INDUSTRY ANNOUNCEMENTS

OFFERS LICENSE RENEWAL COURSE

The Pacific Southwest Association of Realtors (PSAR) will host an online license renewal crash course for the California Department of Real Estate (DRE) sales license from 9:30 a.m. to 12:30 p.m., Friday, August 19, over Zoom. Cost is $85. The course, which covering the important info from the 450 pages of required reading material, is offered through Real Estate Video Educational Institute, Inc. (Revei), an Orange County-based real estate continuing education company. Revei offers a moneyback guarantee on passing the DRE online final exam. All San Diego-area realtors, regardless of association membership, are invited to participate. For more information, call PSAR at (619) 4217811, or visit www.psar.org.

PSAR’S YPN TO HOST DARE-E-OKE

The Pacific Southwest Association of Realtors’ (PSAR) Young Professionals Network (YPN) group will host “Dare-e-oke Night,” a fundraiser from 5 to 8 p.m., Tuesday, Aug. 30, at the Jolly Joker Tavern, 5225 Kearny Villa Road, San Diego. Dare-e-oke is a version of karaoke where someone dares another person to sing their favorite or embarrassing song. Invitees can decline the dare in exchange for donating to a charity. Cost to attend is $25 at the door (includes one drink ticket and food). Proceeds will benefit Humble Designs, a nonprofit that provides interior design services and home furnishings for individuals, families and veterans emerging from homelessness. For more information, contact Kevin Mcelroy at kevin@psar.org, or call (619) 271-5898.

MORTGAGE RATE VOLATILITY DURING 2ND HALF

The Pacific Southwest Association of Realtors (PSAR) is expecting mortgage rate volatility, where rates shoot-up and then fall at a rapid rate, will continue for the remainder of 2022. In recent weeks, rates have exceeded 6% before tumbling back to the low-5% range. According to Sam Calvano, a mortgage broker and 2022 PSAR board secretary and treasurer, “I’m expecting we’ll see ups-and-downs during the second half of the year, depending on the Federal Reserve’s efforts to tame high inflation and avoid a recession. Swings can be stressful. Rates won’t settle down anytime soon. Don’t wait for rates to reduce to an artificially low level, buy now. If rates decline, then refinance to a lower rate.”

TOUGH TIMES FOR MILLENNIAL HOMEBUYERS

The Pacific Southwest Association of Realtor (PSAR) reports millennial home-shoppers are having trouble becoming homeowners because home prices are outpacing wages, interest rates are rising and student loan debt concerns. Also, boomers aren’t putting their homes on the market and investors are scooping-up single-family starter homes as rental properties. According to Anthony Andaya, 2022 PSAR board member, “The home-buying struggle is real for many millennials. Housing market conditions are making it difficult for even the most-prepared buyers. Affordability, lack of inventory, bidding wars and continued demand also are making it harder for millennials to buy. My best advice is to sit down with a trained realtor professional to help you craft a plan to get you to success.”

UPDATE ON FOREIGNBORN HOMEBUYERS

The Pacific Southwest Association of Realtors (PSAR) reports affordability and inventory issues are top reasons preventing foreign investors from purchasing homes in the U.S. “I’m expecting the number of international buyers will grow in the future because they are better insulated from economic volatility and less affected by higher interest rates with all-cash offers,” said Ditas Yamane, PSAR 2021 president and Certified International Property Specialist. “Home equity often increases in communities with homeownership by those born outside the country.” San Diego has the 9th highest percentage of foreign-born homeowners in the nation, while California is a popular destination for international buyers, accounting for 11 percent of foreign purchases between April 2021 and March 2022, said PSAR.