INDUSTRY ANNOUNCEMENTS

PSAR PRESENTS SO CAL REXPO

The Pacific Southwest Association of Realtors (PSAR) will jointly present with several other Southern California real estate trade associations the 2021 Socal Rexpo, a virtual one-day education and networking event for real estate professionals, from 9 a.m. to 2 p.m., Wednesday, Sept. 29. PSAR will be joined by the North San Diego County Realtors, Greater Los Angeles Realtors and Orange County Realtors. The event will feature networking and speakers discussing such topics as social media for realtors, 2022 housing market forecast, fair housing updates, best practices and California legislative and political issues. Confirmed speakers include economist Steven Thomas and real estate news service publisher Brad Inman. Cost is $20 per person. Registration information is available at www.ocrealtors.org/ Rexpo.

HOUSING AFFORDABILITY 22 PERCENT IN SAN DIEGO

The Pacific Southwest Association of Realtors (PSAR) said the percentage of would-by San Diego County homebuyers who could afford to purchase the $850,000 median-priced, existing single-family home in the 2021 second quarter was at only 22 percent, compared to 25 percent in 2021 1Q and 30 percent in 2020 2Q. Citing statistics from the California Association of Realtors (CAR), PSAR said a highly competitive market fueled by low interest rates and a tight supply of homes for sales depressed housing affordability. Statewide, affordability dropped to 23 percent from 27 percent in the first quarter 2021 and from 33 percent in the second quarter 2020.

INTERNATIONAL REAL ESTATE DESIGNATION

Foreign buyers are purchasing property in San Diego every day, and local buyers often want to buy property in other countries. The Greater San Diego Association of Realtors (SDAR) is offering agents an opportunity to grow their business and earn a Certified International Property Specialist (CIPS) designation. A CIPS designation tells clients that you’ve had the specialized training necessary to handle international transactions successfully. Plus, you will also become part of a selective international network, gain access to resources to facilitate referrals, receive invitations to exclusive industry events, and access expanded marketing support. Taught by certified instructor Ginni Field, agents can take the 5-day designation course either online or in-person at SDAR’S Kearny Mesa main office on September 8, 9, 15, 22 and 29. In addition, the course is being offered at one-third of the regular price. Find this and other SDAR courses being offered online at www.sdar. com/education or call (858) 715-8000 for more information.

DOES THE CLIENT EARN ENOUGH TO BUY?

The Pacific Southwest Association of Realtors (PSAR) reports for a San Diego household to afford to purchase the $850,500 medianpriced, existing single-family home, based on 2021 second quarter housing affordability statistics, a minimum qualifying annual income of $156,800 would be needed to pay monthly payments of $3,920. Citing affordability statistics from the California Association of Realtors (CAR), PSAR said the monthly payment, including taxes and insurance on a 30-year, fixedrate loan, assumes a 20 percent down payment and an effective composite mortgage interest rate of 3.20 percent. Statewide, in order to afford the $817,950 median-priced, existing, single-family home in 2021 2Q, it would require an annual minimum salary of $158,800 to pay the monthly payments of $3,770.

THE NEW PURCHASE AGREEMENT OUTLINED

For the first time since 2014, the California Association of Realtors has issued a complete makeover of the standard Residential Purchase Agreement (RPA), the standard form used in the overwhelming majority of California home sales. With this forms’ release slated for December 2021, get detailed instructions on how to properly complete and use the RPA from an expert. Join Kevin M. Burke, JD, in a webinar on August 25 and 30, at 12:00 p.m., to get well-versed with the principles and applications of the form. The Greater San Diego Association of Realtors (SDAR) is presenting the course. Find this and other SDAR courses being offered online at www.sdar.com/ education or call (858) 715-8000.