Current Affairs

Concerned About Your School Property Tax Bill? Vote In The PA Primary!

Realtor party


Many people often miss the boat when it comes to exercising their right to vote. Presidential elections get all the glory, but how important is it to vote in off-years and also in the Primaries? Very! Take your local school board elections, for instance: Members of your school board determine where your property tax dollars are spent, the quality of the education provided to children, AND how much your school district collects from you in taxes!

Election of these people affects homeowners' single biggest yearly/montly expense. Not kind of, sort of, maybe...school board elections affect your pocketbook directly, and in a big way. Here in Monroe and Pike Counties in the Poconos, it is critical that you vote every year, twice a year, in both the Primary and General Elections to be sure you are represented by common-sense, fiscally responsible, accountable members who will provide the highest quality education that the homeowners who pay the bill can afford

This year the municipal primary election here is May 21, 2013, and school board elections are the highlight of the ballot in every municipality. Mark your calendar and get out to vote! And if you cannot get to the polls that day, plan ahead and vote by absentee ballot before May 17. 

Monroe County, PA has an excellent summary of polling locations and ballot information here.

Find election information for Pike County, PA here.

Your vote really counts in these local races. Make it happen! :)

 

 


What It Means To Be A REALTOR

Pocono realtor code of ethics under all is the land


This year marks the 100th Anniversary of the Code of Ethics and Standards of Practice of the National Association of REALTORS, so I thought a little shout out to this document and to my fellow professionals was appropriate. I am so proud of what we stand for as stewards of our industry, our communities, and our Country. 

The Code has gone through many iterations over the last hundred years, it’s relevancy ever critical to how we REALTORS conduct ourselves in the world. It really is not just a Code, it’s a way of doing business and living our lives. Every REALTOR has pledged to uphold the standards set forth in the Code and be professional in their dealings. The history and tradition of the Code has as it’s first priority protection of the public and it outlines our duties to clients and customers, as well as to each other. The Code of Ethics existed before any real estate licensing laws and has been the standard that state lawmakers and regulators strive to match. The Code of Ethics guides us in how we conduct ourselves and the commitments we represent.

Take the Preamble to the Code of Ethics for example. It is quite inspiring, presents a big picture vision of our obligations to society, and outlines a lofty ideal. To me, this Preamble is paramount, as it directs us to accept the responsibility of being actively involved in the protection of the rights of home ownership, being stewards and teachers in our industry, and continually striving to be better at what we do. I believe these things to be the foundation of real estate agent professionalism, being committed to all things real estate, in our lives and in our communities:

Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.

Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.

In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. REALTORS® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS®. (Amended 1/00)

Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, REALTORS® urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where REALTORS® believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.

The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.

In the interpretation of this obligation, REALTORS® can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, “Whatsoever ye would that others should do to you, do ye even so to them.”

Accepting this standard as their own, REALTORS® pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the tenets set forth below. (Amended 1/07)

This is why you see may see many of us taking active roles in all levels of government and our communities, whether it is actually running for office, attending meetings, offering counsel, supporting candidates and causes, etc. Organizations like homeowner associations, school boards, planning commissions, and city councils, in the Poconos and in every other area in the country, all benefit from REALTORS actively participating.

Sure, we are all in business to earn a living, but the most professional of us, those dedicated to upholding the ideals in the Code of Ethics and the tenets of a thriving, healthy marketplace, continually work to stay current on issues, educate ourselves about our industry, and embrace every aspect of the business. This is not a ‘what’s in it for me’ business. It’s the business of shoring up the foundation of our country by being an actively participating citizen REALTORS. After all:  “Under all is the land.”

Read the entire Code here 

Audio: Why the Code of Ethics matters to consumers




Ten Year Real Estate Trends, Monroe County, PA

Ahhh, statistics. So much fun. As President of the Pocono Mountains Association of REALTORS, I get a lot of calls from journalists and business leaders in the Poconos looking for home sale trends in our area. Lucky for you, I can make my research in the Multiple Listing Service do double duty by sharing some of it here :) So today, I bring you a ten year history of home sales in the lovely Monroe County Poconos.

The chart below illustrates the change in the number of closed residential transactions over the past 10 years.

Monroe_county_number_of_closed_sales_2000-2010

And here is the illustration of average sale prices in our market each year since 2000:

Monroe_county_average_sale_price_chart_2000-2010
For those of you who really dig data, here are the specific numbers:

  Avg Sale Price    # Units
Monroe County Poconos    
2010 $153,581 1,499
2009 $162,880 1,594
2008 $186,760 1,720
2007 $206,166 2,343
2006 $202,696 3,122
2005 $186,812 3,491
2004 $165,873 3,354
2003 $144,204 3,070
2002 $125,755 2,946
2001 $111,217 2,408
                2000     $100,663     1,641

These figures represent residential real estate sales in all municipalities of Monroe County, Pennsylvania. Keep in mind that each specific neighborhood and/or community may trend similarly or be very different. Real estate is local, and here in our area that is especially true...specific location can make a big difference. If you are selling or buying in the Poconos you will want to have more specific data, so be sure to ask your real estate agent!


**Information gathered from the Pocono Mountains Association of REALTORS Multiple Listing Service on 4/8/11 and is deemed reliable but not guaranteed.**


Preliminary 2010 Pocono Home Sale Statistics

Monroe_County_Poconos_2010_Real_Estate_Statistics


The number of home sales in the Monroe County Poconos in 2010 is off by about 7.5% from last year and 15% from 2008, according to data I compiled from the Pocono Mountains Association of REALTORS Multiple Listing Service on 12/6/10. The 314 sales reported as 'Pending' (under contract but not closed yet) right now would go a long way to redeem 2010 from being the worst year yet for number of transactions, but the likelihood of all of these closing before December 31 is doubtful.

Foreclosures and short sales accounted for 32.5% of the 1,360 homes sold so far this year. This segment accounted for 31.6% of closed sales in 2009 and 23.8% in 2008.

Today there are 2,404 homes for sale in Monroe County, 112 of which are bank owned. 260 of these current listings are advertised as short sales. This inventory represents a 19.7 month supply at the current absorption rate (average of 122 sales per month from January 1-November 30, 2010).

Closed_Sale_History_Pocono_Mountains_Real_Estate

Please don't shoot the messenger ;)


Higher Down Payment Requirements For Vacation Home Mortgages

Vacation home mortgage pocono

Breaking Mortgage Financing News!

The minimum down-payment required for second homes or investment properties is now 20% of the purchase price. The reason for this is that PMI (Private Mortgage Insurance) is no longer available for 2nd / vacation homes, or for properties purchased for investment purposes. This information was given to me by Andy Williams of Abacus Regional Mortgage 610.837.1616, who has checked with 5 major PMI companies to find one that offers the insurance to lenders, to no avail.

This is breaking news...remember, you heard it first here on The Poconos Real Estate Blog! I have tried to locate some websites to link to about this, but have not found anything useful. As more information becomes available on this change, I will post it. And if you know anything about it, please share what you know in the comments!

What Is PMI?

Private Mortgage Insurance premiums, commonly referred to in the real estate business as PMI, are a mandatory part of mortgage payments for loans made with less than 20% down, and insures the lender against default. The idea behind it is that the less money that borrowers put in to a transaction via their down payment, the more likely they are to default on their mortgage payments. So PMI is there to alleviate the risk and allow these lower down payment loans to occur.

Since summer homes and investment properties are not 'owner occupied' or 'primary residences', the risk to a lender is even that much greater, as borrowers are more likely to default on a mortgage that is not their main home. Combine this with low personal investment on the lower down payment loans, and it makes for just too much risk for the PMI companies to take on.

Another bit of credit tightening as a result of the recent mortgage foreclosure problem....