contractor or an employee?; review what constitutes an office in the home, and how to properly document this deduction; explain options available with regard to vehicle expenses, and what is needed to document business usage; meals and entertainment documentation and rules; determine the best type of entity for their real estate business; keys to reduce their tax liability, and much more! OREC Approved: 3 hours elective CE credit. (Class Pass Eligible)
June 18-19
CRS 201: Listing Strategies
Presented by OK CRS with instructor Jackie Leavenworth, 8:30 a.m.-5:00 p.m. at the Holiday Inn Quail Springs-North Oklahoma City. Learn how to use your MLS to create pricing visuals that will prepare the sellers to position their homes to sell quickly, and much more. Please call Cindy Manchester with any questions or email TulsaHomeBuzz@gmail.com.  Click Here for Info and Registration Form  (This is not a GTAR event.)
'No-Travel' Site Selection Course
Learn the principles of site analysis and how to recognize and project demographic growth trends and demand in a no-travel course on site selection presented by the REALTORS® Land Institute. The goal is to help you find the best sites for your clients and increase your income. The class begins June 3. For more information, call 800-441-5263.
'No-Travel' Class Looks at Eminent Domain Law
The REALTORS® Land Institute is hosting what it calls a hybrid "no-travel" class on eminent domain law starting June 3. The class will cover the constitutional roots of eminent domain, and state and local law, among other things. For more information, call 800-441-5263 or register at www.rliland.com/no-travel-courses.
Renewable Energy Project Land Issues Webinar
The REALTORS® Land Institute is hosting a webinar on the growing field of renewable energy project development and the importance of site selection. Land Considerations: Keys to Renewable Energy is June 5, and will feature experts on renewable and alternative energy projects. For more information, call 800-441-5263.
Upcoming Computer Classes
Pre-registration is required; space is limited to 14 per class. For more information and to enroll: log on to tulsarealtors.com, click the red Education bar on the Member Services page, then click Register for Classes. All classes are held in the GTAR Computer Lab, unless otherwise indicated.
Fusion 2 (Hands-on): Tuesday, June 4, 2:00-4:30 p.m.
Fusion 3 (Hands-on): Thursday, June 6, 2:00-4:00 p.m.
3% Cap Bill Introduced in the Senate
A bill crucial to maintaining affordable mortgage financing by addressing a problem in regulators' Qualified Mortgage (QM) rule was introduced in the Senate last week. "The Consumer Mortgage Choice Act," s. 949, by Sens. Joe Manchin (D-W.V.) and Mike Johanns (R-Neb.), would address the 3 percent cap on points and fees in the QM rule's "ability-to-repay" provisions. A companion bill was earlier introduced in the House. The legislation is particularly important to real estate firms with affiliates and small and mid-sized lenders and mortgage brokers. Without it, up to half of the loans lenders make would not meet the qualified mortgage test and would either not be made or would have to be made by large lenders who do not have to count the same items in their fees and points calculations under the test.
Don't Get Caught Flat-Footed on MID
Though partisanship in Washington, D.C., is at a historic high, that doesn't mean lawmakers won't take on tax reform later this year, possibly putting the mortgage interest deduction and other tax incentives important to real estate into play, said Jeffrey Birnbaum, a long-time Washington journalist who captured the 1986 tax reform battle in an award-winning book, Showdown at Gucci Gulch. Birnbaum and Rep. Randy Neugebauer (R-Texas) at the NAR Midyear Meetings in Washington last week shared the message that REALTORS® must remain vigilant to protect their interests. 
April Existing-Home Sales Up but Constrained
Existing-home sales rose in April but remain below underlying demand because of limited inventory and tight credit, NAR says. All regions are showing strong price gains from a year ago. Total existing-home sales increased 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April from an upwardly revised 4.94 million in March.  Resale activity is 9.7 percent above the 4.53 million-unit level in April 2012. "The robust housing market recovery is occurring in spite of tight access to credit and limited inventory," NAR Chief Economist Lawrence Yun says. "Without these frictions, existing-home sales easily would be well above the 5-million unit pace. Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher."
Strong Fundamentals Shore Up Home Sales
Home sales are on a sustained upswing, with solid gains in volume and in price expected for the next few years thanks to improved market fundamentals. But whether the federal government through its regulations and tax tinkering will derail further improvement remains a question, NAR Chief Economist Lawrence Yun said at last week's Midyear Meetings in Washington. 
Metro Area Home Price Growth Trend Continues
Metropolitan area median home prices continued to rise in the first quarter, with the national gain showing the best year-over-year performance in over seven years, according to NAR's latest quarterly report. The median existing single-family home price rose in 133 out of 150 metropolitan statistical areas, based on closings in the first quarter of 2013, compared with first quarter last year, while 17 areas had price declines.
REALTORS® Get the Word Out on Home Ownership
REALTORS® from across the U.S. said "Home ownership matters" at the NAR Midyear Meetings last week in Washington. Hear from them all in this 8-minute video.
Young Practitioners Share Thoughts on Success
Young, successful practitioners talk about how they succeeded even as the market struggled to recover over the last few years in "Right at Home," the latest REALTOR® Magazine 30-Under-30 video, or read the magazine coverage.
Free Consumer Content: Home Improvements
The latest free content for your websites, blogs, social media pages, and print resources from HouseLogic's REALTOR® Content Resource looks at home improvements that help the bottom line.
$500 Allowance for Jeep Grand Cherokee
The 2014 Jeep Grand Cherokee is now in the lineup of vehicles available for the $500 cash allowance offered by Chrysler Group LLC in partnership with NAR's REALTOR Benefits® Program. The cash allowance can be added to most other savings incentives. Before you visit your local dealer, view current incentives online, and read through the complete set of rules and benefits at REALTOR.org/Chrysler.
Savings up to 40 Percent with FedEx Office
Whether you need banners, brochures, flyers, or business cards you can depend on FedEx Office, a REALTOR Benefits® participant, for high quality printing of all your marketing communication needs. When you enroll by May 31, you can save 40 percent on core printing and copying, and save 30 percent on signs and banners, and other services at FedEx Office. Enrollment is free.
Multifamily Driving Commercial Real Estate
Commercial real estate investments globally rose 4 percent year-over-year. Yet the industrial, office, and retail sectors are practically stagnant right now. A strong performance in multifamily is essentially the only driver of overall commercial growth, economists said last week at the Midyear Meetings in Washington.
Comments on the following REALTOR® applicants should be submitted by REALTOR® members to the Membership Committee, c/o GTAR, PO Box 470603, Tulsa, OK 74147.
Firm Affiliate:
The Real Estate Book of Greater Tulsa, Designated Individual, Donna Murphy (First Publication)
Stillwater National Bank, Designated Individual, Elizabeth Favell (Second Publication)
Weststar Pacific Mortgage, Designated Individual, Teresa Eisenman (Second Publication)