DMAR Digest | Week of August 29
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Say hello to your newly elected Directors!
The DMAR Board of Directors have elected the 2022-2023 Chair-Elect and Vice Chair, as well as one NAR Director, one CAR Director and one REcolorado Director. Congratulations to our new DMAR leaders!
Chair-Elect
Jennifer Routon
Vice Chair
Mike Bruce
NAR Director
Steve Thayer
CAR Director
Mike Papantonakis
REcolorado Director
Mark Trenka
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NAR: Contract Signings, Down Again, May Have Hit Bottom
Home buyers continue to recoil from higher mortgage rates and home prices, with pending home sales in July plummeting nearly 20% year over year, according to data from the National Association of Realtors® released Wednesday. Though summertime is traditionally busy for the real estate market, contract signings across all regions of the country were down by double-digit percentages annually, the data shows. The West has seen the most market contraction, with pending home sales down 30%. Read More
Fannie Mae sees dark days ahead for the housing market
It will get worse for the housing market – and mortgage industry – before it gets better. That’s the takeaway from a group of economists at Fannie Mae who slashed their forecast for 2022 home sales this week. “Housing remains clearly on the downtrend — and has been for several months now — due to the combined effects of outsized home price increases and the significant and rapid run-up in mortgage rates,” Fannie Mae’s Chief Economist Doug Duncan said in a statement. Read More
Ways to Utilize Home Equity in Economic Uncertainty | Guest Post
Newspapers have been splattered with headlines that would make anyone terrified—not just homebuyers. From the highest inflation rates in 40 years to forecasting the impending recession, economic uncertainty is everywhere. One of the markets affected by this the most is real estate. With interest rates rising, homebuyers are becoming hesitant to dive into this time of transition and volatility. Read More
Rents Just Set a New Record High, but There’s Also Good News
The wild rent hikes that landlords delighted in at the expense of their tenants appear to be tapering off. The housing market slowdown has spilled over into the rental market, affecting how big of a bump many landlords are requesting. Rents, which hit another all-time high of $1,879 a month in July, rose just $3 a month from June in the 50 largest metropolitan areas, according to a recent Realtor.com® report. Read More
Survey: 94% of Sellers Don’t Disclose Property Defects
Home buyers who waive the inspection contingency must rely heavily on seller disclosures to be informed about any potential problems with the property. But more than 90% of buyers say they found at least one issue with their home after the transaction that the seller didn’t disclose, according to a new survey from Cinch Home Services, a home warranty company. Even more alarming is that 94% of sellers admit to selling their homes without disclosing a known issue. Read More
Resources & services
DMAR Dues Reduced!
You may have seen the recent announcement that NAR increased its membership dues by $10 to subsidize the cost of the “That’s Who We R” national ad campaign. We are happy to share that DMAR members' annual fees will stay the same despite the NAR dues increase because we have reduced local DMAR dues by $10 to compensate for the increase.
Membership Dues Billing Starts Soon
In an effort for membership billing and collection to go as smoothly as possible, please make sure that we have your current email address and contact info. If you need to update any of your information, you can fill out this form or email help@dmarealtors.com.
[FREE] Member Appreciation Lunch + Ice Cream Social 08.31
We're ending Member Appreciation Month with a bang! Swing by DMAR HQ on Wednesday, August 31st and enjoy food (plus sweet treats) on us. We'll also be giving away prizes including SentriLock subscriptions, member dues reimbursements and more! Free RSVP
Donate to DMAR Gives
DMAR Gives is our new social responsibility program that envisions a Denver Metro community in which everyone has access to stable housing, equality in the home buying process and support in achieving self-sufficiency in life. DMAR Gives works to provide funding to programs that improve the quality of life for Coloradans and create a path toward stable housing and homeownership, as well as provide housing-related disaster relief in the communities where our members live and work. Learn More
DMAR Staff is Here to Help
If you are looking to reach a specific department or staff person, please refer to the staff directory here, or contact our main line at 303-756-0553 or email help@dmarealtors.com.
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