Each month, the South Tahoe Association of REALTORS compiles real estate sales and active listing statistics for its members and the public.  These reports may be viewed on screen, printed or saved to your computer.  Please scroll down and click on the links below to view the following:

Single Family Market Analysis

Single Family Active Listings

Active Condo Listings

Single Family Market Analysis by Area

You’ll notice remarkable search capabilities and property-centric data is readily available. It’s unbelievably powerful, easy to use, and will quickly become the solution you count on!

• Tax and MLS information is integrated to provide a holistic view of an entire market and its activity.
• Dynamic mapping capabilities simultaneously display listing, foreclosure and property information.
• Market and trend data offer insight into a neighborhood or area of interest.
• Professional reports provide deeper insight into a property and its local area with detailed graphs, charts, photos and maps.

We’re excited to be making the switch!

Having trouble? There is an option to click a link for “Realist Classic” in the upper right-hand corner of the screen.

Please look for more information soon on upcoming training.

Click here for more on the new Realist 2

For Realist tips & tricks, visit the blog: http://www.realist.com/blog/

In 1988 the South Tahoe Association of REALTORS® established a scholarship fund to be awarded in the memory of Barbara Kelly, a past president of our Board and a founding member of the STAR scholarship committee.  This tradition continues today with some exciting new changes.  For the first time ever ALL graduating seniors in the South Tahoe community will be eligible to apply.  We feel that this change demonstrates STAR’s commitment to supporting all youth in our community who wish to pursue higher education.

Below are the minimum qualifications of applicants:

• All graduating seniors within the South Shore community (both CA & NV), including children of STAR REALTOR® and Affiliate members, are eligible to apply for the Barbara Kelly Memorial Scholarship
• Applicant must be bound for college or trade school
• Applicant is highly encouraged to be active in extracurricular activities and/or community service
• Applicant must submit a letter stating his or her short or long term goals
• Applicant must submit an application in writing
• A letter of recommendation must be received from someone other than a relative
• The Scholarship Committee must interview the applicant

We are looking forward to an extremely successful launch to this newly expanded program and thank you in advance for your support.  Please make your checks payable to the South Tahoe Association of REALTORS® and note “STAR Scholarship Fund” in the memo of your check.

If you have any questions please contact Scholarship Chairman Steve Costanza at McCall Realty (530-318-0325) or the South Tahoe Association of REALTORS® (530-541-7007).  You may also send an email to STAOR@STAOR.org.

To download a letter to assist with fundraising, click here or go to http://www.staor.org/blog/wp-content/uploads/2012/04/ScholarshipDrive1.pdf

STAR Community Service Committee Chair Ellen Camacho depicted donating Easter Baskets to the South Lake Tahoe Family Resource Center

Presented by Theresa Souers, 2012 Public Relations Chair

The South Tahoe Association of REALTORS® Community Service Committee, chaired by Ellen Camacho with Deb Howard & Co. and Jaime Souers with the Pinnacle Real Estate Group of Lake Tahoe, continued their annual tradition of presenting festive Easter baskets to local organizations.  The Family Resource Center and Live Violence Free (formerly the Women’s Center) received approximately 127 of these baskets which were then distributed to children of families being assisted by these organizations.   According to Jaime Souers, members of STAR donated nearly $800 toward this cause.  The baskets were delivered to the Family Resource Center and Live Violence Free on Friday, April 6^th so that the benefitting children would have them in time for the Easter Celebration.

Each month, the South Tahoe Association of REALTORS compiles real estate sales and active listing statistics for its members and the public.  These reports may be viewed on screen, printed or saved to your computer.  Please scroll down and click on the links below to view the following:

Single Family Market Analysis

Single Family Active Listings

Active Condo Listings

Single Family Market Analysis by Area

Senator DeSaulnier has introduced SB 1220 to permanently fund an affordable housing trust fund. Unfortunately, SB 1220 creates a real estate transfer tax of $75 per document to fund this program. In virtually all transactions a minimum of three documents are recorded – the grant deed, the release and reconveyance and a trust deed. SB 1220 will create a minimum $225 transfer tax and the amount may go higher depending on the number of documents recorded.

Background 
Over the last several decades, state and local agencies and organization have created affordable housing programs. Historically, state and local affordable housing programs have been funded through state bonds such as Prop 1C and Prop 46, or through local redevelopment agencies, among other sources. The funds generated from these bond measures have been exhausted, and local redevelopment agencies no longer exist. It is unlikely that future bonds will be viewed favorably by California voters given the current state of government finances and public’s concern over fiscal accountability. Therefore affordable housing groups have been seeking a permanent funding source for these programs and have unfortunately settled on SB 1220.   SB 1220 creates a $75 per document transfer tax to create a housing trust fund that will support affordable housing for low and moderate income households including emergency shelters, transitional and permanent rental housing, foreclosure mitigation and homeownership opportunities.

C.A.R. is opposing SB 1220 because:

• SB 1220 targets one group (homebuyers) to pay for affordable housing which is an issue of broad social concern. While there may be a need for affordable housing funds, it is unfair to require only those individuals recording real estate documents to be the sources of that funding.  The lack of sufficient affordable housing is a statewide concern.  As such, if it is deemed necessary to implement some type of funding mechanism      to generate funds for affordable housing, that mechanism should be as broad based as possible.  It is simply unfair that SB 1220 seeks to fund affordable housing at the expense of home buyers. An affordable housing advocate suggested that C.A.R. could support SB 1220 if the tax applied to ALL recordings and not just those pertaining to real estate. WRONG!  The concern remains the same. Even if the tax were applied to all recordings, only a relatively small group of citizens, namely those      recording real estate documents, would still be taxed for a program that should be supported by all Californians.

• SB 1220 increases the already substantial cost of buying a home. Many cities already have local transfer taxes. SB 1220 creates an additional transfer tax of $225 on almost all real estate transactions, including refinances, adding to the already substantial fees and taxes already paid by homebuyers. Keep in mind that every $1,000 increase in the median price of a home disqualifies almost 20,000 California households from affording homes.

• While C.A.R. adamantly supports the creation of homeownership opportunities, SB 1220 is clearly not the way to achieve this goal.

What the Other Side is Saying:

This is a “flat recordation fee.” C.A.R.’s Response: This is NOT a fee, it is a tax! The money collected is not going to pay for the recordation of documents, but to an entirely different fund that has nothing to do with the transaction at hand. It’s not flat either. The cost can go up depending on the number of documents that need to be recorded.

SB 1220 is necessary because median home prices are high. C.A.R.’s response: Supporters are attempting to imply that this fund will substantially support homeownership. Very little of the money will support homeownership opportunities. The money will be used for shelters, transitional and permanent rental housing, as well as foreclosure mitigation and homeownership opportunities.

This is a “modest” fee. C.A.R.’s response: There is nothing “modest” about adding another burdensome tax to closing costs, which must be paid at the close of escrow.

WHAT: C.A.R. Region 3 Annual Spring Luncheon & Meeting
DATE: 3/29/12
TIME: 10:00 AM – 2:00 PM
COST: $30 per person

WHERE: El Macero Country Club in Davis, CA
44571 Clubhouse Drive
El Macero (Davis), CA 95618
(530) 753-3363 Office
(916) 446-4061 Office

Come for the information, networking with regional colleagues and a buffet luncheon.

To register, call Lilly at the Sacramento Association of REALTORS® at 916-922-7711 or use the registration flyer at:
http://www.staor.org/blog/wp-content/uploads/2012/03/spring12flyer2.pdf

Region 3 of the California Association of REALTORS® is comprised of the following associations:
El Dorado County Association of REALTORS®
Nevada County Association of REALTORS®
Placer County Association of REALTORS®
Sacramento Association of REALTORS®
South Tahoe Association of REALTORS®
Sutter-Yuba Association of REALTORS®
Tahoe Sierra Board of REALTORS®
Yolo County Board of REALTORS®

It seems that no matter what one reads these days regarding the real estate market, the term “short sale” will have a strong presence in the discussion.  A short sale is the term applied when a lender is willing to accept less than what is owed on an existing loan.  As a primarily second-home resort area, South Lake Tahoe has seen its own share of distressed sales.

During the past year, approximately 18% of the homes sold involved short sales while another 34% represented bank-owned sales.  At this time it appears that 2012 will continue to follow suit.  Yet, despite the fact that short sales have been an ongoing force within the real estate industry, it is not uncommon to hear potential buyers shy away from the idea of purchasing a short sale despite the investment opportunities.  Even hopeful sellers, as much as they might want to try to explore the option of a short sale, are overwhelmed with the rumors that come their way.

While “short sale” sales and purchases may not be for everyone, it is important for buyers and sellers to know that much of what is commonly heard is based upon rumors and myths.  To help clear the air, the California Association of REALTORS® recently put together a list of the top ten myths surrounding short sales:

Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale.  Debunked: Years ago this may have been true, but not in 2012.

• A financial hardship must exist, such as the ARM (Adjustable Rate Mortgage)      increasing in monthly payments.
• Loss of  job or income.
• Health or medical issues.
• Extraordinary loss in home value (which may be considered a hardship).

Myth #2: Banks would rather foreclose on a property than approve a short sale.
Debunked: Many still believe this myth to be true, but more accurately, banks would prefer not to foreclose on a property due to the $50-70k it may cost the bank per transaction.  Banks lose less money on a short sale than on a foreclosure.
Note: In California, some lenders may pay owners as much as $25,000 to opt for a short sale.

Myth #3: Homeowners must be pre-approved by their lender to be eligible for a short sale.
Debunked: Absolutely not true.  By and large, most lenders will consider short sale offers.  However, each lender may have unique and specific processes to follow, from listing the home to the acceptance of a short sale.  Bypassing any part of this process may result the sale not closing, so be sure to follow each lenders’ processes closely.

Myth #4: Short sales never close.
Debunked: Obviously not true.  In some areas of the U.S., nearly 50% of all closings are considered to be “distressed” properties, meaning REOs and short sales.

Myth #5: Short sales take months (and months) to close.
Debunked: The short sale processes must be learned.  Once mastered, it may not be uncommon to close a short sale in 30 days.  However, certain idiosyncrasies may slow the process and each lender presents their own unique set of specific challenges.  No two short sale transactions are identical.

Myth #6: Damage to the homeowner’s credit standing is comparable in a short sale and a foreclosure.
Debunked: In many cases, credit repercussions and deficiency protections are more damaging with a foreclosure. Short sale transactions can often lead to faster financial recovery for the homeowner and should be carefully considered.
Note: If the homeowner missed no mortgage payments, they may be eligible to finance the purchase of a home immediately following a short sale transaction.

Myth #7: Following a short sale, the homeowner will be ineligible to purchase another property for the next 5-7 years.
Debunked: Not true.  Using conventional lending guidelines, some consumers may obtain a Fannie Mae backed mortgage a short 24 months after the close of their short sale.

Myth #8: After a short sale transaction, the homeowner will receive a 1099 and be forced to declare the loss as income.
Debunked: The owner may indeed receive a 1099, but due to the 2007 Mortgage Forgiveness Debt Relief Act, among other considerations, the homeowner may not owe any taxes on their transaction.*
Note: This Act is due to expire at the end of 2012.

Myth #9: The lender will sue the homeowner after the close of a short sale (or foreclosure, or deed in lieu of foreclosure) for the deficiency.
Debunked: California has certain anti-deficiency protections in place for short sales and foreclosures, depending on the circumstances.*

Myth #10: As an agent, I don’t need additional training to learn all of the ins and outs of the short sale process.  And if I wait long enough, the market will recover so I may not need to deal with short sales at all.
Debunked: How long are you willing to wait? Based on the most recent housing reports, home values are still falling.  Hopefully, 2012 will see the bottom of the housing market but price recovery may continue to take some time.

Each month, the South Tahoe Association of REALTORS compiles real estate sales and active listing statistics for its members and the public.  These reports may be viewed on screen, printed or saved to your computer.  Please scroll down and click on the links below to view the following:

Single Family Markey Analysis

Single Family Active Listings

Active Condo Listings

Single Family Market Analysis by Area

The California Association of REALTORS® (C.A.R.) recently recognized the South Tahoe Association of REALTORS® (STAR) for representing the rights of property homeowners throughout the South Lake Tahoe area.  During the C.A.R. Business meetings held in Indian Wells the week of January 17th, C.A.R. awarded the South Tahoe Association of REALTORS® with a $5,000 state IMPAC grant.  The purpose of the grant is to pay for STAR’s Government Affairs Director (GAD), Haley Williamson to attend the accelerated Tahoe Regional Planning Agency (TRPA) meetings focused on updating its regional plan.  Williamson is also responsible for representing South Tahoe REALTORS® at these meetings and for bringing information back to the STAR Board of Directors.  In addition, the state IMPAC funds will allow STAR association members to learn about the new laws affecting our region through advocacy and education on policy such as new zoning ordinances, height restrictions, and community goals that the TRPA is considering.

This update to TRPA’s basin-wide plan will be the first since the late 1980s.  The TRPA’s regional planning committee is holding meetings throughout the winter and spring of 2011-2012.  The TRPA intends to have the new Regional Plan in place by the end of 2012.  At TRPA planning meetings, stakeholders meet all day to discuss how they want to update the regional plan. STAR’s representation is felt to be vital as the TRPA’s regional plan will have a direct affect on how people buy and sell homes in the Tahoe Basin.  The TRPA has requirements instructing REALTORS® to give out disclosures regarding TRPA regulations to homebuyers and home sellers.  The TRPA says in its own mission statement that it relies on public-private relationships to meet environmental goals.

Along with C.A.R.’s recognition of the importance for STAR’s involvement with decisions that could affect the South Tahoe area, they acknowledged that the decisions made by the TRPA could have an effect on the state of California as well.  If the TRPA passes ordinances mandating actions at point-of-sale, it may set a precedent for other point-of-sale mandates across the state.  Furthermore, since the TRPA must abide by California’s new sustainable communities law (passed in 2010), how the TRPA interprets and implements these California statewide laws will set a statewide precedent.  For this reason, C.A.R. has encouraged STAR to seek a similar grant on the National level and offered to assist in the effort to do so.