Industry announcements

Ambassadors Foundation and REALTORS® Set Up Donations for Service Members Affected by USS Bonhomme Richard Fire

The Ambassadors Foundation of the Greater San Diego Association of REALTORS® (SDAR) is collecting funds to assist service members impacted by the recent fire onboard the amphibious assault ship USS Bonhomme Richard docked at Naval Base San Diego.

In addition to the service members who received minor injuries, many others have been displaced and lost personal items as a result of the fire.

The Ambassadors Foundation is a 501(c)(3) non-profit organization established by SDAR to benefit communities in need, including providing housing tools and resources for military and veterans. Carla Farley, President of the Ambassadors Foundation Board and 2020 SDAR President, announced the initiative to purchase gift cards and related items for service members affected by the disastrous fire.

“Our mission at the Ambassadors Foundation is to strengthen our community,” said Farley. “As REALTORS® and community ambassadors, we believe in supporting others. The San Diego region has one of the largest and strongest military and veteran communities in the country, and we’re not at our best unless our military and veterans are at their best.”

BROKER PARTNERSHIPS

Farley announced that COLDWELL BANKER WEST FOUNDATION and DONNA WILSON SCHEMPP, BROKER, have partnered with the Ambassadors Foundation with major donations to this effort. Broker Partnerships are being sought at the following levels: $1,000 – Master Chief

$500 – Senior Chief

$250 – Petty Officer

All contributions will be used to support service members impacted by the fire aboard the USS Bonhomme Richard. Individual donations are being requested at the following giving levels:

$10 – Ambassador Contribution $35 – Personal Essentials Contribution $75 – Clothing Replenishment Contribution

$100 – Service Member Support Contribution

To donate and learn more at ambassadorsfoundation.org. For inquiries about Broker Partnerships, contact Ryan Maxson at (858) 715-8012.

Mortgage approvals reveal racial inequality

Black Americans who apply for home mortgages are rejected 15.9 percent of the time, compared with just 7 percent of white Americans, according to a recent Redfin study. In San Diego, Blacks are rejected 10.8 percent, compared to 7.3 percent of white applicants, making a difference of 3.5 percentage points, which is the smallest gap among American metropolitan cities, said Redfin. Percentage gaps in other Western U.S. cities included: Seattle, 4.8 percent (10 percent vs. 5.2 percent); Sacramento, 5 percent (11.2 percent vs. 5.2 percent); Anaheim, 5.1 percent (13.2 percent vs. 8.1 percent); Las Vegas, 5.6 percent (13.7 percent vs. 8.1 percent). Redfin said Black loan seekers are more likely to be denied due to debt and low credit scores.

Fewer homes sold after price cut

Fewer homes on the market are being sold after the selling price was reduced, compared with a year ago, according to Zillow. In June, 8.1 percent of homes in San Diego County were sold with a price cut, compared to 5.2 percent at this same time last year. Meanwhile, in the U.S. in June, 4.1 percent of listings had a price cut, compared to 5.6 percent in

June a year ago. Typically, in the spring, the share of listings with price cuts increases as the home selling season gets hotter. However, this year, Zillow said its analysis shows price cuts have flatlined during the spring timeframe.

Greater San Diego Association of REALTORS® and Real Estate Economist Alan Nevin Provide Second Quarter Market and Coronavirus Update

Through its partnership with Alan Nevin, a local San Diego demographic and real estate economist, the Greater San Diego Association of REALTORS® (SDAR) has released the second quarter 2020 economic report including the impact and outlook of the COVID-19 impact on real estate.

Nevin provides the Association and MLS members with monthly and quarterly updates outlining the market conditions and trends for San Diego County. With the fast-moving news during this health crisis, he has included insights on the coronavirus impact on the local real estate market.

In his recent report, Nevin notes that the inventory of homes for sale continues to run low, particularly for single-family homes under $500,000, which will put additional pressure on the market for condominiums and townhomes. But he adds that things are looking up in other aspects of local real estate.

“I was fearful that many of the pending listings in May might not close, but they did. June was the best closing month this year for (San Diego REALTORS®),” Nevin said. “Imagine what they would be without COVID. The reality is that prospective homebuyers in San Diego still have jobs and want homes. And July looks like it is going to be equally as strong, going into the month.”

Nevin says it is remarkable that that San Diego has one-third of deaths per million persons than the U.S. as a whole due to COVID-19. “We must be doing something right,” he suggests. While there are many factors in the stark difference in the rate of deaths, Nevin notes in the report that California’s downtowns – particularly San Diego – have less office employment and buildings with elevators compared to a place like Manhattan.

With over 40 years of experience, Nevin holds a master’s degree in Statistical Research from Stanford University, as well as MBA and bachelor’s degrees from American University. He serves the development, investment, legal, and public agency communities with residential and commercial real estate valuation, feasibility, and real estate advisory services.

Notary course on a Saturday

The Pacific Southwest Association of Realtors (PSAR) will host the California notary public course to renew a notary commission or become a new notary on Saturday, Aug. 1, over the Zoom online meeting platform. The class runs from 8:15 a.m. to 3:45 p.m., followed by the 35-minute exam. Instructor is from Duane Gomer, Inc., an approved notary education vendor with the California Secretary of State. Cost for the course is $105 for members, $130 for nonmembers, which includes a workbook and 138 sample exam questions that will prepare you to pass. For more information and to RSVP, call PSAR at (619) 421-7811 or visit www.psar.org.

PSAR hosts webinar on Multitaskr platform

The Pacific Southwest Association of Realtors (PSAR) will host a free, online informational webinar for realtors on the Multitaskr platform from 1 to 2 p.m.,

Tuesday, Aug. 4, over Zoom. Multitaskr, developed by Modern Market Technologies, Inc. of Chula Vista, provides a variety of services to realtors, including aerial photography, photography and video, 3-D renderings, site surveys, mold inspections, schematic floor plans and home inspections, along with a commission referral program. The company, founded in 2017, also offers referrals to homeowners for landscaping, construction, solar installation and insurance. For more information and to RSVP, call PSAR at (619) 421-7811 or visit www.psar.org.

Disclosure risks for realtors

The Pacific Southwest Association of Realtors (PSAR) will present a free, online webinar on disclosure risks for realtors from 10:30 a.m. to noon, Thursday, Aug. 6, over the Zoom online meeting platform. Attorney Fred Pfister will discuss such topics as fiduciary duties, common high-risk areas, disclosure of material facts and practical ways to protect litigation claims. Spotting a red flag in a transaction is the best litigation avoidance, according to Pfister. All San Diegoarea realtors, regardless of association membership, are invited to participate in the free webinar. Zoom membership is not required to participate in the webinar. For more event information, call PSAR at (619) 421-7811 or visit www.psar.org.