Realtors say Trump tax plan would hurt homeownership nationwide …

8-May-17 – Housing advocates nationwide are turning their noses up at President Donald Trump’s proposed tax plan which would double the standard deduction and, in effect, invalidate the tax benefits of owning a home.

“Real estate now accounts for more than 19 percent of America’s gross domestic product, or more than $3 trillion in investment,” said William Brown, president of National Association of Realtors (NAR).

“For roughly 75 million homeowners across the country, their home is more than just a number,” said Brown (left). “A home represents their ambitions, their nest egg, and the place where memories are made with family and friends. Targeted tax incentives are in place to help people get there.”

The mortgage interest deduction and the state and local tax deduction make homeownership more affordable, according to NAR.

“By doubling the standard deduction and repealing the state and local real estate tax deduction, the plan would effectively nullify the current tax benefits of owning a home for the vast majority of tax filers,” Brown said.

In addition, tax deferred real estate swaps – known as 1031 like-kind exchanges – help investors keep inventory on the market and money flowing to local communities, Brown noted. The 1031 tax deferred exchange also would be eliminated under the proposed Trump tax plan.

Housing analysts say that every time a home is bought or sold, the transaction creates a ripple effect through the economy. New furniture, appliances, and furnaces are purchased and hundreds of millions of dollars are spent on home remodeling and landscaping projects.

However, NAR said real estate tax incentives are at risk in the plan recently released by President Trump. The outcome of the changes, should they be enacted, could be devastating to homeownership, according to Brown.

“Current homeowners could very well see their home’s value plummet and their equity evaporate if tax reform nullifies or eliminates the tax incentives they depend on, while prospective homeowners will see that dream pushed further out of reach,” Brown said.

Doubling deduction could lower home values

National Association of Home Builders Chairman Granger MacDonald shared similar sentiments.

(Left) Granger MacDonald and Vice President Mike Pence at The White House on February 28. (Image obtained from National Association of Home Builders.)

The changes could have an inverse impact, as well, on lower-income households, according to Diane Yentel, president and CEO of National Low Income Housing Coalition.

“By raising the standard deduction, President Trump’s tax plan also would lead to fewer households claiming the mortgage interest deduction [MID], a $70 billion tax write-off that primarily benefits higher-income households,” said Yentel. “Without additional reforms to provide a greater tax benefit to low and moderate-income homeowners – and to reinvest the savings into providing affordable rental homes to those with the greatest needs, Trump’s proposal would amplify MID’s regressive effect. Only the wealthiest Americans would benefit.”

In addition, Brown pointed to the majority share of federal income taxes paid by homeowners, cautioning that they could shoulder even more responsibility if the changes take effect.

“As it stands, homeowners already pay between 80 percent and 90 percent of the U.S. federal income tax,” said Brown.

Without tax incentives for homeownership, those numbers could rise even further, NAR forecasts.

“Common sense says that owning a home isn’t the same as renting one, and America’s tax code shouldn’t treat those activities the same either,” said Brown (right). “Major reforms are needed to lower tax rates and simplify the tax code but shouldn’t come at the expense of current and prospective homeowners.”

While the president’s tax proposal is well-intentioned, says Brown, “it’s a non-starter for homeowners and real estate professionals who see the benefits of housing and real estate investment at work every day.”

LH Realty Realtor earns GRI designation

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National Association of Realtor’s REach Accelerator Program …

VIENNA, Va.–(BUSINESS WIRE)–The National Association of Realtors® (NAR) announced on
Thursday that Virginia-based Pearl Certification will be participating
in the prestigious REach® technology accelerator program. The
2017 REach® selection process was particularly competitive,
as Pearl was one of only seven firms to be chosen from hundreds of
innovative companies that applied.

Pearl offers a high-performing home certification that enables
homeowners to recoup the value of investments in energy efficient
features when they sell their home. The company also works with builders
to certify new home construction.

“The REach® program will provide a tremendous boost to Pearl,
enhancing our ability to bring our home certification benefits to
homeowners and helping us to engage real estate agents from across the
U.S.,” said Pearl CEO and co-founder Cynthia Adams.

2016 home sales were 5.5 million strong, with consumer demand for
energy-efficient, high-performing homes continuing to grow. Pearl hopes
to capture 20 percent of those transactions through certification of the
homes’ high-performing features.

Each year, the National Association of Realtors® strategic
investment arm, Second Century Ventures (SCV), selects a small number of
applicants to participate in its REach® program. REach®
companies receive extensive mentorship and support as well as access to
new channels to engage NAR’s million-plus members.

“SCV is unique in its ability to leverage NAR’s industry connections and
insights, which position REach® companies for ultimate
success. This year’s class has tremendous potential to benefit Realtors® and
the clients they serve, well into the future,” said Dale Stinton,
president of SCV and NAR CEO.

Local home sellers are already experiencing the benefits of Pearl
certification. One Herndon, Virginia property received a Pearl Silver
Certification and sold for $36,000 more than the listing price with six
offers. “Having the home Pearl Certified made a big difference for this
home,” said the listing agent Julie Hawkins of KellerWilliams
Realty-Dulles. “Buyers saw the Pearl report and wanted to know more. It
was also very helpful in making sure we got the appraisal we needed.”

“I certify all of the high-performing homes I list – new and existing.
Pearl verifies their high-performing features, provides great marketing
materials and helps attract and educate buyers,” said Greg Slater, Nest
Realty agent and former president of the Charlottesville Area
Association of Realtors.

“The REach® program opens doors to the most influential and
experienced real estate professionals in the U.S.,” said Robin LeBaron,
co-founder and president/COO of Pearl. “REach® will help
Pearl position itself as a leading national certification standard for
high-performing homes.”

Names & Faces: May 7

Email Names Faces submissions to business@seacoastonline.com.

 

Harmon named senior manager at Service Credit Union

PORTSMOUTH — Service Credit Union announced the recent promotion of Rebecca Harmon to senior manager, quality assurance. Harmon will be responsible for effective oversight of the Quality Assurance Department to include member service improvement and trust and guardianship services. 

Harmon brings 12 years of financial services experience. She holds a bachelor of science degree in business management from Granite State College. She will oversee a staff of seven. Harmon has been with the credit union for 12 years and has worked in the contact center, business analysis and quality assurance.

Established in 1957, Service Credit Union was founded as Portsmouth Air Force Base Federal Credit Union to assist military personnel and their families. Since then, SCU has grown to more than $3 billion in assets and provides financial services to more than 240,000 members. SCU now serves those living or working in New Hampshire or the Falmouth, Massachusetts, area and their families. For more information, visit servicecu.org.

Bob Marchewka appointed to National Realtor Committee

PORTSMOUTH — Bob Marchewka, founder and principal broker of One Commercial Real Estate, was appointed to the National Association of Realtors State and Local Issues Mobilization Committee. He will serve as an active member of the board through 2018.

The committee meets monthly to discuss and approve grant requests from state and local realtor boards across the country. These boards mobilize for or against various legislative proposals, or attempt to effect change in their communities through the political process.

This year, the May committee meeting will be held at the National Association of Realtors mid-year conference in Washington, D.C. Marchewka will attend on behalf of One Commercial Real Estate, as well as the New England Commercial Property Exchange – one of the oldest and most established Commercial Information Exchange services in the country. The New England database serves to help professionals share real estate information in New Hampshire, Maine, Vermont and Massachusetts.

Marchewka has more than 25 years of experience in commercial real estate brokerage, management, development and consulting. He is the former president of the Commercial Investment Board of Realtors and current chairman for its Public Policy Committee. 

Founded in 2010, One Commercial Real Estate is a commercial real estate brokerage and consulting firm serving the Seacoast, Dover and Durham areas of New Hampshire. It works with businesses and individuals to sell, lease or develop their properties, find specific properties for purchase, and to develop an overall real estate investment plan. For more information, visit onecommercialrealestate.com.

Tapley to chair Maine Insurance Agents Association

YORK, Maine — The Maine Insurance Agents Association recently elected Wendy J. Tapley, CIC of Cape Neddick, as chairwoman of the Maine Insurance Agents Association. 

Tapley is the owner of Tapley Insurance Agency, an independent insurance agency in York. She opened the agency in 1993 and is a licensed property and casualty agent. Tapley Insurance is a member of the Insurance Group of New England of which Tapley is vice president and a director. Tapley is a graduate of Westbrook College, now part of the University of New England, with a degree in merchandising and retail. She also holds the certified insurance counselor designation from Society of Certified Insurance Counselors and the National Alliance.

Tapley is past president of the Greater York Region Chamber of Commerce board of directors and served on its board for 11 years. She was also a member of the York Rotary Club for several years. Tapley is currently chairwoman of the York Maine Marketfest Committee for the York Village Association. She lives in Cape Neddick with her husband Brian and their son, and happily works each day in the office with her daughter.

Tapley Insurance Agency is a Trusted Choice insurance agency. Trusted Choice agencies are insurance and financial services firms whose access to multiple companies and commitment to quality service enable them to offer their clients competitive pricing, a broad choice of products and unparalleled advocacy. The Maine Insurance Agents Association in Hallowell was founded in 1899 and supports, promotes and represents the common business interests of independent insurance agents and their firms, consistent with the best interest of the insurance buying public.

Affordability, Tight Supply Cause Vacation Home Sales to Plummet in 2016; Investment Sales Climb 4.5%

WASHINGTON, April 11, 2017 /PRNewswire/ — Last year’s strongest pace of home sales in a decade included a sizeable drop in activity from vacation buyers and a jump from individual investors, according to an annual second-home survey released today by the National Association of Realtors®. The survey additionally found that vacation and investment buyers in 2016 were more likely to take out a mortgage and use their property as a short-term rental.

NAR’s 2017 Investment and Vacation Home Buyers Survey1, covering existing- and new-home transactions in 2016, revealed that vacation home purchases last year descended to an estimated 721,000, down 21.6 percent from 2015 (920,000) and the lowest since 2013 (717,000).


2017 Investment and Vacation Home Buyers Survey

2017 Investment and Vacation Home Buyers Survey



2017 Investment and Vacation Home Buyers Survey #2

2017 Investment and Vacation Home Buyers Survey #2


Investment-home sales in 2016 rose 4.5 percent to 1.14 million from 1.09 million in 2015. Owner-occupied purchases jumped 12.5 percent to 4.21 million last year from 3.74 million in 2015 – the highest level since 2006 (4.82 million).

Lawrence Yun, NAR chief economist, says vacation sales in 2016 tumbled for the second consecutive year and have fallen 36 percent from their recent peak high in 2014 (1.13 million). “In several markets in the South and West – the two most popular destinations for vacation buyers – home prices have soared in recent years because substantial buyer demand from strong job growth continues to outstrip the supply of homes for sale,” he said. “With fewer bargain-priced properties to choose from and a growing number of traditional buyers, finding a home for vacation purposes became more difficult and less affordable last year.”

Added Yun, “The volatility seen in the financial markets in late 2015 through the early part of last year also put a dent in sales as some affluent households with money in stocks likely refrained from buying or delayed plans until after the election.”

Tight inventory conditions pushed the median sales price of both vacation and investment homes last year to levels not seen in roughly a decade. The median vacation home price was $200,000, up 4.2 percent from 2015 ($192,000) and the highest since 2006 (also $200,000). The median investment-home sales price was $155,000, up 8.0 percent from 2015 ($143,500) and the highest since 2005 ($183,500).

With home prices steadily rising, an increasing share of second-home buyers financed their purchase last year. The share of vacation buyers who paid fully in cash diminished to 28 percent (38 percent in 2015), while cash purchases by investors decreased to 35 percent from 39 percent in 2015 and 41 percent in 2014.

“Sales to individual investors reached their highest level since 2012 (1.20 million) as investors took advantage of record low mortgage rates and recognized the sizeable demand for renting in their market as renters struggle to become homeowners,” said Yun. “The ability to generate rental income or remodel a home to put back on a market with tight inventory is giving investors increased confidence in their ability to see strong returns in their home purchase.”

Vacation sales accounted for 12 percent of all transactions in 2016, which was the lowest share since 2012 (11 percent) and down from 16 percent in 2015. The portion of investment sales remained unchanged for the third consecutive year at 19 percent, and owner-occupied purchases increased to 70 percent (65 percent in 2015).

Greater interest in short-term rentals; South most popular destination
Given the rising popularity of short-term rentals in locales throughout the country, it’s no surprise there were slightly more investment and vacation buyers renting their property for less than 30 days. Forty-four percent of investors (42 percent in 2015) and 29 percent of vacation buyers (24 percent in 2015) did or tried to rent their property last year and plan to do so in 2017. Twenty-one percent of investment buyers and 15 percent of vacation buyers did not rent their home for short-term purposes last year but plan to try it in 2017.

Vacation buyers’ typically earned $89,900 ($103,700 in 2015), while investment buyers had a household income of $82,000 ($95,800 in 2015). Both were most likely to purchase a single-family home in the South, with vacation buyers preferring a beach location and investors choosing a suburban area.

The top two reasons for buying a vacation home were to use for vacations or as a family retreat (42 percent) and for future retirement (18 percent), while investors mostly bought to generate income through renting (42 percent) and for potential price appreciation (16 percent).

NAR’s 2017 Investment and Vacation Home Buyers Survey, conducted in March 2017, surveyed a sample of households that had purchased any type of residential real estate during 2016. The survey sample was drawn from an online panel of U.S. adults monitored and maintained by an established survey research firm. A total of 2,099 qualified adults responded to the survey.

The 2017 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The report is free to NAR members and accredited media and costs $149.95 for non-members.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.       

1Vacation homes are recreational property purchased primarily for the buyer’s (or their family’s) personal use, while investment homes are residential property purchased primarily to rent to others, or to hold for other financial or investment purposes. Sales data excludes institutional investment activity.

Home sales were calculated based on a proportion of buyers who bought each respective home type—vacation, investment, and primary residence. The number of purchases for each housing type were calculated using the total number of existing home sales and new homes in 2016. To calculate the difference in the number of purchases in 2015 to 2016, the percent change of each housing type purchased was calculated.

Information about NAR is available at www.nar.realtor. This and other news releases are posted in the “News, Blogs and Videos” tab on the website. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/affordability-tight-supply-cause-vacation-home-sales-to-plummet-in-2016-investment-sales-climb-45-300437619.html

SOURCE National Association of Realtors

Related Links

http://www.realtor.org

Real Deal: National Realtor group expresses concern about tax …

Major reforms are needed to lower tax rates and simplify the tax code, but that shouldn’t come at the expense of current and prospective homeowners, according to realtors. In a statement released soon after President Trump’s tax proposal was announced late last month, the National Association of Realtors said while the president’s tax proposal is well-intentioned, “it is a non-starter for homeowners and real estate professionals who see the benefits of housing and real estate investment at work every day.”

“The mortgage interest deduction and the state and local tax deduction make home ownership more affordable, while 1031 like-kind exchanges help investors keep inventory on the market and money flowing to local communities,” said William Brown, president of the national realtor group. “Those tax incentives are at risk in the tax plan released today. Current homeowners could very well see their home’s value plummet and their equity evaporate if tax reform nullifies or eliminates the tax incentives they depend upon, while prospective home-buyers will see that dream pushed further out of reach.”

NAR indicates real estate now accounts for over 19 percent of America’s gross domestic product, or more than $3 trillion in investment. “Homeowners put their hard-earned money on the line to make an investment in themselves and their communities, and it’s on them to protect that investment. Common sense says owning a home isn’t the same as renting one, and American’s tax code shouldn’t treat those activities the same either,” said Brown.

Brown said for roughly 75 million homeowners across the country, a home represents their ambitions, their nest egg, and the place where memories are made with family and friends. Targeted tax incentives are in place to help people get there.

“Although the proposal keeps the mortgage interest deduction intact, raising the standard deduction and eliminating the state and local tax deductions cancel out the tax benefits of owning a home,” said Denise Welsh, president of the Silicon Valley Association of Realtors. “Eliminating incentives for home ownership would lower the demand for housing and result in lower home values. It would have the largest impact on first-time homebuyers, especially young couples.”

Welsh added home ownership isn’t just financially rewarding; it also creates stability and has many social benefits. “Purchasing a home is an investment in the community. People have greater stake in what happens in their local area when they own rather than rent,” said Welsh.

Studies have shown children of homeowners are stronger academically. “There is a certain comfort and security a child feels knowing they have a stable place to call home. Home ownership also helps lower community crime rates. Homeowners are much more likely to participate in local crime prevention programs and be involved in local civic affairs,” said Welsh.

Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at silvar.org. Send questions on any topic to rmeily@silvar.org.

NAR and NAHREP Support Pam Patenaude for HUD Deputy …

President Trump nominated Pamela Hughes Patenaude as deputy secretary of the U.S. Department of Housing and Urban Development (HUD) Friday. Patenuade has extensive experience working with HUD, holding the position of HUD assistant secretary for community planning and development under President George W. Bush. She was also integral to HUD under the Reagan Administration and is the current president of the J. Ronald Terwillinger Foundation for American Families.

The National Association of REALTORS® (NAR) and the National Association of Hispanic Real Estate Professionals (NAHREP) issued statements in support of the nomination.

“The National Association of REALTORS® commends the Trump Administration for its nomination of Pam Patenaude for the position of deputy secretary,” said NAR President Bill Brown. “Pam’s extensive and strong background in real estate and housing will be an asset, and NAR has long enjoyed a strong relationship with Pam working on and advancing regulatory and policy initiatives.

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“Pam is an ideal candidate for the position; she understands the issues that impact the industry and our REALTOR® members, and we look forward to continuing our work together with HUD and Pam upon her confirmation to ensure that owning a home remains accessible and affordable so that more individuals can realize their dream of homeownership,” Brown said. “We encourage the Senate to move quickly and confirm her nomination.”

According to the NAHREP statement, “Pam is well versed on the issues related to Hispanic homeownership and will do an outstanding job serving the nation’s housing needs,” said Gary Acosta, co-founder and CEO of NAHREP. “NAHREP looks forward to working with Ms. Patenaude and HUD to advance the association’s mission in the coming years.”

For more information, please visit www.nar.realtor or www.nahrep.org.

For the latest real estate news and trends, bookmark RISMedia.com.

Area Realtors Moves and News

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Real Deal: Realtors share concern about Trump’s tax reform proposal

Major reforms are needed to lower tax rates and simplify the tax code, but that shouldn’t come at the expense of current and prospective homeowners, according to realtors. In a statement released soon after President Trump’s tax proposal was announced late last month, the National Association of Realtors said while the president’s tax proposal is well-intentioned, “it is a non-starter for homeowners and real estate professionals who see the benefits of housing and real estate investment at work every day.”

“The mortgage interest deduction and the state and local tax deduction make home ownership more affordable, while 1031 like-kind exchanges help investors keep inventory on the market and money flowing to local communities,” said William Brown, president of the national realtor group. “Those tax incentives are at risk in the tax plan released today. Current homeowners could very well see their home’s value plummet and their equity evaporate if tax reform nullifies or eliminates the tax incentives they depend upon, while prospective home-buyers will see that dream pushed further out of reach.”

NAR indicates real estate now accounts for over 19 percent of America’s gross domestic product, or more than $3 trillion in investment. “Homeowners put their hard-earned money on the line to make an investment in themselves and their communities, and it’s on them to protect that investment. Common sense says owning a home isn’t the same as renting one, and American’s tax code shouldn’t treat those activities the same either,” said Brown.

Brown said for roughly 75 million homeowners across the country, a home represents their ambitions, their nest egg, and the place where memories are made with family and friends. Targeted tax incentives are in place to help people get there.

“Although the proposal keeps the mortgage interest deduction intact, raising the standard deduction and eliminating the state and local tax deductions cancel out the tax benefits of owning a home,” said Denise Welsh, president of the Silicon Valley Association of Realtors. “Eliminating incentives for home ownership would lower the demand for housing and result in lower home values. It would have the largest impact on first-time homebuyers, especially young couples.”

Welsh added home ownership isn’t just financially rewarding; it also creates stability and has many social benefits. “Purchasing a home is an investment in the community. People have greater stake in what happens in their local area when they own rather than rent,” said Welsh.

Studies have shown children of homeowners are stronger academically. “There is a certain comfort and security a child feels knowing they have a stable place to call home. Home ownership also helps lower community crime rates. Homeowners are much more likely to participate in local crime prevention programs and be involved in local civic affairs,” said Welsh.

Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at silvar.org. Send questions on any topic to rmeily@silvar.org.

When Your Game Needs a Boost, Call the Commercial Real Estate Coach, Rod Santomassimo

If you’re a broker pulling in an extremely respectable $8 million in gross commissions a year, what do you do to jump to the next level?

If you’re Cushman Wakefield’s Robert Knakal, you call real estate coach Rod Santomassimo.

Knakal credits Santomassimo with going from $8 million in 2011 to $20 million several years later. (Knakal told Commercial Observer that last year he was below $20 million, but he “anticipate[s] getting back to $20 [million] this year.”)

Santomassimo is the founder and president of the North Carolina-based commercial real estate coaching business, the Massimo Group. (He lopped the “Santo” off his name because Massimo “means the most, the maximum, the best,” he said.)

Not only did Santomassimo help Knakal to make more money, but he also coached  the investment sales broker so he could have more time with his family.

Knakal, CW’s James Nelson and Savills Studley’s Bill Montana are a few of of Massimo’s over 200 active clients, 97 percent of whom are brokers, across North America. And they all have two things in common: They all want “to make more money more consistently,” Santomassimo said, and they want to “have more margin in their lives”—which is Santomassimo-speak for, “More personal time, away from the office, while still knowing they are productive.”

Dispensing Santomassimo’s good word are 20 coaches who are active commercial real estate brokers.

“They walk the walk, they talk the talk,” Santomassimo said. “They understand the deals.” But, he added, “We will not allow a coach to coach someone in their market.”

Brokers who are new to the business can go into a Massimo group program for $400 a month, plus there is a group coaching format for seasoned professionals. But, for more established brokers looking to go the distance, there is in-depth, one-on-one coaching, at a price of $1,250 a month, with an annual commitment.

Santomassimo, 53, boasts that while National Association of Realtors statistics reveal the average commercial broker makes $108,000 of gross income, his clients—excluding those making in excess of $3 million—averaged $753,000 last year. And of those brokers new to the business, 80 percent of Massimo’s graduates are still in the business after two or three years versus the 56 percent that drop out in the first six months on the job without his assistance.

Working with Massimo involves tuning into video presentations, doing assignments and tracking prospects and pipeline—all of it via Massimo’s virtual platform.

Massimo has “figured out the personality profile of top producers” via a personality assessment. He said they tend to be highly assertive, medium social (meaning, they can adjust to whomever they are with), impatient and not about processes, details and policies. But if someone is lacking in one or more of those areas, Santomassimo has methods to improve them.

Here are three tips from Santomassimo for brokers looking to improve their business:

1. Prospect daily

“Allocate the time in your calendar when no one interrupts you and you make your calls,” Santomassimo said. “I don’t care if you’re making $50,000 or $5 million, all our clients—members, excuse me—make calls. We make them make their calls.”

2. Perfect your presence

Ask yourself, what is your personal marketing plan? It must include an in-person presence (going out and meeting people), physical marketing materials and a digital presence. “You have to have all three,” the coach said. Without a presence you are “a ghost” or “an invisible man,” he said.

3. Don’t go it alone. Ask for help.

How are you delegating and outsourcing? How are you using your partners, etc., to get things done? As Jack Daly said in Hyper Sales Growth: Street-Proven Systems Processes. How to Grow Quickly Profitably, “ ‘If you do not have an admin, you are one,’ Santomassimo said. “We call people without a team an admin.”