WEEKLY NEWS SERVICE
May 26, 2005

NEW INFORMATION

Office Closed on Monday, May 30 – The Suburban West REALTORS Association office will be closed on Monday, May 30 in observance of the Memorial Day holiday. The office will reopen at 8 a.m. on Tuesday, May 31. Members needing staff assistance are encouraged to contact the office prior to 4:00 p.m. on Friday, May 27.

National Housing Statistics Still Going Strong – Sales of existing homes rose 4.5 percent in April to the highest sales pace on record as low mortgage rates continued to fuel a housing boom. The National Association of REALTORS reported that sales of single-family homes and condominiums climbed to a seasonally adjusted annual rate of 7.18 million units last month, the fastest pace on record. The increase was far above the small 0.2 percent advance that had been expected and was credited to further declines in mortgage rates.

The strength in sales last month was accompanied by further upward pressure on home prices. The median price for an existing home sold last month rose to a record $206,000, up 15.1 percent over the median price a year ago. That represented the biggest 12-month gain in home sales prices since November 1980 and was certain to add to concerns that the housing industry could be experiencing a speculative bubble similar to the stock market bubble which popped in the spring of 2000.

David Lereah, chief economist at the REALTORS, said he agreed with concerns expressed last week by Federal Reserve Chairman Alan Greenspan, who said that while he did not believe there was a national housing bubble certain local markets were exhibiting characteristics of unsustainable price increases. "Certainly there are some select areas where there could be some froth," Lereah said in releasing the new report. The new report said that the 7.18 million sales rate in April compared to a revised 6.87 million sales pace in March and was the highest pace on record, surpassing the old mark of 7.02 million sales at an annual rate last June. By region, sales were up 7 percent in the South, 5.8 percent in the Midwest, 4.3 percent in the Northeast and were unchanged in the West last month. (courtesy Associated Press) 

Delaware County Fair Housing Task Force Meeting on June 10 – The Fair Housing Council of Suburban Philadelphia is sponsoring an informative presentation on Issues Concerning Consumer Access To Traditional Banking Services on Friday, June 10 from 9:30 a.m. to 11:30 a.m. This program at the Smedley Park Environmental Center on Baltimore Pike in Springfield is open to all members of the Association. If you have any questions or need additional information on the program, please contact Jim Berry or Rachel Wentworth at the Fair Housing Council of Suburban Philadelphia at 610-604-4411.  

Invest In Your Future by Contributing to RPAC on June 3— The Annual REALTOR Political Action Committee Telethon is scheduled for Friday, June 3.  On this day, member volunteers will be soliciting donations from 10:00 AM to 12:00 PM.  We encourage all REALTORS and Affiliate Members to help your fellow members by making a contribution or pledge to RPAC when you are asked.  RPAC is working on a number of issues that are vital to REALTORS best interests, including:

• opposing a transfer tax increase;
• enacting legislation to allow for association health plans;
• opposing point of sale reassessment;
• maintaining reasonable point of sale inspection requirements
• keeping banks out of real estate; and
• preserving mortgage interest deductions.

Remember that your RPAC contribution is an investment in your future as a REALTOR and ensures that we can continue to successfully lobby on these issues for your behalf. If you have any questions about RPAC or the issues that are mentioned above, please contact Mike McGee or Alex Charlton at the REALTORS Legislative Alliance at 610-981-9000.  

REMINDERS

Downingtown Approves New Rental Inspection Requirements— Downingtown Borough Council has approved an ordinance amending sections of the Borough’s Rental Property Permit. The new permit will be valid for a two year period (as opposed to the previous yearly format) and all rental units in the borough must apply for a rental property permit every two years. As currently written, the fee would be $45.00 every two years and that would include one inspection per rental unit within that two year time frame. An updated permit must be issued in the event of a tenant change but not a property transfer.  No additional fees are charged for updating a permit. Fees incurred in the application process shall also be applied to the inspection process.

Additional Volunteers and Sponsors Needed for 5K Run For Home— The 3 rd Annual 5K Run for Home is quickly approaching and we need your help to make it a success. The event is scheduled for Saturday, August 13 at the Eagleview Corporate Center in Uwchlan and all proceeds will again support Habitat for Humanity of Chester County. To ensure that the event attracts more participants than last year and, subsequently, improves upon the $10,000 we raised for Habitat, we need the help of our members. To access a flyer for the event, click here. To access the registration brochure, click here.

• One way that members can help is to have their offices become a sponsor for the event. Last year, more than 30 member offices provided financial sponsorship to help defray costs of the event and to add to the net revenues that were provided to Habitat. We would like to increase the number of member offices that sponsor this year to over 50. There are a number of different levels available with associated benefits. And there is the overall benefit of helping an organization that provides housing to members of your community who are in need. For information on the sponsorship opportunities that are available, please click here.
  
  
• Members can also help in obtaining corporate sponsorship with gifts-in-kind or donated prizes. Some of last year’s sponsors provided gifts-in-kind such as hand towels, water bottles, and pens for grab bags. We also received donated prizes such as restaurant/store gift certificates. We could use your help to locate businesses who are interested in contributing to this event. Please click here for a sponsorship form.
  
  
• The Association is also seeking the assistance of individual members to volunteer to work on the 5K Run For Home Task Force as well as assist the association on the day of the event. No prior knowledge of planning a run is required. The Task Force works closely with the staff in the planning and execution of the run and meets periodically up until the event (on average once every other week). Even more volunteers will be needed for the day of the race to assist with setting up the course, registration, giving out snacks and beverages and providing support to the participants.

If you are interested in volunteering to assist the run, have questions about sponsorship or the event itself, please contact Mary Lim at 610-560-4800 or email mlim@suburbanwestrealtors.com.

Immediate Employment Opportunity Available— REALTOR from Weichert, Chadds Ford office is seeking an assistant with experience working for a busy REALTOR or secretary/computer savvy person with some business skills to work closely with them.  Duties may include personal/business/files/mailings, etc.  Everything is negotiable.  Please contact the REALTOR directly at 610 299-0911 or via the office phone number, 610 459-5500 ext. 171.

Introduction To e-PRO Video Event – e-PRO is the only technology certification program recognized nationwide and endorsed by the National Association of REALTORS. e-PRO was built by REALTORS for REALTORS and will enhance your skills and abilities to help you succeed in this demanding high-tech marketplace. The “Introduction to e-PRO” event on Wednesday, June 15, 1:30 – 3:00, will help you decide if the online course is right for you. Attendance at this video demonstration entitles you to $30 off the regular course tuition of $359.00. To register click on http://ims.suburbanwestrealtors.com, Log in and click on Events Calendar or call 610-560-4800 to register by phone.

Top Producer Quick Start Class – The Suburban West REALTORS Association will host Stephen Pacinelli, Top Producer System consultant on Monday, June 13, 1:00 p.m. – 4:00 p.m. Learn how to lower your personal promotional costs and close more listings and sales with Top Producer 7i’s extensive letter, email, flyer, postcard and presentation libraries. Also find out how Top Producer 7i works with Palm handhelds and Internet enabled cell phones so you can have your data with you anywhere, anytime. To register for this Top Producer demonstration send an email to quickstart@topproducer.com

OTHER IMPORTANT NUMBERS:

• Suburban West REALTORS Association TECH HOTLINE:
  800-704-7240 (email: techhotline@att.net)
  (8:30 am to 8 pm, Monday to Friday)
  
• PAR Legal Hot Line: 800-727-5345
  (9 a.m. to 10 am & 1 pm to 3 pm, Monday to Friday)
  
• Suburban West REALTORS Association:
  http://www.suburbanwestrealtors.com
  
• SUPRA Support: 877-699-6787 (8 am to 10 pm, Everyday)